Chief Company News Correspondent
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Nov 9, 2012

Frankfurt gears up for Gangnam Style at MTV awards

FRANKFURT (Reuters) – The MTV Europe Music Awards will rock Frankfurt’s Festhalle concert venue on Sunday, with Barbadian R&B singer Rihanna leading the nominations and all eyes on Korean dance sensation Psy.

Psy’s hit “Gangnam Style”, which is up for the Best Video award, has been viewed more than 670 million times and received a record-breaking 4.9 million “likes” on Facebook since being released in mid-July.

Nov 8, 2012

Siemens to sharpen its game with 6 bln euros of savings

BERLIN, Nov 8 (Reuters) – Siemens AG aims to save
6 billion euros ($7.7 billion) by the end of its 2014 fiscal
year, more than expected, as the German engineering conglomerate
fights to stay competitive in a weak global economy.

An industrial bellwether and Germany’s most valuable
company, Siemens has come under pressure to cut costs and focus
on its most profitable businesses as the global economy takes
longer to recover than it initially expected.

Nov 7, 2012

Kloeckner extends job cuts as profits slide

FRANKFURT (Reuters) – German steel distributor Kloeckner & Co (KCOGn.DE: Quote, Profile, Research, Stock Buzz), seeing no near-term respite from a sector slump and massive overcapacity, extended its job-cutting plans on Wednesday.

It said it would shut down about a fifth of its sites and shed a further 500 jobs, bringing the total to 1,800 or some 16 percent of its workforce.

Nov 2, 2012

Corporate Europe in pain as third-quarter warnings pour in

LONDON/FRANKFURT (Reuters) – From advertising and luxury goods to cars and heavy engineering, European industry is retrenching and abandoning its already modest growth targets, a worrying sign for investors who bought into the summer stock market rally.

The signals from third quarter results so far are that Asian, emerging market and resources sector demand is no longer making up for weakness at home.

Nov 2, 2012

Corporate Europe in pain as Q3 warnings pour in

LONDON/FRANKFURT, Nov 2 (Reuters) – From advertising and
luxury goods to cars and heavy engineering, European industry is
retrenching and abandoning its already modest growth targets, a
worrying sign for investors who bought into the summer stock
market rally.

The signals from third quarter results so far are that
Asian, emerging market and resources sector demand is no longer
making up for weakness at home.

Oct 23, 2012

German stocks – Factors to watch on October 23

FRANKFURT, Oct 23 (Reuters) – The DAX top-30 index
looked set to open 0.1 percent higher on Tuesday, according to
premarket data from brokerage Lang & Schwarz at 0647 GMT.

The following are some of the factors that may move German
stocks on Tuesday:

BMW

Indicated 0.2 pct higher lower

The German premium carmaker said it aims to invest more than
200 million euros ($261.41 million) in a new plant in Joinville,
Brazil, in the state of Santa Catarina. Plans call for a
capacity of about 30,000 vehicles per year with production
slated to begin in 2014.

Oct 22, 2012

Siemens in talks to sell solar business

FRANKFURT (Reuters) – German engineering group Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) is to sell its solar energy business and is already holding talks with potential buyers, as it trims underperforming businesses to close a profitability gap with peers.

Demand for solar power has been hurt by top consumer Europe cutting back subsidies for green energy and the euro zone debt crisis crippling the finances of sunny countries such as Greece and Spain.

Oct 15, 2012

Founders of Germany’s Douglas in $2 bln buyout bid

FRANKFURT, Oct 15 (Reuters) – The founding family of Douglas
Holding AG has teamed up with private equity to bid
for the loss-making retailer, offering a possible end to months
of uncertainty over its ownership as it battles fierce
competition from online players.

Under a deal announced on Monday valuing the German
perfume-to-books retailer at 1.5 billion euros ($2 billion), the
Kreke family gains more control over the group as it carries out
a restructuring of its under-pressure books business Thalia.

Oct 11, 2012

Siemens CEO to cut jobs, close offices as profits shrink

FRANKFURT (Reuters) – Germany’s Siemens may outline job cuts and office closures on Thursday to stop profits sliding as customers put off ordering engineering equipment because of Europe’s economic crisis.

Chief Executive Peter Loescher’s strategy of boosting growth with energy-saving and infrastructure products has not worked and analysts expect him to present managers with a plan of up to 4 billion euros ($5.2 billion) in savings.

Sep 14, 2012

Airlines grapple with food vs. biofuel debate

BERLIN (Reuters) – Airlines battling to cut costs and pollution may not find a quick fix in biofuels, as concerns grow that using feedstocks to create an alternative to kerosene will push food prices higher.

The European Union plans to impose a limit on the use of crop-based biofuels, in a major shift in the region’s much-criticized biofuel policy, according to draft legislation seen by Reuters.