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VW: EV battery output bigger challenge than EU combustion engine ban

By Ilona Wissenbach and Jan Schwartz MUNICH, June 29 (Reuters) - The EU deal to phase out combustion engine cars in just over 12 years is challenging, but a more daunting obstacle will be making enough batteries to power the electric cars needed as a result, a senior Volkswagen executive said on Wednesday. The comment was made after European Union
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Germany's gas crisis in five charts

By Vera Eckert and Tom Sims FRANKFURT, June 29 (Reuters) - Germany, largely dependent on Russian gas to fuel its export-led economy and to keep homes warm, is bracing for a possible total halt in Russian supplies if Moscow steps up its use of gas as an economic weapon against the West while it wages war in Ukraine. Already down since last year, Rus
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EV battery output bigger challenge than EU combustion engine ban, says VW

By Ilona Wissenbach and Jan Schwartz MUNICH, June 29 (Reuters) - The EU deal to phase out combustion engine cars in just over 12 years is challenging, but an more daunting obstacle will be making enough batteries to power the electric cars needed as a result, a senior Volkswagen executive said on Wednesday. The comment came after EU countries clinc
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Hyundai, Kia raided over suspected defeat devices in Germany, shares plunge

BERLIN/SEOUL, June 29 (Reuters) - German authorities have raided Hyundai 005380.KS and Kia 000270.KS over allegations that they put over 210,000 diesel vehicles with suspected illegal defeat devices onto the road, the Frankfurt state prosecutor's office said on Tuesday. The announcement sent shares of the two South Korean automakers down more than
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Wall Street Journal - June 28

June 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Goldman Sachs GS.N and Well Fargo WFC.N on Monday said they would increase payouts to shareholders after the Federal Reserve said the banks are able to keep lending in a severe hypothetica
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Five countries seek to delay EU fossil fuel car phase-out -document

By Kate Abnett BRUSSELS, June 24 (Reuters) - Italy, Portugal, Slovakia, Bulgaria and Romania want to delay a European Union plan to effectively ban the sale of new petrol and diesel cars from 2035 by five years, according to a document seen by Reuters. The policy is a key pillar of the EU's plans to tackle rising transport emissions and speed the s
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Five countries seek to delay EU fossil fuel car phase-out -document

By Kate Abnett BRUSSELS, June 24 (Reuters) - Italy, Portugal, Slovakia, Bulgaria and Romania want to delay a European Union plan to effectively ban the sale of new petrol and diesel cars from 2035 by five years, according to a document seen by Reuters. The policy is a key pillar of the EU's plans to tackle rising transport emissions and speed the s
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Umicore bets on green mobility shift to double revenues by 2030

June 22 (Reuters) - Belgian chemicals and battery materials company Umicore UMI.BR said on Wednesday it saw potential to more than double revenues by 2030 and attain adjusted core profit (EBITDA) margins of more than 20% throughout the period. The company, which produces cathode materials used in batteries for electric vehicles, phones and other it
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Battery materials supplier Umicore aims to double revenues by 2030

June 22 (Reuters) - Belgian chemicals and battery materials company Umicore UMI.BR said on Wednesday it saw potential to more than double revenues by 2030 and attain adjusted EBITDA margins of more than 20% throughout the period. The company, which produces cathode materials used in batteries for electric vehicles, phones and other items, said it s
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British Business - June 22

June 22 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Ocado OCDO.L bosses on Wednesday pledged that its 578 million pound ($709.09 million) fundraising will be the last time it taps investors before turning cashflow
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EU lawmakers back ban on new fossil-fuel cars from 2035

(Updates throughout) By Kate Abnett BRUSSELS, June 8 (Reuters) - European Parliament lawmakers on Wednesday voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035, rejecting attempts to weaken the proposal to speed Europe's shift to electric vehicles. The vote upholds a key pillar of the European Union's plans to c
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EU lawmakers support effective ban for new fossil-fuel cars from 2035

BRUSSELS, June 8 (Reuters) - European Parliament lawmakers on Wednesday voted in favour of an effective EU ban on the sale of new petrol and diesel cars from 2035, as part of a broad package of measures to combat climate change. Lawmakers backed a proposal, made by the European Commission last year, to impose a 100% reduction in CO2 emissions from
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Russian auto sales plunge 83.5% in May, another historic dive

June 6 (Reuters) - Car sales in Russia plunged 83.5% in May to another historic low, the Association of European Businesses (AEB) said on Monday, as Western sanctions have decimated Russia's auto industry with parts shortages and spiralling prices. Russia sent troops to Ukraine on Feb. 24, and sales of new cars have been falling since March as sanc
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Globalization's cheerleaders grasp for new buzzwords at Davos

By Dan Burns and Leela de Kretser DAVOS, Switzerland, May 26 (Reuters) - World leaders, financiers and chief executives said they were leaving this week's World Economic Forum with an urgent sense of the need to reboot and redefine 'globalization'. The framework of open markets that has shaped the last three decades of commerce and geopolitics look
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British Business - May 26

May 26 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Volkswagen VOWG_p.DE has agreed upon a 193 million pound ($243.22 million) settlement with more than 90,000 UK car-owners after the manufacturer installed "defeat
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Global automakers face electric shock in China

By Norihiko Shirouzu BEIJING, May 26 (Reuters) - If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock. Kings of the combustion age such as General Motors and Volkswagen are falling behind local players in the booming electric vehicle (EV) market in China, a country that's key to fundi
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German business morale unexpectedly rises in May despite Ukraine war

* Rise bucks expectations for a small fall * Ifo sees "no observable signs of a recession" BERLIN, May 23 (Reuters) - German business morale rose unexpectedly in May, as Europe's largest economy showed resilience in the face of high inflation, supply chain problems and the war in Ukraine, a survey showed on Monday. The Ifo institute said its busine
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New car sales in Russia slump by record 78.5% y/y in April

May 11 (Reuters) - New car sales in Russia fell by a record 78.5% year on year in April, dropping for a tenth month in a row as the sector was hit by acute shortages and soaring prices caused by disrupted logistics and a volatile rouble. New car sales of 32,706 cars in April were less than one-quarter of those sold a year earlier, the Association o
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British Business - May 10

May 10 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - The board of Ideagen Plc IDEA.L , based in Nottingham, has recommended shareholders to accept a 1.1 billion pounds ($1.36 billion) takeover offer from Hg. Link -
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China's Geely buys stake in Renault Korea, eyeing US exports

By Norihiko Shirouzu and Heekyong Yang May 10 (Reuters) - China's Geely Automobile 0175.HK will buy just over a third of Renault's RENA.PA Korea unit for roughly $200 million, potentially helping it boost U.S. exports, and freeing up funds for the French automaker to invest in its electric business. Renault, which can assemble 300,000 vehicles a ye
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