Latest news with #LudwigBurger
Yahoo
23-06-2025
- Business
- Yahoo
WTO grants Chinese request for panel on Canadian tariffs, trade official says
BERLIN (Reuters) -The dispute settlement body of the World Trade Organization (WTO) has agreed to a request from China for a panel regarding additional import duties imposed by Canada on certain Chinese products, a Geneva-based trade official said on Monday. (Writing by Friederike HeineEditing by Ludwig Burger)
Fast Company
16-06-2025
- Automotive
- Fast Company
The EU invites a 10% flat tariff on its exports to the U.S. But there are conditions
Brussels negotiators hope that offering to accept U.S. tariffs of 10% across all of the European Union's exports into the United States will avert any higher duties on cars, drugs and electronics, newspaper Handelsblatt reported on Monday. Citing high-ranking EU negotiators, the paper said the offer to U.S. counterparts would come only under certain conditions and would not be billed as permanent. Handelsblatt also said the EU was, in return, ready to cut its tariffs on U.S.-made vehicles, and to possibly change technical or legal hurdles to make it easier for U.S. manufacturers to sell their cars in Europe. The EU has also offered to completely ban purchases of Russian natural gas, potentially creating more demand for U.S. producers. The EU commission did not immediately respond to a request for comment. The EU's position comes partly from the realization that U.S. President Donald Trump will rely on some tariff revenues to fund planned tax cuts. U.S. negotiators, however, have so far not agreed to limit their import duties on EU cars to 10%, the paper added. —Ludwig Burger, Reuters
Yahoo
12-06-2025
- Business
- Yahoo
BioNTech takes over CureVac in $1.25 billion all-stock deal among COVID rivals
By Ludwig Burger (Reuters) -German biotech firm BioNTech has agreed to acquire domestic peer CureVac for about $1.25 billion worth of BioNTech shares, it said on Thursday, to boost its work on new mRNA-based cancer treatments. Under the deal, which pairs two former rivals in the race to develop COVID-19 vaccines, CureVac shareholders stand to receive a premium of 55% over the three-month average share price, and leave them with a stake of about 4%-6% in BioNTech, the suitor said. CureVac's Frankfurt-listed shares surged 27% to a five-month high, valuing the company at 1.04 billion euros ($1.2 billion), while BioNTech shares were down 2% by 1237 GMT. The deal further underscores BioNTech's long-term pursuit of new cancer treatments as it aims to show that its success as Pfizer's COVID-19 vaccine partner, which left its balance sheet flush with billions of euros in cash, was not a fluke. "With the acquisition, BioNTech aims to strengthen the research, development, manufacturing, and commercialization of investigational mRNA-based cancer immunotherapy," it said. CureVac opted to focus on oncology about a year ago when it agreed to sell its remaining influenza and COVID-19 vaccine development to alliance partner GSK. It had previously cut jobs as it sought to move beyond its failure to develop an mRNA-based COVID vaccine during the pandemic. GERMAN BIOTECH CHAMPION The agreement is also set to end CureVac's years-long legal fight over alleged mRNA patent infringement by BioNTech and for a share of vaccine revenues, where CureVac has made little progress. CureVac shares were worth as much as 120 euros in December 2020 on hopes it would develop a COVID vaccine, more than double their initial public offer value in August of that year. They are now trading at 4.65 euros. BioNTech won a major shot in the arm for its cancer drug activities last week when Bristol Myers Squibb agreed to pay up to $11.1 billion to jointly develop a next-generation cancer immunotherapy that could take on rival Merck & Co's best-selling drug Keytruda. Each CureVac share will be exchanged for about $5.46 in BioNTech American depositary shares, or ADS, but subject to a so-called collar mechanism, BioNTech said. If the 10-day volume-weighted average price of BioNTech ADS shortly before the closing of the offer exceeds $126.55, the exchange ratio would be 0.04318, and if the price is lower than $84.37, the exchange ratio would be 0.06476. BioNTech said the deal was supported by SAP SE co-founder and football investor Dietmar Hopp, who holds a stake of about 37% in CureVac. The German government, owner of about 13% in CureVac for its financial backing during the pandemic, said it welcomed in principle the creation of a "new German biotech champion", and that it would review the offer. ($1 = 0.8624 euros) (Additional reporting by Christian Kraemer; Editing by Friederike Heine, Jan Harvey and Emelia Sithole-Matarise)
Yahoo
05-06-2025
- Climate
- Yahoo
Nine injured in Ryanair emergency landing in Germany
By Ludwig Burger (Reuters) -A Milan-bound Ryanair flight was forced to make an emergency landing in southern Germany late on Wednesday due to heavy turbulence from a thunderstorm, with nine passengers injured, police said. The flight from Berlin landed safely in Memmingen, about 115 km (70 miles) west of Munich, after bad weather prompted the pilot to initiate the emergency landing, Bavaria police said in a statement. Among the injured were a woman who sustained a head injury, her two-year-old toddler who suffered bruises and a 59-year-old woman complaining of back pain, police said. All three were treated in hospital, while other injuries were treated at the scene. Ryanair said in a statement on Thursday that the flight's captain had requested medical assistance ahead of landing. The airline, which apologised to those affected, said it provided a bus service from Memmingen to Milan late on Wednesday as well as a replacement flight early on Thursday.
The Star
05-06-2025
- The Star
Nine injured in Ryanair emergency landing in Germany
FILE PHOTO: General view of the Ryanair logo at their headquarters in Dublin, Ireland, September 16, 2021. REUTERS/Clodagh Kilcoyne/File Photo (Reuters) -A Milan-bound Ryanair flight was forced to make an emergency landing in southern Germany late on Wednesday due to heavy turbulence from a thunderstorm, with nine passengers injured, police said. The flight from Berlin landed safely in Memmingen, about 115 km (70 miles) west of Munich, after bad weather prompted the pilot to initiate the emergency landing, Bavaria police said in a statement. Among the injured were a woman who sustained a head injury, her two-year-old toddler who suffered bruises and a 59-year-old woman complaining of back pain, police said. All three were treated in hospital, while other injuries were treated at the scene. Ryanair said in a statement on Thursday that the flight's captain had requested medical assistance ahead of landing. The airline, which apologised to those affected, said it provided a bus service from Memmingen to Milan late on Wednesday as well as a replacement flight early on Thursday. (Reporting by Ludwig Burger; Editing by Kim Coghill and Louise Heavens)
