Germany

German Economy Minister Katherina Riese stated on Friday that she could see both sides of the United States' decision to issue a 30-day waiver for purchases of Russian oil products. Reiche said at a press conference that he felt the domestic political pressure was very high in the United States. She stated that she is concerned with filling the war coffers of Russian President Vladimir Putin, but that the situation in South Korea, and Japan, are tense. "We have thankfully been spared these shortages," said?Reiche. She said that attacks on ships in Strait of Hormuz continue, and the International Energy...

The German fashion group Hugo Boss announced a better-than expected annual operating profit on Tuesday, despite a difficult market environment. It also said that it has not yet felt the impact of the Middle East conflict. The company's earnings before interest and tax (EBIT), which were 391 million euro ($455million) in 2025, are up from 361 millions euros a year ago, and well above the average analyst forecast of 379million euros, according to a poll conducted by the company. Early trading saw a 4% rise in shares of the company. The stock has risen 1.3% from the beginning of the...

During a 'online meeting' with the Group of Seven Finance Ministers, Satsuki Katayama, Japanese Finance minister told a press briefing that IEA called for a coordinated release?of emergency?oil reserve during a?online meeting on Monday. Katayama stated that the IEA had asked each country to release oil reserves in a coordinated manner. "In response to current conditions... the G7 has agreed to closely monitor developments on the energy?market, and to take the necessary measures to support the global energy supply. This includes releasing oil reserves." Katayama stated that the IEA and the Ministers were joined by executives from the World Bank,...

CEO Flemming Ornskov stated on Thursday that 'Galderma continues to see the Middle East as a 'attractive market. The conflict in the region is unlikely to have any major impact on the Swiss skincare firm because it only represents a small part of their business. Ornskov stated that less than 2% (of Galderma's) business is currently located in the Middle East. However, the company has made efforts to expand in this region, highlighting its recent entry into Saudi Arabia, and expansion in United Arab Emirates. He said that Galderma was pursuing its plans in the region, citing that there were...

Bloomberg News reported on Wednesday that the U.S. Government will exempt Rosneft's German unit from sanctions indefinitely. A person familiar with this matter was quoted as saying so. Could not verify immediately the report. The German economy ministry didn't immediately respond to an 'ask for comment'. Germany placed local units of Rosneft, a Russian oil company, under trusteeship by 2022 following Moscow's invasion of Ukraine. This broke Berlin's decades long energy relations with Russia. Assets include a'stake' in the PCK Schwedt refinery, which is a major supplier of fuel for the capital area. Bloomberg News reported that the U.S. Treasury’s...

Spanish stocks slid Wednesday following fresh threats of a trade embargo from the White House. Other regional benchmarks also climbed after a brutal global sell-off that dragged stock prices to more than one-month lows amid fears about the Middle East conflict. The pan-European STOXX 600 index was up 0.6% to 607.92 by 0939 GMT. This follows two sessions in which the index lost more than 4% since Friday's record high. The benchmark index rose the most in the Technology and Healthcare sectors. The STOXX Volatility Index, Europe's fear gauge after four sessions of gains, has slipped 2.3 points. Spain also...

Investors paused on Wednesday to re-energize themselves after a global stock market crash that sent the benchmark index plummeting more than a month ago amid fears of a prolonged and widened conflict in the Middle East. By 0810 GMT, the pan-European STOXX 600 index was up 0.6% to?607.62. Since Friday's record high, the index has lost nearly 5%. The travel and luxury stocks that were at the forefront of this sell-off were each up by more than 1%. The index was boosted by the technology and healthcare sectors. Vistry fell 22% after the UK homebuilder announced that Greg Fitzgerald, its...

Safe haven currencies like the Swiss franc, Japanese yen and the euro strengthened as currency trading returned after the weekend when the United States and Israel launched their most ambitious attack on Iran since decades, killing the Supreme Leader Ayatollah Ali Khamenei. It dropped by 0.34%, to $1.1776, compared to around $1.18 at the end of New York trading on Friday. The euro fell by 0.5% against the Swiss Franc, to 0.9039. This is its lowest level since 2015. The dollar dropped 0.26%, to 155.65yen. However, the greenback gained against sterling and Australian dollars. U.S., Israeli, and Iranian strikes, as...

According to correspondence seen by, the management of a Russian owned oil refinery located in Germany privately warned Berlin that U.S. Sanctions were hurting their business and threatened fuel supplies for the capital and region. In a letter sent to Katherina Reiche in January, the management of Rosneft's PCK Schwedt refinery made an "urgent" appeal to her to resolve the standoff between the United States and the refinery. The letter details the escalating issues at the refinery which supplies fuel to Brandenburg, eastern Germany, and nine out of ten cars in Berlin. It also supplies key chemicals and ingredients for...

By America Hernandez PARIS, February 5, 2019 - French oil giant?TotalEnergies signed two agreements to supply Airbus with 3.3 terawatt hours of electricity. The companies stated that this amount would cover half the sites’ power needs in the next decade. Germany and Britain are key growth markets for Total. Total is focusing on markets that have deregulated electricity markets, where it can own and build renewable assets and sell directly to clients. The company has a'strategy' that includes owning gas-fired plants and signing supply deals to provide continuous power sourced both from renewables and gas assets. These contracts, which are...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence will accelerate the trend of technological leaps that have been a hallmark of U.S. efficiency, flexibility and dynamism. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a good footing. Demand at home and abroad has been robust since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

European shares were little changed on Monday, ahead of a local inflation report. Investors also continued to watch the Middle East conflict that has impacted global markets. As of 0809 GMT, the pan-European STOXX 600 index was flat at 574.98. Defense sector was the worst hit with a 0.8% drop. The focus is on Germany's CPI data and HICP numbers due later in the day, to gauge the effect of the war on Europe’s largest economy. The Middle East conflict has pushed oil prices higher, causing inflation fears. This is pushing Europe's STOXX600 toward its steepest drop since March 2020....

The head of Schindler, a Swiss?lift manufacturer, said on?Tuesday that the company will contest any?merger between rivals Kone Elevator and TK Elevator in front of antitrust authorities. Bloomberg News reported last 'week that Finland's Kone is in talks to purchase TK Elevator. The merger would make Schindler the second largest lift manufacturer in the world, surpassing the current leader OTIS. Schindler CEO Paolo Compagna stated that the deal would be "a bloodbath", bound to disrupt the lift industry as the world's third and fourth largest lift manufacturers would have to integrate overlapping customer bases and production sites, and teams. Compagna...

Four people with knowledge of the matter have said that discussions of a possible Thyssenkrupp steel unit sale to Jindal Steel International may be called off because of differences regarding pension liabilities, investments, and 'energy costs. Despite the fact that talks are still ongoing over a possible sale of?Thyssenkrupp Europe (TKSE), and an agreement could still be reached, a deal now seems less likely to happen after almost six months' worth of due diligence and discussion, according to these people. One person said that the companies could decide to stop official negotiations as early as next month. Following the report,...

Four?people with knowledge of the matter have said that discussions about a possible sale of Thyssenkrupp Steel Europe to Jindal Steel International may be called off because of differences regarding pension liabilities, energy costs and investments. Despite the fact that?talks are still ongoing over a possible sale of 'Thyssenkrupp - Steel Europe (TKSE), and an agreement could still be reached, a deal now seems less likely. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE'several times over the last decades. If TKSE is not sold, it would...

Four people with knowledge of the matter said that discussions of a potential sale of Thyssenkrupp Steel Europe (TKSE) to Jindal Steel International may be cancelled due?to disagreements over pension liabilities and investments, as well as energy costs. The people say that while discussions over a possible sale of Thyssenkrupp Steel Europe are ongoing and could still lead to an agreement, a?deal is less likely now after nearly six months' worth of due diligence. One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE a number of times...

Schindler's head, who is Swiss, told? The head of the Swiss lift maker told? Bloomberg News reported last week that TK Elevator, a subsidiary of?Finland?s?Kone?was in negotiations to purchase TK Elevator? (TKE), citing people familiar with the situation. The merger would make Schindler the second largest lift manufacturer in the world, surpassing OTIS. Schindler CEO Paolo Compagna stated that the deal would be a 'bloodbath' bound to disrupt industry as the third- and fourth-largest manufacturers of lifts would have to integrate overlapping customer bases and production sites, and also?teams. Compagna stated in the interview that she was sure that they...

BMW warns that it will not see any relief from the ongoing tariff costs in China and intense competition. The company warned on Thursday about a modest decline in its pre-tax earnings in 2026 and a stagnation of deliveries. BMW's rivals Volkswagen, Mercedes and Audi also reported a weaker 2025 due to trade barriers and falling China sales. They also made mistakes with electrification as the market demand for electric vehicles diverged in key markets. The outbreak of war in the Middle East has roiled nerves, fueling supply chain concerns and driving up fuel prices. It also threatens?demand, which is...

Michael Flacks, the CEO of Flacks Group, said that if current attempts to sell Thyssenkrupp's steel division fail, they would be "ready" to bid for it. Thyssenkrupp and Jindal Steel International have been in discussions since the autumn about a possible sale for Thyssenkrupp Steel Europe. However, these discussions are yet to produce a formal bid. Flacks Group was selected by Italy in 'December' to conduct exclusive negotiations on the sale Acciaierie d'Italia, a bailed out steel company. Flacks stated that "our main interest in Italy is now, but we're interested in major companies and, if talks about an acquisition...

Germany's leading industrial union is 'fighting for more power' at Tesla's gigafactory near 'Berlin', where staff will vote for a new work council following a campaign that was marked by mudslinging and court challenges. The voting began at Tesla's Gruenheide factory, the only European production facility of the U.S. electric vehicle maker. Results are expected on Wednesday. The current council is dominated largely by non-unionists. The IG-Metall union has 116 candidates running to gain a simple majority of 19 seats. The union won 16 seats in the previous election, two years ago, when the council held 39 seats. IG Metall...

Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%. This was a shift from the earlier 100% target. EU WANT TO BOOST EUROPEAN STAINLESS SECTOR The new proposal is tied to the EU Industrial Accelerator Act, due to...

Geoff Gilmore, Worthington Steel's chief executive officer, said that the U.S. company would have a 'decent number of other acquisition targets if a $2.4 Billion deal to buy German metals distribution?Kloeckner & Co falls through. Worthington must secure at least 66% of Kloeckner shares by March 12 to seal the deal. Worthington is looking at around 10 targets, including Kloeckner, a German company, that Gilmore has said he's "highly confident" he can achieve. He already secured?53% of Kloeckner from Swoctem, Kloeckner’s largest shareholder, and other tenders. Gilmore said, "We felt that Kloeckner was the best choice for us in terms...

Worthington Steel's Chief Executive said that if a $2.4 bn deal to buy German metals traders Kloeckner & Co falls through, it would still have a number of options to choose from. Geoff Gilmore's comments come just two weeks before the deadline for the 'offer expires, on March 12th. Worthington is required to secure at least 65% of Kloeckner shares in order to seal 'the deal'. Worthington has looked at around 10 targets, including Kloeckner, a German company, and Gilmore, who said he is "highly confident" of achieving his goal. He already secured 53% by Kloeckner's largest shareholder,?Swoctem, as well...