Soccer star Bastian Schweinsteiger, currently playing for Chicago Fire in the US, became the face of a new campaign to promote Germany’s gambling halls, home to almost 300,000 slot machines nationwide.
Shares in Fresenius Medical Care, the world’s biggest specialist for dialysis treatment, dropped 19% after it cut growth forecasts for full-year revenue and earnings. Its US business, its single biggest market, isn’t doing well. Fresenius Holding dropped 12%.
General Electric will likely trump Siemens in winning an Iraqi government contract worth up to €13 billion after the US administration pushed Baghdad to favor GE. The US company is expected to win a large share of the contract. (FT)
The German Finance Ministry, led by Social Democrat Olaf Scholz, has drafted details of a “European Unemployment Stabilization Fund,” which EU states would finance with contributions. It would loan money to national unemployment funds in times of economic crisis.
The Economics Ministry, led by Angela Merkel’s conservative ally Peter Altmaier, rejected the plan. In the end, Berlin wants to agree with the French government on the proposal to make the 19-nation euro zone more crisis-proof following the 2011-2012 debt bailouts of Greece and other countries.
Germany has the third-best competitive economy in the world after the US and Singapore, scoring high on the factors economic stability, health, infrastructure and innovation capability, which all support productivity. The rankings didn’t change over 2017. (WEF)
European car sales fell 23% in September to 1.1 million vehicles as stricter emissions tests came into force. In August, sales had risen 31% year-on-year. In the first nine months, unit sales were up 2.3%.
Interior Minister Horst Seehofer said he would name a new domestic spy chief by early November to replace Hans-Georg Maassen, who was ousted after remarks questioning right-wing disturbances in Chemnitz. (Reuters)
Siemens and Iberdrola said they named David Mesonero, son-in-law of Iberdrola chief Ignacio Galan, CFO of their wind energy joint venture, Siemens Gamesa. Markus Tacke, a former Siemens executive, remains CEO, though Iberdrola claimed the right to name candidates to that position. (Reuters)
Interior Minister Horst Seehofer brushed aside calls for his resignation in the wake of the CSU’s election losses in Bavaria on Sunday, though he admitted his combative style may have caused harm.
After the SPD’s poor showing in the Bavarian election Sunday, former leader Sigmar Gabriel urged his party not to break up the coalition with Chancellor Angela Merkel’s conservatives.
The Social Democrats have decided on their top candidate for next year’s European elections: Justice Minister Katarina Barley will officially present her bid later this week.
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