Market 08/12/22 Main market developments

Key market developments for December 8, 2022 follow.

Prague, December 8 (Reuters) – The carmaker volkswagen according to a press article, postpones its decision on the establishment of a battery cell factory in Eastern Europe. The decision could be delayed for several months, writes the CTK agency on Thursday. The Czech Republic is being discussed as a possible location for the plant, which is expected to start production in 2027. Czech subsidiary Skoda had originally expected the decision to be made by the end of the year. The Wolfsburg group wants to build six cell factories with a total capacity of 240 gigawatt hours by 2030. In Germany, the foundation stone for a gigafactory was laid in Salzgitter in July. Two other sites are fixed in Sweden and Spain.

FRANKFURT, Dec 8 (Reuters) – The real estate giant’s supervisory board Vonovia will be managed by a woman. Clara Streit will be elected Chairman of the Supervisory Board at the end of the General Meeting of May 17, 2023. The committee decided unanimously during its ordinary meeting of the Supervisory Board, Vonovia announced Thursday after the close of the stock market. In doing so, he will succeed Jürgen Fitschen, who was co-CEO of Deutsche Bank for many years. Fitschen, who has been a member of the supervisory board since May 2018, decided in early November not to stand again due to the age limit of 75 applicable at Vonovia. Streit, 53, who was a consultant at McKinsey for many years, has been a member of Vonovia’s supervisory board since June 2013 and has since served as chair of the finance committee and a member of the chairpersons and nominating committee.

FRANKFURT, Dec 8 (Reuters) – The Goettingen-based laboratory equipment maker Sartorius cooperates with the Swedish group BICO. To underpin the partnership, Sartorius will in future hold a 10.1% stake in the supplier of instruments and consumables for bioprinting, bioscience and bioautomation applications, the Dax Group announced on Thursday after the stock market crash. “The cooperation with BICO will allow us to jointly strengthen our activities in very dynamic areas such as modern cell models and digital workflows in drug discovery and development,” explained CEO Gerry Mackay. “We will continue to develop both companies’ positions in fast-growing Asian markets with highly differentiated and relevant technologies.” . Participation will cost a total of around 45 million euros. Together with the existing stake in BICO, Sartorius will in future hold approximately 10.1% of the shares and 8.5% of the voting rights.

DUSSELDORF, Dec 8 (Reuters) – The Karlsruhe energy group EnBW and the Chinese electric car manufacturer NOK work together to develop electric charging stations. The companies announced on Thursday that NIO users could have their batteries swapped at up to 20 fast charging parks in the EnBW HyperNetz. To this end, NIO is setting up its “Power Swap Stations” at EnBW’s fast charging sites. An empty battery in NIO vehicles is automatically replaced by a charged battery in approximately five minutes. The partners want to equip other EnBW fast charging sites with this technology and expand their cooperation in other areas such as energy management.

BANGALORE, Dec 8 (Reuters) – The manufacturer of industrial gases Aerial products and the American electric company ESA want to build the largest hydrogen production plant in the United States with investments totaling about four billion dollars (about 3.8 billion euros). The Texas state plant is expected to start operating in 2027, the companies said Thursday. It should be able to produce more than 200 tons of hydrogen per day. Costs would be shared equally. The shares of the factory would also be shared equally. In the USA, as in Europe, the demand for green hydrogen has increased significantly for climate protection reasons.

December 08 – The Consumer Goods Company unilever plans to sell some of its ice cream brands in the United States, according to an agency report. The considerations also targeted the Klondike and Breyers brands, which could be valued at up to $3 billion, Bloomberg reported Thursday. However, international brands such as “Magnum” are not affected. Unilever declined to comment.

December 08 – The American electric car manufacturer You’re here According to a news report, production at the Shanghai plant will be reduced due to lower demand in China. From Monday, shifts should be reduced by around two hours, the “Bloomberg” agency reported on Thursday, citing sources familiar with the matter. The plant is struggling with increased inventory, but still recorded the highest monthly sales in November with 100,000 cars. Tesla was initially unavailable for comment. In China, car sales fell overall in November for the first time in six months due to corona shutdowns. They fell 9.5% to 1.67 million units.

Zurich, December 08 – Airline cabin crew Swiss will in future receive a minimum salary of CHF 4,000 per month. The Swiss airline, which is owned by Lufthansa, and the Kapers union have agreed on the matter in a new five-year collective labor agreement, according to information published on Thursday. According to Kapers, this increases the starting salary by 600 CHF. In addition, salary increases of between 4 and 18% have been agreed, depending on seniority and qualifications. Swiss estimates the additional costs of the agreement at 100 million francs over the next five years. Kapers members have yet to agree to the collective labor agreement.

Paris, December 08 – A French court has Bayer after 15 years of trial, he was ordered to pay a farmer around 11,000 euros in damages. “11,000 euros for so much suffering,” Paul François told Franceinfo radio on Thursday. Francois had sued Bayer for suffering memory loss, fainting spells and headaches after accidentally inhaling the weedkiller lasso. According to the media, he had demanded compensation of one million euros for this. Bayer France said the amount granted to the farmer was less than one percent of the amount requested. The group also confirmed that none of the symptoms claimed by François have been confirmed by legal experts.

Düsseldorf, December 8 – The armament company Rheinmetall received an order from the Bundeswehr to supply ammunition to the Puma infantry fighting vehicle. In total, the volume of orders for the 600,000 cartridges is 576 million euros, as the Düsseldorf group announced on Thursday. The first 25,000 rounds would be canceled later this year. Machine gun ammunition is also intended to supply NATO’s rapid reaction force. The Bundeswehr has been complaining for years about the lack of ammunition. The delivery of arms to Ukraine has greatly intensified the debate on supply issues. In the 2023 budget, an expenditure of 1.125 billion euros is planned only for the purchase of ammunition.

Zurich, December 08 – The experimental drug iptacopane from the Swiss pharmaceutical company Novartis achieved a clinically significant increase in hemoglobin levels in patients with PNH, a blood disorder in a late phase III clinical study, thus achieving the primary endpoint. According to information from Thursday, the group wants to file applications for the drug’s approval in the coming year. Paroxysmal nocturnal hemoglobinuria (PNH) is a rare and life-threatening blood disorder in which a genetic defect causes the immune system to primarily destroy red blood cells. It is estimated that 20 million people worldwide suffer from this disease, which can cause anemia, thrombosis, fatigue and other symptoms of weakness. They are often dependent on blood transfusions.

Zurich, December 08 – The Swiss financial investor Partner group invests in renewable energies and takes a stake in the Indian company Sunsure Energy. A majority stake will be acquired for up to $400 million, Partners Group announced Thursday evening. Sunsure operates solar systems and plans solar, wind, solar-wind hybrid and battery storage projects with a capacity of more than three gigawatts. Electricity must be sold directly to commercial and industrial customers with long-term purchase contracts.

Bangalore 08 December – sweet bankAccording to a media, the boss and founder Masayoshi Son has increased his stake in the Japanese company and is thus approaching a takeover of the technology investor. Its stake in SoftBank fell from 32.2% to 34.2%, Bloomberg news agency reported on Thursday, according to calculations confirmed by the company, according to the report. SoftBank did not immediately respond to a request for comment from Reuters. The CEO would take the company private if he had the means, said a person familiar with the considerations cited by Bloomberg. Masayoshi Son now has additional rights under Japanese law with more than a third of the shares – like more votes in asset sales, buyouts, business deals and articles of incorporation, he said. . He also has veto power over special resolutions presented to shareholders by activist investors.

Washington, December 08 – China’s short video platform ICT Tac is facing new problems in the US: the US state of Indiana has filed a lawsuit against the app, which is particularly popular with young people. TikTok violates state consumer protection laws by not disclosing that the Chinese government has access to sensitive customer data, Indiana Attorney General Todd Rokita wrote in Wednesday’s lawsuit. Young users and their parents would also be deceived about mature content by the age rating from the age of twelve in the Apple and Google app stores. Videos of inappropriate sex and addiction content could easily be found by teens and would be pushed outright on kids in the app. Rokita sought an injunction and civil penalties against the company. According to the Indiana attorney general, this is the first such trial in a US state. A TikTok spokesperson said the company is not commenting on the ongoing lawsuit.

08/12/22 Key Market Developments

Source: Reuters

Cover photo: Photo by Gerd Altmann on Pixabay

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