Von der Leyen sees major difficulties for the EU economy in 2023
EU Commission President Ursula von der Leyen at a media conference in Brussels on December 15, 2022.
(dpa) EU Commission President Ursula von der Leyen has promised the people of Europe that 2023 will be an economically difficult year. “The war has massive consequences for our economy, and that will continue next year,” she said at the EU summit in Brussels on Thursday, referring to Russia’s war of aggression against Ukraine. A predicted gap of 30 billion cubic meters of natural gas next winter can be filled. However, one is still in an environment of very high energy prices. It is therefore important that the EU countries do not outbid each other, but use their market power to buy gas.
Deutsche Bahn is examining the sale of Schenker to reduce debt
The sale of the DB Schenker logistics division could bring up to 20 billion euros into the coffers of Deutsche Bahn.
(Bloomberg) Deutsche Bahn AG is considering the sale of its DB Schenker logistics division, which could bring in up to around 20 billion euros for the heavily indebted state-owned company. The proceeds from the sale should “remain entirely in the DB Group and, among other things, contribute to the company’s significant debt reduction,” said the railway on Thursday after a meeting of the supervisory board. He had previously approved the review of the sale of “up to 100 percent” to Schenker.
While logistics providers like Schenker benefited from rising freight prices during the pandemic, the economic slowdown in recent months has caused rates to collapse again. Schenker transports goods by land, sea and air and has helped Deutsche Bahn return to profitability this year. Deutsche Bahn has debts of around 30 billion euros, but wants to invest heavily in modernizing its infrastructure. On the other hand, Schenker will also need greater financial resources in the future in order to be able to compete in the logistics industry, Deutsche Bahn explained in its announcement.
As Bloomberg reported in February, Deutsche Bahn has already worked with a consultant and lawyers to prepare for a possible transaction. Interested parties included Carlyle Group and CVC Capital Partners, who have discussed a joint bid, as well as Advent International, Bain Capital and Blackstone.
“The start of a specific sales process depends on the overall environment and has not yet been scheduled,” says the Deutsche Bahn statement today. “A sale should only take place if it is financially advantageous compared to DB Schenker remaining in the DB Group.”
Companies in the EU must disclose gender pay gaps
Protesters in London are calling for an end to the gender pay gap.
(dpa) In future, companies with more than 100 employees in the EU will have to publish data on the wage gap between men and women on a regular basis. This provides for an agreement between negotiators from the member states and the European Parliament, as the two institutions announced on Thursday. This should make it easier to identify the differences between the sexes. According to the data, women in the EU earn an average of 13 percent less than men. The so-called “gender pay gap” has narrowed only minimally in recent years.
The agreement goes back to a proposal by the EU Commission. Parliament and EU states still have to agree. But that is considered a formality.
Workers and their representatives should also be given the right to receive information broken down by gender about the average wage level of people doing the same work or work of equal value. If employers fail to comply with the principle of equal pay, employees have the right to demand compensation, it said.
Rheinmetall expands ammunition production in Germany
Rheinmetall wants to be more independent of Switzerland – and will therefore manufacture more ammunition in Germany in the future.
(dpa) Rheinmetall is building an extensive new ammunition production facility in Germany with the aim of supplying the Bundeswehr independently. The systems for so-called medium-caliber ammunition should be ready in January, the armaments company confirmed on request. Previously, there had been political anger in Berlin over the Swiss veto against ammunition deliveries from Germany to Ukraine. The export of old stocks of the weapon material needed for the anti-aircraft gun tank Gepard would have required the consent of the Swiss government, which, however, refused, citing its own neutrality.
Rheinmetall also pointed to significant pent-up demand for ammunition in Germany and gaps created by support from Ukraine. They are to be filled in accordance with NATO specifications. A spokesman for the DPA armaments company said that the focus of the new requirements was on efforts to “establish the ammunition supply in Germany again, in principle, independently of foreign production facilities”. It was decided to build a new production facility for calibers from 20 to 35 millimeters in Germany. Production is scheduled to start in June 2023.
In addition, Rheinmetall will be able to deliver the first batch of cheetah ammunition as early as July, the spokesman said. According to reports, this will mean up to 300,000 shots for Ukraine if the federal government now issues a corresponding order. Germany gave the cheetah to Ukraine, but was initially only able to add a small amount of ammunition. The Gepard tanks, which were decommissioned by the Bundeswehr and handed over to the Ukraine, are equipped with a 35mm twin cannon from the Swiss armaments manufacturer Oerlikon. The Swiss manufacturer of weapons and ammunition now belongs to Rheinmetall.
Read more about Rheinmetall in Switzerland here.
Fire on the Roche site in Basel
The Roche employees in Basel don’t have to come to work today. A fire has affected the power supply on the premises.
no. A fire broke out on the Roche site in Basel on Thursday night. As the public prosecutor’s office in Basel-Stadt announced in the morning, there was a fire in a power line tunnel at around 2 a.m.
The fire was brought under control within two hours and no one was injured. However, the fire affected the power supply on the site, according to the public prosecutor. Roche therefore called on its employees not to show up for work. According to the public prosecutor, the cause of the fire is still unclear and is the subject of investigations by the criminal police.
Elon Musk sells 22 million Tesla shares
Tesla boss Elon Musk sells 22 million Tesla shares (stock image 2020)
(Reuters) Tesla CEO Elon Musk sells 22 million Tesla shares worth $3.6 billion. This emerges from a securities document filed on Wednesday, according to the Reuters news agency. Musk has sold nearly $40 billion worth of Tesla stock this year. Tesla did not immediately respond to a Reuters request for after-hours comment.
Shares in Tesla, the world’s most valuable automaker, have been among the worst-performing stocks among major automakers and tech companies this year. Investors fear that Musk’s purchase of short messaging service Twitter could distract him from Tesla. Elon Musk sold shares on three days between Monday and Wednesday, securities filings show.
Holcim is definitely leaving Russia
Holcim separates from the Russian market.
tsf. The building materials group Holcim is finally withdrawing from the Russian business. He sells his local subsidiary to the local management, as the group announced on Wednesday. The new owners would continue the company independently under a different brand.
The exit has no significant financial or business impact on Holcim, writes Holcim. In 2021, the group generated less than 1 percent of sales and operating profit in Russia.
Holcim had already decided in March after the Russian attack to leave the Russian market. Since then, the group has been looking for possible buyers for its subsidiary. The sale to the management is obvious. Numerous other companies have done the same with their Russian divisions. Holcim does not provide financial information on the sale price.
More on the topic: Get out of Russia – but how? If companies don’t just want to flee, exiting is difficult
Producer and import prices continue to fall
tsf. Producer and import prices continue to fall, raising hopes of an easing in inflation. As reported by the Federal Statistical Office (BfS) on Wednesday, the overall index of producer and import prices fell by 0.5 percent in November compared to the previous month. It reached the level of 109.2 points (December 2020 = 100). The price movement of goods manufactured in Switzerland and imported goods is considered to be the forerunner for the development of the cost of living.
Lower prices were primarily recorded for pharmaceutical and chemical products as well as for oil and natural gas. On the other hand, specific mineral oil products became more expensive. Compared to November 2021, the price level of the total offer of domestic and imported products increased by 3.8 percent.