Germany

Powerus, a U.S. drone manufacturer and radar maker, announced on Thursday that it had signed a contract for approximately $22.3 million to supply counter-drone technologies aimed at protecting oil infrastructure in the Middle East. According to the company, the system would track, detect and classify drone threats. It would then feed information to a central hub located at the customer site, giving 'operators an overall picture of aerial activity within the area. Powerus declined to disclose the name of the customer or the exact deployment sites. The contract demonstrates the growing demand for counter-drone defences in the Middle East where...

Germany has delayed its interim report on the impact of the 'lignite-out' in its largest state. This is fueling market expectations that the government may decide to run some plants a little longer than originally planned. Here is a brief summary?of the issue: What has happened? Germany and its largest power producer RWE agreed in 2022 to phase out lignite-fired electricity production in North Rhine-Westphalia by March 2030, eight years earlier than the national coal phase-out goal. By 2026, it can determine if the plan is working or if the security of supply of RWE's coal plants is in danger....

Lanxess, a specialist chemicals manufacturer, reported a quarterly core profit that was'slightly higher than expected' on Friday. The company benefited from stronger demand, temporary disruptions in supply linked to the Middle East conflict, and a temporary increase in prices. However, it warned there were no signs of an accelerated recovery in its main markets. In a press release, Matthias Zachert, Chief Executive, said that the expected growth was confirmed in the second quarter. The Cologne-based firm?reported earnings before interest taxes, depreciation, and amortisation pre-exceptionals (EBITDA), of 152 millions euros ($175million) in the second-quarter,?above an analysts' prediction of 150.6 millions euros,...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

Beiersdorf, the maker of Nivea, said that the conflict in the Middle East was disrupting sales and deliveries in key Gulf markets. This highlights how geopolitical tensions continue to impact consumer goods companies in the region. Vincent Warnery, Chief Executive of the company, said that due to the conflict the company was unable to ship some products to Saudi Arabia or the United Arab Emirates. "This is something that impacts not only our costs, but also consumption." We hope the war will end soon so that we can get back to business as usual," he said in a press conference....

Fuchs, a German lubricants manufacturer, announced on Friday that the production of its jointly-owned facility in Yanbu (Saudi Arabia) had been suspended until further notification after a Saturday fire caused significant damage to the site. The cause of the fire is not known. It may have been caused by the Houthi?militants who attacked Saudi ports on Saturday. A spokesperson for Fuchs told us that the company relied solely on information supplied by its partner, and was unable to provide further details. The company confirmed that no employees were injured. Yanbu is Saudi Arabia's Red Sea oil port and has now...

This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York. 1/ DOUBLE THREAT Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi attacks may make the Bab el-Mandeb...

Investors took comfort in some corporate earnings and weighed the potential impact of higher oil prices on monetary policy. The STOXX 600 index, which measures the performance of all European markets, rose 0.6% to 644.67 for a second consecutive week. SAP, the software giant, gained 10% on Germany's DAX after it reported that second-quarter cloud backlog growth was ahead of analyst expectations. The technology index gained 1.7% after STMicroelectronics' and BE Semiconductor's quarterly reports failed to impress investors on Thursday. Investors are trying to balance AI growth with stretched valuations and returns on large investments in technology. This has led...

Next week, it's all central banks. Interest rate-setters in Tokyo, Washington and London are growing more nervous due to the Middle East war escalate. Oil prices have returned to $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Samuel "Indyk" and Alun John are in London. Lewis Krauskopf is in New York. DOUBLE TROUBLE Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi...

The latest LSEG 'I/B/E/S' data on Wednesday showed that estimates for blue-chip European companies have?improved. Soaring energy sector?profits will help a deliver the best growth in over three years. According to a data set based on 77 company results and market expectations for those who have not yet reported, companies on Europe's benchmark STOXX 600 Index are expected to post earnings growth of 17.3% during the second quarter. The aggregate growth rate is 7.2%, excluding the estimated 122.6% growth rate for the energy sector. The blue-chips in Europe are expected to grow by 11.5%. This is their highest rate since...

Investors are increasingly interested in whether this temporary boost can offset weak demand and the mounting competition of Asian producers. The Middle East conflict has tightened supply conditions, which have helped to support pricing. This has given breathing space to Europe's chemical sector. However, weak demand, overcapacity globally and increasing competition from Asia are still weighing on the long-term outlook of the industry. Investors are also interested in whether the companies have reported sustained volume gains or only temporary price increases, as well their outlooks for second half of the calendar year. Brenntag, BASF, and Evonik are among the chemical...

According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year....

A leading union representative in Germany said that IG Metall demands Volkswagen honour a landmark labor deal signed in 2024. He cited fears of mass job losses due to a recent turnaround agreement. Thorsten Groeger, a Hanover-based reporter, told reporters that IG Metall members 'decided on Friday to invoke a clause in the agreement signed?in December of 2024. This move is a significant step in the 'fight for Volkswagen's Future', where management has been pitted against state governments and workers over a plan to double layoffs and dramatically cut production. Volkswagen did not immediately comment on the move. Daniela Cavallo...

Volkswagen is exploring a partnership with the Indian conglomerate JSW Group in order to increase 'competitiveness' and profitability?in -the?third largest?car market?in the world. A company spokesperson stated on Wednesday that the partnership aims to expand Volkswagen's India portfolio, strengthen local sourcing, and increase manufacturing. The Economic Times newspaper was the first to report on this move. The proposed deal is timely as 'Volkswagen' has been struggling to expand its presence in India. India is a critical?market for the German automaker to?expand outside Europe. It also highlights the challenges that global automakers have to overcome in order to remain competitive on...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...

Volkswagen shares reached a?11-week peak after the supervisory board of Europe's biggest automaker late Thursday struck?an ambitious turn around agreement that focused on sweeping cuts in jobs and avoided a conflict between major stakeholders. The agreement on the largest restructuring in the group’s 89-year-old history includes another 50,000 job reductions, bringing the agreed total to 100,000. It also leaves the future of four German plants open. Volkswagen is also under pressure, along with most of its European counterparts, from the 'painful tariffs' in the United States and the falling sales in China, a former cash cow, as well as aggressive...

IG Metall - Germany's largest union - warned on Monday that it would resist any attempts by Volkswagen to undo a restructuring package previously agreed. However, the union did not threaten strikes in advance of a critical board meeting scheduled for the end of this week. Since July, Volkswagen's management has been at odds with its unions over what could be the biggest overhaul of the automaker to date. This includes?plant closings, the carving-out and 50,000 more layoffs. It would be less than two-years after the most recent package, which was reached following months of intense talks and warning strikes,...

According to the website of the Singapore Supreme Court, Japan's Mizuho Bank Ltd filed a case against the Singapore Iron Ore Trader Radiant World's 'operating entity'. A court listing revealed that Mizuho Bank is the banking division of Mizuho Financial Group and they are seeking an injunction to stop Radiant World Corporation from doing business. Could not find any other public legal action taken by a Radiant World creditor. Radiant World accounts have been frozen by some banks and trading houses have cut ties with the company over concerns that it had submitted invalid invoices to raise funding. Singapore Police...

Thyssenkrupp shareholders will vote on Friday,?Feb. 14, on the proposal to spin off the materials trading division of the German conglomerate, which is its largest sales division. This is the latest step taken by the German conglomerate in order to streamline its complex structure. Thyssenkrupp would continue its overhaul by spinning off 49% of tk-accelis, which is a wholesaler of raw materials like steel and alloys and operates warehouses for them. Separate listings of the?hydrogen and defence divisions were made in recent years. Investors will vote on the matter at an "extraordinary general meeting" later on Friday. The move could...

Thyssenkrupp shareholders will vote on Friday on the proposed spin-off of the materials trading division. This is the largest division based on sales in the German conglomerate. Thyssenkrupp would continue its overhaul by separating the?hydrogen division and defence division in recent years. Investors are expected to vote on the issue at an extraordinary meeting on Friday. Analysts at Jefferies believe that tk Accelis, which has around 15,500 employees, is active across 30 countries, and generated sales of EUR11.4billion in the past fiscal year, could achieve an enterprise worth of EUR3.6billion ($4.2billion). During a capital market day held last month, tk...

Thyssenkrupp said on Monday that it expects the planned'spinoff' of its tk -accelis division, which deals with materials trading, to take effect at the end October. This was according to comments for a upcoming shareholder meeting posted on the company website. Thyssenkrupp said it will register?the spinoff? in the relevant commercial registries by the end of August. Thyssenkrupp, aiming to become a holding firm, announced plans in June to spin off its division, which accounts for almost a third of group sales. At an extraordinary meeting, shareholders will vote on whether or not to spin-off 49% of division. In an...

According to data released by the Labour Office on Friday, the number of unemployed people in Germany rose slightly higher than expected in July. They are now close to 3 million in adjusted seasonal terms. Labour Office data showed that the number of unemployed people increased by 6,000 in seasonally adjusted terms to 2,99 million. Analysts polled had predicted a rise of 5,000. The seasonally-adjusted unemployment rate was 6.4% in November, up from the 6.3% recorded the month before. Daniel Terzenbach is a member of Regional Management Board at the Federal Employment Agency. He said that the weak trend in...

Heidelberg Materials said that it expects the war in Iran to further increase energy costs for this year. The German cement manufacturer also lowered its profit forecasts for 2026. The group stated that inflation and high financing costs would continue to have a negative impact on global residential construction. High energy costs were also cited as a major factor. Even though CEO Dominik von Achten highlighted "a?environment which remains geopolitically & economically'very challenging", he said that there were still first signs of a visible demand recovery in the core markets. Heidelberg Materials expects to see its operating profit drop from...

ASML is Europe's most valuable firm thanks to its dominance of lithography systems. These are?huge?chip printing? machines that cost up to $400 million and are essential to companies driving the?AI boom. Chipmakers have expanded their capacity quickly due to AI advances and the global expansion of data centers. ASML supplies memory chip makers such as SK Hynix and Micron, as well to TSMC which manufactures chips for Nvidia. In the middle of the product range, the company faces new competitors from China. It is also being pressured by the United States regarding exports of certain tools to?Asian nations. The Dutch...