The German government and the European Commission reached a deal on Friday about German state aid to Lufthansa. The airline’s board of directors announced in a statement on Friday evening that it agreed to the conditions. According to Bloomberg news agency, the deal agreed that Lufthansa will reduce the number of planes it has at Frankfurt and Munich airports. The airline must also...
In the first quarter of its broken fiscal year, computer maker Dell took advantage of the demand for computers for people who work from home. As a result, the company sold more PCs and laptops in the period from February to April. Demand for servers declined now that many companies have postponed investments. In recent years, Dell has moved part of its supply chain from China to other countries...
Consultation between car rental company Hertz and its creditors about deferred payment has stalled. Bloomberg writes this on the basis of insiders. A deadline will expire later Friday. Hertz ran into problems when both business trips and vacations ceased due to the corona measures that many countries took. As a result, hardly more cars were rented. In April, creditors also granted Hertz deferred...
SoftBank plans to raise up to $ 2.9 billion this month by selling a 5 percent stake in its Japanese wireless operations. The proceeds are intended to boost the balance of the Japanese telecom and investment giant. Founder Masayoshi Son has previously indicated that he wants to sell a total of $ 42 billion in assets to help fund share repurchases and pay off debt. SoftBank is not going well lately...
Germany’s economy shrank by 2.2 percent in the first quarter of this year compared to the previous quarter. The German Federal Statistical Office announced this on the basis of provisional figures. The figure matches the average expectation of economists. In the fourth quarter of 2019, the gross domestic product of the largest economy in Europe shrank by a revised 0.1 percent. An unchanged...
Deutsche Telekom posted more profit in the first quarter and says the impact of the corona crisis on the company has been limited so far. The German telecom giant maintains its expectations for the entire year. Net profit increased year-on-year by 2 percent to 916 million euros and sales climbed 2.3 percent to 19.9 billion euros. Adjusted operating profit increased by 10 percent to 6.5 billion...
Danish container transporter A.P. Møller-Maersk expects the volumes in the current second quarter to be a quarter lower than a year earlier. The corona crisis is having “a significant impact” on the company’s operations, said CEO Søren Skou. Due to the lockdowns in many countries, the demand for goods has taken a hit. This has a direct impact on the flow of goods. Maersk...
Germany’s goods exports shrank by 11.8 percent in March from February under pressure from the corona crisis. The German Federal Statistical Office announced this. According to the statistics bureau, it is the largest monthly decline in exports since the start of the measurements in 1990. Economists had generally expected a decrease of 5 percent. In February, exports of Europe’s...
The German reinsurer Munich Re recorded a much lower profit in the first quarter than a year earlier. The financial group suffered large insurance losses from the new Cooronavirus, mainly due to the cancellation of many major events. In total, Munich Re invested some 800 million euros in insurance in the first quarter through the corona virus. The investment branch of the insurer managed to boost...
The German aviation giant Lufthansa hopes to receive support from the Belgian government to prevent the bankruptcy of its Belgian subsidiary Brussels Airlines. According to the Belgian news channel LN24, the Germans are aiming for a loan of 290 million euros. The Belgian Minister of Finance Alexander de Croo is said to be discussing an emergency package with the airline company. The Belgian...