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Feb 14, 2014

ThyssenKrupp’s Q1 profit buoyed by Brazilian improvement

FRANKFURT, Feb 14 (Reuters) – German industrial group
ThyssenKrupp posted a better than expected quarterly
operating profit on Friday, as it reined in losses at its steel
mill in Brazil.

Adjusted earnings before interest and tax (EBIT) for
ThyssenKrupp’s fiscal first quarter through December more than
doubled to 247 million euros ($337.6 million), beating the
average forecast of 213 million euros given in a Reuters poll of
analysts.

Feb 7, 2014

Lufthansa picks Spohr as boss to lead battle on budget carriers

FRANKFURT (Reuters) – Germany’s Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz) has picked Carsten Spohr as its new chief executive, naming a company veteran to lead the battle against low-cost carriers and fast-growing Gulf airlines.

Germany’s largest airline has been looking for a new boss since September, when it was announced current CEO Christoph Franz would leave at the end of May to become chairman at Swiss pharmaceuticals company Roche (ROG.VX: Quote, Profile, Research, Stock Buzz).

Feb 6, 2014

Eurex rejects calls to void DAX futures trade after halt

FRANKFURT (Reuters) – Europe’s leading derivatives exchange rejected requests to void trades made during an abnormal plunge in German equity futures shortly after the European Central Bank announced its latest rate decision.

Trade in the front-month March futures contract on the blue-chip DAX index .GDAXI was halted after it fell 2 percent in the space of a minute, a move that some in the market attributed to human error, known as a “fat finger”.

Jan 28, 2014

Siemens investors set bar high for CEO’s new strategy

MUNICH (Reuters) – Siemens shareholders told Chief Executive Joe Kaeser they expected him to deliver radical change at the German engineering group that will permanently close the gap with more profitable rivals.

Kaeser, a conservative former finance chief, got the top job at Germany’s second-biggest company by market value when his predecessor was pushed out in a messy boardroom battle last July. He has promised to present a new strategy in May, but investors are growing impatient.

Jan 28, 2014

Siemens profit rises as CEO presses on with cost cuts

MUNICH (Reuters) – German engineering group Siemens (SIEGn.DE: Quote, Profile, Research) posted a 15 percent rise in quarterly profit and higher margins, the first signs that Chief Executive Joe Kaeser is starting to close the gap with more profitable rivals.

Siemens, Germany’s second-biggest company by market value, lost ground to competitors including Switzerland’s ABB (ABBN.VX: Quote, Profile, Research) and U.S.-based General Electric (GE) (GE.N: Quote, Profile, Research) as it focused on sales growth and poor project management resulted in a series of costly charges.

Jan 28, 2014

Siemens says must press on with cost cuts

MUNICH (Reuters) – Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) needs to press on with cost cuts, its chief executive said on Tuesday, as the German engineer battles a tough market environment and strong euro that have hurt industrial companies’ earnings.

“There is no alternative in the short term to a strong focus on cost management and increased productivity,” said Joe Kaeser, a former finance chief who got the top job when his predecessor was pushed out last July.

Jan 20, 2014

Spacecraft Rosetta roused from slumber on comet-chasing quest

FRANKFURT (Reuters) – Comet-chasing spacecraft Rosetta woke from nearly three years of hibernation on Monday to complete a decade-long deep space mission that scientists hope will help unlock some of the secrets of the solar system.

Rosetta, which was launched by the European Space Agency (ESA) in 2004, is due to rendezvous with comet 67P/Churyumov-Gerasimenko and land a probe on it this year in an unprecedented maneuver.

Jan 17, 2014

ThyssenKrupp CEO tells investors needs time for overhaul

BOCHUM, Germany (Reuters) – Steel maker ThyssenKrupp’s (TKAG.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Heinrich Hiesinger asked shareholders to be patient on Friday as he completes what is proving to be a troublesome overhaul of the company.

Since becoming CEO three years ago, Hiesinger has been trying to shift the focus of ThyssenKrupp, once a symbol of Germany’s industrial prowess, from the volatile steel sector to higher-margin products and services such as elevators, industrial plants and high-performance car parts.

Jan 12, 2014

ThyssenKrupp chief tests shareholder patience on steelmaker overhaul

FRANKFURT (Reuters) – Three years after taking the helm at ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz), Heinrich Hiesinger is running out of time to implement his ambitious plan to retool the 200-year-old German steelmaker as a high-tech engineering conglomerate.

Setbacks in selling weak assets – as well as costly price-fixing scandals he inherited – have made Hiesinger’s promises of sweeping transformation look optimistic. At an annual meeting on Friday, the former Siemens man will face tough questions from shareholders who, for a second year, have received no dividend.

Dec 3, 2013

Thyssen hit by doubts $1.2 billion fundraising is enough

FRANKFURT (Reuters) – ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) has raised 882 million euros ($1.2 billion) in a sale of new shares, less than some analysts think it will need to pursue a turnaround after it failed to sell a loss-making plant and was forced to take back two others.

Germany’s biggest steelmaker, which has suffered three straight years of losses, is trying to move away from a bulk steel market hit by weak economies and overcapacity to more profitable products such as elevators and factory components.