Tag Archives: Heavy vehicle

German exports rose in February, lifted by Chinese trade | Instant News


FILE PHOTOS: Cars meant for export wait at the port to be loaded as the spread of the coronavirus disease (COVID-19) continues in Bremerhaven, Germany, April 24, 2020. REUTERS / Fabian Bimmer

BERLIN (Reuters) – German exports rose in February, boosted by surging trade with China as a new sign that factories are busy in Europe’s biggest economy despite a pandemic-related drop in overall output in the first quarter expected.

Seasonally adjusted exports increased 0.9% for the month after being revised upward by 1.6% in January, the Federal Statistical Office said on Friday. Imports rose 3.6% after falling 3.5% in the previous month.

A Reuters poll showed exports increased by 1.0% and imports increased by 2.4%. The trade surplus shrank to 19.1 billion euros. This year, exports to China increased by 25.7%.

Separate data released on Friday showed industrial output in February fell by 1.6%. A Reuters poll showed a 1.5% increase.

Written by Paul Carrel, editing by Kirsti Knolle

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UPDATE 1-Italia Salvini says Rome must prevent the sale of Iveco to FAW China | Instant News


(Adding details, context)

ROME, March 30 (Reuters) – Italian League party leader Matteo Salvini urged the government on Tuesday to prevent truck maker Iveco from being sold to a Chinese company, saying the Italian firm was a strategic asset to protect.

Iveco is part of CNH Industrial, which is controlled by Exor, the holding company of the Italian Agnelli family. CNH said in January it was in talks with FAW China over the truckmaker’s future.

“It’s a shame,” Salvini told a group of foreign journalists when asked about a possible sale.

“I hope the Italian government will do everything to safeguard, defend and protect strategic assets. If we want to talk about sustainable mobility and ecological transitions, we cannot lose a gem like Iveco, ”he added.

The Salvini League is under a broad national unity government and one of its most senior politicians, Giancarlo Giorgetti, is minister of industry.

Giorgetti said earlier this month that if CNH Industrial decided to sell Iveco to FAW, Rome would use its so-called “golden power”, which would allow it to veto or impose stricter terms on deals involving assets deemed to be of national interest.

Reporting by Crispian Balmer, written by Giulio Piovaccari

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Enel from Italy posted a 9% increase in net profit to beat expectations | Instant News


MILAN (Reuters) – Italian utility company Enel said net profit rose 9% last year, beating expectations as it continues plans to expand its grid and green energy businesses and reduce carbon emissions.

FILE PHOTOS: Italian multinational energy company Enel logo seen at the headquarters of Milan, Italy, February 5, 2020. REUTERS / Flavio Lo Scalzo

Europe’s biggest utility company said on Monday its usual net profit last year was 5.197 billion euros ($ 6.2 billion), above analyst consensus of 5.133 billion euros.

It will pay dividends on last year’s yield of 0.358 euros per share, 9.1% higher than the previous year.

Enel reported preliminary results in February.

The Group, which added to a record 3.1 gigawatt renewable energy capacity last year, expects to add more than 5 GW this year.

“By 2021 … we look forward to accelerating investment in renewable energy, in better quality and stronger grids and consumption electrification,” said Enel CEO Francesco Starace.

In November, Enel said it would spend 160 billion euros of its own money over the next 10 years to become a green “super major”, becoming carbon free by 2050.

The group said 65% of its electricity production last year was emission-free compared to 57% the previous year thanks to marked reductions in coal-fired power generation.

Enel cut 2.8 GW of coal capacity last year and has phased out coal production from 2030 to 2027.

Big European utility companies are investing massively in the clean share of their businesses as technological advances and stricter rules to tackle climate change force energy companies, including big oil players, to rethink strategy.

($ 1 = 0.8387 euros)

Reporting by Stephen Jewkes, editing by Giulia Segreti, Kirsten Donovan

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UPDATE 1-Contractor asked Australia to review asset sale to Tianqi Lithium China | Instant News


(Change date, add timeline, add contractor’s comments)

MELBOURNE March 11 (Reuters) – An Australian mining services contractor locked in a legal dispute with China’s Tianqi Lithium Corp over a failed payment has asked the Foreign Investment Review Agency to examine the related sale, a company director said on Thursday.

Perth-based MSP Engineering has asked the FIRB to review part of the sale of Tianqi’s Australian lithium business to nickel miner IGO after Tianqi refused to pay him to build a battery-grade lithium processing plant in Western Australia.

This week, the Western Australian Supreme Court ruled that Tianqi, one of the world’s largest producers of the lithium chemical used in electric vehicle batteries, must pay A $ 38.9 million ($ 30 million) in arrears. Tianqi said he would appeal.

The FIRB application comes at a time when trade tensions between China and Australia are rising.

“If we are not completed as part of that sale, then we don’t think it represents the right behavior by foreign investors,” director Craig Burton told Reuters.

MSP has had to stop other lines of business from paying its contractors and subcontractors for months of work and has reduced its staff to four out of 400 employees pending payment, he said.

“This has a bad impact on our business. We just want Tianqi to do the right thing and pay the money spent on the project. “

Tianqi said in a filing on Wednesday that it would challenge the verdict that has given up to March 15 to pay money, including principal and interest. His counter claims included that the project was over budget.

The FIRB did not have any comments yet. The IGO declined to comment.

Tianqi’s assets include a 51% stake in the Greenbushes lithium mine and a 100% stake in the Kwinana lithium plant.

The facility was heralded as the largest of its kind before the first phase commissioning of 24,000 tonnes was halted a year ago as Tianqi flagged liquidity problems due to plunging lithium prices.

The debt-laden company in December secured a strategic investor in the form of Australian nickel miner IGO Ltd for 49% of its business, paving the way for a $ 3 billion loan extension.

Tianqi warned that filing the verdict could adversely affect the liquidity and factory of Kwinana.

The facility is likely to start operating in the fourth quarter of 2021, Daiwa Capital Markets said in a January note, citing Tianqi management at a conference.

Tianqi did not immediately respond to a request for comment about the intended launch date.

$ 1 = 1.2932 Australian dollars Report by Tom Daly and Melanie Burton at MELBOURNE; Edited by Mark Potter and Stephen Coates

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UPDATE 1-German exports posted surprising gains as Chinese trade sizzled | Instant News


* Exports increased by 1.4% m / m

* Increase exceeded all estimates in a Reuters poll

* Exports to China rose 3.1% y / y (Adding details, economist, background)

BERLIN, March 9 (Reuters) – German exports unexpectedly rose in January, buoyed by strong trade with China as a positive start to the year for producers in Europe’s largest economy.

Seasonally adjusted exports increased 1.4% for the month after being revised upward by 0.4% in December, the Federal Statistical Office said on Tuesday. Imports fell 4.7% after showing no change in the previous month, revised upward.

A Reuters poll showed a 1.2% drop in exports and a 0.5% drop in imports. The 1.4% increase in exports in January far exceeded even the most optimistic forecast.

The trade surplus grew to 22.2 billion euros. This year, exports to China rose 3.1%. Exports to other EU countries fell 6.0% this year, exports to the UK fell 29% and to the United States fell 6.2%.

Thomas Gitzel, chief economist at VP Bank, described the overall increase in exports as “a very positive surprise” and expected further growth.

“Net exports will thus partially offset the losses in private consumption in the economy as a whole – but not completely. In balance, the German economy will shrink in the first quarter, “he said.

Most economists expect the economy to shrink in the first three months of this year, before recovering in the second.

On Monday, official data showed industrial production fell in January as winter weather slowed construction and a semiconductor shortage held back production in the auto industry.

However, German auto parts maker Continental AG said earlier on Tuesday that it expects 2021 sales and profit margins to grow despite expected additional costs due to chip shortages.

Recent German data paints a two-speed economic picture in which export-oriented producers are doing well while domestically driven services are suffering under lockdown measures imposed in early November and tightened in mid-December to contain a second wave of coronavirus infections. .

Reporting by Paul Carrel and Rene Wagner, editing by Thomas Escritt and Giles Elgood

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