Germany

A letter obtained by shows that TotalEnergies, Siemens and 46 other European companies have written to European governments urging them to repeal one of the EU’s most prominent corporate sustainability laws to increase the continent’s competitiveness. TotalEnergies CEO Patrick Pouyanne, and his Siemens AG counterpart Roland Busch, wrote the letter on behalf of 46 European firms to French President Emmanuel Macron as well as German Chancellor Friedrich Merz. The letter from October 6 stated that removing the rules would "send a clear and symbolic message to European and International companies that governments and the Commission really are committed to restoring...

ADNOC, the Abu Dhabi state oil company's international investment arm, has said that it submitted robust remedies to win EU approval for the 14.7 billion-euro (17 billion-dollar) bid for Germany’s Covestro. ADNOC has submitted robust remedies that should win EU approval for its 14.7-billion-euro ($17 billion) bid for Germany's Covestro, the international investment arm of Abu Dhabi state oil giant, said on Monday. The European Commission is currently examining the deal. It is ADNOC’s largest acquisition ever and one of the biggest foreign takeovers by an EU company from a Gulf State. In the case of Covestro, it is the...

European shares eased Tuesday, with energy stocks leading the losses due to the drop in oil. Investors also weighed the impact of a U.S. shutdown which could delay the release the closely watched monthly jobs data. By 0856 GMT the pan-European STOXX 600 had dropped 0.2%, to 554.5 points. However, it was still on track for its third consecutive monthly and quarterly gains. The stock is expected to rise by nearly 1% in September, compared with its 0.7% increase in August. Investors expect a rise in OPEC+ supplies later this week. TotalEnergies in France and BP in the UK both...

European shares fell on Tuesday, as energy and healthcare stocks slid. Investors also weighed the impact of the U.S. shutdown which could delay the release date of the closely watched monthly jobs data. The pan-European STOXX 600 fell 0.2% at 554.7 points as of 0709 GMT. However, it was still on track for a third consecutive monthly gain. It is also expected to have a gain of more than 2% for the entire quarter. The decline in oil prices impacted the heavyweight oil and gas companies, which saw a 0.8% drop. TotalEnergies in France and BP in the UK both...

QatarEnergy signed a long-term contract with German industrial gas company Messer for the supply of high-purity helium. This helium is used by a variety of technologies, from MRI scanners and quantum computing to a range other technologies. QatarEnergy has signed its first direct sale and purchase agreement for Messer, which is the largest private industrial gas company in the world. According to a report by IDTechEx, the global demand for helium may exceed 322 millions cubic metres in 2035. Helium is widely used in manufacturing due to its cooling and inert qualities. QatarEnergy believes that the helium in its North...

The European Union announced on Monday it had reinstituted sanctions against Iran following a similar action taken by the United Nations. The EU reinstated sanctions today against Iran as a result of its continued non-compliance to the nuclear deal. In a press release, the EU presidency said that diplomatic negotiations remain possible. The EU stated that the sanctions include freezing assets of the Iranian Central Bank, other Iranian banks and travel bans for certain Iranian officials. The EU also banned Iran from purchasing and transporting crude oil, as well as the sale or supply gold and certain naval gear. The...

China's rapid production ramp-up in ethylene – a component crucial for plastics and packaging, as well as construction – is expected to lower global prices, and put pressure on U.S., and European, chemical manufacturers who are already struggling with an oversupply of chemicals and weak demand. The domestic demand in China is also waning, as the property market continues to deteriorate amid an economic slowdown. Analysts said that this could result in a flood of Chinese ethylene on global markets, which would delay a price recovery. Vertical Research Partners estimates that the world's second largest economy has ethylene production capacity...

Stellantis revealed a prototype electric vehicle on Friday, featuring a lighter, faster charging and more affordable battery. This eliminates the requirement for an inverter or charger. IBIS, the Intelligent Battery Integrated System (Intelligent Battery Integrated System), was developed by TotalEnergies subsidiary Saft in partnership. Stellantis stated that it is the first system of its kind, and offers weight and space saving and is easier for service. The new system has a 10% higher efficiency than an electric vehicle with the same size battery, and it reduces charging times by one hour. The public has been unable to accept EVs because...

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Sept. 11 - Shares of German chemicals maker Covestro rose Thursday, after reports that ADNOC is preparing concessions to respond to an EU investigation into its 14.7 billion euros ($17.2 billion), bid for Covestro. At 0924 GMT the shares of Covestro had risen 5.5%, making it their best day for over a month. People familiar with the situation said that ADNOC (the Abu Dhabi state oil company) which bid on the German firm last year would convert the proposed capital increase of 1.2 billion euros into a shareholder loan. Thomas Schulte Vorwick, Metzler analyst, said: "These incrementally positive developments support...

People familiar with the situation said that ADNOC, Abu Dhabi's state oil company, is preparing remedies to deal with an EU investigation on subsidy allegations in its bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro. It will likely convert a proposed capital increase of 1.2 billion euros into a shareholder loan. This is ADNOC’s largest acquisition ever and the largest foreign takeover of an EU-based company by a Gulf State. The European Commission (the EU's competition watchdog) has warned that ADNOC could be benefiting from subsidies, such as a guarantee that is unlimited, and that foreign aid may...

The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis...

Aurubis, a German company, has had preliminary discussions with the U.S. Government about the support of a new copper-smelter there following the launch a recycling facility. The biggest copper producer in Europe is looking at three options to capitalize on a U.S. push to increase domestic production of the metal. President Donald Trump announced a tariff of 50% on copper products, but excluded ores, concentrates, and cathodes. We need to first lay out our options and make more concrete proposals. Toralf Haag, CEO of the metals industry's LME Week, said that there were positive signals from the U.S. Government. The...

Trade ministers and officials of the European Union said that they were seeking to coordinate their response with the United States, and other G7 members to the tighter Chinese controls over the export of rare-earth minerals. China, which is the world's biggest rare earth producer has dramatically increased controls in recent weeks, adding new elements and refining technology, and extra scrutiny to semiconductor users, ahead of scheduled talks between Presidents Donald Trump & Xi Jinping. Maros Sefcovic, European Trade Commissioner, called the measures unjustified. He said EU Ministers who met in Denmark to discuss issues of trade described them as...

BASF agreed to sell its majority stake in the coatings division to Carlyle, a private equity firm and Qatar Investment Authority. The unit is valued at 8.91 billion euros (7.7 billion euro). The companies announced in a joint press release that BASF will retain a 40 percent stake in its coatings business. It also expects to receive an inflow of cash before tax of approximately 5.8 billion euro upon completion of the deal. BASF sold its coatings division at the beginning of the year as part of a broader strategy to focus on closely integrated businesses and those that are...

The German-owned Knauf Group, a family-owned construction material manufacturer, announced on Tuesday that its attempts to sell off its Russian business, which have been ongoing since April of last year, failed. In a press release, the family-owned business with sales of about 18,20 billion euros (15.6 billion euro) said that a prospective buyer who was not named had abandoned talks. The business will continue to be run separately by local management in Russia "in full compliance" with sanctions, it said. Knauf, which makes gypsum board, drywall and insulation slabs said that in April 2024 it was working to complete a...

The Czech billionaire Daniel Kretinsky agreed to sell his 20 percent stake in Thyssenkrupp’s steel business and scrap plans for joint ventures, according to a statement released by both parties. This could pave the way for an agreement with Jindal Steel. The sale of the stake ends long-running discussions about what could have been a German and Czech steel and energy giant. Discussions that have made no measurable progress since Kretinsky purchased a fifth in Thyssenkrupp Europe (TKSE) late last year. Thyssenkrupp shares, which had earlier reached a high of six years, briefly fell on the news, before recovering and...

The joint statement from both parties revealed that the Czech billionaire Daniel Kretinsky sold his 20% stake in Thyssenkrupp’s steel unit, and scrapped plans to create a 50/50 joint venture. This could pave the way for an agreement with Jindal Steel. The sale of the stake ends long-running discussions about what could have been a German and Czech steel and energy giant. Discussions that have made no measurable progress since Kretinsky purchased a fifth in Thyssenkrupp Europe (TKSE) late last year. Thyssenkrupp can now move forward with its talks with India's Jindal Steel International. Jindal Steel International last month made...

Vacuumschmelze, one of only a few rare earth magnet manufacturers outside China, is seeking Washington's help to expand production at a new U.S. facility. This contrasts with the tepid support for similar plans in Europe. It is imperative that the West establishes its own supply of permanent magnets, as China produces 90% of these products, which are vital to defence, electric vehicles, and wind turbines. VAC CEO Erik Eschen stated that the U.S. is pushing harder than Europe for a domestic rare-earths sector. This can be seen by its magnet factory in South Carolina, which aims to open before the...

According to the VDMA sector group, German engineering companies are expecting production to only recover slightly next year after the pounding that high costs and global uncertainty, as well as a trade conflict, will have on the level this year. VDMA says that production will only grow by 1.0% by 2026 if the major reforms promised to the German government this autumn are actually implemented. The VDMA warned that there were "considerable risks" including an intensification of the trade conflict, a rise in government debt, and punitive duties on steel and aluminum. These factors prompted the VDMA's 2025 outlook to...

More than 150 executives from Europe's electric vehicle industry signed a Monday letter urging the European Union not to abandon its zero-emission target for cars, vans and trucks by 2035. Signatories from the electric car industry, including Volvo Cars, Polestar and others, have warned against any delay in meeting the targets. They said that this would lead to a stalling of Europe's EV Market, giving an advantage to competitors around the world and eroding the confidence of investors. This follows a separate, end-of-August letter from the heads of European automotive manufacturers' and suppliers' associations to European Commission president Ursula von...

SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation. TX Group owns 30.7% of SMG. TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time. The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock. TX Group said that it was...

The only British aluminium coil factory has invested millions to reduce its carbon footprint, save energy and protect itself from some the highest electricity prices in the world. When Bridgnorth Aluminium falls below the threshold for government subsidies that help businesses pay their bills, they ramp up everything to make sure they don't miss out. Our finance guy told us at the end the year that it was okay to keep the lights on more. "It's kind of strange and counterproductive," Adrian Musgrave said, head of sales for Bridgnorth Aluminium. The paradoxical situation is caused by the high electricity prices...

The German automaker Porsche AG has scrapped its plans to manufacture high-performance battery at Cellforce, citing a slowdown in demand for electric cars and changing conditions in China and America. According to a source familiar with the situation, the move will result in the loss of 200 out of nearly 300 jobs. This is another blow to European efforts at challenging Asia's dominance when it comes to automotive battery manufacturing. Cellforce is to be transformed into an independent unit for research and development, the company announced in a Monday statement. Oliver Blume, CEO of Porsche and Volkswagen, stated on Monday...