BERLIN, March 6 (Reuters) – German steel distributor
Kloeckner & Co said it was on track to return to
profit this year and pay its shareholders their first dividend
in four years as it slashes costs.
Like other companies in the sector, Kloeckner was hit by a
slump in demand for steel in Europe as government spending cuts
and tight credit conditions hurt demand for cars, buildings and
BERLIN (Reuters) – Egypt is urging Germany to ease its advice against travel to the entire Sinai peninsula after security concerns following the fatal bombing of a tourist bus prompted operators to bring back holidaymakers from the Sharm el-Sheikh Red Sea resort last week.
“The latest crisis that we are in today is the negative travel advisory by the German government,” Egypt’s Tourism Minister Hisham Zaazou told Reuters in an interview at the ITB travel fair in Berlin on Wednesday.
FRANKFURT, Feb 25 (Reuters) – Fresenius Medical Care
, which makes kidney dialysis machines, forecast a
surprise fall in net profit for this year, in part due to
healthcare spending cuts in the United States.
Shares in the German company, which operates more than a
third of dialysis treatment centres in the United States,
dropped as much as 7 percent in early Tuesday trading, after it
also posted its first decline in annual net profit in 12 years.
FRANKFURT/PARIS, Feb 14 (Reuters) – Europe’s corporate
profits are still eroding but investors are at last starting to
see glimmers of hope, with revenues picking up, domestic demand
recovering and good news from exposure to the United States
making up for bad news in emerging markets.
Recent weakness in emerging markets – which hit a number of
European multinationals such as Nestle, AB InBev
and Holcim – could delay the long-awaited
European earnings recovery, but probably won’t derail it.
FRANKFURT (Reuters) – ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) posted a better than expected quarterly operating profit on Friday, as it reined in losses at its steel mill in Brazil and also benefited from robust demand for cement and petrochemical plants.
Its net loss for the fiscal first quarter through December widened on one-off charges related to the sale of a stake in Finnish steelmaker Outokumpu OUT1H.VE, but ThyssenKrupp said it still aimed to approach break-even this year.
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
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).
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”.
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.
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.