German Chancellor Angela Merkel’s coalition resolved their differences over the timing of an exit from nuclear power, setting a final date of 2022 for the country’s remaining reactors to shut down.
A tax on spent fuel rods will remain even as the shutdown proceeds, German Environment Minister Norbert Roettgen told reporters following late-evening coalition talks in Berlin.
Merkel in March said she sought to accelerate the shutdown of Germany’s atomic power plants following Japan’s Fukushima disaster, the worst nuclear crisis since 1986. The decision reversed a 2010 plan to extend the operation of the facilities by an average of 12 years.
ECONOMY *Klaus Toepfer, head of the Ethics Commission on Germany’s energy supply, briefs reporters on the body’s findings in Berlin at 10:30 a.m. *Germany’s new energy policy is expected to cost EU40B, Sueddeutsche Zeitung reported, citing calculations by the government’s Christian Democratic bloc. *The European Union may withhold the next tranche of credit to Greece after a report by an international panel of inspectors concluded that the debt-laden country has missed all the fiscal targets agreed in its rescue plan, Der Spiegel said, without saying how it obtained the information.
EQUITIES: *Volkswagen (VOW GR) will name Ulf Berkenhagen, a member of the management board at its Audi luxury division, to the management board at truckmaker MAN, Financial Times Deutschland said. *Daimler (DAI GR) CEO Dieter Zetsche said Germany will fail to reach a goal of putting one million electric vehicles on Germany’s roads by 2021 if the government doesn’t offer subsidies for the cars, Bild newspaper said. *German carmakers including Daimler (DAI GY), BMW (BMW GY) and Volkswagen (VOW3 GY) are concerned at the length of delivery times on customer orders, Automobilwoche reported, citing industry executives. *Deutsche Bank’s BHF-Bank unit appointed Jan Schoenleber as new head of equities amid a personnel shuffle. In addition, Andrew Lockhart was named head of equity research and Marcus Hahn was made head of equity sales and sales trading, said Juergen Heine, a spokesman for BHF in Frankfurt. *Demag Cranes (D9C GY) plans to reject a EU41.75/share takeover offer from Terex, saying it’s too low, Financial Times Deutschland reported. *Deutsche Telekom (DTE GY) said it plans to buy back 109,558 of its own shares, corresponding to around 0.0025 percent of its capital stock. *SAF-Holland (SFQ GY) expects a sales increase of up to 25% this year, WirtschaftsWoche reported. *Siemens (SIE GY) sees “robust growth” in coming quarters, Chief Financial Officer Joe Kaeser told Deutsches Anleger Fernsehen in an interview. *Singulus (SNG GR) resolved a capital increase, sees gross proceeds of EU26M and wants to use the money to expand the solar segment business as well as to reduce its debt.
WHAT TO WATCH: *ECB announces bond purchases at 3:30 p.m. *ECB calls for bids in seven-day main refinancing tender at 3:30 p.m. *Today is a public holiday in the U.K. (Bank Holiday) and U.S. (Memorial Day).
MARKETS: *The DAX Index rose 0.7% to 7,163.47 *The MSCI Asia Pacific Index was unchanged at 134.37 as of 7:34 a.m. in Frankfurt. *The Stoxx Europe 600 gained 0.7% to 279.05 *German 10YR bond yield: 2.985% *Euro -- U.S. 1.4266
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