dpa-AFX overview: COMPANY from October 17th, 2022 – 3.15 p.m. | news

dpa-AFX overview: COMPANY from October 17th, 2022 – 3.15 p.m. |  news

ROUNDUP: Dräger cancels forecast due to supply chain problems

LÜBECK – Persistent problems in the supply chain and high costs for the procurement of materials are causing problems for the medical and safety technology group Drägerwerk. After a weak quarter, the board withdrew its 2022 targets. This does not go down well in the stock market. The preference share listed in the SDAX lost significantly in value in early Monday trading.

Bank of America earns better than expected despite drop in profit – share increases

CHARLOTTE – The deteriorating economy hurt Bank of America’s third-quarter profit less than expected. Due to provisions of almost 900 million US dollars for impending loan defaults, the surplus fell by eight percent compared to the same period last year to 7.1 billion US dollars (7.3 billion euros), as the money house on Monday in Charlotte (US state North Carolina) reported. A year earlier, the bank had benefited from the release of provisions for non-performing loans. On average, analysts had expected a sharper drop in profits this time. Bank of America stock is up almost 3 percent in premarket trading.

Kreise: Head of the Credit Suisse investment bank before leaving

ZURICH – According to insiders, the head of the Credit Suisse investment bank, Christian Meissner, will leave the bank in the coming weeks. The departure comes as part of an extensive remodeling of the unit that may be up for sale, Bloomberg news agency reported on Monday, citing people familiar with the matter. His departure is to be announced as part of the strategy update announced for October 27 by the ailing major bank. At the end of July, Credit Suisse (Credit Suisse (CS)) said that Meissner wanted to help shape the transformation of the division. According to Bloomberg, he is now considering other options such as starting his own consulting firm or switching to the competition.

BP takes over US biogas producer Archaea Energy for billions

HOUSTON – The British oil and gas group BP wants to take over the US biogas manufacturer Archaea Energy by the end of the year for around 4.1 billion US dollars including debt. The management of Archaea Energy around CEO Nick Storck agrees to the 4.2 billion euro deal, for which BP will pay around 26 US dollars in cash per share, as the US company announced on Monday in Houston. Archaea stock soared by a good half to $25.75 in premarket US trading. BP stocks fell slightly in London.

EU countries: airlines must make greater use of landing rights

BRUSSELS – Airlines must make more use of their take-off and landing rights in the EU in order not to lose them. The member states agreed on Monday that, after exceptions due to corona, almost the standard use of the so-called slots should apply again for the winter season. The permanent representatives of the EU countries at ambassadorial level had already agreed on this last week. Now their bosses gave the formal green light.

ROUNDUP/240 flight cancellations: Pilot strike puts pressure on Eurowings

COLOGNE – In the labor dispute at the airline Eurowings, the pilots’ union Cockpit has stepped up its pace and started a three-day strike on Monday. According to the Lufthansa subsidiary, 240 of 488 flights were canceled at the start of the week. CFO Kai Duve vented his anger at Cologne/Bonn Airport and accused the union of having lost “measure and balance”. With a recently submitted offer, Eurowings has reached the limits of what is economically feasible. Every day of the strike costs the company a double-digit million euro amount. That jeopardizes jobs.

ROUNDUP: Vodafone and Altice want to tackle multi-billion fiber optic expansion

DÜSSELDORF – The telecommunications group Vodafone (Vodafone Group) dares to expand fiber optics in Germany much later than its competitors. The British want to set up a joint venture with the Luxembourg financial holding company Altice, according to a Vodafone announcement on Monday. Up to seven billion euros are to be invested within six years. Most of the project is to be financed by debt. With the initiative, seven million households should then be connected to fiber optic connections right into their homes. At the start of the week, Vodafone shares rose only minimally.

Credit Suisse closes legacy case from the financial crisis in the USA

ZURICH – Credit Suisse (Credit Suisse (CS)) is reducing further legacy assets in the United States. It has reached a settlement with the New Jersey Attorney’s Office (NJAG) in connection with residential mortgage backed securities (RMBS), a statement said Monday. It is about transactions that were completed before the financial crisis. As part of the settlement, UBS’s competitor paid a one-off payment of 495 million US dollars (509 million euros). The payment is fully covered by provisions. The shares rose at the start of trading.

Real estate slump is having a significant impact on financial service provider Hypoport

BERLIN – The fall in demand for real estate as a result of rising interest rates and economic risks is leading to business losses at the financial services provider Hypoport (Hypoport SE). After growth in the first half of the year, the operating figures in the financing business models show a significant decline in the third quarter, as the company announced on Monday. The transaction volume on Hypoport’s Europace credit platform fell by almost a fifth to EUR 20 billion in the third quarter. The company, which is listed in the SDax, only had to collect the annual targets in September. The course then plummeted further. In the course of the year so far, the shares are the second-weakest stock in the second-tier index with a drop of a good 83 percent.

Regulator: No chance of a merger between RTL and ProSiebenSat.1

MUNICH – The Bavarian media regulator considers speculation about a possible merger of the private TV groups RTL and ProSiebenSat.1 (ProSiebenSat1 Media SE) in Germany unrealistic. The President of the Bavarian State Center for New Media (BLM), Thorsten Schmiege, told the German Press Agency: “The fact that RTL and ProSiebenSat.1 merge is legally unthinkable with a view to media concentration. It would probably also be in terms of competition law – keyword Bundeskartellamt – not possible.”

ROUNDUP: K+S realigns the Werra plant – BUND criticizes announcements

KASSEL/HERINGEN/UNTERBREIZBACH – The fertilizer and salt company K+S (K+S) intends to realign its most important potash plant with locations in Hesse and Thuringia with investments in the mid three-digit million range. To this end, the two factories Wintershall in Heringen and Unterbreizbach in Thuringia are to be converted to a dry processing method, as the company announced on Monday. A new mining process should also provide a higher yield and space for storing residues underground. “We are opening up long-term future prospects for our Werra Verbund plant up to the year 2060 and are strengthening the competitiveness of the plant,” explained K+S CEO Burkhard Lohr.

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Additional Reports

-Bestseller adaptation ‘The Swarm’ is an international hit

-‘FT’: Credit Suisse is also considering selling parts of its Swiss business

Refinery strike in France continues despite agreement

-Paris Motor Show focuses on alternative drives and networking

-Green boss: Nuclear power plant operation until April is already a compromise offer

-FDP politician Kruse on the nuclear power plant dispute: ‘Need more power’

-Left: Greens must not give in to nuclear terms

-Federal Department of Justice fines Telegram 5.1 million euros

-Bayer is continuing to research a drug to combat symptoms associated with menopause

-Scholz confident about early agreement in the dispute over nuclear power

TV ratings: 6.4 million see Frankfurt ‘Tatort’

-BVB also despairs of the Union Code – Berlin summit storm continues

-All Metal: Not going for a third Crisis conclusion

-EU: Cod and herring are hardly allowed in the nets of the Baltic Sea fishermen

-Greens want a clearer stance from the SPD in the nuclear dispute

Deadline is running: UEFA tenders TV rights for the new Champions League

-Electronics industry heading for import surplus

-Porsche employees receive a bonus of up to 3,000 euros after the IPO

-Producer Berben: The golden age of streaming is long gone

-Costume retailer Deiters: Shops are back to pre-corona levels

-ROUNDUP: Giffey christens Lufthansa ‘Dreamliner’ ‘Berlin’

-ROUNDUP/survey: divided opinion on the price of 49 euros for a local transport ticket°

Customer note:

ROUNDUP: You read a summary in the company overview. There are several reports on the dpa-AFX news service on this subject.

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