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U.S. tariffs to cost Germans up to 20 billion euros this year: report

“BERLIN (Reuters) – U.S. President Donald Trump’s tariffs will lead to a drop in prosperity in Germany this year and are likely to cost Germans up to 20 billion euros ($23.44 billion), the head of German think-tank IMK said” writes Midwest Communications Inc for 95kqds.com. “The policy of tariffs will cost Germans up to 20 billion euros in additional income this year,” Gustav Horn, director of the IMK, which is close to the trade unions, told weekly magazine Der Spiegel. On Friday the head of the DIHK Chambers of Commerce…

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Markets News 

Goldman Sachs, Prysmian, others lose challenge against 302 million euros EU cartel fine

“Prysmian was hit with the biggest fine at 104.6 million euros, which included a joint fine of 37.3 million euros with Goldman Sachs” reports businessinsider.com. The EU antitrust enforcer said the group ran a power cable cartel for almost 10 years from 1999, sharing markets and allocating customers between themselves.The Goldman Sachs company logo is seen in the company’s space on the floor of the NYSE in New York Thomson Reuters By Foo Yun Chee LUXEMBOURG (Reuters) – Investment bank Goldman Sachs , the world’s top cablemaker Prysmian , Nexans…

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EU Google decision delayed to next week, source says, as Trump visits

“The Dutch was told to recover up to 30 million euros from Starbucks and Luxembourg 250 million euros from Amazon” writes Foo Yun Chee for reuters.com. The Commission handed down a landmark 2.4-billion-euro ($2.82 billion) penalty to Google last year for favoring its shopping service over rivals.BRUSSELS (Reuters) – EU antitrust regulators have postponed to next week a finding against Google’s Android mobile operating system, a person familiar with the matter said, avoiding any clash with a visit to Brussels by U.S. President Donald Trump. Source: reuters.com Share This:

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BMW agrees $4.7 billion contract with China’s CATL for battery cells

“MUNICH (Reuters) – BMW plans to source 4 billion euros’ ($4.7 billion) worth of battery cells from Chinese battery maker Contemporary Amperex Technology Ltd (CATL) over the next few years, the carmaker’s purchasing head said on Monday” writes Midwest Communications Inc for 95kqds.com. The long-term contract sees 1.5 billion euros’ worth of battery cells coming from a new CATL plant in Erfurt, in the eastern German state of Thuringia, Markus Duesmann said in Munich. He said he would welcome it if other carmakers also wanted to invest in the Erfurt…

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German carmakers left reliant on others for battery cells

“Volkswagen called last year for the German and European industry, which employs 12.6 million workers, to team up on battery production” writes Midwest Communications Inc for 95kqds.com. “If we want to have a German battery cell industry, then this is a warning shot,” said auto industry expert Joern Neuhausen of PwC consulting arm Strategy&.Industry experts expect the mobility revolution to boost Europe’s battery market to 250 billion euros by 2025.The privately held company, a leading auto industry supplier, has opted out of making lithium-ion battery cells, saying it would take…

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German court orders Volkswagen to pay MAN minorities 300 million euros

“FILE PHOTO: A Volkswagen logo is pictured during the Volkswagen Group’s annual general meeting in Berlin Thomson Reuters MUNICH (Reuters) – A German court has ordered auto maker Volkswagen AG’s truck unit to pay 300 million euros ($350 million) to shareholders in MAN SE , ending a long-running court battle over its buyout offer” reports businessinsider.com. Minority shareholders in MAN will receive a gross annual payment of 5.50 euros per share, which is 2.20 euros more than Volkswagen has paid.They can also, within two months, hand over their shares in…

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On trade, Merkel joins Trump on the low road | Leonid Bershidsky | Syndicated columnist

“That includes a goods trade surplus of 54.5 billion euros and a services surplus of 3.4 billion euros, offset by a negative income balance” writes Leonid Bershidsky for seattletimes.com. But Eurostat’s number for that year is starkly different: According to the agency, Europe’s services trade deficit with the U.S. only amounted to 1.3 billion euros ($1.5 billion).The Bundesbank estimates that Germany had a current account surplus of 51.5 billion euros vis-à-vis the U.S. last year.She’s treating the trade war between Europe and the U.S. as a contest of wills rather…

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News Regulators 

Euro slides as Draghi delivers a ‘dovish’ end to the ECB’s easy money

“The ECB has said that from September the pace of bond buying will fall from 30 billion euros ($34 billion) to 15 billion euros” writes Daniel Roland for cnbc.com. The euro fell sharply after the European Central Bank (ECB) outlined its exit from quantitative easing (QE), but also claimed interest rates won’t likely budge for more than a year.Sitting at around 1.1818 versus the dollar before the announcement, the euro fell to 1.1681 during Draghi’s subsequent press conference, shipping around 0.9 percent in value for the session.Euro investors appeared to…

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PayPal rival Adyen surges 100 percent in IPO with valuation topping $17 billion

“Adyen processed payment volumes of 108 billion euros ($127 billion) in 2017, up from 66 billion euros the year before, representing 63 percent growth” writes Arjun Kharpal for cnbc.com. This gave the company a market capitalization or valuation of 7.1 billion euros ($8.3 billion).Shares hit a high of 503.9 euros, giving the company a valuation of 14.8 billion euros or ($17.4 billion). Revenues exceeded 1 billion euros for the first time in 2017.It recorded a net income of 71.3 million euros in 2017, though this was down from 97.2 million…

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