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German chemicals company Evonik lifts outlook after solid quarter
Evonik Industries, a German speciality chemicals company, on Monday said it currently expects adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, for the second quarter to be €578 million ($630 million). That was above market expectations of €531 million. "In addition to continued strict cost discipline, good volume development in Speciality Additives, as well as a price recovery in Animal Nutrition and lower production costs were drivers of the sequential increase," the Essen-based company said in a statement. Subsequently, Evonik has raised its full-year adjusted EBITDA outlook to €1.9 billion to €2.2 billion from the previous guidance of €1.7 billion to €2 billion. On a preliminary basis, sales for the second quarter of €3.9 billion were just around the level of the previous year.
Germany to invest billions in 23 green hydrogen projects
Germany is set to invest billions in pioneering hydrogen projects, aiming to boost the production, storage and transport of a potentially transformative source of green energy. "With the funding of hydrogen projects, we are taking an important step towards a climate-neutral and sustainable economy in Europe and beyond," said Economy Minister Robert Habeck in Berlin, according to a ministry statement. The German federal government - as well as a number of state governments - has earmarked a total of €4.6 billion ($4.9 billion) for 23 projects. Habeck said a powerful hydrogen infrastructure could play a key role in the decarbonization of German industries and the energy sector. "Hydrogen pipelines will be the lifelines of industrial centres. This creates the precondition for climate-neutral growth," said Habeck. The projects are centred on the large-scale production of green hydrogen, but also innovative and secure storage solutions as well as transport infrastructure spanning up to 2,000 kilometres. Part of the funding comes from the European Union, while businesses involved in the projects are due to invest another €3.3 billion. According to the ministry, the total investment will thus represent €7.9 billion by 2030.
Germany's Müller retires from international football
Germany's 2014 world champion Thomas Müller is retiring from international football, he said in a video posted on social media on Monday. "After almost 14 years and 131 international games, I have decided to end my career at the Germany national team," the Bayern Munich midfielder said. The announcement comes one day after the end of the Euro 2024 in Germany, which was Müller's last tournament for the national team. Hosts Germany were eliminated by champions Spain in the quarter-finals. "I want to say thank you to all fans and members of the national team. Thank you for your support in the past...
German minister praises Euro 2024 security, effective border controls
German Interior Minister Nancy Faeser drew positive conclusions from Euro 2024, which ended on Sunday with a Spanish 2-1 win over England, as her ministry reported thousands of offences and some 170 arrests. "We have experienced the fantastic football festival in the heart of Europe that we all wanted. Our country has presented itself as a good host," Faeser said in a press release. Germany's federal and state police registered around 2,340 offences relating to the European Championships during the football tournament. These included around 700 cases of bodily harm, 120 thefts and 200 of trespassing. There were 140 offences of violence against...
Germany again rejects calls to deliver fighter jets to Ukraine
The German government on Monday again rejected calls for the delivery of fighter jets to Ukraine, after opposition leader Friedrich Merz from the centre-right Christian Democratic Union (CDU) said he supported the idea. Government spokesman Steffen Hebestreit said Ukraine is already due to receive a number of F-16 jets, which Germany does not possess, from Western partners this summer. "It makes no sense to hand over different types of fighter jets to Ukraine," Hebestreit said. "Even though fighter jets may look similar from the outside, they are very different to handle. It involves long-term training," he added. Merz had on Sunday demanded further...
Estonia's Kallas steps down as PM to become EU's top diplomat
Estonian Prime Minister Kaja Kallas has, as expected, submitted her resignation in order to serve as the European Union's top diplomat. Kallas informed the parliament in Tallinn of her decision on Monday and submitted her letter of resignation to President Alar Karis. Under to the Estonian constitution, Kallas' move automatically leads to the resignation of the entire government of the Baltic EU and NATO member state. Until a new Cabinet of ministers is confirmed, however, it will remain in office on a caretaker basis. Kallas, 47, was nominated by EU leaders in June to become the bloc's foreign policy chief, replacing Josep Borrell of...
Thousands of Germans hospitalized due to heat between 2002 and 2022
An average of almost 1,500 people per year were treated in Germany's hospitals due to heat and intense sun exposure between 2002 and 2022. "Extreme heat is now a problem for the health of the population here in Germany," the Federal Statistical Office in Wiesbaden announced on Monday. The number of deaths directly caused by heat averaged 20 cases per year in the study period. However, very high temperatures also lead to an overall increase in mortality, as they have an indirect effect in many cases. The combination of extreme summer temperatures and pre-existing illnesses significantly increases the risk of death. The number of...
Minister Faeser praises 'fantastic football festival' at Euro 2024
German Minister of the Interior Nancy Faeser draw positive conclusions from Euro 2024 after the final match, in which Spain took the title after a 2-1 win over England on Sunday. "We have experienced the fantastic football festival in the heart of Europe that we all wanted. Our country has presented itself as a good host," Faeser said in a press release. "Many images of this summer in our cities will remain unforgettable," she added. Football could "of course not solve the problems of our time, but in these weeks it has created a sense of community that has done us good as...
Minister Faeser praises 'fantastic football festival' at Euro 2024
German Minister of the Interior Nancy Faeser draw positive conclusions from Euro 2024 after the final match, in which Spain took the title after a 2-1 win over England on Sunday. "We have experienced the fantastic football festival in the heart of Europe that we all wanted. Our country has presented itself as a good host," Faeser said in a press release. "Many images of this summer in our cities will remain unforgettable," she added. Football could "of course not solve the problems of our time, but in these weeks it has created a sense of community that has done us good as a society," she said. Hundreds of thousands of fans have visited Germany since the European Championship began on June 14. Faeser thanked "above all the tens of thousands of police officers in the federal states and the federal government, the emergency services, the many volunteers" for a "peaceful football festival." She praised the fact that there were no serious security incidents relating to the tournament.
Germany's Müller retires from international football
Germany's 2014 world champion Thomas Müller is retiring from international football, he said in a video posted on social media on Monday. "After almost 14 years and 131 international games, I have decided to end my career at the Germany national team," the Bayern Munich midfielder said. The announcement comes one day after the end of the Euro 2024 in Germany, which was Müller's last tournament for the national team. Hosts Germany were eliminated by champions Spain in the quarter-finals. "I want to say thank you to all fans and members of the national team. Thank you for your support in the past...
German railway shuts key line at start of massive renovation project
Visitors to the Euro 2024 football championship, which concluded on Sunday with a win for Spain, have praised Germany's stadiums and fans - but were critical of the trains used to transport them to the games. The state-owned German rail operator Deutsche Bahn (DB) is hoping that the next time foreign fans descend on the country's stadiums, its massive rail line modernization plan, which started on Monday, will make the numerous train delays a thing of the past. A total of 41 lines are set to be comprehensively modernized by 2031. This means that instead of trying to upgrade while the trains...
Attack on prime minister prompts tougher assembly laws in Slovakia
Following the assassination attempt on Slovakian Prime Minister Robert Fico two months ago, a controversial law that restricts freedom of assembly took effect on Monday. The law, known as the Lex Attentat, was passed at the end of June in response to the gun attack on Fico. It requires a 50-metre radius around the seat of government and the presidency, parliament and all court buildings. Demonstrations against politicians in front of their residences are also banned. Gatherings can also be banned if they jeopardize public order. Opposition critics have warned that the law is a step towards a "police state." The package of measures...
Pakistan to ban party of jailed ex-PM Khan, charge him with treason
The Pakistani government will ban the party of jailed former prime minister Imran Khan, a top official said on Monday, stoking fears of more chaos in the nuclear-armed Islamic republic with a crisis-ridden economy. “This country has to move forward. Pakistan and PTI (Khan’s party) can’t exist together,” Information Minister Atta Tarar said at a press conference in the capital Islamabad. The government would also initiate the process of charging Khan and two other aides under the country’s treasons laws, which carry the death sentence as the maximum penalty. Faced with several graft charges since his ouster as prime minister in 2022 through...
De La Fuente hopes Euros champions can have influence beyond football
Spain coach Luis de La Fuente hopes that the players who were part of the squad who won the Euro 2024 title on Sunday can have an influence far beyond football. "It's football, but it's also about values, sports embodies values," he said after the 2-1 win against England in the final in Berlin. "This generation sets an example, they are young players who have the will and the mentality to work hard. These players are an example to society." De La Fuente said that he isn't sure of to what extent football can influence society, but he stressed that his players are...
Trump says he survived assassination attempt 'by luck or by God'
Former US president Donald Trump said in a joint interview that it was either "by luck or by God" that he survived the Saturday assassination attempt on him, saying "I'm supposed to be dead." "By luck or by God, many people are saying it’s by God, I’m still here," Trump said, according to the tabloid New York Post. "I'm not supposed to be here. I'm supposed to be dead." Trump was quoted in the Washington Examiner as saying the fact that he turned to point at a poster about immigration likely saved his life. “That reality is just setting in,” he said in the joint interview with the newspapers. “I rarely look away from the crowd. Had I not done that in that moment, well, we would not be talking today, would we?” “The doctor at the hospital said he never saw anything like this, he called it a miracle,” Trump said, according to the Post.
Germany's Müller retires from international football
Germany's 2014 world champion Thomas Müller is retiring from international football, he said in a video posted on social media on Monday. "After almost 14 years and 131 international games, I have decided to end my career at the Germany national team," the Bayern Munich midfielder said. The announcement comes one day after the end of the Euro 2024 in Germany, which was Müller's last tournament for the national team. Hosts Germany were eliminated by champions Spain in the quarter-finals. "I want to say thank you to all fans and members of the national team. Thank you for your support in the past...
Germany's Müller retires from international football
Germany's 2014 world champion Thomas Müller is retiring from international football, he has said in a video posted on social media. "After almost 14 years and 131 international games, I have decided to end my career at the Germany national team," the Bayern Munich midfielder said. The announcement comes one day after the end of the Euro 2024 in Germany, which was Müller's last tournament for the national team. Hosts Germany were eliminated by champions Spain in the quarter-finals. "I want to say thank you to all fans and members of the national team. Thank you for your support in the past years," the players said.
Swatch sales fall 14.3% in first half of 2024 amid struggles in China
The Swatch Group, the Swiss manufacturer of watches and jewellery, on Monday reported that net sales at current exchange rates declined 14.3% in the first half of 2024 compared to same period a year ago. Net sales came in at 3.4 billion Swiss francs ($3.8 billion) in the January through June period. Swatch, the maker of Omega, Tissot and Blancpain watches, attributed the decline primarily due to drop in demand for luxury goods in China, including the special administrative regions of Hong Kong and Macau. Operating results declined to 204 million francs from 686 million francs a year ago. Net results were 136 million francs, down from 486 million francs last year. Looking ahead, Swatch said in a statement, "The cost-cutting programme introduced at the start of the year has begun to bear fruits. The full positive impact, particularly on results in the production segment, will be felt in the second half of the year."
Trump says he will call for unity during Republican convention speech
In the wake of the assassination attempt on him, former president Donald Trump has said he scrapped plans to talk about how bad the current US administration is in favour of a speech at the Republican National Convention calling for unity. “I had all prepared an extremely tough speech, really good, all about the corrupt, horrible administration,” he told the tabloid New York Post in an interview published late Sunday. “But I threw it away.” Trump, 78, said he now wants to speak at the Republican Party convention in favour of overcoming the political divide in the country. "I want to try to unite our country," Trump said ahead of the four-day convention in Milwaukee, Wisconsin, where he will be officially nominated on Thursday as the Republican presidential nominee. "But I don't know if that's possible. People are very divided," he said. An assassination attempt on Saturday left Trump with an injured ear.
Burberry's comparable store sales plummet 21% as new boss named
Burberry Group reported on Monday retail revenue of £458 million ($594 million) for the 13 weeks ended June 29, compared to £589 million last year, and announced a new chief executive. Comparable store sales were down 21% for the period. The British luxury group noted that if the slowdown trend continues through the current quarter, it expects a first-half operating loss, and fiscal 2025 operating profit to be below current consensus. The group anticipates wholesale revenue to decline by around 25% in first half and decline by around 30% for the full year. "Our first quarter performance is disappointing. The weakness we highlighted coming into fiscal 2025 has deepened and if the current trend persists through our second quarter, we expect to report an operating loss for our first half. In light of current trading, we have decided to suspend dividend payments in respect of fiscal 2025," said Gerry Murphy, chair of Burberry. Burberry also announced the appointment of Joshua Schulman as chief executive officer and executive director, replacing Jonathan Akeroyd. Joshua was previously CEO of US fashion brands Michael Kors.
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