IPO/ROUNDUP: Softbank raises nearly five billion dollars in Arm IPO

NEW YORK - The U.S. IPO of chip designer Arm, whose technology is in virtually all smartphones, is raising about five billion dollars for Japanese owner Softbank. The issue price for the securities was set at $51, Arm announced Thursday night. That puts it at the high end of the $47 to $51 price range. Trading in New York is scheduled to begin Thursday. It is the biggest Borsengang of the year so far in the U.S.

Nordex wins order from Baywa in Spain

HAMBURG - Munich-based conglomerate Baywa is relying on turbines from turbine manufacturer Nordex to build a wind farm in Spain. Baywa has placed an order for the delivery and installation of 24 turbines, Nordex announced in Hamburg on Thursday. The contract also includes maintenance of the turbines for 25 years. The turbines, with an installed capacity of 5.9 megawatts, are to be erected starting next summer, with commissioning scheduled for spring 2025. Baywa is developing the park in northern Spain together with the Spanish company CEAR.

ROUNDUP: China concerned about EU investigation into e-car subsidies.

PEKING - Beijing has reacted with dismay to the EU's announced investigation into subsidized electric cars. China is concerned and unhappy about the matter, a spokesman for the Ministry of Commerce said Thursday in Beijing. He said China assumes the investigative measures are to protect European industry. This, he said, constitutes "blatant protectionist behavior" that will seriously disrupt and distort global auto industry supply chains and negatively impact China-Europe economic and trade relations.

ROUNDUP: VW cuts jobs in Zwickau - weak demand for e-cars

ZWICKAU - Volkswagen is cutting hundreds of jobs at its e-car factory in Zwickau. 269 temporary contracts, which will soon expire after twelve months, will not be extended, the company announced Thursday after a works meeting. Shift operations would also probably have to be adjusted. The concrete procedure would be coordinated with the works council in the next few days.

After Kühne, Eurogate shareholder also considers counteroffer to HHLA deal

HAMBURG - After billionaire Klaus-Michael Kühne, the main shareholder of the Eurokai Group, Thomas Eckelmann, is now also considering making a counter-bid for the planned HHLA deal between the city of Hamburg and shipping company MSC. "This deal would be a disaster for the Port of Hamburg. That is why I am considering, on behalf of the Eurokai Group, submitting a counteroffer to MSC to the Senate. On the same conditions," Eckelmann told the "Hamburger Abendblatt" (Thursday).

Thyssenkrupp bundles energy transition technologies in new segment

ESSEN - Thyssenkrupp plans to map its activities in the green transformation of industry in its corporate structure in the future. To this end, the industrial group is establishing a new segment called Decarbon Technologies, which will focus on carbon dioxide reduction technologies. The segment will include the plant manufacturers Nucera (electrolysers), Uhde (chemical plants) and Polysius (cement plants) as well as the slewing bearing manufacturer Rothe Erde. The Supervisory Board has approved the Executive Board's plans, as the Group announced in Essen on Thursday. The Chairman of the Board of Management, Miguel López, is making the new segment a top priority and will take over its management - in addition to Group management.

VW and Audi stick to expansion of e-car production

ZWICKAU/WOLFSBURG - Despite sluggish capacity utilization at Volkswagen's Zwickau e-car factory, production of the Audi Q4 e-tron and ID.3 is to be expanded to other locations. "We will also produce the Q4 e-tron in Brussels from the end of 2023 - in addition to production in Zwickau," an Audi spokeswoman told Deutsche Presse-Agentur dpa. The ID.3 is also scheduled to roll off the production line in Wolfsburg - initially only in small numbers - starting in the fall. The parts for final assembly will initially be supplied from Saxony, with full production in Wolfsburg planned for next year.

Delta Airlines expects lower quarterly profit due to higher jet fuel prices

ATLANTA - U.S. airline Delta has slightly lowered profit expectations for the key summer quarter despite strong revenue growth. Management is now targeting the upper half of the known range for revenue growth of 11 to 14 percent for the three months to the end of September, the company announced Thursday in Atlanta, Georgia. But because the price of gasoline has risen, earnings per share are likely to be only 1.85 to 2.05 U.S. dollars. Previously, the top management of the United competitor had still targeted 2.20 to 2.50 dollars. Delta maintained its full-year target of $6 to $7.

^

Other news

-Cigarette sales pick up slightly

-Association: drug supply shortages affect millions

-Habeck: No security concerns over MSC entry into HHLA

-Credit banks grant fewer new consumer loans in the first half of the year

-E-cigarette market grows strongly - share of disposable articles declines

-Dispute over aid for Frankfurt-Hahn - ECJ refers case back to court

-ROUNDUP: Paid leave for fathers after birth - SAP ventures advance

-ROUNDUP: No construction stop for Rügen LNG terminal - Court rejects application

-After rejection of construction stop Rügen LNG terminal: Environmental aid wants to see documents

-Bovenschulte reiterates financial demand of the federal states for seaports

-ADAC sees high additional demand for charging stations due to tourism

-Good prospects for VW in dispute over Italian million euro fine

-EU Parliament with common position on electricity market reform

-Cancelled package tour: Courts may provide travelers with more information

-Forecast: Real estate market continues to weaken sharply°.

Customer Notice:

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

/mis