31 May

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Germany readies subsidies for satellite internet providers such as Starlink By Reuters

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BERLIN (Reuters) - Germany wants to help citizens in rural areas get better access to the world wide web by supporting the purchase of hardware for satellite internet services such as Elon Musk's Starlink, the transport ministry said on Monday. The planned subsidy scheme will be open to all providers who offer wireless internet connections in rural areas, for example through satellites or directional radio links, the ministry said. Coalition talks about the details of the voucher scheme are still ongoing and the aim is to subsidize the purchase of the technical equipment, it added....

31 May

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Spain cuts prices, eases conditions ahead of July 5G spectrum auction By Reuters

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By Clara-Laeila Laudette MADRID (Reuters) - Spain softened conditions and cut prices in its upcoming radio frequency auction by 15% for the core 700 megahertz band vital for next generation 5G mobile data services, drawing a welcome from debt-laden telecoms groups likely to bid for spectrum. Seeking to incentivise participation, the government cut prices by 12.5% to 20% from last year, depending on the band. "The conditions are still demanding, and the prices could have been lower, but we recognise and thank the government's efforts in improving conditions," said a spokeswoman for Spain's DigitalEs association, which...

31 May

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Exclusive-G7 to back minimum global corporate tax, vow to keep support for economy – draft By Reuters

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BRUSSELS (Reuters) - Finance ministers and central bankers from the group of seven rich nations (G7) will vow this week to keep supporting their economies as they emerge from the pandemic and to reach an "ambitious" deal on a minimum global corporate tax in July, a draft communique showed. The G7 officials, set to meet in London on June 4-5, will also say that once the recovery is well established, they will need to "ensure long-term sustainability of public finances" - code for a gradual withdrawal of public support. The G7 comprises the United States,...

31 May

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Exclusive-Eni, BP in talks over oil and gas assets in Algeria By Reuters

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By Ron Bousso, Dmitry Zhdannikov and Stephen Jewkes LONDON/MILAN (Reuters) - BP (LON:BP) and Eni are in talks over the future of their oil and gas assets in Algeria as the two groups increase efforts to refocus their businesses to tackle falling margins, rising debt and climate pressures, three sources said. Europe's top energy companies are cutting back their oil and gas portfolios to keep only the assets most likely to be profitable and redeploy capital for a transition to clean energy as uncertainty mounts over future demand for fossil fuel. Earlier this month,...

31 May

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German inflation pushes further above ECB target in May By Reuters

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BERLIN (Reuters) - Germany's annual consumer price inflation accelerated in May, advancing further above the European Central Bank's target of close to but below 2%, the Federal Statistics Office said on Monday. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 2.4% in May, up from 2.1% in April. A Reuters forecast had pointed to a May reading of 2.5%. The ECB's chief economist, Philip Lane, said earlier this month the bank had a "lot of work to do" to raise inflation back to its 2% goal and...

31 May

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Porsche, Piech families weigh direct stake in possible Porsche IPO-sources By Reuters

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By Christoph Steitz and Jan Schwartz FRANKFURT (Reuters) - The Porsche and Piech families, who control Volkswagen (DE:VOWG_p)'s largest shareholder, are prepared to take a direct stake in Porsche AG should the luxury carmaker be separately listed, two people familiar with the matter said. Such a move would loosen the families' grip on Europe's largest carmaker Volkswagen, in favour of direct ownership of the iconic sports car brand, founded by their ancestor Ferdinand Porsche, which dates back to 1931. Speculation about a listing of the unit earlier this year included estimates of a standalone valuation...

31 May

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Air France cancels flights as Russia withholds clearance By Reuters

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MOSCOW (Reuters) - Air France cancelled two more flights to Moscow on Monday after Russian authorities failed to approve flight plans that avoid Belarus airspace. The European Union has urged its airlines to avoid Belarus amid outrage over the forced landing of a Ryanair jet en route to Lithuania from Greece on May 23 and the arrest of a dissident journalist on board. "Air France confirms the cancellation of flights AF1154 and AF1654 from Paris-Charles de Gaulle to Moscow on 31 May 2021 as the authorisations from Russian authorities to enter their territory have not been...

31 May

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European stocks retreat from record highs, Deutsche Bank drags By Reuters

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(Reuters) -European stocks slipped from record highs on Monday in subdued trading due to holidays in major markets, but optimism over a swift economic recovery put the benchmark index on course for its fourth month of gains. The pan-European STOXX 600 index was down 0.1% in morning trade, with shares in Frankfurt falling 0.3% and Paris dipping 0.1%. UK and US markets are closed for a holiday, keeping trading volumes muted across the board. Among the top drags was Deutsche Bank (DE:DBKGn), down 1.8% after the Wall Street Journal reported that the U.S. Federal...

31 May

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Germany plans pension taxation reform after election By Reuters

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MUNICH (Reuters) -Germany's Finance Ministry said on Monday it plans to reform the taxation of pensions after September's federal election, responding to the federal fiscal court's demand for an overhaul to avoid the double taxation of future retirement savings. "This is a proposed solution that we can imagine," State Secretary Rolf Boesinger said in Munich. He spoke after the court dismissed one couple's double taxation complaint but said future pensioners were at risk of having to pay taxes twice under existing transitional regulations. The ministry envisaged contributions to statutory and private pensions during a person's working...

31 May

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Nestle, under fire over unhealthy products, working on new strategy By Reuters

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ZURICH (Reuters) - Nestle said on Monday it was working on updating its nutrition and health strategy after the Financial Times reported an internal document at the food giant described a large portion of its food and drinks as unhealthy. The newspaper said it had seen an internal presentation circulated among top executives early this year stating that more than 60% of Nestle's mainstream food and drinks portfolio could not be considered healthy under a "recognised definition of health". The paper said this assessment applied to about half of Nestle's overall portfolio because categories like...

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Germany readies subsidies for satellite internet providers such as Starlink By Reuters

Spain cuts prices, eases conditions ahead of July 5G spectrum auction By Reuters

Exclusive-G7 to back minimum global corporate tax, vow to keep support for economy – draft By Reuters

Exclusive-Eni, BP in talks over oil and gas assets in Algeria By Reuters

German inflation pushes further above ECB target in May By Reuters

Porsche, Piech families weigh direct stake in possible Porsche IPO-sources By Reuters

Air France cancels flights as Russia withholds clearance By Reuters

European stocks retreat from record highs, Deutsche Bank drags By Reuters

Germany plans pension taxation reform after election By Reuters

Nestle, under fire over unhealthy products, working on new strategy By Reuters

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