Gerry Weber’s outgoing CEO, Ralf Weber, said the 6,500 employees of the troubled fashion company will face “deep cuts.” A review said the company has a future, but only with restructuring. The shares gained as much as 17.4%.
Chancellor Merkel should renew her support for Bundesbank head Jens Weidmann to replace Mario Draghi atop the European Central Bank, Austrian ECB council member Ewald Novotny said, as Germany is Europe’s biggest economy. (Oberösterreichische Nachrichten)
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The CSU will enter talks with the Free Voters party to form a coalition government in the state of Bavaria. The conservative CSU lost its absolute majority during Sunday’s state election.
European governments were defrauded of €55 billion in unearned tax rebates as part of a high-profile dividend stripping scheme known as “cum-ex.” That’s 10 times the estimate by the German finance ministry. (ARD)
The Green Party’s popularity is growing in the German state of Hesse, set for government elections on October 28. The latest poll shows the CDU with 26%, followed by the Greens (22%), Social Democrats (20%) and the Alternative for Germany (12%). (ZDF)
Norway apologized for mishandling as many as 50,000 women who had relationships with German soldiers during the Nazi occupation from 1940 to 1945. The women, known as “German girls,” were often arrested, stripped of their Norwegian citizenship and deported.
Residential building permits rose 1.9% in the first eight months of the year. A 7.7% increase in multi-family permits, as well as a 3.8% bump for duplexes, offset a 1.2% drop in single-family residences.
British companies are hoarding imported items in hopes of avoiding supply shortages and sharply higher duties when the UK leaves the European Union, credit insurer Euler Hermes said. (Reuters)
French razor, pen and lighter maker BIC has made a formal complaint to the European Commission about France and Germany because 86% of all lighters sold in the countries don’t meet security norms.
Construction materials maker HeidelbergCement warned that full-year adjusted ebitda would drop, after earlier forecasting an increase. Rising energy costs and bad weather in the US are to blame. The shares lost as much as 8.8% on the news.
German fintech startups have raised record capital this year, bringing in €778 million in the first nine months, according to a Comdirect study. They raised just €713 million in all of 2017. (DPA)
Prosecutors are investigating whether Defense Minister Ursula von der Leyen broke labor laws as part of a scandal involving millions in improperly awarded consulting contracts. Consultants may have effectively worked as full-time ministry employees. (Spiegel)
The business-friendly Free Democrats want a law requiring airlines to take out insurance guaranteeing return flights to passengers stranded by an insolvency like that of Air Berlin. Politicians fear competition could spark more insolvencies.
VW said it plans to offer up to €10,000 to German owners of its older diesels, including models of Audi, Seat and Skoda, to turn in their cars to be scrapped. (DPA)
SAP said its cloud revenues grew 41% in the third quarter as its revamp gathers pace. The business software giant raised this year’s growth forecast to 7.5% to 8.5% for sales, and to 9.5% to 11% for operating profit.