IAA/ROUNDUP/VDA head: Germany may lose future as car location

BERLIN/MUNICH - The president of the German Association of the Automotive Industry, Hildegard Müller, does not rule out the possibility that Germany could fall by the wayside as an industry location. Although German manufacturers would not lose the race for the future, "the German location without massive reforms would," Müller told Deutsche Presse-Agentur in a joint interview with Microsoft's head of Germany, Marianne Janik. Before the start of the IAA auto show, Müller lamented, among other things, overregulation, political decisions that were too slow and a lack of legal frameworks for future topics such as artificial intelligence.

IAA/ROUNDUP: VW and BMW expect electric car demand to rise again soon.

MUNICH - The market share of e-cars in new registrations in Germany is likely to decline sharply next year, according to industry experts. The reason for this is the lower subsidies from the state for purchases. Ahead of the IAA motor show in Munich (Sept. 4-10), however, Volkswagen and BMW are confident about the long-term demand for e-cars. The ADAC automobile club, on the other hand, believes a longer start-up phase with taxpayer money is necessary.

Billionaire Kühne doubles stake in Brenntag

ESSEN - Billionaire Klaus-Michael Kühne has increased his stake in chemicals trader Brenntag. Through his holding company, he now holds a good 10 percent of the voting rights, the Dax company announced in a statement after the close of business on Friday evening. Previously, his share was just under 5.2 percent.

IPO/'WSJ': Arm targets valuation of up to $55 billion

NEW YORK - British chip designer Arm is targeting a valuation of $50 billion to $55 billion for its initial public offering in the United States, according to a press report. That would make the IPO of the subsidiary of Japanese technology group Softbank the largest this year. Arm wants to meet with investors as early as Tuesday, the Wall Street Journal reported over the weekend, citing people familiar with the matter. The Borsengang is to take place the following week, it said.

IAA/Mercedes development chief: E-discount battle in China barely affects us

MUNICH - Automaker Mercedes-Benz is so far taking a relaxed view of the discount battle for electric cars in China. "The price war in China is taking place in the price range up to 300,000 renminbi," Mercedes development chief Markus Schäfer told journalists in Munich on Sunday ahead of the start of the IAA auto and transport show. That's the equivalent of a good 38,000 euros. "We're mainly in the segment up to 800,000 renminbi or even up to over a million renminbi - and we'll continue to give customers the best deal there, that's our goal."

Nestle sells peanut allergen Palforzia

VEVEY - Food giant Nestlé has found a buyer for its peanut allergy drug Palforzia. The business, which Nestlé put in the shop window last November as part of a strategic review, will go to Stallergenes Greer, a biopharma company headquartered in London. Under the agreement, Stallergenes Greer will make milestone payments and ongoing royalties to Nestlé, according to a statement Monday. However, it did not provide further financial details. The transaction was completed immediately upon signing, it added.

IAA: Conti signs partnership with Google for AI development

MUNICH - Supplier Continental will collaborate with Google on the topic of artificial intelligence (AI) in the future. "Together with Google, we are bringing artificial intelligence into the vehicle cockpit," said the head of Continental Automotive, Philipp von Hirschheydt, according to a statement on Monday on the occasion of the IAA Mobility car show in Munich. The goal of the new partnership is to integrate applications from Google Cloud directly into the vehicle's computer, he said. "On the basis of our smart cockpit high-performance computer, series production readiness is mogible in only 18 months of development time," von Hirschheydt said confidently.

Survey: price increases by reinsurers scare off primary insurers

LONDON/MONTE-CARLO - Rising prices for reinsurance cover are increasingly deterring primary insurers such as Allianz and Axa, according to a survey. Although insurance losses are expected to become increasingly expensive, 91 percent of the insurers surveyed did not want to cede any more risks to reinsurers next year, the rating agency Moody's announced in London on Monday. Accordingly, primary insurers are likely to take a larger share of future losses on their own, Moody's analyst Helena Kingsley-Tomkins concluded.

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More news

-IAA: VW CEO Blume does not see China competition as a threat

-IAA: Bosch expects sales growth in mobility division

-IAA: BYD unveils 'green mobility dream'

-IAA: Chinese VW partner Xpeng wants to enter German market in 2024

-Survey: High housing costs depress almost half of the population

-VW Commercial Vehicles cuts production due to parts shortage

-Dairy Schwälbchen sees business back on track

-More than a quarter of a million visitors at Caravan Salon

-UBS CEO Ermotti: Takeover of CS was on the cards in 2016

-Bovenschulte calls on federal government to provide more funding for ports

-Ryanair: Problems in the UK hit 63,000 passengers

-Fair in Berlin shows future of regional transport

-ROUNDUP: Telekom offers rights to World Cup basketball to TV broadcasters

-Japan also wants to land on the moon - New attempt for rocket launch

-Vintners in Germany expect much better harvest in 2023 than last year

-Vintners in France expect high quality Champagne vintage

-70,000 lawsuits already filed this year over flight problems

-Gambling group Gauselmann renames itself 'Merkur.com

-Füllkrug clarifies: Dortmund change 'nothing short-term'

-Press: Facebook group Meta considers ad-free subscriptions in Europe

-Scholz puts brakes on FDP: 'Nuclear power is a dead horse in Germany'

-Association: Managed forests are good for environment

-Skin doctors' association calls for state-organized skin cancer screening

-RTL finally cancels entry to basketball world championship

-Bayaz proposes commission to lower electricity prices

-In Füllkrug debut: BVB disgraces itself against Heidenheim

-ROUNDUP: Lemke wants to facilitate firing - Renewed debate about Wolfe°

Customer note:

ROUNDUP: You are reading a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha