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BUSINESS

German firms eye brighter future

The majority of German businesses believe the financial crisis is over and the state of Europe's top economy will improve in the next 12 months, according to a new study to be published on Monday.

German firms eye brighter future
Photo: DPA

Two out of three firms in Germany see the economy brightening in 2010 with nearly eight out of 10 seeing an improvement by 2011, according to the Ernst and Young survey to appear in Monday’s edition of daily Die Welt.

Moreover, 54 percent of the businesses polled said that Germany was likely to emerge stronger after the crisis than it was before.

The poll appears to reflect a growing optimism in Germany’s business community that the country’s worst economic downturn since 1945 will be relatively short-lived.

On Friday, a closely-watched survey by the Ifo institute, measuring the mood among German firms, rose for the fourth month running in July.

Nevertheless, the government sees Germany – one of the world’s top exporters – shrinking by a record six percent this year.

The Ernst and Young report surveyed mainly small and medium-sized firms in Germany – widely seen as the backbone of the economy.

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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