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September 10th - The European Central Bank (ECB) is expected to raise interest rates for the second time since the energy price surge caused by the Iran war, as inflation continues to exceed its target while the regions economy remains surprisingly strong. In a survey, all but one analyst expected the deposit rate to rise 25 basis points to 2.5% on Thursday. New quarterly forecasts will reinforce the case for a rate hike, pointing to rising inflationary pressures and faster economic growth in the eurozone. Policymakers are dealing with consumer price increases that surpassed 3% last month, a level near a three-year high, and unlikely to fall significantly in the coming months. Unlike the Federal Reserve and the Bank of England, the ECB raised rates in June and there is little disagreement about taking action again this week.Market news: The U.S. Department of Justice is investigating whether the $20 billion licensing deal between Nvidia (NVDA.O) and AI chip startup Groq was deliberately designed to circumvent antitrust scrutiny.September 10th - According to reports, TSMCs (TSM.N) Phase II expansion of its 1.4nm fab in the Central Taiwan Science Park is accelerating, with the first (P1) fab expected to begin trial operations in April next year. Mass production is anticipated to begin in the second half of 2027, earlier than the originally planned 2028. The report, citing unnamed sources, states that TSMC is building two temporary offices at the site, expected to be completed simultaneously in April next year. Initially, over 5,400 operations and outsourced personnel will be stationed there.On September 10th, 2026, at 9:00 AM, options for hot-rolled coil, stainless steel, and low-sulfur fuel oil were listed on the Shanghai Futures Exchange (SHFE). All three options were simultaneously opened to Qualified Foreign Institutional Investors (QFIIs). The low-sulfur fuel oil option, as a specific domestic product, directly allows overseas traders to participate in trading. All three options are American-style options. A total of 236 contracts were listed for trading on the first day, including 48 hot-rolled coil options, 50 stainless steel options, and 138 low-sulfur fuel oil options. Following the listing of these three options, the total number of options listed on the SHFE has increased to 23, covering major sectors such as non-ferrous metals, precious metals, ferrous metals, and energy chemicals. A relevant SHFE official stated that hot-rolled coil, stainless steel, and low-sulfur fuel oil futures have been listed for many years and have operated steadily, becoming important tools for risk management for enterprises in related industries. The listing of these three options is an important measure for the SHFE to expand and improve its business, further enhancing the breadth and depth of services offered for these products. 2. Going forward, the Shanghai Futures Exchange will continue to maintain stable market operations, improve its product system, optimize rules and regulations, strengthen market cultivation and investor education, focus on improving market operation quality and service efficiency, better meet the diversified and refined risk management needs of industrial enterprises, and better serve the high-quality development of the real economy.On September 10th, the Copernicus Climate Change Service, the EUs climate monitoring agency, released a statement saying that August 2026 will be the hottest month since records began in 1940. Data shows that the global average surface temperature in August this year was approximately 16.96 degrees Celsius, slightly higher than the record of approximately 16.95 degrees Celsius set in July 2023, making it the hottest month globally. The global average surface temperature in August was 0.85 degrees Celsius higher than the average for the same period from 1991 to 2020, and 1.65 degrees Celsius higher than the pre-industrial average (1850 to 1900). This marks the first time since November 2025 that the global monthly average temperature has exceeded pre-industrial levels by more than 1.5 degrees Celsius.

Volkswagen wants 75 billion euro valuation in blockbuster Porsche IPO

Charlie Brooks

Sep 19, 2022 10:42

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Volkswagen revealed on Sunday that it aims to value premium sports car maker Porsche at up to 75 billion euros ($75,1 billion) in what will be Germany's second-largest initial public offering (IPO) in history.


Volkswagen (ETR:VOWG p) will price preferred shares in the float of Porsche AG between 76.50 and 82.20 euros per share, the manufacturer revealed, which corresponds to a valuation between 70 billion and 75 billion euros.


At the upper end of the range previously reported by Reuters, according to Refinitiv figures, it would be the third largest IPO in Europe's history. Volkswagen said that trading on the Frankfurt Stock Exchange will resume on September 29.


In conjunction with the IPO, 911,000,000 Porsche AG shares will be divided into 455.5,000,000 preferred shares and 455.5,000,000 common shares. During the IPO, investors will get up to 113,875,000 shares of preferred stock without voting rights.


Volkswagen stated that sovereign wealth funds from Qatar, Abu Dhabi, and Norway, along with mutual fund company T. Rowe Price, will purchase up to 3.68 billion euros in preferred shares as cornerstone investors.


Volkswagen's Chief Financial Officer and Chief Operating Officer, Arno Antlitz, commented, "We are in the final stages of planning Porsche's initial public offering, and we appreciate the commitment of our cornerstone investors."


Porsche SE will obtain 25% plus one ordinary share in the sports car brand, which do carry voting rights, for the price of the preferred shares plus a 7.5% premium.


According to a second release, Porsche SE, the holding firm controlled by the Porsche and Piech families, would finance the acquisition of the ordinary shares with up to 7.9 billion euros in borrowed cash.


Between 18,1 and 19,5 billion euros will be realized from the transaction. Volkswagen will propose distributing 49% of total profits as a special dividend to shareholders in early 2023 if the IPO is successful, and will host an extraordinary shareholder meeting in December.


On Monday, following the release of a stock market prospectus, institutional and individual investors will be able to subscribe for Porsche shares.

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