Economic news on companies, work, consumer issues, markets and developments in Germany and Europe.
Despite the Russian war of aggression against Ukraine, international investors are keeping an eye on reconstruction efforts, according to PrivatBank Mikael Björknert in an interview with the Kyiv Post during the IMF spring meetings in Washington. The estimated need is around $600 billion.
Scott Keogh, CEO of Scout, acknowledges in an interview with Handelsblatt errors in the cost estimates for the new factory in South Carolina. Estimated costs rose from two billion to three billion dollars.
China's automotive market experienced a significant decline in April 2023, with passenger car sales dropping by 21.5 percent to 1.4 million vehicles, according to Handelsblatt.
According to a recent coastal report by Von Poll Immobilien AG, property ownership on Sylt remains a luxury. In the first quarter of 2023, the average price per square meter on the island was 12,557 euros.
Klaus Müller, head of the Federal Network Agency, commented on the potential development of gas prices in the context of the Iran War. According to Deutschlandfunk, prices could rise moderately if the situation in the Middle East escalates further.
Fraport and Lufthansa are once again clashing over the amount of ground handling fees. Fraport's CFO Matthias Zieschang announced that full cost coverage will be required starting April 2025, according to FAZ.
The European Central Bank (ECB) signaled after its meeting on April 30 that it might raise interest rates in June. However, according to FAZ, this could plunge the Eurozone into an unnecessary recession.
The Federal Council has rejected the proposed 1,000-euro relief bonus. According to Tagesschau, the Taxpayers' Association is calling for the plans to be abandoned.
Fuel prices at German filling stations have started to fall again, with E10 petrol and diesel dropping to their lowest levels since early March, though prices remain above the pre-Iran-war level, the Tagesschau reports.
According to Handelsblatt, Volkswagen (VW) is withdrawing its guarantee of a liability settlement for former Audi chief Rupert Stadler following a recent fraud conviction against him. The move removes corporate backing for the settlement arrangement and could affect Stadler’s legal and financial position.
A slowdown in the US market has sharply reduced Daimler Truck’s profit, the Handelsblatt reports. The brief is part of a news blog that also lists other corporate results and developments.
Several major deals and allegations are drawing attention in the biotech and tech sectors: Bayer is acquiring eye specialist Perfuse Therapeutics, Curevac’s founder accuses Biontech of misleading behavior after acquiring Curevac, and Gamestop has tabled a roughly $56 billion takeover offer for eBay. The moves could reshape business lines, trigger legal and employment consequences, and unsettle markets.
BMW reported a roughly 23 percent decline in first‑quarter profit, weighed down by new tariffs, falling revenues and weaker deliveries—particularly in China, even as demand in Europe rose.