Company news
German carmakers eye Brandenburg after Tesla expansion push
The German state of Brandenburg has received a flurry of inquiries from German carmakers after electric car start-up Tesla opted to build its European factory there, Brandenburg's Economy Minister Joerg Steinbach told Reuters.
Tesla in November said it would build its European factory on the outskirts of Berlin, a major boost for the region after BMW and Daimler in recent years chose Hungary as a location for their new plants.
"We are seeing the traditional German manufacturers, who are opening up more to new technologies, asking whether it is possible to do something in Brandenburg," Steinbach told Reuters in remarks published on Tuesday.
"They're asking: What made you interesting for Tesla?" Steinbach said. "We are noticing a pull effect," Steinbach said about Tesla's decision.
Microvast, a company specialised in fast charging and battery solutions, will build a factory in Ludwigsfelde and BASF is mulling whether to build an electric car battery cell production facility in the region, Steinbach said.
BASF's management board is due to decide in the next six to seven months whether to formally approve the investment, Steinbach said.
Brandenburg's state capital Potsdam, home to a university, and the region's proximity to Berlin means companies can draw from a pool of academics. Tesla will have no problem finding talented assembly workers given that rivals Audi, VW and BMW are cutting costs, Steinbach added. – Nampa/Reuters
Russia's VTB sues Mozambique firm at centre of US$2 bln scandal
Russian state lender VTB has filed a lawsuit in Britain's High Court against a Mozambican government company it lent hefty sums to as part of a project now at the centre of a US$2 billion debt scandal, an online court filing shows.
The filing, dated Dec. 23, names as defendants the Mozambique state and Mozambique Asset Management, which took a US$535 million loan from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme.
It says the case relates to "general commercial contracts and arrangements" but does not elaborate. It provides no further information other than that VTB Capital, the investment banking arm of VTB, is being represented by law firm Freshfields Bruckhaus Deringer.
It does not state whether the case relates to the loan, which Mozambique and VTB had been trying to restructure. The deputy head of the legal department of VTB Capital said in October the loan represented a "significant exposure" it expected to be repaid.
VTB did not immediately respond to an emailed request for comment, and Mozambique's Attorney General's Office said it was waiting for formal notification of the lawsuit. – Nampa/Reuters
Spain's real estate firm Quabit shares jump after Slim bet
Shares of Spanish housing developer Quabit Inmobiliaria jumped on Tuesday after Mexican billionaire Carlos Slim bought a minority stake as he increases his bet on Spanish real estate.
Slim's investment arm Inversora Carso bought a 3% stake in Quabit on Jan. 2, Spanish market regulator CNMV said.
The news pushed Quabit's share price up 4% to 1.12 euros in early trading.
Quabit is developing housing projects all over Spain. The company' market value was 162 million euros (US$181 million) as of Jan. 6.
The billionaire' s acquisition is a new move in the sector after he took controlling stakes in larger Spanish firms FCC and Realia.
Spanish real estate's price have been rising constantly over the past few year after the whole industry collapsed a decade ago. – Nampa/Reuters
Uncertainty in UK grocery market to persist until Brexit clear - Morrisons CEO
Consumer uncertainty will persist in Britain's grocery market until the terms of Britain's exit from the European Union become clearer, the boss of Morrisons, the country's No. 4 supermarket, said on Tuesday.
"I think there's going to be uncertainty in the market until Brexit becomes clearer," Chief Executive David Potts told reporters, after Morrisons reported a fall in sales over the Christmas period, blaming challenging trading conditions.
Prime Minister Boris Johnson's sweeping election victory last month has eliminated the risk of a disruptive no-deal Brexit on Jan. 31.
But a hit to trade remains possible at the end of 2020, when Johnson insists a post-Brexit transition period will end, regardless of whether he can negotiate a trade deal with the European Union before then. – Nampa/Reuters
Premier Oil to buy BP assets for US$625 mln with rights issue
Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for US$625 million and increase its stake in the Tolmount gas project in a deal with Dana worth US$191 million, Premier said on Tuesday.
Premier said the acquisitions would generate over US$1 billion in free cash flow by the end of 2023 and add 23,000 barrels of oil equivalent per day cash-generative production and 82 million barrels of reserves and resources to its portfolio.
The acquisitions are funded by a US$500 million equity raise "which has been fully underwritten on a standby basis", existing cash and, if needed, a loan of US$300 million.
"Premier expects that the equity raise will include both a placing and rights issue component with any shares issued under the placing qualifying for the subsequent pre-emptive rights issue," it said.
"It expects to confirm the structure and terms in Q1 2020 following consultation with major shareholders." – Nampa/Reuters
The German state of Brandenburg has received a flurry of inquiries from German carmakers after electric car start-up Tesla opted to build its European factory there, Brandenburg's Economy Minister Joerg Steinbach told Reuters.
Tesla in November said it would build its European factory on the outskirts of Berlin, a major boost for the region after BMW and Daimler in recent years chose Hungary as a location for their new plants.
"We are seeing the traditional German manufacturers, who are opening up more to new technologies, asking whether it is possible to do something in Brandenburg," Steinbach told Reuters in remarks published on Tuesday.
"They're asking: What made you interesting for Tesla?" Steinbach said. "We are noticing a pull effect," Steinbach said about Tesla's decision.
Microvast, a company specialised in fast charging and battery solutions, will build a factory in Ludwigsfelde and BASF is mulling whether to build an electric car battery cell production facility in the region, Steinbach said.
BASF's management board is due to decide in the next six to seven months whether to formally approve the investment, Steinbach said.
Brandenburg's state capital Potsdam, home to a university, and the region's proximity to Berlin means companies can draw from a pool of academics. Tesla will have no problem finding talented assembly workers given that rivals Audi, VW and BMW are cutting costs, Steinbach added. – Nampa/Reuters
Russia's VTB sues Mozambique firm at centre of US$2 bln scandal
Russian state lender VTB has filed a lawsuit in Britain's High Court against a Mozambican government company it lent hefty sums to as part of a project now at the centre of a US$2 billion debt scandal, an online court filing shows.
The filing, dated Dec. 23, names as defendants the Mozambique state and Mozambique Asset Management, which took a US$535 million loan from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme.
It says the case relates to "general commercial contracts and arrangements" but does not elaborate. It provides no further information other than that VTB Capital, the investment banking arm of VTB, is being represented by law firm Freshfields Bruckhaus Deringer.
It does not state whether the case relates to the loan, which Mozambique and VTB had been trying to restructure. The deputy head of the legal department of VTB Capital said in October the loan represented a "significant exposure" it expected to be repaid.
VTB did not immediately respond to an emailed request for comment, and Mozambique's Attorney General's Office said it was waiting for formal notification of the lawsuit. – Nampa/Reuters
Spain's real estate firm Quabit shares jump after Slim bet
Shares of Spanish housing developer Quabit Inmobiliaria jumped on Tuesday after Mexican billionaire Carlos Slim bought a minority stake as he increases his bet on Spanish real estate.
Slim's investment arm Inversora Carso bought a 3% stake in Quabit on Jan. 2, Spanish market regulator CNMV said.
The news pushed Quabit's share price up 4% to 1.12 euros in early trading.
Quabit is developing housing projects all over Spain. The company' market value was 162 million euros (US$181 million) as of Jan. 6.
The billionaire' s acquisition is a new move in the sector after he took controlling stakes in larger Spanish firms FCC and Realia.
Spanish real estate's price have been rising constantly over the past few year after the whole industry collapsed a decade ago. – Nampa/Reuters
Uncertainty in UK grocery market to persist until Brexit clear - Morrisons CEO
Consumer uncertainty will persist in Britain's grocery market until the terms of Britain's exit from the European Union become clearer, the boss of Morrisons, the country's No. 4 supermarket, said on Tuesday.
"I think there's going to be uncertainty in the market until Brexit becomes clearer," Chief Executive David Potts told reporters, after Morrisons reported a fall in sales over the Christmas period, blaming challenging trading conditions.
Prime Minister Boris Johnson's sweeping election victory last month has eliminated the risk of a disruptive no-deal Brexit on Jan. 31.
But a hit to trade remains possible at the end of 2020, when Johnson insists a post-Brexit transition period will end, regardless of whether he can negotiate a trade deal with the European Union before then. – Nampa/Reuters
Premier Oil to buy BP assets for US$625 mln with rights issue
Premier Oil is set to buy stakes in North Sea oilfields Andrew and Shearwater from BP for US$625 million and increase its stake in the Tolmount gas project in a deal with Dana worth US$191 million, Premier said on Tuesday.
Premier said the acquisitions would generate over US$1 billion in free cash flow by the end of 2023 and add 23,000 barrels of oil equivalent per day cash-generative production and 82 million barrels of reserves and resources to its portfolio.
The acquisitions are funded by a US$500 million equity raise "which has been fully underwritten on a standby basis", existing cash and, if needed, a loan of US$300 million.
"Premier expects that the equity raise will include both a placing and rights issue component with any shares issued under the placing qualifying for the subsequent pre-emptive rights issue," it said.
"It expects to confirm the structure and terms in Q1 2020 following consultation with major shareholders." – Nampa/Reuters
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