FRANKFURT (Reuters) – Germany’s Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) reported weaker than expected quarterly operating profit as premium car sales were hit by the economic downturn, while better news in the truck sector, for Daimler and its peers, showed predicted slowing demand had not yet arrived.
Car and truck makers, which have benefited from robust demand in emerging markets including Brazil and China, have warned the outlook for Europe, beset by sovereign debt woes, is gloomy, with sales set to falter.
FRANKFURT, Oct 27 (Reuters) – Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) and
Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) are expected to show that the road became
more bumpy in the third quarter, strewn with weak economic
growth and soaring raw material costs.
Thomson Reuters StarMine, which gives more weight to analysts
whose estimates have historically been more accurate, predicts
that both will fall short of consensus for operating profit,
when they report third-quarter results on Thursday.
FRANKFURT, Oct 18 (Reuters) – European new car registrations
edged up 1.1 percent in September to 1.27 million vehicles, a
slower rise than in August as Germany was the only major market
in the region to post growth, data showed on Friday.
In the year so far, total new car registrations are down 0.8
percent at 10.46 million vehicles in the EU and European Free
Trade Area (EFTA), according to figures from the European
industry association ACEA.
FRANKFURT (Reuters) – A full takeover of Suzuki Motor (7269.T: Quote, Profile, Research, Stock Buzz) by Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) is seen as unlikely after the Japanese company sought a divorce from a two-year partnership with Europe’s biggest automaker that was marred by disagreements.
German magazine Der Spiegel cited an unnamed senior manager at VW as saying he did not rule out a full takeover of Suzuki, shortly after two months of squabbling between the two companies came to a head.
FRANKFURT, Sept 8 (Reuters) – Germany’s engineering industry
faces slower growth next year and will only see business pick up
again if there is an effective solution to the European debt
crisis, trade body VDMA said.
“Engineering output will reach its peak in real terms during
the course of 2012,” VDMA President Thomas Lindner told
journalists on Thursday, according to a prepared speech text.
FRANKFURT, Aug 24 (Reuters) – A German court said it doubted
that the German state’s monopoly on sports betting was legal
ahead of a planned relaxation of the country’s stringent
The state of Hesse’s administrative court based its doubts
on the fact that the German government had reacted
insufficiently to the immense growth of gambling offers in areas
other than sports betting, particularly in amusement arcades,
and that regulators had so far not objected to aggressive
advertising by the state-run lottery.
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.