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The top corporate stories from the Dow Jones Newswires weekend programming.
VW CFO: Porsche IPO planned for 2022
Despite the difficult market environment, Volkswagen is still planning an IPO for the sports car manufacturer Porsche in the fourth quarter of 2022. “The Porsche IPO could take place in the fourth quarter of this year. There has recently been a lot of speculation about the timing, but we are still aiming for an IPO in the final quarter That would be another important building block in our transformation,” said VW CFO Arno Antlitz of the Brsen-Zeitung.
Pharmaceutical industry sees production of vital medicines at risk from gas embargo
The German pharmaceutical industry sees the production of essential drugs endangered by a rapid gas embargo against Russia. Both DAX companies as well as smaller companies from the sector are partly dependent on the energy source to a considerable extent, according to a survey by the Frankfurter Allgemeine Zeitung (FAZ/Saturday edition) among important industry representatives. However, preparations are already being made for a possible bottleneck.
Media group Axel Springer expands its board of directors
The media group Axel Springer is reorganizing and expanding its board of directors at the same time. Ulrike Handel and Niddal Salah-Eldin are new to the management body. As the company announced, Handel will take over the News Media National department. The shopping and comparison platform idealo also continues to be part of this board area. Salah-Eldin will be responsible for the newly created Talent & Culture department. The previous board member Stephanie Caspar, on the other hand, will leave the company on July 31.
Association of the chemical industry warns against stopping Russian gas imports
The German Chemical Industry Association (VCI) has urgently warned against a boycott of gas imports from Russia. “A gas supply stop would have catastrophic consequences for the industry in Germany and the people in our country,” said VCI Vice President Werner Baumann of the picture on Sunday. Products from the chemical industry can be found in almost all product groups, from medicines and food packaging to the manufacture of cars and building houses.
Ukraine wants to buy “Marder” armored personnel carriers directly from an armory – newspaper
According to a newspaper report, the Ukraine wants to buy German “Marder” armored personnel carriers directly from the armaments group Rheinmetall. As the “Bild am Sonntag” reported, the group plans to deliver 35 tanks to Ukraine by the end of the year. However, the decommissioned tanks must first be repaired.
Moscow accuses YouTube of blocking parliamentary channel Duma-TV
Russia accuses the US video platform YouTube of blocking the channel of the Russian House of Representatives, Duma-TV. Duma Chairman Vyacheslav Volodin and Foreign Ministry Spokeswoman Maria Zakharova announced retaliatory measures on Saturday. Youtube and possibly its parent company Google are threatened with a ban in Russia.
Railway hit by delivery problems as a result of Ukraine war – report
The Ukraine war and the resulting delivery problems now also affect Deutsche Bahn. The group had to place two new orders for the procurement of wheels for trains at short notice and could not carry out a regulated tendering process due to lack of time, the “Welt am Sonntag” reported in advance. “The urgency here is because of the continuity of rail transport,” the newspaper quoted from a notice in the European tender database TED. The BA 220 and ET442 wheels were expected to be delivered at the end of February; this is now “not to be expected indefinitely for the time being”.
Elon Musk causes a stir with a provocative Twitter tweet
After joining Twitter, Tesla founder Elon Musk caused a stir again with a provocative tweet. “Is Twitter dying?” Musk, who has recently become Twitter’s largest shareholder and sits on the company’s board of directors, asked the online service on Saturday. As a reason, he referred to users such as pop singer Justin Bieber, who had many followers but rarely tweeted.
US bank deposits could fall in 2022 for the first time since World War II
For the first time since World War II, deposits at major US banks could fall again this year. Over the past two months, bank analysts have revised downwards their expectations for deposits from the largest banks. The 24 banks that make up the benchmark KBW Nasdaq Bank Index are now expected to fall 6 percent this year. According to the Federal Deposit Insurance, the 24 institutes account for almost 60 percent of all deposits. These amounted to 19 trillion US dollars in December.
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(END) Dow Jones Newswires
April 10, 2022 11:31 ET (15:31 GMT)