Cryptoger

Volkswagen is looking to cut tens of thousands of additional jobs and may shutter factories in a push by CEO Oliver Blume to make Europe's biggest automaker more competitive, according to a report in Manager Magazin. Bloomberg's Elisabeth Behrmann has more.

Ifo President Clemens Fuest discusses the institute's latest survey results which indicated a modest rise in German business confidence for June, easing worries about the knock-on effects of the Iran war on Europe's largest economy. "There's this combination of structural factors and macroeconomic shocks hitting the German economy, meaning it will take time to recover," Fuest tells Bloomberg Television.

Porsche AG confirmed its profit outlook for the year as it pushes to become leaner to revive margins battered by US tariffs and weak demand in China. David Welch has more on "Bloomberg Open Interest."

BMW said its profit margin will fall to as little as 1% this year as weakening Chinese demand and fallout from the Middle East conflict take a growing toll. The German automaker plans additional cost savings beyond those already announced. Danny Lee reports on Bloomberg Television.

Siemens CEO Roland Busch discusses the outlook for orders, profit guidance and supply chain "uncertainties" stemming from the war in the Middle East. Speaking on Bloomberg Television, he also discusses artificial intelligence regulation in Europe and plans for a 6 billion ($7 billion) share buyback.

Germany is preparing to end its long-standing crypto tax exemption as Finance Minister Lars Klingbeil revives a proposal to tax digital asset gains regardless of holding period.

Deutsche Bank AG Chief Financial Officer Raja Akram discusses the lender's performance in the first quarter as it posted higher-than-expected profit and revenue as income from trading held up and it earned more from asset management and retail banking. Akram says April "started constructively" after some jitters in March. He also discusses private credit and the uncertainty around the situation in the Middle East. Akram speaks to Bloomberg's Oliver Crook.

Ifo President Clemens Fuest says Germany could be "at the beginning of a stagflationary shock" after the institute's expectations index dropped to 83.3 in April from a revised 85.9 the previous month the lowest level since August 2023. He speaks on Bloomberg Television.

Business activity in the euro area unexpectedly shrank for the first time since late 2024 due to a steep drop in the services sector as the Iran war weighs on consumers. Bloomberg's Zoe Schneeweiss reports.

Deutsche Telekom is considering a full combination with its American arm T-Mobile US, a move that would create a multinational telecom group and rank as the largest-ever public M&A deal, people with knowledge of the matter said. Bloomberg's Manuel Baigorri reports.