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“HB’: BASF boss wants to sell parts of the company worth billions
DÜSSELDORF – The chemical giant BASF With the change at the top management and in view of the poor business performance, the company is facing a larger sales program. Seven months before his departure, the current CEO Martin Brudermüller was pushing ahead with the sale of parts of the group with a volume of up to ten billion euros, reported the “Handelsblatt” (Monday), citing corporate and financial circles. Four larger and smaller sales projects are on the agenda.
ROUNDUP: Expensive mobile phone auction: Authority is examining long-term waiver
BONN – In order for the cell phone network in Germany to be significantly better in the long term, the Federal Network Agency is considering waiving a far-reaching frequency auction worth billions. In mid-September, the authority proposed extending existing mobile phone usage rights by five years. The operators would be financially relieved because they would only have to pay low fees. In return, Deutsche Telekom should Vodafone and Telefónica Deutschland (O2) be obliged to comply with new expansion requirements. Now the head of the authority, Klaus Müller, told the dpa: “We will also openly examine an extension of eight years.” A decision should be made in 2024.
French supplier Forvia expects more synergies after Hella takeover
LIPPSTADT – After the takeover of the headlight specialist Hella expects the French automotive supplier Forvia more savings than originally envisaged. “We had announced a goal of 300 million euros in cost synergies by the end of 2025. We assume that we will exceed this goal,” said CEO Patrick Koller in an interview with the industry newspaper “Automobilwoche” (Monday). The company had previously assumed savings of 250 million euros by 2025 when it took over last year. The Faurecia teams In his opinion, Hella and Hella work “very well together”. The two companies appear together under the Forvia umbrella brand.
UBS settles Credit Suisse’s legal dispute with the Republic of Mozambique
ZURICH – UBS -Subsidiary Credit Suisse (CS) has reached an out-of-court settlement with the Republic of Mozambique. The civil trial at the London High Court over the so-called “tuna bonds” was originally scheduled to start at the beginning of next week.
‘HB’: Financial regulator Bafin wants watchdogs at Deutsche Bank
DÜSSELDORF/FRANKFURT – Deutsche Bank may get into even more trouble because of the chaos at its private customer subsidiary Postbank. The German financial regulator Bafin wants to send a special representative to the institute to ensure that the customer chaos at Postbank is sorted out, the “Handelsblatt” (“HB”/Montag) reported, citing several people familiar with the matter. The watchdog will monitor whether the bank is meeting the ambitious schedules it committed to in September. The measures are a response to the disruptions experienced by Postbank and its construction finance provider DSL in the processing of customer transactions. Bafin and Deutsche Bank did not want to comment on the information to the newspaper.
Apple: Software errors can cause the iPhone 15 Pro to overheat
CUPERTINO – Reports of overheating devices on the new iPhone 15 Pro come from Apple According to this, this is due to software errors that will soon be fixed. On the one hand, a problem in the new iOS 17 operating system was the trigger for some users, and on the other hand, a few apps such as Instagram and Uber caused the phones to become warmer than usual. Instagram fixed the problem with an update at the end of September, Apple told the financial service Bloomberg.
AMS Osram sees financing problems solved
ZURICH – The Austrian sensor manufacturer AMS Osram wants to raise a total of 2.25 billion euros in fresh capital through a combination of capital increases, new bonds and other financing instruments. This was initially not well received on the stock exchanges and the shares collapsed by around 20 percent.
ROUNDUP: Woidke demands clarification from Tesla about workplace accidents and accidents
POTSDAM/GRÜNHEIDE – Brandenburg’s Prime Minister Dietmar Woidke (SPD) has US electric car manufacturer Tesla after a report on frequent accidents at work and environmental accidents called for more transparency. “Every accident at work is one too many. Tesla must eliminate problems that arise and deal with public allegations transparently. Otherwise trust will be lost,” Woidke told the German Press Agency on Friday.
US auto union UAW intensifies strike at GM and Ford
DETROIT – In the collective bargaining dispute in the US auto industry, the UAW union is increasing the pressure on General Motors and Ford . Two weeks after the strikes began, employees at another plant in each of the two companies stopped work. The third American auto giant, Stellantis , was spared from the expansion of the labor dispute because there had been progress in the negotiations, as UAW President Shawn Fain announced. In the evening, Ford shares were up 0.4 percent in a friendly market, while GM shares gained 0.7 percent. Stellantis stocks traded on US exchanges remained flat.
The Czech Republic buys gas transport network operator Net4Gas from the Allianz consortium
PRAGUE – The Czech Republic is buying the natural gas pipeline operator Net4Gas, which holds the exclusive license to operate the almost 4,000 kilometer long gas pipeline network in the EU member state. A corresponding purchase agreement was signed on Friday, said the state electricity network operator CEPS, which was responsible for the transaction. A consortium of alliances and Borealis Infrastructure acquired Net4Gas from the German energy supplier RWE around ten years ago acquired.
Additional Reports
-Agreement at conference: Global rules for toxic substances
-Bilfinger boss Schulz buys shares for half a million euros
-Vienna: Ottakringer pushes ahead with announced withdrawal from the stock exchange
-Week-long drivers’ strike at motorway service station ended
-Federal government: Honey imports remain important
-TV ratings on Friday: ZDF crime and ARD comedy almost on par
-Skiing in Austria is once again becoming significantly more expensive
-According to environmental associations, the Elbe deepening is little used
-Survey: Many would forego fruit transported by plane°
Customer note:
ROUNDUP: You read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.
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