ROUNDUP: UAW union launches strike at major U.S. automakers

DETROIT - In an unprecedented move, plants of the three major U.S. automakers General Motors, Ford and Stellantis are being struck simultaneously by the influential UAW union. The work stoppages began Friday night after the deadline for collective bargaining expired. A prolonged nationwide strike in the auto industry could have a significant impact on the U.S. economy. The labor dispute also puts President Joe Biden in a bind a year before the next race for the White House.

VW sales lose further momentum in August - China weighs on sales

Wolfsburg - At the Volkswagen Group, new car business continues to lose momentum. With 740,100 vehicles of all group brands, 5.7 percent more cars were delivered in August than in the weak month of the previous year, as the group announced on Friday. In July, the increase had still been 6.6 percent, in the first half of the year even 12.8 percent.

ROUNDUP/High electricity prices: Government seeks compromise for relief

BERLIN - In view of the high electricity prices by international standards, the German government is looking for a compromise to ease the burden on companies. Der Spiegel" reported that a new proposal is being prepared in the Chancellor's Office and the Ministry of Economics. According to this, the so-called electricity price compensation could be extended, which about 340 energy-intensive companies would receive, for example for produced steel, for chlorine or paper.

Hapag-Lloyd considers withdrawing cargo from Hamburg because of HHLA deal

HAMBURG - The long-established Hamburg shipping company Hapag-Lloyd is considering withdrawing cargo from the Port of Hamburg because of the planned HHLA deal between the city of Hamburg and the world's largest container shipping company MSC. Currently, Hapag-Lloyd is handling almost all of the volume destined for Central Europe via Hamburg, Hapag-Lloyd CEO Rolf Habben Jansen told Deutsche Presse-Agentur on Friday. "I could also imagine a scenario where that is only 70 or 80 percent."

Lufthansa chief: problems in aircraft construction will last longer

FRANKFURT - Deutsche Lufthansa AG expects problems in acquiring new aircraft to last longer. It is "incredibly frustrating" that things are faltering so much on the supply side, given the current very strong demand, Group CEO Carsten Spohr said Thursday evening in Frankfurt. He added that this was also associated with a lack of improvement in the CO2 balance, because aircraft with new engines emit between 25 and 30 percent fewer pollutants than their respective predecessor models.

Report/Prior to possible corporate restructuring: Bayer CEO wants to streamline management

FRANKFURT - According to a media report, the pharmaceutical and agrochemical group Bayer wants to streamline its management. Bill Anderson, the company's CEO since June, wants to launch a program to increase efficiency and reduce bureaucracy before a possible major restructuring, the Reuters news agency wrote on Thursday evening, citing people familiar with the matter. In particular, upper and middle management positions would be affected. A company spokesman would not comment on the report when asked. However, the approach would fit with what Anderson had said at the beginning of April at the start of his induction period in a round of talks with journalists on his view of corporate leadership.

Disney rejects report on ABC sale - No decision

BURBANK - Entertainment giant Walt Disney has dismissed reports of a possible sale of ABC Group and its associated TV stations to Nexstar. "Any report to that effect is unfounded," the group announced Thursday in Burbank. Disney, however, said it was open to considering a variety of strategic options for its linear businesses. At this time, however, no decision has been made regarding the sale of ABC or other properties, the statement added.

Slowed sales growth at H&M due to Russia pullback and Ukraine war

STOCKHOLM - The withdrawal from Russia and sales losses in Ukraine have put a damper on growth at fashion retailer H&M. In the third fiscal quarter (to the end of August), sales rose six percent to just under 61 billion Swedish kronor (5.1 billion euros), the company said Friday in Stockholm. H&M thus fell short of analysts' expectations. In local currencies, sales even stagnated at the previous year's level. Excluding business in Russia, Belarus and Ukraine, however, sales would have increased by eight percent.

Friendly capital markets and special effect: Financial group W&W earns more

LUDWIGSBURG - The financial group Wüstenrot & Württembergische (W&W) benefited in the first half of the year from a special effect in the residential business and a good capital market environment. Consolidated profit rose by almost a quarter year-on-year to 180.7 million euros, the SDax-listed company announced Friday in Ludwigsburg, Swabia. Stock markets were surprisingly friendly and bond markets were calm, it said. Management confirmed its full-year forecast, according to which it is targeting a profit of 220 to 250 million euros in 2023. However, this would be down from the 261.5 million euros achieved in 2022.

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Further news

-IPO: Novartis shareholders approve Sandoz spin-off.

-EU Commission approves additional vaccine for Omikron variant

-ROUNDUP: Union calls for ban on work contracts in parcel industry

-ROUNDUP/For more punctual trains: Federal government holds out prospect of almost 40 billion

-VW diesel trial in Braunschweig remains tough after two years

-Data protection fine of 345 million euros for TikTok

-Wissing: Federal government to give Deutsche Bahn further billions in equity capital

-Fraport extends contract with head Stefan Schulte until summer 2027

-ROUNDUP/After recall threat: Apple updates iPhone 12 in France

-Agriculture expert: EU considers renewed suspension of arable set-aside

-Novartis presents detailed data on Kisqali

-Sandoz chief wants to focus more on biosimilars to boost margins

-Fritzbox supplier AVM examines future options

-ROUNDUP/BND chief: LNG terminals can also be targets of cyber attacks°.

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