Germany Financial News

By Maria Martinez

By Carolyn Cohn and Jonathan Saul

German MNC Siemens has announced plans to complete the demerger of its Indian unit Siemens Ltd in 2025, earlier than previously planned. To accelerate the demerger, Siemens AG will acquire an 18% stake in Siemens Ltd India from Siemens Energy for €2.1 billion. Renu Baid, V-P Research, IIFL Institutional Equities, what this will mean for Siemens India. Help us understand how this construct actually stands out for Siemens? If you look at the Siemens India business today, it includes Siemens Energy, which is a separately identified segment and the rest of the other businesses. While Siemens Energy globally got listed, in India, the energy vertical or the gas and power vertical continued to remain a part of the listed entity against which 24% equity stake of the listed company was given to Siemens Energy and 51% was retained by Siemens AG.

Core inflation, which excludes energy, food, alcohol and tobacco, rose by 5.7%, down from 6.1% in September and its peak of 7.1% in May.

Siemens AG on November 15 said it is planning to purchase an 18 percent stake in the Indian joint venture, Siemens Limited, from Siemens Energy, Reuters reported. The proposed acquisition is valued at ₹18,968 crore (2.1 billion euros or $2.28 billion) and represents a discount of 15 percent based on the average price, it added.

Siemens AG will buy an 18% stake from Siemens Energy in their Indian joint venture Siemens Ltd for €2.1 billion, which is a discount of 15% on the average price. «The purchase price reflects a customary discount of 15% on the 5-trading-days volume-weighted average price before the day of signing,» said Siemens AG. Siemens shares rallied around 4% to Rs 3566.50 on BSE following the news. September quarter shareholding pattern shows that Siemens Energy owned a 24% stake in Siemens Ltd, while Siemens International owned 47.70% in the company. The remaining 3.3% stake is owned by Siemens Metals Technologies, which is also a promoter group company. Earlier in the day, Siemens Energy said it is reviewing the structure of Siemens Gamesa in a bid to return to profit the struggling wind division which caused a €4.6 billion ($5.0 billion) annual net loss for the group. Siemens Gamesa once considered the future growth driver for Siemens Energy, has become a millstone around the group's neck after deeper-than-expected wind turbine quality issues were disclosed in June. The division is now only expected to break even in the 2026 fiscal year, Siemens Energy said. A day earlier, Siemens Energy secured a €12 billion credit line from private banks that were partly backstopped by the German government, removing a major concern for investors who feared the group could lose out on business as a result. The group, which was spun off from Siemens AG in 2020, said it made no further provisions for faulty onshore turbine platforms following an analysis of its fleet.

Japan, Australia and the Middle East and the home market, among others, will largely help alter the geographic mix. To be sure, average contract values in these geographies will still be relative stragglers in comparison with those finalised by Anglophone clients either side of the Atlantic.

Leaked settlement deeds reveal just how far ANZ bank had to go to end one of Australia’s most high-profile court claims stemming from a spectacular corporate receivership.

Mint had earlier reported that German officials are interested in expanding cooperation into the health sector. The existing projects include agri-business among women in Malawi to potato production in Cameroon.

BERLIN—The German capital has long been a lab for daring experiments in tackling the crisis of affordable housing that is plaguing city dwellers from San Francisco to Hong Kong. Anti-gentrification rules are so strict that in some neighborhoods, luxury renovations such as walk-in showers, balconies or cement tiles are turned down. Airbnb is tightly restricted while rental caps have forced thousands of landlords to slash rents.

FRANKFURT—Europe’s labor markets are starting to crack. After a year of near-zero economic growth, job creation is slowing and surveys suggest that more businesses in the region are preparing to lay off workers, threatening to further damp growth and drain public coffers. Germany’s unemployment rate has climbed by 0.8 percentage point in recent months to 5.8%, the highest level since 2017 outside the pandemic period.

Cyprus Confidential is an eight-month collaboration by more than 270 journalists and 69 media organisations in 55 countries, to investigate a huge trove of leaked documents from companies that administer shell companies, in Cyprus and other jurisdictions typically used by companies wanting secrecy.

The German government says it is granting a 7.5 billion-euro ($8 billion) loan guarantee to energy technology company Siemens Energy as part of a package to help the firm

BERLIN (Reuters) — Germany's Verdi union has called on workers at Deutsche Bank's DB Direkt GmbH subsidiary to go on a one day strike on Wednesday, it said, raising pressure in wage talks.

European stocks edged higher on Tuesday, led by automobiles and basic resources shares, as investors geared up for a key U.S. inflation report that could offer more clarity on the Federal Reserve's monetary policy outlook. The pan-European STOXX 600 was up 0.1% by 0810 GMT after a broad-based rally in the prior session. Along with the U.S.

Vodafone said Tuesday that it sank into a first-half loss and revenue dipped after one-off gains from asset sales were not repeated as it undergoes a vast overhaul. Net losses totalled 346 million euros ($370 million) in the six months to the end of September, Vodafone said in a results statement. That compared with profit after tax of 945 million euros in the same period a year earlier. Revenues fell 4.3 percent to 21.9 billion euros, hit by adverse foreign exchange rate moves as well as the sale of Vantage Towers, Vodafone Hungary and Vodafone Ghana last time around. But services revenue grew 4.2 percent to 18.6 billion euros. Vodafone added that its transformation plan was «progressing», two weeks after it announced the sale of its Spanish division to investment fund Zegona for up to 5.0 billion euros. In a further streamlining, Vodafone in June agreed to merge British operations with Three UK, owned by Hong Kong-based CK Hutchison, to create Britain's biggest operator with 27 million customers, as it targets an acceleration in faster 5G connectivity. «During the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter,» said chief executive Margherita Della Valle. «Vodafone's transformation is progressing.

By Ankur Banerjee

rare earth content has hit high gear, with European, U.S. and Japanese automakers and suppliers racing for alternatives in an area dominated by China. Automakers have mostly relied on motors with rare earth-based permanent magnets, which have been the most efficient at providing the torque to power EVs. But different types of motors without permanent magnets that were previously too big and too inefficient, or those with greatly-reduced rare earth content have become commercially viable, prompting the rush for alternatives.

1962 Ferrari 250 GTO sports car sold for $51.7 million in New York on Monday, making it the second most expensive car ever sold at auction, Sotheby's said. The bright red roadster had been the property of an American collector for the past 38 years, and its auction price was surpassed only by that of a Mercedes 300 SLR Uhlenhaut Coupe that went for 135 million euros in 2022, the auction house said. That would be $144 million at today's exchange rate. The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room, but at a price lower than the more than $60 million expected by RM Sotheby's, the luxury car subsidiary of the auction house. Sotheby's did not identify the winning bidder. Dating from 1962, this legendary Scuderia sports car — chassis 3765, four-liter engine developing 390 horsepower — had finished second in a 1,000 km endurance race on the German Nurburgring circuit, as well as in the legendary 24 Hours of Le Mans, where the team had to withdraw due to engine failure, according to RM Sotheby's. After several years of competition on the Italian mainland and in Sicily, the car was sold and exported to the US in the late 1960s. Restored and modified, the 250 GTO changed American owners several times before ending up in the hands of an Ohio «dedicated collector» in 1985, who sold it on Monday. «This stunning GTO offers its next caretaker further touring and vintage racing enjoyment, or display at major concours d'elegance and marque gatherings worldwide,» Sotheby's said. The Mercedes 300 SLR Uhlenhaut Coupe that fetched 135 million euros in 2022 was one of only two examples of the sport car.

By Abigail Summerville

Forty-eight countries across six continents have committed to a new tax transparency standard starting in 2027 to fight crypto-related tax evasion.