Finance

The steel division of the German ThyssenKrupp group has around 27,000 employees.

Icon image.

The German Thyssenkrupp Group has received an updated offer for its steel division from its British competitor Liberty Steel. Thyssenkrupp will now carefully examine this, Thyssenkrupp announced on Monday. The company did not provide any details.

Liberty Steel said that after examining the books and after intensive discussions with Thyssenkrupp, it had been confirmed that a merger of the two companies would be the right answer. Talks with Thyssenkrupp, the shareholders and the employee representatives would continue.

losses

In mid-October, Liberty Steel submitted a non-binding offer for Thyssenkrupp Steel Europe. The steel division employs around 27,000 people and is currently posting high losses. Group boss Martina Merz is examining several options for the steel division, including, according to insiders, an IPO.

Workers' representatives and IG Metall had rejected Liberty's plans and voted for state participation.

Initially, no comments were received from them on the updated offer.

2020 will go down in history as the greenest electricity year ever. For the first time, electricity generated from renewable sources exceeded that from fossil fuels. In the previous year, renewables had a share of 38 percent in the European electricity mix, fossil fuels only made up 37 percent. This is shown by an analysis by the British think tank Ember and the German think tank Agora Energiewende.

The changing of the guard was driven primarily by the rapid growth in wind and solar generation. This has almost doubled since 2015 and in 2020 accounted for a fifth of the European electricity mix.

Denmark is the undisputed leader. While wind and solar power accounted for around 20 percent ten years ago in the Nordic country, an unprecedented expansion campaign led the Danes to wind and solar power at 61 percent. Ireland (35 percent), Germany (33 percent) and Spain (29 percent) follow far behind.

Austria has some catching up to do

In a European comparison, Austria is in the lower third. Only twelve percent of the electricity comes from wind or solar energy. In 2010 it was only three percent, so a lot has happened since then. And in the coming years, the proportion of sun and wind is set to increase again significantly with record subsidies. And one thing has to be given to Austria anyway: Due to the high proportion of hydropower (around 60 percent), when it comes to renewables, it is in the absolute top field in Europe.

Not least because the coal plant in Mellach in Styria was the last domestic coal-fired power plant to shut down last year. With this, Austria confirms the European trend – more and more countries are withdrawing from coal-fired power generation. Across Europe, the share of coal has halved since 2015. In 2020 alone, this fell by a fifth. Coal-fired power plants thus only supplied 13 percent of Europe's electricity. “The rapid growth of renewables has forced coal to decline,” said Dave Jones, Ember's lead electricity analyst and lead author of the report.

By contrast, generation from natural gas only fell by four percent in 2020. The background to this uneven development is the significantly higher price for emissions certificates. As a result, comparatively climate-friendly gas-fired power plants often produced the cheapest electricity among fossil-fuel power plants. In Germany, Poland and the Czech Republic they even undercut lignite-based power generation for a few months for the first time.

“Green Deal” will reinforce the trend

European electricity demand fell by four percent in 2020 and hit a low in April during the first wave of Covid-19. The partial closure of the industry was primarily responsible for this. A further decline in fossil fuels was slowed down by the increase in electricity demand later in the year. The study also found that Europe's electricity was 29 percent less CO2 intensive in 2020 than in 2015.

According to the authors of the study, the green changing of the guard in power generation is an “important milestone” in European energy development. The authors are sure that the “Green Deal” of the EU Commission will give the triumphant advance of renewables a further boost.

2020 will go down in history as the greenest electricity year ever. For the first time, electricity generated from renewable sources exceeded that from fossil fuels. In the previous year, renewables had a share of 38 percent in the European electricity mix, fossil fuels only made up 37 percent. This is shown by an analysis by the British think tank Ember and the German think tank Agora Energiewende.

The changing of the guard was driven primarily by the rapid growth in wind and solar generation. This has almost doubled since 2015 and in 2020 accounted for a fifth of the European electricity mix.

Denmark is the undisputed leader. While wind and solar power accounted for around 20 percent ten years ago in the Nordic country, an unprecedented expansion campaign led the Danes to wind and solar power at 61 percent. Ireland (35 percent), Germany (33 percent) and Spain (29 percent) follow far behind.

Austria has some catching up to do

In a European comparison, Austria is in the lower third. Only twelve percent of the electricity comes from wind or solar energy. In 2010 it was only three percent, so a lot has happened since then. And in the coming years, the proportion of sun and wind is set to increase again significantly with record subsidies. And one thing has to be given to Austria anyway: Due to the high proportion of hydropower (around 60 percent), when it comes to renewables, it is in the absolute top field in Europe.

Not least because the coal plant in Mellach in Styria was the last domestic coal-fired power plant to shut down last year. With this, Austria confirms the European trend – more and more countries are withdrawing from coal-fired power generation. Across Europe, the share of coal has halved since 2015. In 2020 alone, this fell by a fifth. Coal-fired power plants thus only supplied 13 percent of Europe's electricity. “The rapid growth of renewables has forced coal to decline,” said Dave Jones, Ember's lead electricity analyst and lead author of the report.

By contrast, generation from natural gas only fell by four percent in 2020. The background to this uneven development is the significantly higher price for emissions certificates. As a result, comparatively climate-friendly gas-fired power plants often produced the cheapest electricity among fossil-fuel power plants. In Germany, Poland and the Czech Republic they even undercut lignite-based power generation for a few months for the first time.

“Green Deal” will reinforce the trend

European electricity demand fell by four percent in 2020 and hit a low in April during the first wave of Covid-19. The partial closure of the industry was primarily responsible for this. A further decline in fossil fuels was slowed down by the increase in electricity demand later in the year. The study also found that Europe's electricity was 29 percent less CO2 intensive in 2020 than in 2015.

According to the authors of the study, the green changing of the guard in power generation is an “important milestone” in European energy development. The authors are sure that the “Green Deal” of the EU Commission will give the triumphant advance of renewables a further boost.

The EU states have agreed on a reform of passenger rights. There is no change in the amount of compensation.

Railway companies are released from their obligation to pay compensation if a train delay is caused, for example, by extreme weather conditions.

In future, rail travelers will no longer receive any compensation if their train is delayed due to a storm, for example. The EU countries confirmed on Monday a corresponding agreement with the European Parliament on a reform of passenger rights, as the Council of Member States announced.

Accordingly, it is planned to release railway companies from their obligation to pay compensation for “delays or train cancellations that they could not have avoided”.

According to the information, this applies to “extreme weather conditions, major natural disasters or major health crises, including pandemics”. Strikes by rail workers are not included. Railway companies are also obliged to divert passengers in the event of delays and train cancellations due to force majeure.

Compensation

In terms of the level of compensation, the reform does not bring any improvements for consumers either. Contrary to what the EU Parliament called for, there is a reimbursement of 25 percent of the ticket price from one hour delay and 50 percent from two hours.

The Member States' transport ministers had also refused to oblige various railway companies to offer joint tickets. So-called transit cards are only compulsory for journeys with a change from regional to long-distance transport if all trains are operated by the same railway company.

There are small improvements for people with disabilities and limited mobility. In future, they should have the right to assistance on boarding and alighting trains on all trains in the EU, but only “if trained staff is on duty”. In a few years, all trains should also have parking spaces for at least four bicycles.

The EU Parliament also has to confirm the reform plans again, two years later they will come into force with the exception of the requirements for bicycle parking spaces. Railway companies only have to offer the transport of bicycles after four years, and then only if they buy new wagons.

Thermal baths and massage studios have closed due to the lockdown. With these Accecoires you can bring wellness into your home.

If the apartment is dedicated to business purposes, the profession may be practiced.

It smells like a spa at home. Harmonizing room fragrance with patchouli and ylang-ylang by Susanne Kaufmann, € 82.00. Seen at Staudigl, www.staudigl.at

Gray waffle piqué cotton bathrobe for € 325.00. Online at www.lederleitner.at

Natural rapeseed wax candle with stone pine oil from Green Earth, € 24.90. www.grueneerde.com

“Miniscalp” massage device for at home, waterproof and battery operated, for € 99.95 at www.proidee.at

Fixed shower bath with organic oils made from sage and lemongrass, for € 10.49, www.prokopp.co.at

Handmade “Viennese soap” made from coconut oil, € 12.50. To be ordered at www.wienerseife.at

Bath brush made of bamboo wood for € 9.99, at www.depot-online.at

In future, rail travelers will no longer receive any compensation if their train is delayed due to a storm, for example. The EU countries confirmed on Monday a corresponding agreement with the European Parliament on a reform of passenger rights, as the Council of Member States announced. Accordingly, it is planned to release railway companies from their obligation to pay compensation for “delays or train cancellations that they could not have avoided”.

According to the information, this applies to “extreme weather conditions, major natural disasters or major health crises, including pandemics”. Strikes by rail workers are not included. Railway companies are also obliged to divert passengers in the event of delays and train cancellations due to force majeure.

In terms of the level of compensation, the reform does not bring any improvements for consumers either. Contrary to what the EU Parliament called for, there is a reimbursement of 25 percent of the ticket price from one hour delay and 50 percent from two hours.

The Member States' transport ministers had also refused to oblige various railway companies to offer joint tickets. So-called transit cards are only compulsory for journeys with a change from regional to long-distance transport if all trains are operated by the same railway company.

There are small improvements for people with disabilities and limited mobility. In future, they should have the right to assistance on boarding and alighting trains on all trains in the EU, but only “if trained staff is on duty”. In a few years, all trains should also have parking spaces for at least four bicycles.

The EU Parliament also has to confirm the reform plans again, two years later they will come into force with the exception of the requirements for bicycle parking spaces. Railway companies only have to offer the transport of bicycles after four years, and then only if they buy new wagons.

The former FPÖ MP S. remains in custody. He is alleged to have helped the Wirecard board of directors to escape.

The Viennese public prosecutor's office is investigating the Wirecard scandal against the former FPÖ MP S. This is said to have helped the former Wirecard board member Jan Marsalek to escape. Because a fraud suit was recently brought against him, he must now remain in custody because of the risk of offense in this case. Former BVT department head W., who was also arrested last week, has meanwhile been released. That became known on Monday.

Both persons, for whom the presumption of innocence applies, will be investigated by the public prosecutor's office for favoritism. Both people are suspected of having helped Marsalek escape to Belarus. An offense that can result in up to two years in prison. Marsalek has been wanted in Germany since the collapse of the electronic payment service provider Wirecard.

W's release from liability was confirmed to the APA on Monday by the Vienna Public Prosecutor's Office. Another former BVT employee is still being questioned at the moment. He is being investigated on suspicion of abuse of office and betrayal of state secrets. W. is said to have worked part-time for Wirecard to check the solvency of online porn services.

According to the Interior Ministry, there was no approved secondary employment. Not only for this reason, Interior Minister Karl Nehammer (ÖVP) announced a “relentless investigation” in a broadcast: “We are resolute and, step by step, by clearing up this criminal case, create a clean restart for the protection of the Constitution,” said the Interior Minister was to “reorganize and reform the protection of the constitution.”

According to the Greens MP David Stögmüller, the question has not yet been fully clarified whether Marsalek worked unofficially or officially as an informant for the BVT. “This requires clear facts and also a clarification of which data from BVT was sent to Marsalek or Wirecard and when,” says Stögmüller

An EU strategy aims to enable so-called instant payments everywhere in the EU by the end of 2021.

Cash is becoming less important.

Cash as a means of payment is moving more and more into the background – not least the corona crisis brought the digital alternatives a massive upswing last year.

The EU wants to strengthen this development and formulated a strategy for this in autumn 2020 – the retail payment strategy. The aim of this is to promote new, European business models. In addition, real-time payments – instant payments – are soon to become the new standard.

Replacement for cash

“From the OeNB's point of view, instant payments should de facto become the 'New Normal' by 2025,” said Stefan Augustin, Director of the Shareholdings, Payments and Internal Services department at the Austrian National Bank (OeNB) on Monday. “Now it is important to use the opportunities offered by real-time payments if the bank does not want to fall behind in the competition with alternative payment service providers.”

The OeNB wants to further strengthen the position of the domestic banks. But that is only possible with a broad rollout of instant payments, says Augustin. These should therefore find their way quickly into the core banking systems.

In Austria, cash is still an important factor, but people are moving more and more towards a hybrid payment landscape, said Augustin. The corona crisis has contributed to faster digitization. In 2020, 5 billion euros in consumer transactions were carried out in Austria, of which around 3 billion euros in cash, one billion via card payments and another billion via account-to-account transfers.

European standard wanted

The EU strategy stipulates that instant payments will be possible everywhere in the EU by the end of 2021. However, this also requires a certain degree of harmonization between the individual countries, according to Holger Neuhaus, Head of the Market Infrastructure and Payments Division of the European Central Bank (ECB).

Although there are a few – for example in Sweden or Holland – innovative payment solutions, there is no overarching European standard with which the systems can communicate with one another. The EU wants to intervene here with its strategy, promote Europe-wide systems and thus reduce fragmentation. This is also important so that the EU can better assert itself against international competition. International technology giants such as Apple or Google are currently dominating the market when it comes to mobile payment.

The Austrian-Swiss payment service Bluecode is pursuing a European approach. Together with the “European Mobile Payment Systems Association (EMPSA)” it is pursuing the goal of developing Europe-wide “Payment Roaming”, said Bluecode boss Christian Pirkner. The solution should “go live” this year, according to Pirkner.

The company offers stocks for 330 to 370 pence. Dr. Martens would therefore be worth 4.2 billion euros.

Classic

The owners of the cult shoe brand Dr. Martens want to take the equivalent of almost 1.5 billion euros in the upcoming IPO in London.

The company, which is known for its characteristic boots with rubber soles and yellow stitching, is offering 350 million of the existing shares at a price of 330 to 370 pence (3.7 to 4.2 euros) each, according to information from a lead manager on Monday. That would bring Dr. Martens to a market value of up to 4.2 billion euros.

Major shareholder Permira and other existing shareholders had already announced that they would sell shares. You are meeting with great interest from investors with your project.

According to a second lead manager, the issue has been fully subscribed. The financial investor Permira had Dr. Martens bought in 2014 for 380 million euros. Most recently, sales rose by 20 to 30 percent annually. Last fiscal year sales were £ 672 million.

The wanderlust is great. In a survey, 98 percent said they were planning a trip this year.

Summer vacation icon image.

The longing for vacation increases with every additional day in lockdown. Despite the critical infection situation and the British coronavirus mutation, the demand for travel is “very good,” said the board member of the largest domestic tourism group, the Verkehrsbüro, Helga Freund, according to the “Kleine Zeitung”.

According to a customer survey, 98 percent of the 4,500 respondents are planning a trip this year. Hardly anyone wants to stay at home. “That is an absolute record,” said Freund.

Almost two thirds want to travel two to three times a year – if the corona pandemic allows it. A return to a level like before Covid-19 times will only take place gradually. “We are assuming that more travel will be possible this summer – I hope the vaccinations will be faster.” In any case, the longing for travel is very great. “In the case of short-term lockdowns or border closings, we will rebook or cancel in an accommodating manner,” the manager promised.

Looking forward to the season

Freund does not spot large-scale hotel deaths: “Our partners are all confident that this will be a good season.” The corona vaccine should also provide more freedom of movement. You can already imagine “that vaccination will be very important when traveling”.

With the first Covid vaccinations, people's interest in vacation travel has increased noticeably, said the spokesman for the Tyrolean travel agencies in the Chamber of Commerce, Andreas Kröll, to the “Tiroler Tageszeitung” (Monday edition). “We now have daily bookings again for the summer, but it's still far from being like a normal January – people want to leave and then mainly to the sea.”

The catalogs of travel agencies for the summer are currently a little thinner than in previous years. “The organizers were very cautious over the winter because it was not clear how the summer would be. In the next few weeks, the offer will be significantly more,” announced Freund. According to Kröll, many travel providers have also decided to print their summer programs a little later than usual this year or to do without them for the time being and make the offers available online.

Early bird

The travel experts advise early booking, especially for air travel. “In summer 2021 there will be significantly fewer flights than in pre-Corona times. If you want to travel by plane, you are well advised to book soon,” emphasized Kröll, who is also the head of the Tyrolean tour operator Christophorus Reisen.

Tour operators also attract early bookers with extended cancellation conditions. “At Ruefa we offer package tours for Mediterranean destinations that can be canceled free of charge up to 14 days before the start of the trip if you book by the end of March without giving a reason,” said Freund. Those who put together their own trips and book flights on the Internet are at high risk, she said in favor of the package tours offered by the Verkehrsbüro Group, which includes the Ruefa travel agencies, Austria Trend Hotels and the incoming agency Eurotours . “That's what the consumer advocates say clearly,” affirmed the board member.

“When you book individual services via Internet portals, you are often left alone – during the pandemic, thousands of stranded travelers there no longer reached anyone,” said Kröll. Package travelers, on the other hand, enjoy special protection in such cases through the Package Travel Act. The tourism expert recommends taking out travel insurance. The Europäische Reiseversicherung now also offers cancellation cover in the event of a Covid 19 illness shortly before the start of the vacation.

“When it is possible to travel again, it will mainly be in Europe – that is why we are already offering some package tours,” said Freund. These are primarily destinations by the sea, for example in Greece, Italy or Croatia. “There will tend to be limited capacities,” she added as another reason for her recommendation to book early. “We're mainly talking about July and August now. It's about zero risk, so to speak, for everyone who wants to secure their summer vacation at the right time at the desired location.”

Close goals

“The Adriatic and Italy will experience a revival this year,” expects Kröll. He also assumes that there will be strong overall demand for Mediterranean destinations. Italy, Croatia and Greece are at the top of the list of travel destinations for Austrians. This also coincides with the results of the survey among customers of the Verkehrsbüro Group: 62 percent are planning to travel within Europe. A quarter is drawn into the distance, preferably to Thailand, the Maldives and the USA. But, according to Freund and Kröll, you have to wait and see how the situation develops, especially when traveling long-distance. “That will probably only be possible again in autumn or next winter,” said Freund.

Australia, for example, has announced that it will probably refrain from entering for tourism purposes in 2021. “This means that an entire continent is no longer a travel destination,” explained Kröll. Cruises are also in demand again, customers have already made reservations for the year 2022. “We have expedition cruises for summer 2022 that are already fully booked,” said Freund.

After holidays in their own country were very popular last year, only 14 percent of the Ruefa survey stated that they would like to travel within Austria this year. Freund, who is also the head of the largest domestic incoming travel agency Eurotours, is already seeing great demand from abroad. “Many Dutch and Germans have already booked their summer vacation in Austria.” There is already strong demand from these countries for the next winter season.

The Verkehrsbüro Group includes 22 hotels, campsites, event catering in Palais and the Viennese Café Central. A digitization offensive is planned in all areas. The group employs 3,000 people.

Further restructuring is pending within the group – the management board was already reduced from three to two people at the turn of the year – Martin Winkler as managing director and friend are at the head of the group. Further austerity measures are being examined. It's too early for details.

In any case, the business collapsed due to the corona. “At Ruefa, we are assuming that sales this year will be 50 percent of 2019 sales – in 2020 we were 70 percent behind 2019,” said Freund. “Of course we can check off the winter completely. We are optimistic for the summer.” The board expects a return to the level of 2019 “around 2023”. “We still have a dry spell ahead of us,” says the manager.

“Our balance sheet will be red, there is no other way.” The Verkehrsbüro Group is nevertheless well positioned and “we have owners who support us (AVZ Foundation and Wr. Städtische, note)”. The hope now lies in the summer and the vaccinations.