By Gianluca Lo Nostro and Tim Hepher (Reuters) -French jet engine maker Safran gave a weaker than expected outlook for the next four years on Thursday, sending shares 6% lower as it shifts towards more normal growth after a strong post-pandemic recovery in air travel. Safran, which co-produces engines for Boeing and Airbus narrowbody planes …
Jet engine maker Safran disappoints with cautious forecasts Read More »
(Reuters) – Thyssenkrupp’s Chief Financial Officer Jens Schulte will leave the company in order to take up the same role at Deutsche Boerse by mutual consent, a company statement said on Thursday. The Supervisory Board of Thyssenkrupp AG had appointed Schulte as CFO for three years in November 2023. He took office effective June 1, …
Thyssenkrupp CFO steps down months after appointment to join Deutsche Boerse Read More »
By Yoruk Bahceli and Amanda Cooper LONDON (Reuters) -The risk premium on French bonds dropped and bank stocks rallied on Thursday after a widely expected no-confidence vote toppled Prime Minister Michel Barnier’s government, with focus turning to what a new government might look like. Barnier resigned and President Emmanuel Macron is hunting for a new …
French bonds, stocks take a breather after government collapse but uncertainty remains Read More »
PARIS (Reuters) – The fall of the French government has created political and economic uncertainty that can sap investor confidence, the head of partially state-owned Safran said on Thursday. “Obviously it creates political and economic uncertainty, that’s clear. It’s a situation that investors – whether financial, economic or industrial – don’t like,” CEO Olivier Andries …
Safran CEO says French crisis creates uncertainty, defence budget at risk Read More »
(Reuters) – Russian Railways, a key cog in Russia’s industrial machine, may substantially cut its spending next year by around 40% compared to 2024, the Interfax news agency quoted the company’s finance chief Tatiana Orlova as saying on Thursday. Russian Railways is one of several firms struggling with Russia’s high interest rate burden. The company …
Russian Railways to cut spending by around 40% in 2025, says finance chief Read More »
(Reuters) – German airport operator Fraport on Thursday said it is close to completing the sale of its 25% stake in St. Petersburg airport Pulkovo to Middle East-based investor Orbit Aviation LLC. The proceeds from the deal, which according to Fraport are in the mid-double-digit million euro range, will be used to reduce debt. Fraport …
Fraport to sell stake in St. Petersburg airport to Middle Eastern investor Read More »
By Markus Wacket BERLIN (Reuters) – Germany’s national rail operator expects its operating profit to fall by some 70% between this year and next as it completes the sale of its profitable logistics unit Schenker to Denmark’s DSV, according to company documents seen by Reuters on Thursday. In 2024, Deutsche Bahn including Schenker expects an …
Deutsche Bahn expects 70% drop in operating profit after Schenker sale, documents show Read More »
By Victoria Waldersee BERLIN (Reuters) -Volkswagen’s finance chief said on Thursday its labour force would need to shrink if its German factories did not become more efficient and that the group’s dividends would fall in line with earnings. “Today, our German plants are not competitive. Without improving their efficiency and performance, we cannot maintain current …
Volkwagen’s German plants must get more efficient, CFO says Read More »
By Nathan Vifflin and Anna Peverieri (Reuters) -Mersen pushed back its financial targets until 2029 on Thursday due to a temporary slowdown in the electric vehicle and silicon carbide semiconductor markets. Many chipmakers exposed to silicon carbide, a more efficient semiconductor material used to increase the range of EVs, have recently cut or delayed their …
Mersen delays targets by two years on weak materials demand for EVs Read More »
By Maria Martinez BERLIN (Reuters) – Germany will delay its medium-term plan to reduce public debt to the European Commission until after snap elections in February, according to the country’s stability council, which coordinates federal and state finances. The submission is part of the European Union’s new framework for keeping debt under control after the …
Early vote prompts Germany to delay submission of debt cutting plan to EU Read More »
