Amazon Germany introduced a controversial bonus scheme rewarding teams in which employees take few or no sick days. Doctors and labor law experts say the program could backfire. (N-TV)
A niqab-wearing woman suspected of assaulting the owner of an Arab lingerie shop in Berlin last month was arrested. The Polish-German suspect told police the erotic shop window offended her religious views.
Authorities in Dortmund evacuated 800 residents of a high-rise building to fireproof it after finding that similar cladding was used as on London’s Grenfell Tower. Around 80 people died when fire devastated the British complex in June.
The purchasing managers’ index for the industrial sector and service providers rose by 1.0 point to 56.7 points in September, according to IHS Markit on Friday, exceeding expectations. This suggests the euro zone’s GDP grew by 0.7 percent in the third quarter of 2017.
Varta, a maker of batteries for hearing aids and head seats, plans to enter the stock market this fall after an attempt failed last December in the aftermath of the election of Donald Trump, sources told WirtschaftsWoche.
The Swiss private bank Julius Bär hired Oliver Bartholet, UBS’s regulatory expert, as its new head of risk management. He will replace Bernhard Hodler in this role in April 2018.
Turkish President Recep Tayyip Erdogan praised Angela Merkel for refraining from criticizing Turkey. The German chancellor “pursues meaningful politics” and the current tensions between both countries would ease, he said. (Reuters)
Steel production at ThyssenKrupp was almost completely halted as employees went on strike against the planned merger with Tata Steel Europe.
Parliament’s legal department cast doubts on the lawfulness of Chancellor Merkel’s 2015 open-door policy, arguing the Bundestag should probably have voted on allowing refugees into the country. (Die Welt)
Germany’s public debt fell by €60 billion to €1.98 trillion in the first half of 2017, a 2.9-percent decrease from the same time last year, the Federal Statistical Office said.
A number of German political figures received envelopes with white powder ahead of Sunday’s election, including Angela Merkel’s husband Joachim Sauer, CSU leader Horst Seehofer and Greens leader Katrin Göring-Eckardt. Police said the powder was found to be not dangerous.
Lufthansa appears to have won the first round of a bidding war for the bankrupt Air Berlin, entering into talks to buy subsidiary Niki and a number of Air Berlin planes. The administrator will also negotiate with Easyjet about selling planes and landing rights, and possibly with Thomas Cook’s Condor.
The next German government can expect to have more spending room than the €14.8 billion budget surplus for 2019-2021 projected by the Finance Ministry a few months ago. The ministry now expects to correct that number upwards in November. (Handelsblatt)
Stock exchange operator Deutsche Börse has capped total bonuses (both fixed and variable) for top management at €9.5 million, starting next year, in response to the insider trading scandal of CEO Carsten Kengeter.
Johannes Teyssen, CEO of energy giant E.ON, will likely have his contract extended another 3 years until the end of 2021, Handelsblatt has learned. Chairman Karl-Ludwig Kley will recommend the extension to E.ON’s supervisory board next week.
A new government report obtained by Handelsblatt warns it is getting increasingly difficult to provide public services in rural parts of Germany – both in the former east and increasingly in the west. Some 1.4 million people have left for cities in the last decade.
Siemens is talking to France’s Alstom about a merger of their train businesses and will decide in the coming days whether to continue talks with either Alstom or Canadian Bombardier, Reuters reported, citing unnamed insiders.
As geopolitical risks clear with Germany’s election, JP Morgan’s German investment banking head Christian Kames told Handelsblatt to expect a handful of large IPOs before mid-December. Sources say they include Novomatic, Austria’s Bawag and microbattery maker Varta.
Service provider Tennet will increase the rate for use of its electricity grid by 9 percent next year to handle an influx of wind and solar power from Germany’s costly energy transition, its deputy head Urban Keussen told Handelsblatt.
Social Democratic party leader Martin Schulz attacked a plan by Germany’s ThyssenKrupp and India’s Tata Steel to merge their steel production in Europe, cutting an estimated 4,000 jobs and moving the company’s headquarters to Holland.
New York’s Blackstone agreed to buy Darmstadt’s measuring technology group Schenck Process in a secondary buyout from Sweden’s IK Investment Partners in a deal worth more than €700 million. (Reuters)
Berlin would like to exit Commerzbank, which is reportedly in the sights of Italy’s Unicredit, in the short-term and prefers a merger with France’s BNP-Paribas. (WirtschaftsWoche)
Greenpeace activists in London blocked a ship delivering diesel cars from VW and tried to remove keys from others at a port in Kent to protest what they called “dirty” diesel engines. (Reuters)
An Iranian asylum-seeker held up 234 trains and sparked the cancellation of another 11 by climbing on a rail bridge in Cologne protesting the rejection of his asylum application. He was detained briefly by police.
A bag of cash, a hall of mirrors and who's heading to the polls.