Climate emergency

Germany’s great environmental failure

Not long ago, Germany was seen as a model of climate responsibility. But it will fail to reach its 2020 emissions targets. Is there a way to make industry greener?

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News Bites

Opel must recall 96,000 diesel vehicles worldwide for an emissions-curbing refit, Germany’s motor vehicles agency KBA confirmed. The Transport Ministry had previously estimated around 100,000 vehicles were affected. Opel said it had already refitted 23,000 of them “voluntarily” in Germany.

Saudi Arabia is Germany’s second-biggest customer for arms despite Berlin’s pledge to halt exports to countries involved in Yemen’s civil war. In the first nine months of 2018, the Saudis ordered €416.4 million worth of weapons from the Germans, behind only Algeria at €741.3 million. (DPA)

Daimler, maker of Mercedes-Benz cars, said on Friday that third-quarter pretax profit fell to €2.488 billion from €3.409 billion a year earlier, and warned that full-year earnings would be “sharply below the year-earlier level.” The share fell as much as 5%.

Daimler chiefly blamed legal and other costs related to Dieselgate as well as delivery problems for its darkened earnings outlook. Back in June, the company forecast 2018 earnings would be slightly below the year-earlier figure.

In September, the European Central Bank began demanding a weekly liquidity overview from certain lenders that face rising refinancing costs, including NordLB. (WiWo)

The European Commission is set to approve rules for a special automotive wireless technology known as ITS-G5, giving Volkswagen and Renault, who have pursued this technology, an edge over Daimler and others who invested instead in 5G networks. (Reuters)

Germany’s No.2 lender, DZ Bank, is finalizing the sale of parts of its troubled transport financing division, DVB Bank, months after struggling to sell the whole business, sources familiar with the matter said. (Reuters)

 

In the run-up to Brexit, more former German passport-holders in the UK want their old citizenship back. Last year, there were 1,824 such applications in Britain, up from 760 in 2016 and 59 in 2015. In the first nine months of 2018, the number was 1,147. (Zeit)

The popularity of Germany’s ruling coalition is plumbing new depths. If national elections were held this Sunday, the conservative CDU/CSU alliance would poll 25%, while its coalition partner SPD would hit 14%, both down 1 point from last week. (ARD Deutschlandtrend)

Software AG, Germany’s second-largest IT firm, will unveil a new strategy next February that may entail acquisitions in data storage, said CEO Sanjay Brahmawar. On Friday, the shares rose as much as 5.2% after the company said third-quarter operating profit rose 8% to €54.5 million.

Justice Minister Katarina Barley urged hardware retrofits of diesel vehicles to ease pollution and prevent further diesel bans. Last week, Berlin became the latest German city to block some of its roads to older diesels.

Deutsche Bank, Germany’s largest lender, next Wednesday is expected to report its third-quarter pretax profit fell nearly two-thirds, to €328 million from €933 million a year earlier. (Reuters)

The IPO of Primepulse, owner of Munich-based IT firm Cancom, on November 6 will raise up to €155 million, down from a previous estimate of €250 million. Primepulse, a private equity investor, will use the proceeds to buy Mittelstand companies.

Masked men robbed an armored car near Berlin’s central Alexanderplatz early Friday morning, shooting at a police car as they fled. No injuries were reported.

Porsche, part of the VW group, ruled out taking the luxury carmaker public. Earlier, Porsche CFO Lutz Meschke sparked talk of an IPO after praising the effects of Ferrari’s stock listing.

The head of industry association BDI, Dieter Kempf, warned a hard Brexit was increasingly likely as the UK’s negotiations on leaving the EU dragged on. “We’re looking into the abyss,” he said on Friday.

Germany’s military will end its jet reconnaissance missions against the extremist group IS in Iraq and Syria in 2019, the Bundestag decided on Thursday.

The Bundestag agreed to raise truck tolls on the country’s highways and federal roads from January, especially for loud and heavy vehicles. The increase will lift annual toll revenue by an estimated €2.5 billion to €7.2 billion.

Some 70% of Germany is still suffering from extreme drought, the German Weather Service reported. This year is likely to be among the five driest since records began in 1884.

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industrial espionage

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porsche taycan electric car to take on tesla

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Porsche readies all-electric Taycan to take on Tesla

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Finance Minister Scholz wants pan-European jobless fund

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CSU seehofer bavarian vote

heart full of hope

Seehofer sidesteps responsibility for Bavarian debacle

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rewe ceo grocery stores germany eu

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Edeka and Rewe object to EU farmer protection proposal

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SME Power

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Syrian refugee

Cologne officials hesitate to label attack ‘terrorism’

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audi dieselgate fines settlement

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Audi pays €800 million fine to settle Dieselgate probe

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outgoing beiersdorf ceo

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life insurance in germany

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