First legs: 19 February

Fenerbahçe vs Nottingham Forest (18:45 CET) GNK Dinamo vs Genk (18:45 CET) PAOK vs Celta (18:45 CET) Brann vs Bologna (18:45 CET) Celtic vs Stuttgart Lille vs Crvena Zvezda Panathinaikos vs Viktoria Plzeň Ludogorets vs Ferencváros

Second legs: 26 February

Viktoria Plzeň vs Panathinaikos (18:45 CET) Ferencváros vs Ludogorets (18:45 CET) Crvena Zvezda vs Lille (18:45 CET) Stuttgart vs Celtic (18:45 CET) Bologna vs Brann Genk vs GNK Dinamo Nottingham Forest vs Fenerbahçe Celta vs PAOK

First legs

17/02: Galatasaray vs Juventus (18:45 CET) 17/02: Monaco vs Paris 17/02: Borussia Dortmund vs Atalanta 17:02: Benfica vs Real Madrid 18/02: Qarabağ vs Newcastle (18:45 CET) 18/02: Club Brugge vs Atlético de Madrid 18/02: Bodø/Glimt vs Inter 18/02: Olympiacos vs Leverkusen

Second legs

24/02: Atlético de Madrid vs Club Brugge (18:45 CET) 24/02: Leverkusen vs Olympiacos 24/02: Inter vs Bodø/Glimt 24/02: Newcastle vs Qarabağ 25/02: Atalanta vs Borussia Dortmund (18:45 CET) 25/02: Juventus vs Galatasaray 25/02: Paris vs Monaco 25/02: Real Madrid vs Benfica

At the 27th ordinary annual general meeting in Bochum on Friday, Thyssenkrupp CEO Miguel López advocated for a fundamental transformation of the traditional conglomerate. The CEO announced that the company will shift from an integrated industrial group to a financial holding company. At the same time, several hundred employees demonstrated outside the RuhrCongress against the proposed dividend payout of 93 million euros.

"For a long time, Thyssenkrupp was run as an integrated industrial group," López told approximately 500 shareholders. "In the future, Thyssenkrupp AG will be a financial holding company—an investment company that primarily holds majority stakes in strong, independent businesses under one roof." The new strategy is called "ACES 2030" and provides for the gradual spin-off of all five business divisions – naval shipbuilding, steel, automotive parts, materials, and green technologies. This means "more flexibility, more speed, and direct access to the capital markets," López explained. "This unlocks value that has been hidden within the company until now."

The naval division TKMS was already taken public in October 2025 and has been listed on the MDAX since December. Talks are currently underway with Indian conglomerate Jindal Steel regarding a possible acquisition of the steel segment. "We are in constructive dialogue with Jindal Steel," López said, without providing further details. The company employs just over 93,000 people

IG Metall and several hundred employees called on shareholders to forgo the planned dividend of 15 cents per share. "Shareholders already profited extraordinarily after the recent IPO of the Marine division. Paying out a dividend from the company's capital reserves now would be economically wrong and send a disastrous signal," read a union leaflet.

Ingo Speich from the fund management company Deka Investment also criticized the payout: "Paying a dividend comes at the expense of the company's capital reserves. Thyssenkrupp has been living off its substance for years. This finally has to stop."

Shareholder representatives nevertheless expressed cautious optimism about the course being taken. "Confidence is back, optimism has returned," said Oliver Vollbrecht of the German Association for the Protection of Securities Holders. Speich also called for the divestment process to move forward: "We want a lean business model and the disposal of additional holdings in the foreseeable future."

Employees of the Duisburg-based steel manufacturer HKM also participated in the demonstration outside the hall. "We finally want a collective social agreement," said works council chairman Marco Gasse.

Technology group Bosch recorded a significant profit decline in fiscal year 2025. According to preliminary figures, operating earnings before interest and taxes (EBIT) fell by more than 45 percent to 1.7 billion euros, the company announced at its headquarters in Gerlingen near Stuttgart. "The economic reality is also reflected in our results – 2025 was a difficult, and at times painful year for Bosch," said CEO Stefan Hartung.

The world's largest automotive supplier thus lost nearly half of its operating profit. Revenue rose only slightly to 91 billion euros. The operating margin fell from 3.5 percent in the previous year to 1.9 percent – far from the target return of seven percent

The weak results were largely driven by high provisions for the planned job cuts. Bosch set aside 2.7 billion euros for severance payments and other personnel measures. Without this burden, operating profit would have increased by more than one billion euros, Hartung explained.

The company had announced in the fall of 2025 the elimination of an additional 13,000 jobs in its automotive supplier division in Germany. In total, around 22,000 positions are expected to be cut by 2030. In the past year, 6,500 positions had already been eliminated in Germany, according to Hartung. The cuts are expected to lead to annual savings of 2.5 billion euros

The company also expects persistently difficult conditions for the current year. "Competitive and pricing pressure is likely to increase further, and the higher tariffs will take full effect for the first time," warned CFO Markus Forschner. The global economy will grow more slowly, and geopolitical tensions such as US tariff policy, the strong euro, and rising metal prices will continue to create headwinds.

The goal of achieving an operating margin of at least seven percent will be attainable "no earlier than 2027," Forschner admitted. "The goal remains set in stone, but unfortunately the stone has often been moved," said Hartung.

In the core automotive supply division (Mobility), revenue of 56 billion euros was slightly above the previous year. However, the sector is suffering from the ongoing crisis in the auto industry and intensified competition from Chinese suppliers. Hartung called on policymakers for "local content rules" to protect European industry: "Local content is better than tariffs."

Germany and Israel have conducted their first joint training exercise to defend against a major cyberattack. As the Federal Ministry of the Interior announced on Friday, the exercise, named "Blue Horizon," was the first concrete step toward implementing the cyber and security pact agreed upon between the two countries in January.

"With the first joint cyber defense exercise, we are putting the cybersecurity package into practical effect," declared Federal Interior Minister Alexander Dobrindt (CSU). "We are strengthening our ability to defend against severe cyberattacks." Germany and Israel stand "side by side for strong, secure defense systems."

At the heart of the cooperation is the development of a German "Cyberdome," modeled after the existing Israeli defense system. According to Israeli sources, this is a defense system that consolidates various data sources and uses artificial intelligence to identify vulnerabilities and threats on the network. This enables organizations to receive early warnings of potential hacker attacks.

During the exercise, experts from the Israeli National Cyber Directorate worked together with German cyber specialists from various agencies and organizations. The goal is to "get to know each other better, align processes, and develop a common language for emergency situations," according to the Interior Ministry. This is intended to improve and accelerate response capabilities to cyber attacks

The underlying pact was signed on January 11 in Jerusalem by Dobrindt and Israeli Prime Minister Benjamin Netanyahu. Among other things, it provides for close networking between the security agencies of both countries as well as intensified cooperation in the areas of cybercrime, artificial intelligence, and drone defense.

The agreement builds on a memorandum of understanding from December 9, 2025, which was signed by the Director General of Israel's National Cyber Directorate, Yossi Karadi, and the head of the Cyber Division at the German Federal Ministry of the Interior, Friederike Dahns. The focus areas include developing the next generation of the Cyber Dome, establishing a joint cyber excellence center, and conducting joint exercises in cybersecurity and AI.​

Israel is considered a pioneer in the field of cybersecurity. The country regularly faces cyberattacks that are often attributed to Iran and aimed at sabotaging Israel's infrastructure, collecting data, and spreading disinformation

Germany's inflation rate unexpectedly accelerated at the start of the year. According to preliminary data from the Federal Statistical Office, consumer prices rose 2.1 percent in January 2026 compared to the same month last year – up from 1.8 percent in December, which was the lowest level in more than a year. The increase slightly exceeded market expectations of 2.0 percent.

The main drivers of inflation were food prices, which rose 2.1 percent year-on-year – up from just 0.8 percent in December. According to data from federal states, coffee, chocolate, meat, as well as fruits and vegetables saw particularly sharp price increases. In North Rhine-Westphalia, cucumber prices rose 25 percent and roasted coffee prices increased 24 percent.

Services saw above-average price increases of 3.2 percent. This was partly due to the increase in the Deutschlandticket from 58 to 63 euros. Additionally, many restaurants did not pass on to customers the VAT reduction on meals from 19 to 7 percent that was decided at the turn of the year.

Energy prices, however, provided relief, standing 1.7 percent below the prior-year level according to the Federal Statistical Office. Electricity and gas were cheaper than a year ago, while fuel prices increased – partly due to higher crude oil prices resulting from the Iran conflict and the increase in the CO2 price from 55 to 65 euros per ton

Bundesbank President Joachim Nagel expressed cautious optimism. The inflation rate could fall below the two percent mark for a few months, he said. In the long term, the outlook is stable at around two percent – the European Central Bank's target rate.

Nevertheless, economists expect that inflation for the full year 2026 will be slightly above two percent. The recent minimum wage increase as well as continued strong wage growth are likely to support inflation, as many companies pass increased costs on to their customers. The strong euro, which makes imports cheaper, is having a dampening effect, however.

The ECB has kept its key interest rate unchanged at 2.0 percent since June 2025. An interest rate decision is scheduled for February 5

The chairman of the Union parliamentary group, Jens Spahn (CDU), has proposed attracting entrepreneurs and business founders from abroad to Germany with targeted tax incentives. In an interview with Handelsblatt, Spahn said: "The fact is, we need to look at how we can offer investors attractive conditions. Otherwise they won't come." At the same time, the CDU politician called for a debate on Europe's nuclear sharing.

As an example, Spahn cited Italy, which offers tax incentives for newcomers. "I'm hearing from the U.S. in particular that many founders and entrepreneurs are considering returning to Europe," Spahn said. "The Italians recognized the trend early and are offering such people very attractive tax benefits for the first few years."

Italy offers returnees and skilled workers from abroad a 50 percent tax exemption on Italian employment income for five years through the so-called Impatriati regime. For wealthy new residents, the flat tax regime was increased in the 2026 budget law to 300,000 euros annually on foreign income.

From Spahn's perspective, a similar approach could also work for Germany. "I think it's smart to attract technical know-how, entrepreneurial spirit, and investors to the country," said the CDU politician. However, he acknowledged that such proposals might be difficult to implement in the grand coalition under Chancellor Friedrich Merz. "In Germany, such proposals tend to be met with reflexive rejection, I know that," said Spahn. "But we could use more innovation and entrepreneurial spirit."

In addition to economic policy issues, Spahn also commented on security policy. In light of tensions in the transatlantic relationship, he advocated for reopening discussions on nuclear sharing. Europe and Germany must become more independent, Spahn told Handelsblatt. "That's why we're reintroducing military service, initially voluntary, and if necessary, mandatory. And yes, we need to discuss nuclear sharing again."

When asked whether he also meant German nuclear weapons, Spahn emphasized that Germany should always seek European solutions on such issues. At the same time, he warned against calling the relationship with the United States into question: "We would not be well-advised if we talked ourselves into a break in the transatlantic friendship."

According to the CDU politician, he is concerned about the growing contacts between AfD politicians and the circles around the U.S. Republicans. False narratives have taken hold there, such as the claim that there is no freedom of speech in Germany. "We need to provide clarification and, as the Union, try to cultivate our transatlantic partnership even more actively," Spahn said.

In the Saudi Arabian capital of Riyadh, four companies signed a memorandum of understanding to pave the way for hydrogen deliveries from Saudi Arabia to Germany. Saudi energy company ACWA Power, energy supplier EnBW Baden-Württemberg, the Port of Rostock, and gas importer VNG plan to jointly transport green hydrogen by sea.

The agreement was reached during Federal Minister of Economics Katherina Reiche's (CDU) trip to Saudi Arabia. Saudi Energy Minister Abdulaziz bin Salman was also present at the signing.

The plan is for ammonia deliveries from the Saudi port city of Yanbu on the Red Sea to Rostock. For overseas transport, the hydrogen is bound in the chemical ammonia, which is significantly easier to liquefy, transport, and store than pure hydrogen.

In Rostock, the ammonia is then to be converted back into hydrogen and transported onward from there. For this purpose, a so-called cracker will be used, which VNG is developing as part of the AZAN project. According to VNG, in the future around 144,000 tons of hydrogen could be produced annually in Rostock and fed into the hydrogen network.

ACWA Power produces the hydrogen in a climate-friendly manner using wind and solar power in Saudi Arabia. Hydrogen is intended to play a central role in a future climate-neutral German economic system: The CO2-neutral gas could generate electricity in hydrogen-capable gas power plants when insufficient wind and solar power is available. In blast furnaces for steel production, hydrogen is to be used instead of coke, thereby avoiding large amounts of carbon dioxide.

The production facility for hydrogen and ammonia in Yanbu is scheduled to enter commercial operation in 2030. According to current plans, the project includes 4 gigawatts of electrolysis capacity and is expected to produce approximately 400,000 tons of green hydrogen annually, which will be converted into about 2.5 million tons of green ammonia.

According to the joint announcement by the project partners, ACWA Power is also examining participation in the development and possibly financing of ammonia infrastructure in Germany.

Infant formula makers Nestlé, Danone and Lactalis are facing a growing backlash after an ingredient they sourced from a single supplier in China was contaminated with a dangerous toxin, risking the health of babies around the world.

The ingredient, arachidonic acid-rich (ARA) oil - which was exposed to a toxin called cereulide - was sourced from a Wuhan laboratory. It was added to hundreds of baby formula product lines before they were shipped out to more than 65 countries across five continents.

The crisis has prompted an outcry from consumer rights groups and public health charities, which are calling for tighter controls of the sector, arguing that manufacturers have compromised the safety of infants in pursuit of profits.

French IT company Capgemini (CAPP.PA), will sell its U.S. subsidiary Capgemini Government Solutions, it said on Sunday, after coming under pressure to explain a contract the latter signed with U.S immigration enforcement agency ICE.

It’s gradually rolled out, so maybe you don’t have access to it yet but it’s coming