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Mar 19, 2013

ThyssenKrupp plans $1.3 billion-plus share sale: report

FRANKFURT (Reuters) – Germany’s ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) plans to raise over 1 billion euros ($1.3 billion) in a share sale to bolster its finances after winning over its biggest investor to the plan, a newspaper reported, sending the steelmaker’s stock sliding.

ThyssenKrupp has struggled to reduce its debts with a flagging European economy hitting demand for steel, and has suffered massive losses from a project in the Americas.

Mar 14, 2013

Lufthansa sees profit gains held back by revamp costs

FRANKFURT (Reuters) – Deutsche Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz), Europe’s biggest airline by revenue, said a tough economic outlook and restructuring costs would limit operating profit growth this year and next.

European carriers including Lufthansa, Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) and British Airways (ICAG.L: Quote, Profile, Research, Stock Buzz) are slashing jobs and shelving growth plans as they grapple with soaring jet fuel prices, a weak economy and fierce competition from low-cost carriers and Middle East airlines.

Mar 12, 2013

Fraport expects zero passenger growth at Frankfurt hub

FRANKFURT, March 12 (Reuters) – German airport operator
Fraport predicted zero growth in passenger numbers at
its main Frankfurt hub this year and lower net profit as a weak
economic climate prompts airlines to reduce capacity.

Fraport, whose biggest customer is German flagship carrier
Lufthansa, said on Tuesday net profit would shrink
this year from the 238 million euros ($310 million) reported for

Mar 11, 2013

ThyssenKrupp investors want a chairman independent of top shareholder

FRANKFURT/DUESSELDORF, March 11 (Reuters) – Shareholders at
ThyssenKrupp AG want a new chairman independent of the
Krupp Foundation, its major stakeholder, in order to keep
management at Germany’s biggest steelmaker on a tighter leash
after a series of botched investments.

Chairman Gerhard Cromme unexpectedly quit on Friday after
coming under fire over cartel investigations and a failed
multibillion-euro project in the Americas.

Mar 8, 2013

Under-fire ThyssenKrupp chairman resigns

FRANKFURT/DUESSELDORF, March 8 (Reuters) – ThyssenKrupp
Chairman Gerhard Cromme has resigned from the German
steelmaker’s supervisory board after coming under fire for a
botched multibillion-euro project in the Americas.

The announcement on Friday was unexpected, coming after a
defiant Cromme had resisted shareholder pressure to step down in
January when he admitted at the company’s annual meeting that he
had made mistakes that contributed to massive losses.

Mar 7, 2013

Medical tourism offers travel firms untapped growth

FRANKFURT, March 7 (Reuters) – A dentist’s office may not be
everyone’s idea of a perfect holiday destination.

But a growing number of Europeans are travelling abroad for
medical treatment to save money, or maybe to combine a visit to
the doctor with some sightseeing, creating a fast-growing market
that is still largely untapped by traditional tour operators.

Mar 5, 2013

Deutsche Post sees online shopping lifting profits

FRANKFURT (Reuters) – Deutsche Post DHL (DPWGn.DE: Quote, Profile, Research, Stock Buzz) forecast a rise in profits this year after robust demand for package delivery from online shoppers bolstered its earnings in the final quarter of 2012.

“As the market leader in the German parcel sector, we are strongly benefiting from the current e-commerce boom,” Chief Executive Frank Appel said on Tuesday.

Feb 13, 2013

German steel industry sees no recovery this year

DUESSELDORF, Germany, Feb 13 (Reuters) – Germany’s steel
sector should not get its hopes up following some positive data
at the start of the year, with demand remaining weak and
competition in global markets intensifying, a trade group said
on Wednesday.

“I don’t expect any major leaps,” Hans Juergen Kerkhoff,
president of the German steel association, told Reuters, adding
he did not see any sustainable recovery across Europe either.

Feb 13, 2013

European steel unlikely to recover soon – trade group

DUESSELDORF, Germany, Feb 13 (Reuters) – Signs of recovery
for Europe’s steel sector, a bellwether for the broader economy,
may be a mere flash in the pan, a German trade group said on

“I don’t see any sustainable recovery of the European
market,” Hans Juergen Kerkhoff, president of the German steel
association, told Reuters on Wednesday.

Feb 12, 2013

ThyssenKrupp warns of bleak 2013 after profit slump

FRANKFURT (Reuters) – ThyssenKrupp AG (TKAG.DE: Quote, Profile, Research, Stock Buzz), Germany’s biggest steelmaker, warned that the coming months would remain bleak after weak steel and car markets caused a drop in profit, and said it did not expect a return to growth until the next financial year.

Steel companies have been struggling to make a profit in the rapidly shrinking European market, where austerity has cut sales of cars and new buildings, and demand is seen declining further this year.