Shareholders of French rail giant Alstom overwhelmingly approved the planned merger with Siemens rail operations, leaving the verdict of antitrust authorities as the only remaining hurdle. (Reuters)
The EU and Japan signed a historic free-trade agreement dubbed JEFTA today. Tokyo will reduce tariffs on European dairy, meat and wine, and Brussels will slash duties on auto imports when the deal comes into force, possibly next year.
Officials from the EU, Ukraine and Russia met in Berlin to discuss the use of Ukraine’s gas routes after the controversial Nord Stream 2 pipeline, which bypasses Ukraine, is built. Berlin wants Moscow to continue using these old routes after the contract expires in 2019, to ensure Kiev isn’t left out. (FT)
Spain overtook Italy as the country taking in the most refugees and migrants arriving by sea, with 18,016 people reaching Spanish shores from January 1 to July 15 this year.
Jörg Schneider, CFO at Munich Re, will step down at the end of the year. He will be replaced by Christoph Jurecka, CFO of Ergo, a subsidiary of Munich Re.
Michael Kühne, a German billionaire, received an offer from Morgan Stanley Infrastructure for VTG, valuing the company at €1.52 billion. Morgan Stanley already owns 49% of the rail logistics firm.
The EU wants to cooperate more closely with countries in Latin America and the Caribbean, with trade agreements and collaboration on energy, infrastructure and R&D, the bloc’s chief diplomat said on Tuesday.
Revenues grew 7.2% to €7.1 billion at Hella, a German maker of lights for cars, for a business year that ended in May.
Registrations of new cars in Europe rose 5% in June thanks to more sales days. For the first half of the year, new car sales rose 3% to a record 8.2 million vehicles. (ACEA)
ThyssenKrupp shares climbed more than 8% after board chair Ulrich Lehner said he would step down at the end of the month. Market analysts said pressure is building on managers to split up the conglomerate.
Half of Germans store gold in deposit boxes, according to a survey conducted for Deutsche Börse. One in 10 would be willing to bury it in their garden.
Airbus signed an agreement with an undisclosed customer at the Farnborough Air Show for the sale of 100 aircraft. The list price for the jets is $11.5 billion.
The European Court of Human Rights condemned Russia over its investigation into the 2006 murder of journalist Anna Politkovskaya and the 2012 imprisonment of the protest group Pussy Riot, in two separate judgments.
The number of M&A deals by Chinese companies in Europe dropped by 12% in the first half of 2018 and their combined value halved to $14.9 billion, an EY study found, as rising protectionism discouraged international takeovers.
The Chinese made 22 corporate purchases in Germany last year, down from 26 in 2016. But the value rocketed to a combined $9.9 billion, thanks to a single megadeal: Geely’s $8.9 billion stake in Daimler.
Volkswagen posted record sales in the first half of 2018, with more than 5.5 million vehicles sold worldwide, up 7% from the same period last year.
The neo-Nazi party NPD published footage showing party officials patrolling commuter trains in Berlin amid calls for “secure areas” for ethnic Germans. Police are investigating the incident.
The German captain of a migrant rescue ship slammed the EU’s “disgraceful” crackdown on NGOs’ efforts to save people from drowning in the Mediterranean. Claus-Peter Reisch is due to stand trial in Malta this month for steering the Lifeline without the proper registration.
Specialty chemicals firm Evonik raised its earnings target for 2018 after an unexpectedly profitable second quarter. The group now hopes to post an operating profit of up to €2.65 billion.
Frankfurt looks set to gain fewer finance jobs from London after the UK leaves the European Union than it initially hoped as banks may spread offices across Europe. (Bloomberg)
German Chancellor Angela Merkel turned 64 today and is enjoying a well-deserved day off after a turbulent year. Happy birthday, Mutti!
Carles Puigdemont founded a new Catalan independence party, the National Call for the Republic, where he hopes to unite supporters of secession from Spain. The deposed leader is fighting Spanish demands for him to be extradited from Germany.
The US has filed a complaint with the World Trade Organization against retaliatory tariffs imposed by the EU, China, and others, arguing that US punitive tariffs are justified.
ThyssenKrupp’s board chairman Ulrich Lehner announced his resignation less than two weeks after the CEO stepped down, as activist investors urge breakup of the conglomerate.
VW has mostly met its obligations to customers over the Dieselgate affair, said the European Commissioner for Justice and Consumers, Vera Jourová. While around 80% of the required updates have been undertaken, the repairs were not guaranteed, Ms. Jourová complained.
Last week, an ex-bodyguard for Osama bin Laden, known as Sami A., was deported to his homeland, Tunisia. The deportation may have been illegal but the Ministry of Interior denies their boss, Horst Seehofer, put extra pressure on the ministry to have it done quickly.