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Press Releases

German utilities to pay 23.3 bln eur into state fund - nuclear commission

BERLIN, April 27- German utilities will be asked to pay 23.3 billion euros into a state fund to cover the costs of nuclear waste storage, members of a nuclear commission tasked with securing funds for the country's nuclear exit said on Wednesday. The funds would be transferred in cash, senior commission member Juergen Trittin said during a news conference to...

Source: Reuters

UPDATE 1-Germany to offer 1 bln eur electric-car incentives

*Luxury EVs priced above 60,000 euros won't benefit. BERLIN, April 27- Germany will offer incentives for buyers of electric cars worth about 1 billion euros to stoke consumer interest in battery cars as it struggles to meet a target of bringing 1 million of them on to its roads by the end of the decade. "With this, I believe we will be able to give a boost to quickly move...

Source: Reuters

UPDATE 2-E.ON's Uniper plans cost cuts and asset sales

*Uniper aims for asset sales of at least 2 bln eur by 2018. *To pay dividend of 200 mln eur for 2016. FRANKFURT, April 26- Uniper, the power plant and energy trading business being spun off by German utility E.ON, said on Tuesday it would cut costs and sell assets in its battle against weak markets, adding there would be no "sacred cows" within the company.

Source: Reuters

What happens to euro if ECB delivers?

The EUR/USD pair will find support at lower levels, says Tony Boyadjian from Compass Global Markets.


UPDATE 2-Credit Agricole to cut retail, investment bank costs to drive income

*Targets 4.2 bln eur in 2019 vs 3.5 bln in 2015. PARIS, March 9- Credit Agricole plans to increase net income by around 20 percent within three years, largely through cost cutting, as it seeks to keep investors on board during a complex restructuring. The French bank said on Wednesday that it will reduce costs and increase cross-selling in its retail, asset management...

Source: Reuters

UPDATE 1-Dieselgate hits Audi profit in hint of cost to VW

*Emissions costs, recall provisions total 298 mln eur. INGOLSTADT, Germany, March 3- Volkswagen's Audi gave an early indication of the costs of the "Dieselgate" scandal to the German carmaker on Thursday, reporting that it had cut into its 2015 profit. Audi said its operating profit fell 6.1 percent to 4.84 billion euros on emissions-related costs of 228 million...

Source: Reuters

UPDATE 2-LVMH delivers growth with resilient sales outside China

*2015 sales 35.66 bln eur vs poll avg 35.51 bln. PARIS, Feb 2- LVMH, the world's biggest luxury group, bucked an industry downturn with stronger-than-expected fourth-quarter sales growth as resilience in Europe, Japan and the United States helped compensate for weakness in China. LVMH Chief Executive Bernard Arnault on Tuesday said traffic at the luxury group's...

Source: Reuters

UPDATE 2-Bad debt drop lifts Spain's Bankia, legal bill looms

*Bankia beats on 2015 profit, rises 34 pct to 1.04 bln eur. MADRID, Feb 1- Falling bad debt charges enabled Spain's bailed-out Bankia to post a near 40 percent rise in net profit for 2015, although a rising legal bill linked to its troubled flotation is clouding its outlook. Falling charges against soured debts as Spain's economy rebounded helped Bankia post...

Source: Reuters

UPDATE 3-Deutsche Bank scraps board bonuses after record loss

*Posts record 2015 net loss of 6.8 bln eur. *Investment bank Q4 pretax loss 1.15 bln eur. FRANKFURT, Jan 28- Deutsche Bank scrapped board bonuses this year after posting a record loss for 2015 on Thursday, with Chief Executive John Cryan urging investors to be patient with his revamp of Germany's largest lender.

Source: Reuters

UPDATE 2-Deutsche Bank stays course on restructuring as investment bank falls to Q4 loss

*Posts record 2015 net loss of 6.8 bln eur. FRANKFURT, Jan 28- Deutsche Bank Chief Executive John Cryan urged investors to bear with him as he expects the overhaul of Germany's biggest lender to peak this year, following a record loss in 2015.. Restructuring and severance charges will reach about 1 billion euros in 2016 and litigation costs are to stay high, albeit...

Source: Reuters