Tesla can get support for German factory: Economy Minister

Tesla can get support for German factory: Economy MinisterFILE PHOTO: German Minister of Economic Affairs and Energy Peter Altmaier arrives the weekly cabinet meeting at the Chancellery in Berlin, Germany January 29, 2020. REUTERS/Michele TantussiFRANKFURT (Reuters) – Tesla could get state subsidies in its plan to set up a gigafactory in Germany, the country’s economy minister told a weekly newspaper.
“In my conversations with (Tesla CEO) Elon Musk I have always made clear that there are no privileges but also no discrimination,” Peter Altmaier told Welt am Sonntag in an interview.
The German government has earmarked financial support for making electric car battery cells locally as a way to secure manufacturing jobs as tougher emissions rules threaten demand for older technologies, like diesel engines.
Altmaier said in order to qualify for state subsidies companies needed to fulfill certain requirements in the areas of sustainability and battery efficiency.
“Also, Germany has to b..

Exclusive: South Africa seeks to unlock stalled arms sales to Saudi, UAE

Exclusive: South Africa seeks to unlock stalled arms sales to Saudi, UAEJOHANNESBURG (Reuters) – South Africa aims to free up over a billion dollars in stalled weapons sales, including to Saudi Arabia and United Arab Emirates, by amending a document at the heart of an export row, a senior arms control official told Reuters.
FILE PHOTO: A Denel company logo is seen at the entrance of their business divisions in Pretoria, South Africa, December 4, 2018. REUTERS/Siphiwe Sibeko/File PhotoLocal defense firms have lobbied the government for months to change a clause in the export document requiring foreign customers to allow South African officials to inspect their facilities to verify that weapons aren’t being transferred to third parties.
Saudi Arabia and the UAE buy at least a third of South Africa’s arms exports and have been engaged in a war in Yemen. They refused to agree to the inspections because they considered them a violation of their sovereignty, industry officials told Reuters..

Volkswagen says restart of some China plants postponed until February 17

Volkswagen says restart of some China plants postponed until February 17FILE PHOTO: A Volkswagen logo is seen at a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. REUTERS/Aly Song/File PhotoBEIJING (Reuters) – Volkswagen (VOWG_p.DE) has postponed restarting production at most China plants in its joint venture with SAIC Motor (600104.SS) and the Tianjin plant in its JV with FAW Group until Feb. 17 amid the coronavirus epidemic.
One car-manufacturing plant Volkswagen operates with SAIC in Shanghai and most of the plants in the FAW joint venture will restart on Feb. 10, the German automaker said in an emailed statement on Saturday.
Volkswagen said it was facing supply chain challenges as China goes back to work after the extended Lunar New Year holiday, as well as limited travel options for its employees.
Reporting by Yilei Sun and Tom Daly; editing by David Evans
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Credit Suisse chairman expects to see out term after spy scandal

Credit Suisse chairman expects to see out term after spy scandalVIENNA (Reuters) – Credit Suisse Chairman Urs Rohner does not expect to be voted out of office before his term ends after this week’s departure of Chief Executive Tidjane Thiam over a spying scandal.
“I am not afraid of being voted out of office,” Rohner was quoted as saying by newspaper Schweiz am Wochenende on Saturday, adding that the supervisory board had acted unanimously in deciding with Thiam that he should step down.
Rohner also said he had received “clear responses” from shareholders supporting the decision.
Credit Suisse, which is Switzerland’s second-largest bank and among the biggest in Europe’s largest, hopes Thiam’s exit will draw a line under the scandal that hit its reputation and shocked the Swiss financial community.
But the move also runs the risk of irking international shareholders who had backed Thiam, not Rohner. Credit Suisse and Thiam, CEO for almost five years, say he was not aware it was spyi..

Shanghai to help Tesla resume production amid coronavirus spread

Shanghai to help Tesla resume production amid coronavirus spreadFILE PICTURE: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China Jan. 7, 2020. REUTERS/Aly Song/File PhotoSHANGHAI (Reuters) – U.S. electric carmaker Tesla’s (TSLA.O) factory in China’s financial hub of Shanghai will resume production on Feb. 10 with assistance to help it cope with a spreading epidemic of coronavirus, a Shanghai government official said on Saturday.
Many factories across China shut in late January for the Lunar New Year holiday that was originally due to end on Jan. 30 but which was extended in a bid to contain the spread of the new flu-like virus that has killed more than 700 people.
Tesla warned on Jan. 30 that it would see a 1-1.5 week delay in the ramp-up of Shanghai-built Model 3 cars as a result of the epidemic, which has severely disrupted communications and supply chains across China.
Tesla Vice President Tao Lin said this week that production wo..

Shanghai government to help Tesla resume production amid coronavirus epidemic

Shanghai to help Tesla resume production amid coronavirus spreadFILE PICTURE: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China Jan. 7, 2020. REUTERS/Aly Song/File PhotoSHANGHAI (Reuters) – U.S. electric carmaker Tesla’s (TSLA.O) factory in China’s financial hub of Shanghai will resume production on Feb. 10 with assistance to help it cope with a spreading epidemic of coronavirus, a Shanghai government official said on Saturday.
Many factories across China shut in late January for the Lunar New Year holiday that was originally due to end on Jan. 30 but which was extended in a bid to contain the spread of the new flu-like virus that has killed more than 700 people.
Tesla warned on Jan. 30 that it would see a 1-1.5 week delay in the ramp-up of Shanghai-built Model 3 cars as a result of the epidemic, which has severely disrupted communications and supply chains across China.
Tesla Vice President Tao Lin said this week that production wo..

Tesla Shanghai factory to resume production on Feb 10, authorities to assist: government official

Shanghai to help Tesla resume production amid coronavirus spreadFILE PICTURE: Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China Jan. 7, 2020. REUTERS/Aly Song/File PhotoSHANGHAI (Reuters) – U.S. electric carmaker Tesla’s (TSLA.O) factory in China’s financial hub of Shanghai will resume production on Feb. 10 with assistance to help it cope with a spreading epidemic of coronavirus, a Shanghai government official said on Saturday.
Many factories across China shut in late January for the Lunar New Year holiday that was originally due to end on Jan. 30 but which was extended in a bid to contain the spread of the new flu-like virus that has killed more than 700 people.
Tesla warned on Jan. 30 that it would see a 1-1.5 week delay in the ramp-up of Shanghai-built Model 3 cars as a result of the epidemic, which has severely disrupted communications and supply chains across China.
Tesla Vice President Tao Lin said this week that production wo..

Treasury’s Mnuchin sees U.S. GDP growth less than 3% in 2020

Treasury's Mnuchin sees U.S. GDP growth less than 3% in 2020FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin takes part in a Q&A session at Chatham House in London, Britain, January 25, 2020. REUTERS/Henry NichollsWASHINGTON (Reuters) – Treasury Secretary Steven Mnuchin said on Friday he expects 2020 U.S. GDP growth to be less than 3%, partly due to problems at Boeing Co (BA.N), which halted production of its 737 MAX planes over safety issues.
“I think our projections have been reduced because of Boeing and in other impacts, so it will be lower. I think we would have hit 3% but again, Boeing has had a big impact on our exports being the largest exporter,” Mnuchin said in an interview on Fox Business Network.
Reporting by Eric Beech and Mohammad Zargham; editing by Grant McCool
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Lockheed Martin drops out of Singapore Airshow over coronavirus concerns

Lockheed Martin drops out of Singapore Airshow over coronavirus concernsFILE PHOTO: The logo of Lockheed Martin is seen at Euronaval, the world naval defence exhibition in Le Bourget near Paris, France, October 23, 2018. REUTERS/Benoit TessierWASHINGTON (Reuters) – U.S. weapons maker Lockheed Martin Corp said on Friday it will not participate in next week’s Singapore Airshow over coronavirus concerns.
“Following the Singapore Ministry of Health’s Feb. 7 declaration of a Code Orange health alert, we consulted with the U.S. government and our medical teams and decided not to participate in the Singapore Airshow,” the company said in a statement.
“We determined this was in the best interest of our employees and aligned with the U.S. Department of Defense’s decision to reduce its presence,” it said.
Reporting by Mike Stone; Writing by Eric Beech; Editing by Daniel Wallis
Our Standards:The Thomson Reuters Trust Principles.All quotes delayed a minimum of 15 minutes. See here for a complet..