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Volkswagen Shares Surge After Strong Automotive Cash Flow Surprise

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Volkswagen shares climbed to the top of Germany’s DAX index on Thursday after the carmaker reported stronger-than-expected automotive cash flow for 2025. Europe’s largest automaker said its automotive division generated net cash flow of about 6 billion euros, well above its own forecast of around zero, boosting investor confidence and driving the stock up 4.6% in morning trading.

The result marked a 1 billion-euro improvement from the previous year and exceeded market expectations, with analysts noting that while management had hinted at possible upside, the scale of the beat was a surprise. Broader sentiment toward the sector was also supported by easing trade concerns after U.S. President Donald Trump stepped back from threats of tariffs against European allies, reducing near-term risks for exporters.

Despite the upbeat performance, Volkswagen cautioned that challenges remain. The company expects pricing conditions to stay tight and profits from its China joint venture to decline in 2026 before recovering in 2027. Shares across the European auto sector rose in sympathy, while Volkswagen is set to publish its full-year 2025 results and 2026 outlook on March 10.

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EU Lawmakers Consider Legal Challenge to Mercosur Deal

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EU lawmakers are set to vote on Wednesday whether to refer the European Union’s free trade agreement with Mercosur—comprising Argentina, Brazil, Paraguay, and Uruguay—to the EU Court of Justice. A legal challenge by 144 lawmakers could delay the deal by up to two years and potentially block its implementation. The agreement, the EU’s largest-ever trade pact, still requires approval from member states before taking effect.

Opponents, led by France, argue the deal will increase imports of cheap beef, sugar, and poultry, threatening domestic farmers. The legal challenge seeks a court ruling on whether the pact can be provisionally applied before full ratification and whether it limits the EU’s ability to enforce environmental and consumer health standards. Court opinions typically take around two years to be delivered.

Supporters, including Germany and Spain, stress the pact’s importance in offsetting trade disruptions caused by U.S. tariffs and reducing dependency on China by securing access to critical minerals. They also note that Mercosur governments are growing impatient after decades of negotiations, making timely EU approval crucial.

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Germany Returns Nazi-Stolen Bayeux Tapestry Fragments to France

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Germany has returned two small fragments of the Bayeux Tapestry to France, more than eight decades after they were taken during the Nazi occupation in 1941. The pieces of unembroidered linen were discovered in the state archives of Schleswig-Holstein in northern Germany, where historians were reviewing the collection of German textile expert Karl Schlabow, who is believed to have removed them while researching the tapestry under a Nazi-led project.

Archivists identified the fragments during a 2023 inventory, finding them preserved on a glass plate along with documents that helped trace their origin to the Bayeux Tapestry. Rainer Hering, head of the archive, said it was “obvious” the fragments had to be returned, and formally handed them over to the mayor of Bayeux on Thursday. The fragments are thought to have been taken from the underside of the famous embroidery, which depicts the Norman conquest of England in 1066.

The return comes amid renewed attention on the 11th-century tapestry, which is scheduled to be displayed at the British Museum in September under a loan agreement between France and the UK. The move has sparked controversy, with critics warning the fragile artefact should not travel. Despite concerns raised by artists and historians, the British Museum has pledged to safeguard the tapestry, which is insured for £800 million and has been listed on Unesco’s “Memory of the World” register since 2007.

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Germany’s Finance Minister Urges “European Patriotism” to Safeguard Economy

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Germany’s finance minister Lars Klingbeil has called for a new era of “European patriotism” to protect the continent’s economic interests amid rising global tensions. Speaking at a lecture in Berlin, Klingbeil proposed that companies receiving state aid should be required to keep jobs within Europe and that public procurement policies should prioritise goods produced in the region.

Klingbeil said Europe must fundamentally rethink its economic strategy as traditional alliances weaken and trade becomes increasingly politicised. He argued that the transatlantic relationship is changing, pointing to signs that the United States is turning away from Europe both politically and culturally. At the same time, he warned that trade is being weaponised through subsidies, tariffs, export controls and industrial overcapacity, placing strain on Germany’s export-driven economy.

To address these challenges, Klingbeil outlined a strategy focused on strengthening European unity, diversifying trade ties beyond the United States and shielding European markets from unfair competition. He said Europe must become more sovereign and resilient, cautioning that relying solely on exports is no longer sufficient in a rapidly shifting global economic order.

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Germany’s Coalition Divided Over Inheritance Tax Reform Ahead of Key Elections

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Germany’s Social Democratic Party (SPD) has proposed sweeping changes to inheritance tax rules, setting up a fresh dispute with its conservative coalition partner. The reforms aim to make the system fairer by increasing taxes on large estates while easing the burden on smaller inheritances, just as the government faces several important regional elections this year.

While both the SPD and Chancellor Friedrich Merz’s conservative bloc agree on the need for tax relief to revive the weak economy, they strongly disagree on how to achieve it. The disagreement adds to growing tensions within the coalition, reinforcing public perceptions of a divided and slow-moving government at a time when voters are demanding clear economic direction.

Under the SPD plan, heirs would be able to inherit up to around one million euros tax-free, and family homes would remain exempt if the heir continues to live there. Family businesses would receive allowances of about five million euros, but larger firms would face higher taxes — a move strongly opposed by conservatives, who warn it could hurt Germany’s small and medium-sized companies.

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Thieves Drill Into German Bank Vault, Steal €30 Million in Major Heist

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Thieves have stolen an estimated €30 million in cash and valuables after drilling into a vault at a Sparkasse savings bank branch in the western German city of Gelsenkirchen, police said. The break-in, described by investigators as highly professional and reminiscent of a Hollywood-style heist, involved the use of a large drill to access the underground vault. More than 3,000 safe deposit boxes containing money, gold and jewellery were forced open during the robbery.

Police became aware of the crime in the early hours of Monday after a fire alarm was triggered at the branch on Nienhofstrasse in the Buer district. Investigators believe the suspects exploited the quiet Christmas period to carry out the operation, gaining entry to and escaping from the bank through an adjacent parking garage. Witnesses reported seeing several men carrying large bags in the garage staircase overnight, and CCTV footage captured a black Audi RS6 leaving the area early Monday morning.

No arrests have been made so far and the suspects remain at large. Sparkasse said around 95% of the safe deposit boxes at the branch had been broken into, making it highly likely many customers were affected. The bank has set up a hotline for clients, confirmed the branch will remain temporarily closed, and said the contents of each safe deposit box are insured up to €10,300, advising customers to check for additional coverage under their home insurance policies.

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Merz Urges Europe to Assert Its Interests to Protect Peace and Prosperity

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German Chancellor Friedrich Merz has called on Europe to assert its interests more forcefully to safeguard peace and prosperity in 2026, warning of mounting threats from Russian aggression, global protectionism and shifting relations with the United States. Speaking in his New Year’s address, Merz said the war in Ukraine posed a direct threat to Europe’s freedom and security, adding that Russia’s actions were part of a broader strategy targeting the entire continent.

Since taking office in May, Merz has played a key role in pushing European support for Ukraine and strengthening Germany’s defence posture. He said Germany now faces daily challenges including sabotage, espionage and cyberattacks, underscoring the need for greater resilience. Merz also highlighted economic risks from rising protectionism and Europe’s dependence on imported raw materials, which he said were increasingly being used as tools of political pressure.

Merz pointed to Germany’s struggle to revive its export-driven economy after two years of contraction, as Berlin seeks to reduce reliance on China while navigating global trade tensions and the impact of U.S. President Donald Trump’s tariff policies. Acknowledging a more difficult partnership with Washington since Trump’s return to office in 2025, Merz said Europe must rely more on itself, stressing that confidence, not fear, should guide the continent’s response as it works to renew long-standing peace, freedom and prosperity.

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Europe Condemns US Visa Bans Targeting Anti-Disinformation Advocates

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The European Union, along with France and Germany, strongly condemned U.S. visa bans on five European citizens, including former EU commissioner Thierry Breton, who have been involved in combating online hate and disinformation. Washington accused them of censoring free speech and imposing undue restrictions on U.S. tech companies, a move that European officials described as unjustified and an infringement on Europe’s legislative autonomy. French President Emmanuel Macron emphasized the importance of protecting Europe’s independence and the freedom of its citizens.

Breton, who helped design the EU’s Digital Services Act (DSA), faced particular scrutiny from the Trump administration. The DSA requires tech companies to tackle illegal content such as hate speech and child sexual abuse material, but the U.S. argued it unfairly targets American platforms and citizens. Previous disputes, including fines against Elon Musk’s X platform, have heightened tensions between Brussels and Washington over internet regulation and freedom of expression.

The visa bans also affected activists from the U.K. and Germany, with both countries expressing support and solidarity. German authorities called the bans unacceptable, noting that digital rules are determined in Europe, not Washington. British and international organizations described the U.S. actions as authoritarian and an attack on free speech, while the EU signaled it may respond decisively to what it views as a coercive measure undermining democratic norms.

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Tesla Expands Battery Cell Production at German Gigafactory

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Tesla has announced fresh investments to scale up battery cell production at its Gigafactory in Gruenheide near Berlin, aiming to produce up to 8 gigawatt hours of battery cells annually from 2027. The U.S. electric vehicle maker said it will invest an additional three-digit million euro amount, taking total investment in the local battery cell factory to nearly €1 billion.

The company said the expansion is part of a strategy to deepen vertical integration at the site, allowing everything from battery cells to complete vehicles to be manufactured at a single location. Tesla described this as a unique setup in Europe that will help strengthen supply chain resilience and reduce dependency on external suppliers.

Tesla also noted that producing battery cells economically in Europe remains challenging amid competition from China and the United States. The Gruenheide facility, Tesla’s only gigafactory in Europe, currently employs about 11,500 people and plays a critical role as the automaker works to stabilise its position in the European electric vehicle market.

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EU Backs Down on 2035 Combustion Engine Ban Amid Carmaker Pushback

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The European Commission is poised to ease its 2035 ban on new combustion-engine cars, allowing up to 10% of sales to include non-electric options like plug-in hybrids and range extenders using CO2-neutral biofuels or synthetic fuels. This reversal follows intense lobbying from Germany, Italy, and Europe’s auto sector, including giants like BMW, Mercedes-Benz, Renault, Volkswagen, and Stellantis, as they grapple with competition from Tesla and Chinese EVs. The proposal requires approval from EU governments and the European Parliament.

This marks the EU’s biggest retreat from its aggressive green policies in recent years, with carmakers also urging relaxed 2030 CO2 targets and fines. The European Automobile Manufacturers’ Association (ACEA) has described the situation as “high noon” for the industry. However, EV advocates warn that diluting the 100% zero-emissions goal to 90% could erode investments and hand more market dominance to China.

To counterbalance, the Commission plans incentives for EVs in corporate fleets—which drive 60% of new car sales—potentially with local content rules and tax breaks for small EVs. Credits toward CO2 targets may also reward sustainable practices like low-carbon steel production, though the auto sector prefers incentives over mandates.

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