German data fails to lift euro from 1-week low

“The announcement of the increased trade tariffs has generated negative sentiment about global growth and that is exerting downward pressure on the euro despite the German data,” said Nikolay Markov, senior economist at Pictet Asset Management. “We expected the data to be worse than last month, but this is going to increase concerns about the state of the Chinese economy. The market will be very nervous and looking out for the PMI data,” said Commerzbank FX strategist Esther Maria Reichelt. The


“The announcement of the increased trade tariffs has generated negative sentiment about global growth and that is exerting downward pressure on the euro despite the German data,” said Nikolay Markov, senior economist at Pictet Asset Management. “We expected the data to be worse than last month, but this is going to increase concerns about the state of the Chinese economy. The market will be very nervous and looking out for the PMI data,” said Commerzbank FX strategist Esther Maria Reichelt. The
German data fails to lift euro from 1-week low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, beijing, german, 1week, aussie, trade, week, growth, low, fails, lift, currency, economy, data, chinese, euro


German data fails to lift euro from 1-week low

The euro held at a one-week low on Wednesday, ignoring data from Germany that showed the economy returned to growth in the first quarter, as trade tensions between the world’s two biggest economies cast a shadow over risk appetite.

The single currency has been caught in the cross-currents of an escalating dispute between Washington and Beijing since last week, unable to conclusively rise above the $1.1250 level.

“The announcement of the increased trade tariffs has generated negative sentiment about global growth and that is exerting downward pressure on the euro despite the German data,” said Nikolay Markov, senior economist at Pictet Asset Management.

U.S. President Donald Trump threatened higher tariffs on billions of dollars of Chinese imports last week, and Beijing responded with planned tariff hikes of its own on Monday.

The escalation in the trade dispute comes at a time when latest data from Germany showed the economy returned to growth in the March quarter as householders spent more freely and construction activity picked up.

The single currency was broadly steady at $1.1213 – just above a one-week low of $1.1197 hit in the Asian session and more than 3% below a 2019 high of nearly $1.16 in early January.

Germany’s economic figures were a sole bright indicator in an otherwise slate of dismal data.

China on Wednesday reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus as the trade war with the United States rumbles on.

“We expected the data to be worse than last month, but this is going to increase concerns about the state of the Chinese economy. The market will be very nervous and looking out for the PMI data,” said Commerzbank FX strategist Esther Maria Reichelt.

The Aussie dollar dropped as low as $0.6922, its lowest level since Jan. 3 when a flash crash in the foreign exchange markets rocked major currencies.

Barring that level, the currency was at its weakest in three years and down 0.2% on the day.

The weak data gave further impetus to Aussie bears to add to their negative bets with net outstanding short positions still below 2019 highs of above $5.2 billion.

The Aussie is often seen as a proxy for Chinese growth because of Australia’s export-reliant economy and China being the country’s main destination for its commodities.

Domestic data added to the woes, with the pace of growth in Australian wages stagnating.

Neighbouring New Zealand saw its currency dip 0.1% to $0.6567.

The Chinese yuan itself was slightly improved on the day at 6.8993 per U.S. dollar, but still close to a five-month low hit on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, beijing, german, 1week, aussie, trade, week, growth, low, fails, lift, currency, economy, data, chinese, euro


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German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut


Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing. Four other executives are being charged, the prosecutors office said in a statement. VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollut
German prosecutors press charges against former VW CEO Winterkorn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
Keywords: news, cnbc, companies, press, ceo, thousands, tests, world, volkswagen, charges, testingfour, strict, statementvw, diesel, vw, german, prosecutors, winterkorn


German prosecutors press charges against former VW CEO Winterkorn

Prosecutors in the German city of Braunschweig said on Monday they were pressing criminal charges against former Volkswagen Chief Executive Martin Winterkorn in connection with the carmaker’s manipulation of diesel emissions testing.

Four other executives are being charged, the prosecutors office said in a statement.

VW has had to recall hundreds of thousands of cars around the world since it admitted in Sept. 2015 to installing illegal software in diesel engines to cheat strict U.S. anti-pollution tests.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: getty images
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Europe’s economy is experiencing a crisis of confidence

An array of data has pointed to worrying signs of a slowdown in the euro zone with further signs last week that Europe’s largest economy Germany is weakening. Euro zone industrial production data for February is due Friday and economists polled by Reuters expect it to have declined by 0.6 percent month-on-month. Data released by German statistics office Destatis Friday showed that German industrial production (excluding energy and construction) fell 0.2 percent in February on the previous month.


An array of data has pointed to worrying signs of a slowdown in the euro zone with further signs last week that Europe’s largest economy Germany is weakening. Euro zone industrial production data for February is due Friday and economists polled by Reuters expect it to have declined by 0.6 percent month-on-month. Data released by German statistics office Destatis Friday showed that German industrial production (excluding energy and construction) fell 0.2 percent in February on the previous month.
Europe’s economy is experiencing a crisis of confidence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: holly ellyatt, christopher furlong, getty images news, getty images, dan kitwood
Keywords: news, cnbc, companies, germany, signs, manufacturing, experiencing, production, data, industrial, zone, confidence, crisis, economy, showed, german, europes, released


Europe's economy is experiencing a crisis of confidence

An array of data has pointed to worrying signs of a slowdown in the euro zone with further signs last week that Europe’s largest economy Germany is weakening. And more bad news could be on the way.

Euro zone industrial production data for February is due Friday and economists polled by Reuters expect it to have declined by 0.6 percent month-on-month.

“National data for February that have already been released show declines in total industrial production of 0.4 percent in Germany, 1.1 percent in Spain and 0.1 percent in Ireland,” Jack Allen, senior Europe economist at Capital Economics said in a note Friday, after what he said was “another set of weak economic data in the euro-zone” with specific reference to Germany.

Data released by German statistics office Destatis Friday showed that German industrial production (excluding energy and construction) fell 0.2 percent in February on the previous month. The day before, data showed new manufacturing orders fell 4.2 percent from January with declines seen both at a domestic and foreign level.

The data came after IHS Markit’s purchasing manager’s index (PMI) released on April 1 showed the manufacturing sector figure in Germany for March had fallen to an 80-month low (of 44.1). A level under 50 indicates contraction.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: holly ellyatt, christopher furlong, getty images news, getty images, dan kitwood
Keywords: news, cnbc, companies, germany, signs, manufacturing, experiencing, production, data, industrial, zone, confidence, crisis, economy, showed, german, europes, released


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Global recession fears are overblown, even as growth will stay ‘sluggish’ in 2019: PNC

Global growth fears may soon loosen their hold on the U.S. stock market, says PNC’s Jeff Mills. “There is a nuance going on in the fixed-income market right now,” Mills said. And while fears of a recession in Germany have been simmering since the start of 2019, exacerbated last week by a worrying signal in the German bond market, Mills said the worst could be over there, too. So I think you probably see a bottoming out of rates here as you slowly start to see a stabilization of global growth goi


Global growth fears may soon loosen their hold on the U.S. stock market, says PNC’s Jeff Mills. “There is a nuance going on in the fixed-income market right now,” Mills said. And while fears of a recession in Germany have been simmering since the start of 2019, exacerbated last week by a worrying signal in the German bond market, Mills said the worst could be over there, too. So I think you probably see a bottoming out of rates here as you slowly start to see a stabilization of global growth goi
Global recession fears are overblown, even as growth will stay ‘sluggish’ in 2019: PNC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-31  Authors: lizzy gurdus, brendan mcdermid, scott mlyn, gary hershorn, getty images, michael nagle, bloomberg, david a grogan
Keywords: news, cnbc, companies, global, inversion, stay, right, recession, growth, german, overblown, think, pnc, probably, market, fears, sluggish, mills, 2019, economic


Global recession fears are overblown, even as growth will stay 'sluggish' in 2019: PNC

Global growth fears may soon loosen their hold on the U.S. stock market, says PNC’s Jeff Mills.

“I think, as we move into the second half of the year, this narrative of global growth potentially causing problems here in the U.S. is going to shift to a stabilization of global growth and then more of a focus on things like earnings,” Mills told CNBC’s “Futures Now” on Thursday.

Mills, who is co-chief investment strategist at PNC Financial Services Group, wasn’t as fazed by last week’s yield curve inversion as most of Wall Street was. Shorter-term Treasury yields crossing above their longer-term counterparts is widely seen as a sign of an oncoming recession.

Instead, he said investors should take the inversion with “a grain of salt,” saying it was more of a technically driven move than an outright signal of the U.S. economy hitting the brakes.

“There is a nuance going on in the fixed-income market right now,” Mills said. “It might be underappreciated.”

“Structurally, the yield curve is actually a bit flatter than it normally would be, so you could see more frequent inversions that don’t necessarily have to do with growth,” the strategist explained. “From a timing perspective, we all know that the variability between inversion and recession is pretty large, and you usually actually see positive S&P 500 returns between the initial date of inversion and the next recession. So it’s certainly not time to hit the panic button and sell right away. You have to acknowledge it, but I think we probably still have a little bit more time.”

Mills also said that the world’s most pronounced areas of weakness, like the Chinese market, appear to be bottoming based on his analysis.

In China, for one, “you’re starting to see credit growth bottom, and typically that leads global PMIs,” Mills said, referring to Purchasing Managers’ Indexes, which serve as key indicators for the health of manufacturing and service markets around the world.

“Even if you look at Europe right now, it has been a bit of a black eye as it relates to global economic growth, … the Citi [Economic] Surprise Index looks like it’s starting to bottom,” Mills said.

The Citi Economic Surprise Index, which measures economic performance relative to economists’ expectations, hit its lowest level since August 2017 in early March.

And while fears of a recession in Germany have been simmering since the start of 2019, exacerbated last week by a worrying signal in the German bond market, Mills said the worst could be over there, too.

“I think the real ugliness of German data is probably behind us,” he argued, adding that uncertainty around Brexit has likely contributed to the weakness. “I think the German bund probably bottoms here. I think the downside to rates is probably a bit overdone. You actually saw the German 10-year Bund trade through the Japanese bond. That’s only happened twice in the last 30 years. So I think you probably see a bottoming out of rates here as you slowly start to see a stabilization of global growth going forward.”

All in all, while Mills predicted global growth would stay “sluggish,” he doesn’t think it’s anywhere near time for investors to call it quits.

“I’m not forecasting some sort of huge reacceleration, but I think all we need to see is a stabilization right now given expectations,” Mills said.

U.S. markets closed broadly higher Friday on renewed optimism around a potential U.S.-China trade deal. The S&P 500 logged its best start to a year since 1998.


Company: cnbc, Activity: cnbc, Date: 2019-03-31  Authors: lizzy gurdus, brendan mcdermid, scott mlyn, gary hershorn, getty images, michael nagle, bloomberg, david a grogan
Keywords: news, cnbc, companies, global, inversion, stay, right, recession, growth, german, overblown, think, pnc, probably, market, fears, sluggish, mills, 2019, economic


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Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the


Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday. The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. Deutsche Bank declined to comment on the
Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
Keywords: news, cnbc, companies, trump, president, relationship, reported, bank, donald, nyt, report, german, york, billion, decades, loaned, deutsche, times


Deutsche Bank loaned $2 billion to Donald Trump over two decades: NYT

Deutsche Bank loaned more than $2 billion to Donald Trump before he became U.S. president — despite multiple red flags surrounding Trump, The New York Times reported on Monday.

The Times interviewed more than 20 former and current executives and board members at Deutsche Bank for the report, which outlined how Trump managed to secure financing from the German bank for nearly two decades despite his bankruptcies and being considered a risky client by other lenders.

The Times report comes after Germany’s two largest lenders, Deutsche Bank and Commerzbank, confirmed on Sunday that they were in talks about a merger. German-traded shares of both banks jumped higher on Monday.

According to the newspaper, in some instances, Trump exaggerated his wealth and promised to reward bankers with a weekend at Mar-a-Lago — his private club in Palm Beach, Florida — in order to get loans.

Over the years, Trump used loans provided by Deutsche Bank to build skyscrapers and other high-end properties, the Times reported. For the German bank, its relationship with Trump was key in building its investment-banking business, the report said.

Deutsche Bank declined to comment on the Times report. The Trump Organization and the White House did not immediately reply to CNBC’s request for comment.

Trump’s relationship with Deutsche Bank has come under scrutiny in the U.S. The New York attorney general’s office and the Democratic-controlled Intelligence Committee and Financial Services Committee in Congress have been looking into the president’s financial ties with the German bank.

For the full report on U.S. President Donald Trump’s relationship with Deutsche Bank, read The New York Times.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: yen nee lee, jonathan ernst, toni l sandys, the washington post, getty images
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Deutsche Bank, Commerzbank shares surge as merger talks begin

Shares of Deutsche Bank and Commerzbank surged on Monday after the German lenders confirmed they were in talks about a potential merger. Commerzbank rose to the top of the pan-European STOXX 600, with shares gaining almost 7 percent, while Deutsche Bank shares were up nearly 4 percent. Over a 12-month period, shares of both companies are down by around 40 percent. Talks are taking place following months of speculation, after Deutsche Bank CEO Christian Sewing reportedly withdrew his opposition t


Shares of Deutsche Bank and Commerzbank surged on Monday after the German lenders confirmed they were in talks about a potential merger. Commerzbank rose to the top of the pan-European STOXX 600, with shares gaining almost 7 percent, while Deutsche Bank shares were up nearly 4 percent. Over a 12-month period, shares of both companies are down by around 40 percent. Talks are taking place following months of speculation, after Deutsche Bank CEO Christian Sewing reportedly withdrew his opposition t
Deutsche Bank, Commerzbank shares surge as merger talks begin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: chloe taylor, krisztian bocsi, bloomberg, getty images
Keywords: news, cnbc, companies, deutsche, bank, potential, deal, surge, commerzbank, merger, begin, workforce, talks, lenders, financial, shares, german


Deutsche Bank, Commerzbank shares surge as merger talks begin

Shares of Deutsche Bank and Commerzbank surged on Monday after the German lenders confirmed they were in talks about a potential merger.

Commerzbank rose to the top of the pan-European STOXX 600, with shares gaining almost 7 percent, while Deutsche Bank shares were up nearly 4 percent. Over a 12-month period, shares of both companies are down by around 40 percent.

Talks are taking place following months of speculation, after Deutsche Bank CEO Christian Sewing reportedly withdrew his opposition to a deal. Media reports have suggested that the German government, which owns 15 percent of Commerzbank, is backing the deal – even though it could cause a multi-billion euro financial hole – because it would force the re-valuation of the lenders’ assets.

Those financial pitfalls could also be passed on to Germany’s workforce. German Chancellor Angela Merkel’s chief of staff said Monday that the government was looking into potential job losses if a merger went ahead. According to German union Verdi, 30,000 jobs could be at risk, Reuters reported.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: chloe taylor, krisztian bocsi, bloomberg, getty images
Keywords: news, cnbc, companies, deutsche, bank, potential, deal, surge, commerzbank, merger, begin, workforce, talks, lenders, financial, shares, german


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Deutsche Bank and Commerzbank go public on merger talks

Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination. “In light of arising opportunities, the management board of Deutsche Bank has decided to review strategic options,” Deutsche said in its statement. Christian Sewing, Deutsche Bank’s chief executive, told employees that Deutsche still aimed “to remain a global bank with a strong capital markets


Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination. “In light of arising opportunities, the management board of Deutsche Bank has decided to review strategic options,” Deutsche said in its statement. Christian Sewing, Deutsche Bank’s chief executive, told employees that Deutsche still aimed “to remain a global bank with a strong capital markets
Deutsche Bank and Commerzbank go public on merger talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17
Keywords: news, cnbc, companies, global, wants, merger, bank, commerzbank, public, following, deutsche, talks, management, german


Deutsche Bank and Commerzbank go public on merger talks

Deutsche Bank and Commerzbank confirmed on Sunday they were in talks about a merger, prompting labor union concerns about possible job losses and questions from analysts about the merits of a combination.

Germany’s two largest banks issued short statements following separate meetings of their management boards, a person with knowledge of the matter said, indicating a quickening of pace in the merger process, although both also warned that a deal was far from certain.

“In light of arising opportunities, the management board of Deutsche Bank has decided to review strategic options,” Deutsche said in its statement.

Christian Sewing, Deutsche Bank’s chief executive, told employees that Deutsche still aimed “to remain a global bank with a strong capital markets business… with a global network.”

Sewing said many factors could still prevent a merger and a Deutsche spokesman said the talks were expected to last some time. Commerzbank described the outcome as open.

However, formal disclosure of talks appeared to boost the chances of concluding a deal first floated in 2016 before the

banks opted to focus on restructuring.

The German government has pushed for a combination given concerns about the health of Deutsche, which has struggled to generate sustainable profits since the 2008 financial crisis.

The government, which holds a stake of more than 15 percent in Commerzbank following a bailout, wants a national banking champion to support its export-led economy, best known for cars and machine tools.

Berlin also wants to keep Commerzbank’s speciality —the funding of medium-sized companies, the backbone of the economy — in German hands.


Company: cnbc, Activity: cnbc, Date: 2019-03-17
Keywords: news, cnbc, companies, global, wants, merger, bank, commerzbank, public, following, deutsche, talks, management, german


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German car giants warn Trump’s tariff threat is a ‘critical situation’ for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp


Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp
German car giants warn Trump’s tariff threat is a ‘critical situation’ for them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


German car giants warn Trump's tariff threat is a 'critical situation' for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry.

CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now.

“It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comprises Porsche, Audi and Seat among other brands, told CNBC Tuesday. “Mostly, our premium brands here in Germany are depending on the import market of the U.S. Audi and Porsche have significant market share there, so this is a threat,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


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German auto giants BMW and Daimler team up to develop self-driving technologies

Daimler and the BMW Group are to work together on automated driving technologies. In an announcement on Thursday, the auto giants said their initial focus would be on the development of “next-generation technologies” for automated driving on highways, driver assistance systems and parking features. BMW and Daimler said that their collaboration would focus on Levels 3 and 4 of SAE International’s levels of driving automation. At Level 5, automated driving features can drive a vehicle under all co


Daimler and the BMW Group are to work together on automated driving technologies. In an announcement on Thursday, the auto giants said their initial focus would be on the development of “next-generation technologies” for automated driving on highways, driver assistance systems and parking features. BMW and Daimler said that their collaboration would focus on Levels 3 and 4 of SAE International’s levels of driving automation. At Level 5, automated driving features can drive a vehicle under all co
German auto giants BMW and Daimler team up to develop self-driving technologies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: anmar frangoul, bmw group daimler ag
Keywords: news, cnbc, companies, way, vehicle, sae, auto, technology, daimler, bmw, levels, technologies, giants, develop, week, team, automated, german, selfdriving, driving


German auto giants BMW and Daimler team up to develop self-driving technologies

Daimler and the BMW Group are to work together on automated driving technologies.

In an announcement on Thursday, the auto giants said their initial focus would be on the development of “next-generation technologies” for automated driving on highways, driver assistance systems and parking features.

BMW and Daimler said that their collaboration would focus on Levels 3 and 4 of SAE International’s levels of driving automation. Five “levels” of driving automation have been defined by SAE International, a global association of over 128,000 engineers.

At Level 5, automated driving features can drive a vehicle under all conditions. At Levels 3 and 4, automated driving features allow technology to drive a vehicle under certain, limited conditions.

The two companies said they viewed their partnership as being a “long-term, strategic cooperation”, adding that they were aiming to make “next-level technologies widely available” by the middle of the 2020s.

Thursday’s announcement comes a week after BMW and Daimler announced anew one billion euro mobility partnership.

Earlier this week, the CEO of Arm Holdings told CNBC that it would be “a while” before self-driving cars become mainstream.

“It is a phenomenally hard problem to anticipate what a car could do under absolutely any set of circumstances,” Simon Segars, who was speaking with CNBC’s Karen Tso at the Mobile World Congress in Barcelona, Spain, said earlier this week.

“I think you’re going to start to see early services, in quite a constrained way, quite soon over the next couple of years,” he added, explaining that there was “some way to come” before the technology was “completely mainstream.”

Follow CNBC International on Twitter and Facebook.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: anmar frangoul, bmw group daimler ag
Keywords: news, cnbc, companies, way, vehicle, sae, auto, technology, daimler, bmw, levels, technologies, giants, develop, week, team, automated, german, selfdriving, driving


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VW CEO says he hopes he’s done enough to please Trump and avoid tariffs

VW CEO: We want more of U.S. market share 2 Hours Ago | 02:35Volkswagen Group Chief Executive Herbert Diess told CNBC Friday that he hopes the German auto firm has done enough to please President Donald Trump and avoid punitive import tariffs. Washington is currently holding out for fresh trade talks with the European Union and has said if it’s not satisfied it could slap tariffs on EU cars and parts coming into the United States. Trump has complained about German cars’ presence on U.S. streets


VW CEO: We want more of U.S. market share 2 Hours Ago | 02:35Volkswagen Group Chief Executive Herbert Diess told CNBC Friday that he hopes the German auto firm has done enough to please President Donald Trump and avoid punitive import tariffs. Washington is currently holding out for fresh trade talks with the European Union and has said if it’s not satisfied it could slap tariffs on EU cars and parts coming into the United States. Trump has complained about German cars’ presence on U.S. streets
VW CEO says he hopes he’s done enough to please Trump and avoid tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: david reid, getty images
Keywords: news, cnbc, companies, trump, ceo, states, german, diess, vw, united, avoid, billion, import, hes, tariffs, hopes, market


VW CEO says he hopes he's done enough to please Trump and avoid tariffs

VW CEO: We want more of U.S. market share 2 Hours Ago | 02:35

Volkswagen Group Chief Executive Herbert Diess told CNBC Friday that he hopes the German auto firm has done enough to please President Donald Trump and avoid punitive import tariffs.

Washington is currently holding out for fresh trade talks with the European Union and has said if it’s not satisfied it could slap tariffs on EU cars and parts coming into the United States. Trump has complained about German cars’ presence on U.S. streets and tweeted threats to tax European, and particularly German, vehicles.

Diess has said import tariffs could cost VW as much 2.5 billion euros ($2.8 billion) each year.

The German firm announced in January that it’s investing $800 million in its factory in Chattanooga, Tennessee to prepare the location for the production of new electric cars.

Speaking to CNBC’s Annette Weisbach at VW’s Wolfsburg headquarters, the German car chief said the investment appeared to please the U.S. president.

“We received a positive tweet,” said Diess, before adding that he hoped VW would “do everything to avoid import taxes.”

Diess added that currently VW only has a 4 percent market share in the United States and is committed to growing that number to become a “volume producer.”

On a global basis VW Group posted 2018 full-year revenues of 235.8 billion euros on Friday. In its outlook for 2019, Diess said he expected a challenging year but predicted sales to rise by around 5 percent.

The key market of China could prove a challenge, however, with Diess admitting that sales there had slowed in the final quarter of 2018 and January 2019 had witnessed a 10 percent slump year-on-year.

Shares of Volkswagen initially rose after the news, but were 0.25 percent lower by 3:45 p.m. London time on Friday afternoon.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: david reid, getty images
Keywords: news, cnbc, companies, trump, ceo, states, german, diess, vw, united, avoid, billion, import, hes, tariffs, hopes, market


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