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☆ French antitrust watchdog issues statement of objection over Apple app tracking
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

PARIS, July 25 (Reuters) - France's antitrust watchdog on Tuesday said it had issued a statement of objection against Apple (AAPL.O), citing concerns the U.S. technology company could have used "discriminatory and non-transparent conditions" for using user data for advertising purposes on iPhones. The statement triggers a proper antitrust procedure during which the company will be able to express its point of view, the watchdog said. The mechanism "gives users more control by requiring all apps to ask permission before tracking them," Apple said in an e-mailed statement, adding that it will "continue to engage constructively" with the French antitrust regulator. The four associations - IAB France, MMAF, SRI and UDECAM - said the changes brought by Apple did not meet European Union privacy rules, which Apple denies. Reporting by Tassilo Hummel and Mathieu Rosemain; Editing by Susan Fenton and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Apple, Tassilo Hummel, Mathieu Rosemain, Susan Fenton, Mark Porter Organizations: Apple, ., IAB, SRI, Thomson Locations: IAB France, MMAF

July 25 (Reuters) - Dutch semiconductor equipment maker ASM International (ASMI) (ASMI.AS) said on Tuesday new orders almost halved in the second quarter due to softening demand and delays at some customers' manufacturing facilities. The company, which supplies wafer processing equipment to semiconductor makers, said new orders fell to 485.8 million euros ($536.2 million) from 942.7 million euros in the same period a year earlier. It also reported second-quarter net earnings of 151.2 million euros, down from 160.4 million a year ago. The company forecast third-quarter revenue of 580-620 million euros on a currency-comparable level, down from 675.5 million euros a year earlier. ($1 = 0.9060 euros)Reporting by Pierre John Felcenloben and Laura Lenkiewicz; Editing by Susan Fenton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: ASMI, Pierre John Felcenloben, Laura Lenkiewicz, Susan Fenton, Mark Potter Organizations: ASM, Thomson Locations: China, United States

☆ Exclusive: EU antitrust regulators rejected Meta offer to curb use of ad data, sources say
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 25 (Reuters) - Meta Platforms (META.O) offered to curb the use of competitors' advertising data for its Facebook Marketplace online classified service in an attempt to settle an EU antitrust investigation but it was not accepted by regulators, people familiar with the matter said. Meta's proposal, made months ago and similar to one made to the UK competition agency in May, is an indication that the EU watchdog wants more concessions from the U.S. company. Its offer also included limiting the use of advertising data to develop products that compete with advertisers, the people said. The world's most popular social network sought to settle the EU investigation opened in June last year, other people familiar with the matter told Reuters last December. Reporting by Foo Yun Chee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee, Susan Fenton Organizations: Facebook, U.S ., Reuters, Thomson Locations: BRUSSELS, U.S

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

☆ Dollar clings to gains with central banks in focus
▼ + stars: | 2023-07-24 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The euro was down 0.49% at $1.1069 while sterling was last trading at $1.2823, down 0.25% on the day, kicking off a busy week for central bank meetings with investors expecting rate hikes in Europe and the United States. The Fed concludes a meeting on Wednesday, followed by the European Central Bank (ECB) a day later and the Bank of Japan (BOJ) on Friday, as well as earnings from many heavyweight companies. The BOJ is the most likely of the three central banks to throw up a market-moving surprise, traders say, with a tweak to its yield curve control policy seen as a possibility. "There's a deep sense of unease around what might come next from the Bank of Japan," said ForexLive's Button.

Persons: Dado Ruvic, Adam Button, John Velis, ForexLive's Button, bitcoin, Laura Matthews, Alun John, Tom Westbrook, David Holmes, Jacqueline Wong, Susan Fenton Organizations: REUTERS, ForexLive, European Central Bank, Bank of Japan, Investors, ECB, Fed, BNY Mellon, Reuters, Thomson Locations: York, Europe, Toronto, U.S, United States, Americas, New York

BERLIN, July 24 (Reuters) - Weak demand for glyphosate-based weed killers led Bayer (BAYGn.DE) to cut its full-year earnings outlook for the second time and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets. That was lower than a previous 2023 outlook of 12.5 billion euros, or slightly higher. Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, the company said. "Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros," it said. That would result in a second-quarter net loss of 2 billion euros.

Persons: Bayer, Hurricane Ida, Bill Anderson, Roche, Werner Baumann, Thomas Escritt, Ludwig Burger, Jonathan Oatis, Susan Fenton Organizations: Bayer, FMC, BASF, Thomson Locations: BERLIN

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. July's reading showed the sixth straight month of growth but was restrained by softening conditions in the service sector. The euro slid after PMI data showed euro zone business activity shrank much more than expected in July. The pound also dropped after British business activity data, but its move was less dramatic. There is plenty more for investors to watch this week - the Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank (ECB) a day later and the Bank of Japan on Friday, as well as earnings from many heavyweight companies.

Persons: Dado Ruvic, Joe Manimbo, bitcoin, Laura Matthews, Tom Westbrook, David Holmes, Jacqueline Wong, Susan Fenton Organizations: REUTERS, P Global, Washington D.C, ECB, PMI, Reserve, European Central Bank, Bank of Japan, Investors, Fed, Reuters, Thomson Locations: York, LONDON, U.S, Europe, Washington, United States, New York

☆ Adidas sees smaller 2023 loss thanks to Yeezy sales
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

The German company had previously forecast a full-year operating loss of 700 million euros. Operating profit for the second quarter was 176 million euros, down from 392 million a year earlier. Adidas said the potential impact of a Yeezy stock write-off was now 400 million euros, down from 500 million euros expected previously. The shoes' popularity has endured despite Ye's public pronouncements, with Yeezy shoes selling at high premiums on resale sites. Adidas said the rest of its business also did "slightly better than expected" in the second quarter.

Persons: Ye, Bjorn Gulden, Helen Reid, Thomas Escritt, Jan Harvey, Susan Fenton Organizations: Adidas, Kanye, Defamation League, Thomson Locations: BERLIN

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

☆ Central bankers lay out digital currency cyber threat
▼ + stars: | 2023-07-07 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, July 7 (Reuters) - The central bankers' central bank, the Bank for International Settlements (BIS), has laid out a seven-point plan designed to help countries prevent cyber hacks on the new wave of digital national currencies under development. The BIS acts as an umbrella body for the U.S. Federal Reserve, European Central Bank, Bank of England and other central banks around the world and has been co-ordinating a lot of work on CBDC development. Hackers have struck a number of central banks in recent years from Denmark to Bangladesh. Specifically, it calls on central banks to:• Recognise the complexity and new threat landscape brought by CBDC systems. It also called for central banks to use the global "MITRE ATT&CK" database of past cyber attacks, and for an "official extension" of the MITRE ATT&CK framework to help central banks beef up their security measures.

Persons: MITRE, Marc Jones, Susan Fenton Organizations: Bank for International Settlements, BIS, U.S . Federal Reserve, European Central Bank, Bank of England, Polaris, Thomson Locations: Denmark, Bangladesh

☆ Euro zone business activity contracts in June
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc's dominant services industry and a deepening decline of factory output, a survey showed. HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, slumped to 49.9 in June from May's 52.8. The slowdown in business activity growth was accompanied by a weaker rise in new business, lower price increases and a decline in business expectations," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The services new business index was barely above breakeven at a five-month low of 51.0. In one bright spot pricing pressures eased significantly in June with the composite output prices index falling to 53.8 from 56.4, its lowest since March 2021.

Persons: Kai Pfaffenbach, Cyrus de la Rubia, Jonathan Cable, Susan Fenton Organizations: P Global, May's, PMI, European Central Bank, REUTERS, Hamburg Commercial Bank, Thomson Locations: Frankfurt, Germany, Hamburg

☆ EU Commission revamps procedures to speed up Big Tech privacy probes
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, July 4 (Reuters) - Stung by criticism of tardy privacy investigations and the Irish privacy regulator's outsized role in overseeing Big Tech, the European Commission on Tuesday announced new rules to help watchdogs work on cross-border cases at a faster clip. Critics say investigations take too long and fines are too low to deter privacy breaches by Big Tech companies, undermining the goal of landmark EU rules known as the General Data Protection Regulation which came into force in 2018. "The harmonisation of these procedural aspects will support the timely completion of investigations and the delivery of swift remedies for individuals," the Commission said. Privacy activist Max Schrems who has filed complaints against Meta Platforms (META.O) and Alphabet's (GOOGL.O) Google criticised the new procedures. "The Commission proposal seems to be technically and materially flawed and rather strips citizens of existing rights than ensuring their enforcement," he said.

Persons: Max Schrems, Foo Yun Chee, Susan Fenton Organizations: Big Tech, European Commission, General Data, Irish Data Protection, Meta, Google, Tech, Computer & Communications Industry Association, Thomson Locations: BRUSSELS, EU, Ireland

☆ Stephane Rolland's nod to Maria Callas at Paris Haute Couture show
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] Models present creations by designer Stephane Rolland as part of his Haute Couture Fall/Winter 2023-2024 collection show at the Opera Garnier in Paris, France, July 4, 2023. REUTERS/Sarah MeyssonnierPARIS, July 4 (Reuters) - Stephane Rolland took to the Paris Opera house on Tuesday for his fall haute couture show honouring Maria Callas, offering a dramatic line-up of voluminous ball gowns. Models glided up the building's grand marble staircase in floor-sweeping dresses as the audience watched from the balcony above, while the voice of Callas echoed throughout. Long trains were offset by bare backs, and one dress was slashed across the middle to reveal the model's midriff. Paris Haute Couture week entered full swing on Tuesday with a show by Chanel, following Monday's kick-off with Schiaparelli and LVMH-owned Dior, as well as American fashion house Thom Browne.

Persons: Stephane Rolland, Opera Garnier, Sarah Meyssonnier PARIS, Maria Callas, Callas, Cuff, Celine Dion, Chanel, Thom Browne, Valentino, Kering, Mimosa Spencer, Susan Fenton Organizations: Haute Couture, Opera, REUTERS, Paris Opera, Las Vegas . Paris Haute Couture, Dior, Thomson Locations: Paris, France, French, Las Vegas . Paris

LONDON, July 4 (Reuters) - Britain on Wednesday celebrates 75 years of its National Health Service (NHS), with royals, politicians, staff and patients expressing pride in its past and determination that it will endure in the future despite current challenges. "Wishing everyone a very happy 75th birthday of the NHS," William said, and his wife Kate added: "thank you so much for all you do." "It was a turning point in history for the health of Great Britain," she said, adding that the NHS had saved the life of both of her children after brain haemorrhages. "After the horrors of the war, Great Britain was broken. So to have a National Health Service come into fruition, was like throwing a comfort blanket around the people of Great Britain."

Persons: Rishi Sunak, Jack Hill, King Charles, William, Kate, Aneira Thomas, Aneurin Bevan, Alistair Smout, Michael Holden, Susan Fenton Organizations: Wednesday, National Health Service, Labour, NHS, British, Westminster Abbey, Thomson Locations: Britain, St, Central London, Scotland, Great Britain

☆ Branson, Virgin Group reputations at centre of $250 mln London court clash
▼ + stars: | 2023-07-03 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters) - British billionaire Richard Branson severely damaged Virgin Group's reputation by residing in a tax haven while UK-based airline Virgin Atlantic sought a government bailout during the pandemic, according to internal Virgin emails cited in a $250 million London lawsuit on Monday. The emails were cited by lawyers for U.S. train operator Brightline, which is being sued by the Virgin Group after cancelling a deal to use the Virgin brand in 2020, just over 18 months after it was signed. Under the deal Brightline operated a rail line in Florida using the name Virgin Trains USA. Brightline's lawyers cited internal Virgin Group emails describing group founder Branson being based in the British Virgin Islands for tax purposes as "a reputation killer", while one email from an external public relations adviser said: "Richard needs to show he's not a ruthless, tax-evading billionaire." In an April 2020 email, Virgin Group CEO Josh Bayliss referred to Branson's tax residency in relation to the request for a bailout, saying: "Richard cannot escape the criticism.

Persons: Richard Branson, Brightline, Branson, Richard, Josh Bayliss, Daniel Toledano, Virgin Atlantic's, Brightline's, Nigel Tozzi, Sam Tobin, Susan Fenton Organizations: Virgin Atlantic, U.S, Virgin Group, Virgin, Virgin Trains, British Virgin Islands, Real Madrid, Thomson Locations: Florida, British Virgin, Britain, United States, Barcelona, Bay

July 3 (Reuters) - AstraZeneca (AZN.L) said on Monday an experimental precision drug slowed progression of lung cancer in a late-stage trial, but the company's shares fell as much as 6% as analysts said the benefits may not be as pronounced as hoped. It declined to provide more trial details, saying they would be presented at an as yet undisclosed medical conference. At 0855 GMT, shares in AstraZeneca were down 5.8% at their lowest level in more than three months. Gilead (GILD.O) has pioneered the targeting of TROP2 with an ADC named Trodelvy, approved to treat certain types of breast and bladder cancer. AstraZeneca said that the datopotamab deruxtecan trial would continue as planned to assess the effect of the drug on overall survival of patients, another important efficacy criterion.

Persons: datopotamab, AstraZeneca, British drugmaker, Kelun, Maggie Fick, Ludwig Burger, Sinchita Mitra, Lucy Raitano, Krishna Chandra Eluri, Susan Fenton Organizations: AstraZeneca, Japan's, Merck & Co, Biotech of, Barclays, Thomson Locations: British, Biotech of China, London, Frankfurt, Bengaluru

☆ Spread between 2- and 10-year Treasuries at deepest inversion since '81
▼ + stars: | 2023-07-03 | by ( David Randall | ) www.reuters.com time to read: +2 min

The closely-watched spread between the 2-year and 10-year U.S. Treasury note yields hit the widest since 1981 at -109.50 in early trade, a deeper inversion than in March during the U.S. regional banking crisis. A yield curve inversion - in which shorter-dated Treasuries trade at higher yields than longer-dated securities - has been a reliable signal of upcoming recessions. The spread between 2 and 10-year Treasuries has been inverted since last July. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, rose 3.6 basis points at 4.913% in morning trading Monday. The yield on 10-year Treasury notes was up 1.2 basis points to 3.831%.

Persons: Paul Volcker, Ian Lyngen, Treasuries, Alden Bentley, Philippa Fletcher, Susan Fenton Organizations: U.S, Treasury, Fed, BMO, San Francisco Fed, Thomson Locations: United States, U.S

July 2 (Reuters) - Police in Baltimore said that two people had died and 28 others were injured in a mass shooting early on Sunday morning at a housing block in the city. An 18-year-old female was pronounced dead at the scene and a 20-year-old male was pronounced dead after being taken to a local hospital, the police said. Nine people were transported from the scene to local hospitals, while 20 others affected walked into hospitals in the area, police said. "Nine critically injured patients were stabilized and transferred to Baltimore trauma centers," it said, adding that all but one patient had been released. The police department said that at about 12:35 a.m. on Sunday officers responded to calls of a reported shooting at 800 block of Gretna Court.

Persons: Richard Worley, Shivani Tanna, Jahnavi, Gursimran Kaur, David Goodman, Simon Cameron, Moore, Susan Fenton Organizations: Police, Gretna, Baltimore, Reuters, Fox, CNN, Baltimore Police, Thomson Locations: Baltimore, Brooklyn, Gretna Court, Bengaluru

LONDON, June 30 (Reuters) - Shell's (SHEL.L) head of renewable generation Thomas Brostrom is leaving the company, a spokesperson said on Friday, weeks after CEO Wael Sawan scaled back the company's energy transition plans. "Thomas Brostrøm has elected to leave Shell to pursue an external opportunity," the company said. He will be succeeded by Greg Joiner, currently VP Shell Energy Australia. Sawan also introduced a new structure to the company's top leadership that eliminated Brostrom's role and split it into regions. Reporting by Ron Bousso; Editing by Susan Fenton and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Brostrom, Wael Sawan, Thomas Brostrøm, Shell, Greg Joiner, Brostrom, Sawan, Ron Bousso, Susan Fenton, Barbara Lewis Organizations: Shell Energy Australia, Shell, Thomson

☆ Hungary opposes EU plan to grant more money to Ukraine -PM Orban
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BUDAPEST, June 30 (Reuters) - Hungary rejects the European Commission's plans to grant more money to Ukraine and is not willing to contribute additional money to finance the EU's increased debt service costs, Prime Minister Viktor Orban told state radio on Friday. The European Union will provide Ukraine with 50 billion euros ($54.30 billion) in aid for 2024-27, the bloc's president said on June 20. This comes after a review of the EU's 2021-27 shared budget, which has been depleted by the COVID-19 pandemic, the war in Ukraine and an energy crisis. "One thing is clear, we Hungarians ... will not give more money to Ukraine until they say where the previous around 70 billion euros worth of funds had gone," Orban said. Orban said there was almost no chance that European Union member states would approve these financial plans and a "long fight" would start.

Persons: Viktor Orban, Orban, Volodymyr Zelenskiy, Krisztina, Susan Fenton Organizations: European Union, Union, Russia, Thomson Locations: BUDAPEST, Hungary, Ukraine, Brussels, Budapest, Poland

☆ S&P 500 ends higher, Treasury yields touch three-month high on solid US economic data
▼ + stars: | 2023-06-29 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. Financials (.SPSY) led the gainers after the Federal Reserve's stress test showed U.S. lenders have adequate capital to weather an economic storm. Treasury yields rose, with 10-year yields touching their highest level since early March after economic reports painted a picture of a solid U.S. economy, promoting the "higher for longer" scenario with respect to restrictive monetary policy. The dollar touched a two-week high against a basket of world currencies as upbeat economic data provided cushion to the Fed to continue raising rates. Oil prices posted modest gains as the solid economic data suggested strong demand and a steeper-than-expected drop in U.S. crude inventories.

Persons: Brendan McDermid, Russell, Michael Green, Joseph Sroka, Brent, Stephen Culp, Marc Jones, Susan Fenton, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Treasury, Fed, Dow, Nasdaq, Management, Dow Jones, Reuters Graphics Reuters, Japan's Nikkei, Thomson Locations: New York City, U.S, Philadelphia, Atlanta, Spain, Asia, Pacific, Japan, London

☆ Energy crisis and inflation push more German firms into insolvency -study
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - The number of German firms pushed into insolvency rose in the first half of this year at the fastest pace in more than two decades due to the energy crisis, inflation and rising interest rates, a study by credit agency Creditreform showed on Thursday. "The enormous cost burdens caused by excessively high energy and material costs are making an effect," said Creditreform chief economist Patrik-Ludwig Hantzsch. Such a combination backfires on firms and leads to "an economic dead end" in a rising interest rate environment, Hantzsch said. Creditreform sees a further rise in insolvencies over the rest of the year as high inflation and rising interest rates will keep hampering German businesses. Reporting by Klaus Lauer, writing by Andrey Sychev, editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Creditreform, Patrik, Ludwig Hantzsch, Hantzsch, Klaus Lauer, Andrey Sychev, Susan Fenton Organizations: Thomson Locations: Germany, insolvencies

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