Possible additional production for ID.Buzz – VW in Hanover ‘full to the brim’
HANOVER – Due to the high demand for the ID.Buzz, the Volkswagen (Volkswagen (VW) vz) commercial vehicle subsidiary VWN is considering expanding parts of its production. However, many customers will probably have to wait a while for the electric buses they have ordered. At the VWN headquarters in Hanover, the new model was initially “equipped for a capacity of up to 130,000 per year,” said brand boss Carsten Intra of the German Press Agency. A maximum of 150,000 units per year can be achieved here. Space is also limited because the factory is being prepared for Audi and Bentley projects.
Vonovia wants to open up alternative sources of finance – external investors wanted
FRANKFURT – The housing group Vonovia (Vonovia SE (ex Deutsche Annington)) also wants to finance its growth through external investors in the future. “The old way of financing acquisitions, i.e. issuing new shares, is out of the question given the low share price,” said CEO Rolf Buch of the “Börsen-Zeitung” (Saturday). Partners are to be involved in the holdings in Sweden and Baden-Württemberg. The info memos are now being discussed with preselected candidates, but it is unclear whether and when a transaction will take place, Buch told the newspaper.
VW supervisory board member Weil does not expect e-fuels in cars in the short term
HANNOVER – Lower Saxony’s Prime Minister Stephan Weil thinks e-fuels are interesting, but does not expect synthetic fuels to be used in cars in the near future. The so-called e-fuels would be interesting if a petrol engine could be used CO2-neutrally at affordable prices, the SPD politician, who also sits on the supervisory board of the Volkswagen (Volkswagen (VW) vz) group, told the German press -Agency. “However, e-fuels also have a major disadvantage: they are extremely energy-intensive, and we will need renewable energies in Germany for other purposes in the foreseeable future. For this reason, we will not see e-fuels in the passenger car sector any time soon.”
SAP and Abu Dhabi want to work more closely together
ABU DHABI – The software group SAP (SAP SE) and the government of Abu Dhabi want to work more closely together. On the sidelines of Chancellor Olaf Scholz’s (SPD) trip to the United Arab Emirates, both parties signed a declaration of intent on Sunday. The Emirate of Abu Dhabi is the largest of the country’s seven emirates.
Porsche AG restructures the supervisory board and trims its executive committee
STUTTGART – Before the planned IPO next Thursday, the sports car manufacturer Porsche AG (Dr Ing hc F Porsche Aktiengesellschaft Vorz-Haber-Akt) is reorganizing its supervisory board. The presidency will also be slimmed down from eight to six people, the Stuttgart-based company announced on Friday. In addition to Hans Michel Piëch, the Chairman of the VW Supervisory Board (Volkswagen (VW) vz) Hans Dieter Pötsch is also leaving the Executive Committee.
Monopolies Commission: Unipernationalization no long term solution
BERLIN – An advisory body to the federal government sees the planned nationalization of the gas importer Uniper as a long-term threat to competition. In view of the general situation, the nationalization is “politically understandable,” said the chairman of the monopoly commission, Jürgen Kühling, of the “Süddeutsche Zeitung” (weekend edition). But he warned that the move should not be a long-term solution. “We will then have to get back to competition. The aim must not be to create a permanent state gas monopoly.”
Qatar gives Total stake in next stage of LNG project
PARIS/DOHA – Qatar is involving the French energy group TotalEnergies in another part of a liquefied natural gas project with which the Arab country intends to significantly increase its ability to export liquefied natural gas (LNG). After the stake in North Field East (NFE) announced in June, the focus is now on North Field South (NFS), Totalenergies announced on Sunday.
Credit Suisse management tries to reassure staff in memo
ZURICH – The management of Credit Suisse (CS) (Credit Suisse (CS)) has tried to calm the staff of the major Swiss bank in an internal memo after a turbulent week with media speculation that never stopped and a massive fall in the share price. In the memo signed by CEO Ulrich Körner and Chairman of the Board of Directors Axel Lehmann, they confirmed the schedule for the “comprehensive strategy review” of the major bank.
Chinese real estate company trouble also affects two CS funds
ZURICH – The Chinese real estate market is in a deep crisis. Numerous real estate companies in the country are struggling with liquidity bottlenecks and payment defaults, reports the “SonntagsZeitung” (SoZ). Foreign investors are also feeling the effects of the crisis, the newspaper writes. Two investment funds of the major Swiss bank Credit Suisse (CS) (Credit Suisse (CS)) are now also affected by a default by the Chinese real estate developer Tuspark.
American IT companies are to improve Internet access in Iran
WASHINGTON – The US government wants to give people in Iran better access to the Internet and independent news. The Treasury Department announced on Friday in Washington that American IT companies will be allowed to expand their business activities in Iran in the future. Existing restrictions have been partially lifted. An updated permit allows companies to offer more online services in Iran again – including, for example, social media, video conferencing software and cloud services.
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Additional Reports
-First weld on pipeline for proposed LNG terminal
-‘SZ’: Bahn referred to Munich main route problems in 2020 – Greens: scandal
-Bas: Supply of water, electricity and gas belongs to the state
-Sharp increase in tourists in Turkey – Germany at the top
-Election observers at sham referendums: scandal about energy company managers
-Concerns about Arte funding in Germany – France calms down
-LNG landfall project in Lubmin brings Macquarie on board as investor
Holidaymakers are once again threatened with long queues at NRW airports
-German commercial law firms are moving to London – also because of Brexit
-Weak ratings for the show with Thomas Gottschalk
-ROUNDUP 2: Germany receives liquid gas from the Emirates
-Also lignite-fired power plants should soon return to the market
-Government corrects costs for construction of controversial Istanbul Canal
-Federal IT systems still not environmentally friendly
-Fruit growers under pressure from imports – Campaign with a free apple°
Customer Note:
ROUNDUP: You read a summary in the company overview. There are several reports on the dpa-AFX news service on this subject.
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