AGP Executive Report
Last update: 11 hours agoChemicals: BASF has raised its offer for Evonik to €11 billion, or €24 a share, and is promising to protect jobs and production sites until 2032. Evonik has yet to accept the bid, which would unite two major German chemical groups facing weak demand and stiff competition. Banking Technology: Deutsche Bank is using AI to cut some smaller companies’ loan decisions from weeks to minutes. The bank plans to invest a further €2.5 billion in technology from 2026 to 2028. Energy Costs: European wholesale gas prices have climbed above €97 per megawatt-hour, with Germany’s storage sites just over 61% full — a worrying start to the heating season for businesses and households. Business Outlook: German business confidence rose for a sixth straight month in October, though private-sector activity growth has slowed, pointing to a tentative recovery. Auto Industry: Audi plans to invest about $4 billion in its first wholly owned US plant, with production targeted for the early 2030s. The move may limit tariff exposure, but has drawn sharp criticism from German union leaders after the CEO appeared at a Trump campaign event.
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