CashNews.co (Reuters) -The German finance ministry denied a report by Bloomberg News on Tuesday saying it remained committed to selling its entire stake in Commerzbank despite UniCredit’s interest in potentially buying the lender. “The Federal Government will thoroughly analyse the situation and make decisions on how to proceed in due course,” a spokesperson said, calling […]
CashNews.co The bad news on Germany’s economic outlook continue to pile up. On Monday, US chipmaker Intel announced it would stall plans for two chip factories worth €30 billion ($33 billion) in the eastern German town of Magdeburg for at least two years. But what is mostly seen as a cost-cutting measure at the chipmaker also […]
CashNews.co Meyer Werft, one of the premier cruise ship builders, reports it has completed the required financial bailout to maintain the operations of the company’s shipyard in Papenburg, Germany. In a statement issued today, September 17, the company said all the necessary agreements with the state, federal government, and banks have now been reached. September […]
CashNews.co (Bloomberg) — The German Finance Ministry is sticking to a plan to sell off its entire stake in Commerzbank AG despite UniCredit SpA’s move to buy all the shares offered last week, according to people familiar with the matter. While the finance ministry oversees Germany’s stake in Commerzbank, a decision on further sales needs […]
CashNews.co (Reuters) – The German finance ministry remains committed to selling its entire stake in Commerzbank, despite UniCredit’s interest in potentially buying the lender, Bloomberg News reported on Tuesday. The German government has previously agreed to divest from Commerzbank fully, which continues to be the finance ministry’s intention for now, the report said, citing people […]
CashNews.co “When Valdis speaks, financial markets calm down,” said a former staffer of his. The Brussels bubble is rife with jokes about his somnolent press conferences and robotic demeanor. In his spare time he’s a keen sailor. But as a former finance commissioner and vice president for the economy, almost everyone agrees that he’s a […]
CashNews.co ASTANA (Reuters) -German Chancellor Olaf Scholz said on Tuesday that Intel is committed to its plan to build plants in eastern Germany despite the U.S. chipmaker saying that it is delaying construction by two years as part of its cost-cutting plans. “The decision to postpone the project in Germany for two years is a […]
CashNews.co US chipmaker Intel has paused its planned new factories in Magdeburg, Germany and Wrocław, Poland, amid financial woes, in a blow to the EU efforts to build up domestic chipmaking capacity. “We will pause our projects in Poland and Germany by approximately two years based on anticipated market demand,” said Intel CEO Patrick P […]
CashNews.co US chipmaker Intel is delaying the construction of a factory in the eastern German city of Magdeburg, the company announced Monday. The postponement comes amid a struggle within German Chancellor Olaf Scholz’s ruling coalition on how to close a federal budget gap of €12 billion ($13.7 billion). What did Intel say about the delay? […]
CashNews.co BERLIN (Reuters) – A new budget dispute emerged within Germany’s ruling coalition on Monday, with the finance ministry saying funds no longer needed to subsidize Intel’s new chip-making plants should be used to balance the books and the economy ministry pushing back. Berlin had in June agreed subsidies worth nearly 10 billion euros ($11.13 […]