Germany

The European electricity prices rose in the late morning of Wednesday due to concerns about possible corrosion at French reactor Civaux 2. A spokesperson for EDF has said that the EDF is not responsible for any damage caused by its employees. Inspection is underway The utility has not yet received the results of the annual maintenance at Civaux 2. Markets were reminded three years ago of the corrosion that occurred in French reactors when production fell and required imports from Germany. Prices then rose. By 0945 GMT the French baseload year-ahead was 7.6% higher at 67.6 Euros ($77.30). All contracts...

Proxima Fusion is a Munich-based company that specializes in nuclear fusion technologies. It announced on Wednesday that it had raised 130 million Euros ($148.8 Million) to move it closer to its goal to develop a novel power station. Why does it matter? Around the world, dozens are exploring nuclear-fusion technology, which is a newer form of energy generation that harnesses the same intense process that powers our sun. There is fierce competition between private and public companies, governments of European countries, United States, and China and technology options such as Plasma confinement used by Proxima or lasers. The new conservative...

Siemens Energy announced on Thursday that it has replaced the 11 billion euro (12,6 billion dollars) government-backed financing facility put in place to stabilize the power equipment manufacturer in 2023. This is a crucial step in restoring its ability to pay out dividends. After major quality problems at Siemens Energy's wind turbine business, the government was forced to guarantee billions of Euros worth of projects in late 2023. Maria Ferraro, Chief Financial Officer at Siemens Energy, said that the federal government's "counter-guarantee" was crucial in 2023 to ensure our expected growth. The suspension of dividends at Siemens Energy was one...

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

The German auto lobby has warned that China's export bans on rare earths - used in everything from anti-lock brake sensors to windshield wiper motors - could cause production delays. This is the latest industry group which has raised the alarm about supply delays. In a recent statement, Hildegard Müller, head of the auto lobby VDA said that delays in export clearance and slow granting of licenses meant that suppliers were unable to produce essential components to keep production of cars running smoothly. This was the first time that the lobby warned of a possible production stoppage. Sources said earlier...

Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

A person familiar with the proceedings said that the Norwegian parliament is set to reject the campaigners' call to instruct its $1.8 trillion fund to boycott companies selling products or services in the occupied Palestinian Territories. The person stated that a majority of the finance committee in the Norwegian Parliament decided to exclude from the fund only those companies which can be connected with the violation international law, and not simply any company that has a presence in such areas. The International Court of Justice ruled last year that Israel's occupation of Palestinian territory was illegal, and that it should...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026....

Valdis Dombrovskis, European Economic Commission Commissioner, said that the EU will propose this week to the G7 Finance Ministers a reduction of the current $60 per barrel cap on Russian oil seaborne as part the new sanctions against Moscow. Dombrovskis didn't mention the level at which the European Union wants the price cap to be lowered. However, EU officials who were briefed about the discussions stated that the EU would suggest $50 per barrel. When asked by reporters if the G7 Finance Ministers meeting in Canada next week would include a proposal to lower this cap, he replied: "Yes." The...

Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance...

ADNOC, the state-owned oil company of Abu Dhabi, requested approval from the EU on Thursday under the rules on foreign subsidies for its $16.4 billion acquisition of German chemicals firm Covestro. The request was made on the website of the European Commission. ADNOC's largest acquisition ever, for which it received the green light last week under EU merger regulations, demonstrates the Middle East countries diversification of investments in order to reduce their dependence upon oil. The EU's Foreign Subsidies Regulations (FSR) target unfair foreign aid to companies in order to reduce the competition from non EU companies that are subsidised...

VDMA, an industry association in Germany, warned that the supply of rare earths is becoming increasingly difficult for German equipment and plant manufacturers. It called on the European Union (EU) to exert more pressure on China. VDMA President Bertram Kawlath said to journalists that "we are already seeing rare earths no longer reaching our members." China, which controls 90% of the global processing capacity for rare Earths, used in everything from cars and fighter jets, to home appliances and other products, imposed export restrictions in early April, requiring exporters obtain licenses from Beijing. The new restrictions came after President Donald...

Beijing's export restrictions have exposed the West's dependence on Chinese supplies of esoteric materials and permanent magnets. It's not like we've never been in this situation before. China did the exact same thing in 2010. Western automakers chose to ignore historical precedents and double down on a techniqe that is almost completely beholden Beijing's export whims. Many of them have now entered a panic mode and several have already been forced to stop production lines. This shows the huge economic impact that niche metals like dysprosium (used in neodymium iron boron (NdFeB), magnets) can make. China's willingness weaponise its dominant...

A person who attended an investor call for Hyundai Motor said that the company has a stockpile of rare earths which can last up to a year. It does not anticipate any short-term impacts from disruptions in global supply chains caused by China’s export restrictions. China's decision to limit exports of rare earths, magnets, and other materials in April has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors. Hyundai, along with Kia Corp., the third largest automaker in the world, is better positioned than most competitors to withstand the restrictions that have already affected production and...

Investors stayed away from major bets on Friday ahead of the crucial U.S. employment data. Trade tensions also added to the uncertainty. As of 0809 GMT the pan-European STOXX 600 remained at 551.95 and was on course for a second weekly gain if momentum continues. The day will begin with a monthly reading of U.S. Non-Farm Payrolls. This will help investors gauge how President Donald Trump’s trade policies have affected the labor market, and how the Federal Reserve may navigate the uncertain trade environment. Commerzbank analysts stated that "a print above the consensus could reinforce Fed's cautious position and serve...

A group of auto suppliers from the United States has called for immediate action in response to China's restrictions on rare earths and minerals, as well as magnets. They warn that the issue can quickly disrupt auto part production. China, which controls 90% of the global processing capacity for rare Earths, used in everything from cars and fighter jets, to home appliances and household appliances, implemented restrictions in April, requiring exporters obtain licenses from Beijing. The new restrictions were imposed after the U.S. and China began a trade dispute following President Donald Trump's tariffs against Chinese imports. The Vehicle Suppliers...

Mercedes-Benz has been talking with its top suppliers about stockpiling rare earths, even though it hasn't seen any impact of a shortage which has forced some suppliers to close down production lines and plants. Joerg Bürzer, Mercedes-Benz board member responsible for production, said: "We've learned a lot about the semiconductor situation and we are always... looking to see what risk profile we have left in our supply chain." He told journalists in a roundtable that "we are of course always in dialogue with our suppliers, and we also discuss what the best tools for risk management is. The topic of...

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

Daniela Cavallo, the head of the Wolfsburg works council, told employees on Tuesday that Volkswagen's restructuring its Wolfsburg factory from 2027 in order to allow for EV production only could lead to a temporary four day working week. Cavallo was a key figure in negotiations last year with management over cost reductions. He said that unions had agreed on a minimum capacity utilization for the transition period. However, he urged workers to work extra shifts to compensate for the possibility of reduced working hours in the future. Cavallo stated that a four-day work week was not unreasonable from 2027. Volkswagen's...

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...

A senior official at Germany's IG Metall union said that a fifth or more of the jobs at Thyssenkrupp are at risk. This is in response to recent plans by the conglomerate to become a holding company. Thyssenkrupp announced on Monday that it will pursue plans to divest minority stakes in at least three of its five business divisions. The other two, submarines and steel, are already being spun off, or partially divested. The plans could result in the loss of more than 20,000 jobs, Juergen Kerner told Sueddeutsche Zeitung. Thyssenkrupp announced that it would cut or outsource as many...

The Handelsblatt reported that German automakers BMW, Mercedes-Benz, and Volkswagen were in discussions with the U.S. Department of Commerce about a tariff agreement which would include a mechanism for offsetting imports and exports. The report cited company sources to say that in exchange for tariff relief the companies would be able to invest billions of dollars in the United States. The report did not provide a specific amount. According to Handelsblatt, the goal is to reach a deal as early as July. BMW refused to comment. Mercedes and Volkwagen were not available to comment when contacted. Handelsblatt declined to comment....

Heidelberg Materials, world's second largest cement manufacturer, announced on Wednesday that it expects the operating profit growth to be driven in the medium term to 2030 by five megatrends. These include higher defence expenditures and a growing need for data centres. The German company stated that the group's RCO (result from current operations) will grow on average 7-10% per year up until 2030. This was revealed at its Capital Markets Day held at Brevik, Norway, where it has a carbon capture and storage facility. The group stated that the return on capital invested is expected to increase to around 12%...