FRANKFURT (Reuters) – Air Berlin’s (AB1.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Joachim Hunold quit on Thursday after the carrier posted a quarterly loss and cut its network in the quest for a first annual profit since 2007.
Shares of Air Berlin, Germany’s second-biggest airline after Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz), turned positive after the announcement, rising as much as 4.4 percent, and were 2.6 percent higher at 2.49 euros by 0917 GMT.
FRANKFURT, Aug 18 (Reuters) – Loss-making Air Berlin
said it was unable to pass rising costs from a German
air travel tax and high fuel prices on to customers, forcing it
to slim down its route network to become profitable.
Air Berlin, which has not posted an annual net profit since
2007, warned on Thursday that low-cost carriers would suffer
disproportionately from the tax levied in Germany since the
start of the year.
FRANKFURT (Reuters) – RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) and Russia’s Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) are both willing to develop further their exclusive talks, begun last month, on power station ventures and gas prices, the German utility said on Tuesday.
“There is a match of interests. We want to conclude a new, modernized gas supply treaty with our biggest supplier … while Gazprom for its part wants to increase its value creation here,” Chief Executive Juergen Grossmann said in a press call.
FRANKFURT (Reuters) – RWE’s (RWEG.DE: Quote, Profile, Research, Stock Buzz) first-half core net profit fell 40 percent, hit by a government decision to phase out nuclear power and unprofitable gas sales, highlighting the problems faced by the German utility’s new CEO-designate.
Germany’s largest power producer said on Tuesday first-half profit took a 900 million euro ($845 million) hit from provisions to decommission nuclear power plants, the write-off of nuclear fuel rods and a nuclear fuel tax.
FRANKFURT, Aug 9 (Reuters) – First-half core net profit at
RWE plunged 40 percent, hit by Germany’s decision to
phase out nuclear power , a nuclear fuel tax and
unprofitable gas sales.
Germany shut down eight nuclear power plants after
Japan’s Fukushima nuclear disaster and decided to phase out
nuclear power completely by 2022, overturning legislation that
had originally extended the lifespan of 17 nuclear power
As the economy improves, manufacturers of machine parts, cars and other goods ramp up production and pay Deutsche Post to transport parts and finished products to and from their factories.
FRANKFURT/PARIS (Reuters) – European aerospace group EADS (EAD.PA: Quote, Profile, Research) kept up a hot pace of acquisitions with a $960 million (589.9 million pounds) cash deal to buy satellite communications firm Vizada on Monday, chasing steadier sales from high-value services.
The purchase, from private equity owner Apax France, was flagged by Reuters on Sunday and adds to a string of deals designed to help the Airbus parent firm dispose of surplus cash.
FRANKFURT/PARIS, Aug 1 (Reuters) – European aerospace group EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) is to pay $960 million for satellite communications service provider Vizada in the latest of a series of deals making use of surplus cash.
The purchase, from private equity owner Apax France, was flagged by Reuters on Sunday, and is part of a strategy to reduce EADS’s exposure to cyclical manufacturing revenues, especially those at passenger jet unit Airbus.
PARIS/FRANKFURT (Reuters) – French tire maker Michelin (MICP.PA: Quote, Profile, Research, Stock Buzz) and German rival Continental (CONG.DE: Quote, Profile, Research, Stock Buzz) raised full-year sales targets as price hikes offset higher raw material costs.
Cost inflation as well as the impact of supply chain disruption from Japan’s earthquake in March have been in focus as car makers and suppliers have reported quarterly results in recent days.
FRANKFURT (Reuters) – Siemens AG (SIEGn.DE: Quote, Profile, Research, Stock Buzz), Europe’s largest engineering group, cautioned that global economic risks were increasing as its healthcare unit dragged quarterly results below expectations.
Fiscal third-quarter net profit from continuing operations fell 47 percent to 763 million euros ($1.1 billion), lower than a consensus of about 1 billion euros in a Reuters poll, and while the group brushed off concerns that emerging markets might be cooling, it acknowledged developed countries were a worry.