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The Star
6 days ago
- General
- The Star
Central Cologne evacuated after discovery of wartime bombs
BERLIN (Reuters) - Thousands of people were being evacuated from central Cologne in western Germany on Wednesday following the discovery of three wartime bombs, in what the city authority called the largest such measure since the end of World War II. An evacuation zone with a radius of 1,000 metres will be cleared from 8am (0600 GMT), impacting around 20,500 residents as well as many workers and hotel guests in the city's historic old town and popular Deutz district, a statement from the authority said. Three American bombs from World War II, each with impact fuses, were discovered during construction work on Monday in Deutz, a bustling area on the bank of the River Rhine. A team of bomb disposal experts plans to disarm the ordnance later on Wednesday, the statement said. Unexploded bombs are often found in Germany, which had many of its major cities bombed to ruins during the war, and such operations often go smoothly. The evacuation area includes one hospital, two retirement homes and nine schools, as well as 58 hotels and many museums. "Everyone involved hopes that the defusing can be completed in the course of Wednesday. This is only possible if all those affected leave their homes or workplaces early and stay outside the evacuation area from the outset on that day," the city authority said in a statement appealing to residents to follow instructions. The measures caused major disruptions to transport in and out of the city of over a million people, with Germany's national rail operator warning that many trains would be diverted or possibly cancelled. (Reporting by Rachel More; Editing by Ludwig Burger)
Yahoo
28-05-2025
- Automotive
- Yahoo
BMW, Mercedes, VW seek tariff relief in return for US investment, Handelsblatt reports
BERLIN (Reuters) - German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday. In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum. The aim is to clinch a deal by early July, according to Handelsblatt. (Writing by Rachel More; Editing by Madeline Chambers) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Ocean shipping firm welcomes China-US tariff reprieve
By Rachel More and Lisa Baertlein BERLIN/LOS ANGELES (Reuters) -German container shipping firm Hapag-Lloyd on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.S. The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday. Trade between the world's two largest economies plummeted in the midst of the trade standoff, prompting container shipping companies like MSC and Cosco to suspend regular routes or cancel individual voyages. Others considered switching to smaller ships. The reprieve could spark a rush of shipments to the United States, which some Chinese factories were preparing for, and send off-contract spot rates higher. "We expect bookings from China to the U.S. to increase, which should help us... into peak season," the company said in an emailed statement. The ocean shipping peak season typically refers to the August to October period, when U.S. retailers stock up on goods for the winter holiday season dominated by Halloween, Thanksgiving and Christmas. Hapag-Lloyd continued sailing during the downturn, albeit with plans to downsize ships - a move that could put the carrier at an advantage over rivals that culled sailings, should customers rush in goods during the 90-day reprieve. "Originally, we had planned to use smaller ships for transports from China to (the U.S. coasts) but may reverse that if demand is strong," Hapag-Lloyd said. Maersk CEO Vincent Clerc said on Thursday that in two weeks the Danish firm had removed 20% of capacity on the China to United States route and transferred it to other routes. Maersk could switch that back as quickly if customers ask for it, Clerc said. Average transit time on the Transpacific trade is 22 days, so customers will take the 90-day window of opportunity to ship as many goods as possible into the United States, said Peter Sand, chief analyst at pricing platform Xeneta. "This will put upward pressure on freight rates."
Yahoo
06-05-2025
- Automotive
- Yahoo
Continental reports strong Q1 profit on cost cuts but tariff uncertainty looms
By Rachel More BERLIN (Reuters) -German car parts maker Continental reported stronger-than-expected earnings growth on Tuesday in part from cost-cutting efforts, although it warned increasing U.S. trade restrictions from higher tariffs pose economic risks. "We made a solid start to the year," CEO Nikolai Setzer said in a statement on its first-quarter results. However, the statement also highlighted the threat of increasing trade hurdles, which were not factored into the group's full-year guidance. Continental is in the process of splitting off two of its three businesses, seeking a leaner form as a pure-play tyre maker that it hopes will be better positioned in a volatile market rattled by tariffs imposed by the U.S. The company adapted its 2025 outlook to omit the auto division ahead of a spin-off of the business expected this year, forecasting lower sales but increased profitability. "Geopolitical tensions and the potential impact of trade restrictions are causing a high degree of uncertainty about global economic development in the current fiscal year," the company said. RESTRUCTURING SAVINGS The group comprising the tyres and ContiTech businesses expects sales in a range of around 19.5 billion to 21.0 billion euros ($22 billion to $23.8 billion) and an adjusted profit margin of around 10.5% to 11.5%. Germany's other major auto parts suppliers, Bosch and ZF, are also undergoing radical restructuring as the sector grapples with a drop in car production and high costs, now compounded by the trade conflict affecting exports to the United States. Last month, Continental revealed plans to turn its ContiTech rubber and plastics division into an independent entity, targeting a likely sale, while its automotive unit is expected to be spun off this year and subsequently listed on the Frankfurt stock exchange. The company reported adjusted earnings before interest and taxes (EBIT) of 586 million euros in the first quarter, compared to 201 million euros a year earlier and beating a forecast of 485 million euros, according to a company-provided poll of analysts. Continental's adjusted EBIT margin in the first three months of 2025 was 6.0% versus a forecast 5.1%. "The quarterly results reflect our focus on improving our financial position – and show that our efficiency measures are paying off," said Continental CFO Olaf Schick. ($1 = 0.8836 euros) Sign in to access your portfolio
Yahoo
30-04-2025
- Automotive
- Yahoo
Mercedes reports profit drop in Q1 as tariffs bite
By Rachel More BERLIN (Reuters) -Mercedes-Benz on Wednesday reported lower profitability in its cars business in the first quarter and warned that tariffs could impact its full-year earnings, as trade tensions forced the luxury carmaker to scrap its outlook. The German luxury carmaker reported a profit margin for its car segment of 7.3%, slipping from 9% in the first quarter of last year. Group earnings before interest and taxes (EBIT) plunged by 41% year on year to 2.3 billion euros ($2.62 billion) in the first three months of 2025. "The current volatility with regard to tariff policies, mitigation measures and resulting potential direct and indirect effects, in particular on customer behaviour and demand, is too high to reliably assess the business development for the remainder of the year," the company said in a statement. The sweeping and erratic tariff regime of President Donald Trump piles pressure on European carmakers already facing a swathe of other challenges, including stiff competition from China and high costs in Europe. Assuming current trade policies persist, Mercedes expects its margins in the cars and vans units to be "negatively impacted", it said in a statement. ($1 = 0.8794 euros)
