Germany

Fortum, the Finnish utility, has announced that it will not be returning to Russia, but is still interested in purchasing the Nordic assets from its former German subsidiary Uniper. This announcement came after Fortum beat market expectations with its first-quarter profit. Since the Russian authorities seized Fortum and Uniper's Russian assets in response to Western sanctions for Russia's 2022 invasion of Ukraine, they have been managed by executives from Moscow. Markus Rauramo, Fortum's CEO, ruled out any return to Russia if the war were to end. He also said that the arbitration process regarding the Russian seizure was still ongoing....

The German wind turbine manufacturer Nordex announced on Friday that its quarterly sales were below market expectations. It installed 20% fewer turbines onshore than it did a year ago, but it said there was no financial risk from the United States. A company spokesperson said that the maker of onshore turbines will continue to plan to resume U.S. manufacturing at its Iowa facility, following Germany's RWE, which announced it would stop U.S. offshore activities in light of regulatory uncertainties under Trump. Nordex, despite the uncertainties caused by President Donald Trump’s energy and trade policies, spoke positively in February about U.S....

Putin's investment representative said that the meeting between Russian President Vladimir Putin and U.S. president Donald Trump's Special Envoy Steve Witkoff, was very productive. However, various countries were trying to disrupt dialogues between Moscow Washington. Putin and Witkoff spoke for nearly five hours in St. Petersburg, the former imperial city. Yuri Ushakov and Kirill Dmitriev, Putin's investment envoy, were also present. Kirill Dmitriev, a reporter in the Kremlin at the time of a visit to Moscow by Qatari Sheikh Tamim Bin Hamad al-Thani, said that "the meeting was extremely fruitful." Dmitriev added that a variety of unidentified media spread misinformation....

Thyssenkrupp Steel Europe, the continent's 2nd largest steelmaker, announced on Friday that it had decided to terminate a contract with HKM. This is a step further to sever ties to the business, which it owns in part and wants to sell. Thyssenkrupp has been under pressure to streamline its steel business due to high energy prices and low-cost Asian competitors. It warned that it might have to close or sell HKM, which is a 50-30-20 joint enterprise between Thyssenkrupp and Salzgitter. Dennis Grimm said that due to the market conditions we would have to reduce production capacity from 11.5 million...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The European Commission's Ursula von der Leyen said that Donald Trump's tariffs on all goods and services were a serious blow to the global economy. She also stated that the European Union would be ready to take countermeasures in the event of a failure to reach an agreement with Washington. Deloitte has cut the number of U.S. employees in its consulting division after the federal government asked it to find ways to reduce the costs of the...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Volvo Cars brings former boss back to provide a'steady' hand Trump threatens to impose secondary tariffs on Russian Oil if there is no agreement on Ukraine Isar declares launch of rocket a success, despite first-time failure to reach orbit Task force urges to eliminate oil and gas windfall taxes before 2030 View the full article Volvo Cars has appointed Hakan Samuelsson as its new chief executive after warning last month of a potentially challenging 2025. Donald Trump,...

A panel of executives at the Financial Times Commodities Global Summit held in Lausanne, Switzerland on Monday said that European oil refineries would have to adapt to energy transition by 2035 or risk closure. As legislation on electrification and the energy transition transforms energy markets, European refiners are facing a decline in demand for road-fuels. This is also driving an increase in investments in biofuels and other alternative fuels. In 10 years, most refineries would have either converted to biorefineries or to electric fuels, or switched to hydrogen fuels with low carbon content. Ruth Herbert, Director at Essar Energy Transition...

The German Foreign Ministry announced on Saturday that the embassy had temporarily been closed in Juba, the capital of South Sudan. This was due to rising tensions which have brought this East African nation to the brink of civil war. Salva Kiir, the president of South Sudan, sacked this week the governor of Upper Nile State, where escalating clashes between government troops, and an ethnic militia he claims is allied with his rival First Vice President Riek Makar, have taken place. The standoff has raised concerns that the world’s newest nation, which emerged from a civil conflict that claimed hundreds...

RWE, Germany’s largest utility, announced on Thursday that it would reduce investments by over a fifth through the end of this decade. The company cited uncertainty about renewable returns, as well as geopolitical risk and supply chain constraints. The company said that it would reduce its investments from 10 billion euros to 35 billion euros in 2030. It will also increase the return requirements on new projects. We have increased the requirements for future investment due to the higher uncertainty in the investment climate. Due to stricter risk management, and higher expectations of return, we will invest less through 2030...

Acciona's top management stated on Friday that it expects to see little impact of President Donald Trump’s energy and trading policies. It also outlined plans for asset sales up to $4.68 billion. Acciona Energy, like other European green energy companies has faced investors' difficulties. Unease The U.S. Renewable Energy Market is changing dramatically under the Trump Administration. In a conference call with analysts on earnings for 2024, Chief Executive Rafael Mateo said that "our exposure to the U.S. Energy Policy Volatility is very limited." Acciona had already acquired the necessary equipment in advance and secured tax incentives, he said at...

Uniper announced on Tuesday that it will pay the German Government 2.6 billion Euros ($2.7 billion) during the first quarter. The utility, which has been bailed out by the German government in Europe's energy crises, is now preparing to return to the stock exchange. In 2022, Uniper's total value was 13.5 billion euro. Sources have said that Berlin is preparing to sell its 99.12% stake as early as this year. Uniper, the German utility, is still in dispute with its former principal gas supplier Gazprom from Russia. Gazprom first curtailed and then suspended deliveries, bringing Uniper to the verge of...

Germany will hold an immediate national election on February 23 after the collapse of the three-way coalition led by Chancellor Olaf Scholz. The main political parties, their polling positions, and key policy issues are listed below: Parties Germany has two "big-tent" centrist parties: Scholz’s centre-left Social Democrats and the opposition Conservatives, an alliance between the Christian Democrats (CDU), and their Bavarian counterpart party, the Christian Social Union CSU. In recent years, smaller parties like the Greens or Alternative for Germany (AfD), a far-right party, have gained ground. All four parties, the SPD, Greens, Conservatives and AfD, have candidates running for...

Swiss Re, the reinsurance firm, said that in its report published on Tuesday, natural disasters such as hurricanes, storms and floods could cause insured losses of $145 billion by 2025. This would be a nearly 6% increase from 2024, and it would also make 2025 one of most expensive years ever. The projected amount of natural catastrophe losses covered by insurance for the year is $137 billion, which is significantly higher than long-term averages. Swiss Re's report cited the wildfires that ravaged Los Angeles in the first quarter of this year as the major contributors to the projected figures, which...

The erratic tariff policy of U.S. president Donald Trump is making some European smaller companies question whether they should expand into the U.S. Trump wants to encourage foreign companies to invest in the United States by imposing levies on steel, cognac, cars, and sandals. This will lead to new factories being built and thousands of American jobs. The announcements of rollbacks, exemptions, and other changes have made some smaller companies hesitant to commit. EuroGroup Laminations, an Italian company, pays no import duties on the rotors, stators, and other components it provides to U.S. automakers, such as Ford and GM. These...

According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face...

Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros...

Parks Tau, Minister of Trade, Industry, and Competition, said that South Africa may offer additional incentives to carmakers to cushion the impact on automakers from President Donald Trump’s tariffs. Tau told radio station Power FM that they were currently looking at the possibility of extending the production plan for the automotive industry to be able mitigate the impact on our industry. We're modelling the potential package for the auto industry, but we are also looking at other sectors to see if it is possible within the limits of the country. The Automotive Production and Development Programme (APDP) is a programme...

Toralf Haag, CEO of the German firm, said on Wednesday that Aurubis plans to increase its copper recycling smelter's capacity in the U.S. in this year. Haag added that Aurubis is looking forward to future investment opportunities. Aurubus invested $800 millions in the four-year project. Haag says it will process 188,000 metric tons complex copper scrap to produce 70,000 tonnes of refined metal per year. North America is a very attractive market. Haag stated in an interview at the CESCO and CRU Copper Conferences that there is currently no large recycling facility located in North America. The majority of scrap...

Volkswagen Group sales of battery electric cars in Europe more than doubled during the first quarter, but dropped by more than one-third in China. This is a sign that the automaker has experienced divergent fortunes on the electric car market. China's electric vehicle market is fiercely competitive. New EV-only entrants are stealing market share away from foreign automakers. The total sales in China fell by 7.1% despite the fact that the carmaker maintained a 22% share of the market for combustion engines. Mercedes-Benz Porsche Also reported was a drop in sales from China. Volkswagen expects sales of its battery electric...

The global trade war, started by U.S. president Donald Trump, has intensified this month, after he announced tariffs on the majority of U.S. imported goods. This sparked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders. Trump announced his plans to increase "reciprocal duties" on several of the United States' largest trading partners on April 2, which he called "Liberation Day." Tariffs of 10% were in effect from April 5 to 9, while higher reciprocal rates would be implemented on April 9. The new U.S. trade barriers are the highest in over...

After taking into account the remarks of member states, EU Trade Commissioner Maros SEFCIOVIC told reporters that the countermeasures taken by the European Union against a list U.S. steel and aluminum imports as a response to Trump's administration's tariffs on these products will amount to less than 28.46 billion euros ($28.46billion) after taking into consideration their remarks. We are talking 26 billion euro when it comes to steel and aluminum, as well as derivatives (...). The list will be finalized tonight (...), but I can assure you that the amount won't reach 26 billion euros because we have listened very...

Thyssenkrupp Steel Europe and Salzgitter called on Monday for the EU Commission to implement its action plan as quickly as possible in order to protect the steel sector from the tariffs imposed by U.S. president Donald Trump. In a recent statement, Gunnar Gröbler, CEO at Salzgitter, Germany’s second largest steelmaker, said that Europe must not remain defenseless against the growing pressure of imports. Groebler stated that the EU must act with decisiveness while keeping the dialogue open with the U.S. TKSE, Germany’s largest steelmaker said that the plan is an “important impetus” to strengthen and decarbonise the sector's competitiveness. Dennis...

Ursula von der Leyen, President of the European Commission, held a conference call on Monday with representatives from the metals sector. She then spoke to the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were to gather data to inform future countermeasures, beyond Brussels' response to Washington's tariffs on steel. This will be voted upon later this week. On Tuesday, a call will be held with the European Pharmaceuticals Industry. On Monday, European and Asian stocks and oil prices plunged on fears that U.S. president Donald Trump's tariffs could increase prices, weaken the demand and even...

Sources and a letter indicated that Ursula von der Leyen, President of the European Commission, spoke with representatives from the metals sector on Monday. She then addressed the automotive industry to discuss ways to respond to U.S. Tariffs. The calls were held to gather more information to strategise future trade countermeasures, beyond Brussels' forthcoming response to Washington's steel duties that have been announced previously and which will be voted upon later this week. Tuesday is set for a third call with representatives of the European pharmaceuticals sector. Investors feared that the tariffs Trump announced last weekend could lead to higher...