Germany

Siemens Energy on Tuesday raised its midterm outlook as it reported a brand-new record for its order book and a narrower fourthquarter loss, benefiting from rising need and a continuous turn-around at its having a hard time wind turbine system. In a critical 2024, we attained all our objectives, driven by strong orders and job execution across all our businesses. Our focus remains on successful growth, supported by highly favourable market conditions, CEO Christian Bruch said. Frankfurt-listed shares in Siemens Energy pared losses after the news, trading 1% lower at 1918 GMT. The power equipment supplier has actually emerged from...

European shares ended lower on Wednesday, following a broad rally earlier in the session, hurt by a drop in energies shares on fears that U.S. Presidentelect Donald Trump could halt fresh approvals for overseas wind jobs. Trump, who regained the White Home by protecting more than the 270 Electoral College votes required to win the presidency, had actually promised throughout his election project to scrap overseas wind projects by executive order on his first day in office. Shares of Oersted and Vestas fell 12.8%. each, while the wider energies sector was down 2.6%. The pan-European STOXX 600 was down 0.5%,...

Stateowned energy Uniper has actually started repaying Germany for a 13.5 billion euro ($ 14.7 billion) bailout it received throughout Europe's energy crisis, saying on Tuesday it had actually moved 530 million euros to the government in September. The company stated a different piece of arrangements was now valued at just under 2.5 billion euros, up from a preliminary 2.2 billion, and would likely be moved in early 2025, while the final quantity could still alter. The group is currently getting ready for a go back to the stock market after Berlin acquired 99.12% as part of its rescue, which...

Below are companyrelated news and stories from France and Benelux which could have an influence on the region's markets or private stocks. AIRPLANE: Airbus reported Q3 net income at EUR 983 million, and stated it would propose a third therm for CEO Guillaume Faury. AXA: Axa reported 9-month revenues up 7% at EUR 84.0 billion, in line with expectations. BNP PARIBAS France's most significant bank increased trading activity at its investment banking department helped it fulfill profit projections in the third quarter, after its customer finance and car-leasing organizations disappointed. ELIS: Elis revealed an earnings for Q3 at EUR 1.18...

German chemicals maker Covestro reduced the upper end of its fullyear core revenue projection variety on Tuesday for the 2nd time this year, citing lacklustre international demand in a tough financial environment. The company, whose primary products include foam chemicals utilized in mattresses, car seats and insulation for buildings, now anticipates its yearly core earnings to come between 1 billion and 1.25 billion euros ($ 1.08 billion-$ 1.35 billion). Covestro had actually previously anticipated its 2024 incomes before interest, tax, devaluation and amortisation (EBITDA) at 1 billion to 1.4 billion euros. Global demand is undamaged however stays at a low...

A German court on Wednesday dismissed a problem by Russian oil company Rosneft versus Shell's organized sale of a stake in Germany's. Schwedt refinery, a spokesperson for the court said. In the problem, submitted with the greater local court in. Duesseldorf, Rosneft tried to challenge Shell's strategies to offer. its 37.5% stake in the refinery, which is bulk owned by. Rosneft, to Britain's Prax. Rosneft had argued that under an agreement amongst Schwedt's. ownership consortium, existing investors have a right of. initially refusal which having Prax as a stakeholder in Schwedt. could jeopardise the sale of its own stake in...

The following are the leading stories in the Financial Times. Reuters has actually not verified these stories and does not attest their accuracy. Headings - Volkswagen fined by UK regulator for treatment of consumers in monetary problem - Nigeria declines Shell's planned sale of $1.3 bln onshore production system - UK will offer $3 bln towards G7 loan for Ukraine - UK workers' rights reforms to cost services 5 bln pounds a year - Serious Scams Workplace probes ₤ 112mn hotel developed by leading UK trade union Introduction - UK's monetary regulator, the Financial Conduct Authority, on Monday fined Volkswagen...

The European Union, rushing to develop a 9 million euro joint getting mechanism for important minerals and energy, is choosing between 8 bidders competing to develop a platform, documents revealed and sources with direct understanding told Reuters. The bloc's reasoning for pooling together buying orders is that it would hand individuals more take advantage of to attain more beneficial deals and rates for crucial minerals necessary for the green shift that sell thin and nontransparent markets frequently controlled by China. The EU aims to sign an agreement by the end of the year and begin establishing areas of the platform...

storyp1> BOGOTA, Oct 19 (Reuters) Almost 200 nations deal with a due date to report their nature conservation prepares to the United Nations ahead of a twoweek U.N. nature top dubbed COP16, beginning on Monday in the Colombian city of Cali. Here is what you require to understand: WHY ARE NATIONS MAKING NATURE PLEDGES? These pledges must set out how each nation plans to contribute to conference international nature targets agreed on at the last U.N. Biodiversity Summit, COP15, held in Montreal in 2022. The arrangement, called the Kunming-Montreal Global Biodiversity Structure, established four general objectives for 2050 and a...

Fertiglobe expects to more than double its net ammonia production capability as it incorporates ADNOC's portfolio of low carbon ammonia tasks following the energy giant's purchase of a majority stake in the fertiliser maker on Tuesday. Fertiglobe CEO Ahmed El-Hoshy told Reuters the offer conclusion, which saw ADNOC buy simply over a 50% stake in the business from European chemical manufacturer OCI for $3.62. billion, would speed up Fertiglobe's path towards ending up being a. low carbon ammonia powerhouse. The deal, which raises ADNOC's stake to 86.2%, is the most recent. relocation by the state-owned Abu Dhabi group to broaden...

Thyssenkrupp needs to quickly repair the crisis surrounding at its steel system, including producing clarity around a 3 billion euro ($ 3.3 billion) green steel job cofunded by the federal government, Economy Minister Robert Habeck said on Wednesday. Thyssenkrupp has put a proposed direct decrease plant at its steel hub in Duesburg - two thirds of which will be moneyed with public cash - under evaluation, stoking worries over the corporation's future instructions. This need to concern a great end quickly, Habeck stated, including Thyssenkrupp's management had signified it wished to produce more environmentally friendly steel which the task was...

Norway's Equinor stated on Monday it has actually bought a 9.8% stake in Danish renewable energy group Orsted valued at around $2.5 billion, making it the 2nd largest shareholder after the federal government of Denmark. Orsted's share cost increased on the news, trading 2.8% greater at 1028 GMT, while Equinor's shares fell by 2.3%. Orsted did not right away react to an ask for remark. Equinor said it had a long-lasting viewpoint on the investment but did not strategy to raise its stake beyond 10%. This is a counter-cyclical financial investment in a leading designer, and a premium portfolio of...

Germany's biggest industrial union stated it had actually struck a wage deal in local talks for the electrical engineering and metal industries on Tuesday, signalling an end to hard settlements that saw tens of countless workers go on strike. After a marathon 18 hours of talks, the union said it would announce information of the offer at a news conference at 0930 GMT. The offer comes at a hard time for Europe's biggest economy, which is swallowed up by a government crisis and has actually seen a few of its most significant industrial icons request unpleasant cuts to remain competitive...

Audi on Thursday revealed a. brand-new electric automobile brand name in China whose vehicles will sport just. the name AUDI and not its signature fourring logo, a move intended. at attracting younger consumers on the planet's biggest vehicle. market. The premium marque owned by Germany's Volkswagen. partnered with Chinese automaker SAIC in 2015 to co-develop. cars and trucks under the brand, the first of which it prepares to place on the. market in the summer of next year. It marks an effort by both Audi and SAIC to recover market. share in China, where legacy regional gamers and foreign. automakers...

Heidelberg Products , the world's secondlargest listed cement maker, on Thursday raised its 2024 outlook, as a strong efficiency in The United States and Canada and performance steps across crucial markets helped balanced out volume headwinds. The German building products business now anticipates the result from present operations for the 2024 fiscal year to be in between 3.1 billion and 3.3 billion euros ($ 3.33-3.55 billion). and 3.3 billion euros, narrowing a formerly forecast series of. between 3.0 billion and 3.3 billion euros. Our constantly strong performance in North America. combined with a continued concentrate on expense management throughout secret....

French automaker Renault is in talks with Nissan to help the Japanese company bring to market its own variation of Renault's electric Twingo, as the alliance partners seek to accelerate an inexpensive EV providing to ward off Chinese competition. An electric version of Renault's popular city automobile, due to reach the market in 2026, is set to be priced at under 20,000 euros ($ 21,700), making it a key slab in the firm's. defence versus low-priced Chinese brand names like BYD. Renault had actually been in talks with Germany's Volkswagen to. jointly develop the car, sharing costs that are a...

Workers in Germany's. electrical engineering and metal markets will introduce strikes. on Tuesday to put pressure on companies to increase their pay,. according to a declaration from the IG Metall union. Tuesday marks completion of a truce duration accompanying. collective bargaining settlements, in which the union has stated. a proposed pay increase for the 3.9 million employees in crucial sectors. covered by the talks is too low. The 3.6% raise over a period of 27 months provided by. companies' associations is considerably lower than the 7% sought. by IG Metall - a demand criticised by business as impractical. amidst a...

Volkswagen prepares to shut a minimum of 3 factories in Germany, the carmaker's works council head said on Monday, without specifying which plants would be affected but saying this would suggest layoffs of countless personnel. Volkswagen stated in early September it plans to end its job security program - which has been in place since 1994 and avoids task cuts till 2029 - as it deals with pressure from Asian rivals. Germany's most effective union IG Metall had formerly recognized the following German factories as possibly impacted by Volkswagen ending its job security scheme, while experts have in the past...

Volkswagen is exploring a. series of costcutting measures for its core brand, consisting of a. 10% wage cut and a twoyear wage freeze, as it looks for to save 4. billion euros, Handelsblatt newspaper reported on Sunday, pointing out. business insiders. The carmaker is under increasing pressure to decrease expenses. amidst a challenging financial environment. Employees, on the other hand, have. slammed management for not presenting a clear future. strategy, in spite of pledges of a new strategy in the works. According to Handelsblatt, Volkswagen's management has. talked about numerous possible cost-saving moves. These include. topping bonus offers for top-tier...

German Chancellor Olaf Scholz said on Friday he wished to deepen defence ties with New Delhi and bring the two countries' militaries closer, in remarks following a meeting with Indian Prime Minister Narendra Modi. Germany, which has not traditionally had close defence ties with India, is now pitching to join the latter's effort to wean its arms base from years of dependence on Russia, at a time when the West looks for to counter China's growing influence. Our general message is clear, we need more co-operation, not less, Scholz said. At our inter-governmental consultations with India, we likewise wish to...

Holcim reported better than expected operating profit throughout its third quarter, the construction products maker said on Friday, despite a. recession in sales. The company, which is planning to spin off its North. American service next year, published recurring operating profit. of 1.67 billion Swiss francs ($ 1.93 billion) for the 3. months to the end of September. The figure was somewhat ahead of expert forecasts for 1.65. billion francs in a company supplied agreement. The revenue was assisted by the business increasing its revenue. margin to 23.5% from 21.8% a year previously, as Holcim offered more. of its more...

India's Tata Steel signed a. agreement with Italybased Tenova on Friday for an electric arc. furnace at its Port Talbot plant in Wales, weeks after Britain's. most significant steelworks ended blast furnacebased production. The closure of the last blast heating system at Port Talbot, when. the largest steel operates in Europe, was the conclusion of. decades of decrease in Britain's steel industry, which has. had a hard time to compete with inexpensive imports. The plan was for the Tata Steel-owned site to be based on. a 3 to four-year-long decarbonisation strategy to build an. electric arc heating system which will...

Voestalpine will reorganize its automobile part business areas in Germany, including the closure of one of the sites, to respond to falling need and structural changes, the Austrian specialized steelmaker said on Friday. The plants in Dettingen, Schmoelln, Schwaebisch Gmuend and Boehmenkirch will form a joint production network, with each site focused on picked core innovations, Voestalpine said. The aim of these measures is to protect the future of the automotive supply segment of the Metal Forming Division in the long term, and with it around 2,000 jobs in Germany, it stated. Operations in Birkenfeld will be discontinued subject to...

Volkswagen's. works council chief stated in an internal interview on Thursday. that talks with the carmaker over planned cuts to its German. sites were abysmal at the start and continued to be serious,. important and questionable. We are not yet in a mode that could be called settlement. It is very first and foremost about numbers, data, realities, and finding. a common understanding of the concerns, Daniela Cavallo said,. according to a copy of the interview seen . Juergen Mahnkopf, the deputy works council chief, stated. unions would paralyse the company if it made a one-sided. decision to close plants...