getquin Summary Week 38
Hello getquin,
we hope you had a nice week. Let's get straight into the news of the week.
Europe🌍:
1. Details on Porsche IPO
Porsche's IPO is expected to take place on September 29. The IPO is estimated to price Porsche AG at 70-75 billion euros. In comparison, Volkswagen is currently about 88.82 billion euros.
Read more here: https://cnb.cx/3xvBb5t
2. Uniper is being nationalized
The German government plans to increase Uniper's capital by eight billion euros at a price of 1.70 euros per share. The previous majority shareholder, the Finnish group Fortum, itself predominantly owned by the Finnish state, is thus out of the shareholding structure.
Read more here: https://bit.ly/3BC55Gy
3. EU releases 5.2 billion euros for hydrogen promotion
The project aims to support the construction of "large-scale electrolysers and transport infrastructure for the production, storage and transport of renewable and low-carbon hydrogen." This should make green hydrogen more affordable for businesses and consumers, enabling energy-intensive industries in particular to reduce their environmental impact.
Read more here: https://cnb.cx/3DHvC85
4. Amazon reconsiders credit card offer in Germany
Amazon apparently wants to fundamentally redesign its credit card program, and the popular bonus program is also under scrutiny. Up to now, the approximately one million customers have received up to three percent of their sales as cashback, which they can use for purchases at the online retailer. The popular cashback is set to decrease under Amazon's plans. The introduction of the changes may be delayed, however, as Amazon is currently negotiating with new partners for the credit card.
Read more here: https://bit.ly/3qTY7HZ
5. Charges against Wirecard Management admitted
The Munich Regional Court has admitted the charges against ex-Wirecard CEO Markus Braun and two other managers. They will thus be tried on charges of commercial gang fraud. The financial criminal proceedings are likely to be one of the biggest in German history. According to the court, a date for the start of the trial has not yet been set.
Read more here: https://bit.ly/3BAYdJI
6. Goldman Sachs acquires a stake in Allianz
Goldman Sachs, a major U.S. bank, acquires a 0.48 percent stake in Allianz. In addition, financial instruments such as futures, swaps and call and put options account for a total of 4.88 percent of the 408.5 million Allianz shares. The new shares were published today, but the deal was already closed last week.
Read more here: https://bit.ly/3SlH25u
America🌏:
7. Nikola and EON decide on joint venture
DAX-listed E.on and Nikola are forming a joint venture, the two companies have signed a letter of intent to this effect. The vision of the joint venture is to promote the benefits of hydrogen, says E.on. After the drama surrounding its CEO, Nikola wants to regain some trust on the capital market with such planned partnerships.
Read more: https://bit.ly/3SfTweV
8. Beyond Meat COO was arrested
Beyond Meat's Chief Operation Office, Doug Ramsey, was arrested over the weekend after he allegedly bit a man in the nose after a college football game in an Arkansas parking garage.
Read more: https://cnb.cx/3DFMdJs
8. Powell makes the stock market tremble
The U.S. Federal Reserve raised key interest rates by another 75 basis points and indicated that it will continue to keep rates well above current levels. Inflation has reached its highest level since the early 1980s.
Read more: https://cnb.cx/3xIUhWe
Asien🌏:
9. Alibaba invests more in the cloud again
Years ago, Alibaba's cloud division was seen as a potential competitor to Amazon and Microsoft. Now, Alibaba announced it will invest $1 billion over the next three fiscal years to support its cloud computing customers in an effort to revive the Chinese e-commerce giant's growth after a historic slowdown.
Read more: https://cnb.cx/3S9M9WC
Time: 17:30 CEST
We wish you a very nice weekend and green portfolios next week!
Best regards,
your getquin team
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