Volkswagen says it is not interested in buying a Tesla stake

FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) on Thursday denied a media report which suggested that the German carmaker was interested in buying a stake in United States electric car manufacturer Tesla. “The speculation about buying a stake in Tesla made by Manager Magazin is without merit,” a Volkswagen spokesman said in a written statement to Reuters. Source: Read Full Article

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German industry output, exports fall sharply in April

BERLIN (Reuters) – Both German industrial output and exports fell more than expected in April, data showed on Friday, highlighting the vulnerability of Europe’s largest economy to headwinds from trade frictions and Brexit uncertainty. Industrial output declined by 1.9% on the month, data from the Statistics Office showed. That was the sharpest drop since August 2015 and came as factories […]

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German authorities raid 11 banks in tax evasion probe

German authorities have carried out raids on eight individuals and 11 banks in an investigation of suspected tax evasion stemming from the leaked Panama Papers. News agency dpa reported that Frankfurt prosecutors said Wednesday's raids in various parts of Germany also targeted the offices of four tax advisers. The wealthy individuals are suspected of setting up letter-box companies via a […]

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The Latest: German trade group welcomes extension

British Prime Minister Theresa May, right, walks away after speaking with the media after she arrives for an EU summit at the Europa building in Brussels, Wednesday, April 10, 2019. European Union leaders meet Wednesday in Brussels for an emergency summit to discuss a new Brexit extension. (AP Photo/Olivier Matthys) The Latest on Britain's departure from the European Union (all […]

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Young German activists demand earlier coal-burning deadline

File – In this Friday, March 29, 2019 file photo, students attend a protest rally of the ‘Friday For Future Movement in Berlin, Germany. A group that has helped organize weekly student protests in Germany against climate change is calling for the country’s phase-out of coal-fired power plants to be sped up. (AP Photo/Markus Schreiber) Young German activists who have […]

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Daimler, BMW to limit cooperation to affordable electric car in China: paper

FRANKFURT (Reuters) – Daimler and BMW are looking to limit their planned cooperation to jointly produce an affordable electric car in China, German daily Sueddeutsche Zeitung reported on Wednesday. Daimler and BMW declined to comment. Last month, news reports said that BMW and Daimler are in talks to cooperate in developing vehicle platforms for electric cars in a step that […]

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The Latest: German industry group: Brexit chaos is absolute

Anti-Brexit demonstrators wave EU flags on a bus driving by Parliament Square in Westminster, London, Friday, March 29, 2019. Pro-Brexit demonstrators were gathering in central London on the day that Britain was originally scheduled to leave the European Union. British lawmakers will vote Friday on what Prime Minister Theresa May’s government described as the “last chance to vote for Brexit.” […]

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BMW and Daimler seek 7 billion euros savings from shared platforms: reports

FRANKFURT (Reuters) – BMW and Daimler are in talks to cooperate in developing vehicle platforms for electric cars in a step that could save each carmaker at least 7 billion euros ($7.91 billion), Sueddeutsche Zeitung and Auto Bild said on Thursday. The two premium carmakers already have a joint procurement program and recently extended their alliance to include development of […]

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U.S. extends time for divestment from sanctioned Russian company GAZ

WASHINGTON (Reuters) – The U.S. Treasury said on Wednesday it was extending by four months the deadline for investors to divest from Russian automaker GAZ, a company linked to Russian tycoon Oleg Deripaska that Washington sanctioned over Russia’s “malign activity.” The Treasury’s Office of Foreign Assets Control said in a statement that it would allow investors and businesses until July […]

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