FRANKFURT (Reuters) – Gulf carrier Etihad is buying a 70 percent stake in Air Berlin’s (AB1.DE: Quote, Profile, Research, Stock Buzz) frequent-flyer program, injecting cash into the loss-making German airline as it struggles to return to profit.
Germany’s No.2 airline after Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz) said on Tuesday it expected cash proceeds of 184.4 million euros ($242.7 million) from the sale of the ‘topbonus’ program – more than the whole company’s market value.
ESSEN, Germany (Reuters) – ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Heinrich Hiesinger vowed to fix problems at Germany’s biggest steelmaker after a disastrous overseas foray and corruption allegations led him to axe half his management board.
“It is obvious that a great deal has gone wrong in the past,” he told journalists at a news conference on Tuesday, the day after Thyssen reported a 4.7 billion euro ($6.08 billion) annual loss mainly due to writedowns on steel mills in the United States and Brazil.
FRANKFURT, Dec 7 (Reuters) – Siemens says
shareholders should not expect any immediate dividend from
lighting unit Osram after its planned spin-off next year due to
the costs of restructuring.
The loss for the fiscal year ending September 2013 will be
smaller, however, than the 378 million euros ($489 million)
booked a year earlier, according to a spin-off prospectus
published on Siemens’ website on Friday.
FRANKFURT, Nov 30 (Reuters) – German lightbulb maker Osram
will cut another 4,700 jobs, or 12 percent of its workforce, and
sell factories to compete with Asian rivals after being spun off
from parent company Siemens.
Osram, which has annual sales of about 5 billion euros ($6.5
billion), said on Friday it wanted to save 1 billion over three
years, with half the savings coming from procurement.
FRANKFURT/LONDON (Reuters) – Germany’s Siemens AG promised investors its deal to buy Invensys’ rail business for a hefty 1.74 billion pounds ($2.78 billion) would contribute to boosting profits in a tough economy.
The engineering conglomerate, Germany’s most valuable company, aims to save 6 billion euros ($7.75 billion) and focus on its core areas of expertise to close a gap with rivals such as ABB and General Electric.
BRUSSELS/FRANKFURT (Reuters) – Accelerated efforts by Germany and France to rearrange stakes in EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) knocked shares in the Airbus parent on Friday as investors fretted about surplus stock and state interference.
In the latest twist to rapidly unfolding events since merger talks with BAE Systems (BAES.L: Quote, Profile, Research, Stock Buzz) collapsed last month, German newspaper Handelsblatt reported France could sell 3 percent of EADS to Germany to help bring Berlin on board as a shareholder.
FRANKFURT, Nov 23 (Reuters) – Volkswagen AG has
earmarked 50.2 billion euros ($64.7 billion) of investments over
the coming three years as it accelerates plans designed to help
it become the world’s largest car maker by the end of the
As the company strives to replace Toyota Motor Corp
as the No.1 auto maker globally, it is expanding its presence
outside Europe, building or planning new factories in markets
such as China, Mexico and Russia.
FRANKFURT (Reuters) – Taylor Swift made up for disappointment at the Country Music Association awards with three prizes on Sunday at the MTV Europe Music Awards, one of the biggest nights in pop outside the United States.
Swift, who left the Country Music awards empty-handed less than two weeks earlier, picked up honours for Best Female, Best Live and Best Look, her haul of three matching that of teen heartthrob Justin Bieber.
FRANKFURT (Reuters) – Taylor Swift and Justin Bieber shared the spoils in Frankfurt on Sunday at the MTV Europe Music Awards, each scooping three prizes at one of the biggest nights in the pop calendar outside the United States.
American country singer Swift, who left the Country Music Association awards empty-handed less than two weeks earlier, picked up honours for Best Female, Best Live and Best Look.
FRANKFURT (Reuters) – The MTV Europe Music Awards bring the pop circus to Frankfurt on Sunday, with Barbadian R&B singer Rihanna leading the nominations and the late Whitney Houston to be honored with a Global Icon award.
Houston, who was found dead in a Beverly Hills hotel bathtub on February 11, will be the third artist to be given the award, following Bon Jovi and Queen in 2010 and 2011.