The European Union won’t create “a Guantanamo Bay for migrants” in North Africa, said the EU Commissioner for migration, Dimitris Avramopoulos. The bloc plans to set up asylum processing centers at its external borders under a future common immigration policy.
Donald Trump’s tariffs on European steel and aluminum go “against all logic and history,” EU Commission President Jean-Claude Juncker said, adding that the EU will do whatever is needed to safeguard itself.
VW Truck & Bus could raise more than €6 billion when it lists on the stock market, CEO Andreas Renschler said. An IPO could take place in the summer of 2019. (Manager Magazin)
Allianz refuted a report saying the insurer would cut at least 5,000 jobs in Germany. Automation process might lead to job losses in the future, but the number was fiction.
At a meeting with Jordan’s king Hussein al Abdullah in Amman, Angela Merkel said Iran displayed “aggressive tendencies” in Syria and Yemen, where “we urgently need solutions.”
Siemens plans to reduce the number of businesses servicing industrial customers to three from five. The engineering firm said it continued to develop its strategy, but it had not made any decisions. (Reuters)
E.ON boss Johannes Teyssen said he would relinquish his post at the utility at the end of 2021, when his term expires. (Manager Magazin)
VW will invest an additional $100 million in Californian startup QuantumScape, making it the biggest automotive shareholder. The two companies will form a joint venture to produce solid-state batteries by 2025.
The European Commission plans to decide by August 24 whether to approve the $80-billion Linde-Praxair merger, two weeks later than previously announced.
Germany announced it will reduce its third-quarter bond issues by €6 billion thanks to higher tax proceeds. German debt prices rose and yields fell.
German blue-chip executives earned 10 times as much in 2017 compared with 1987, making €4.4 million on average. Their annual pay was 58 times a company’s average salary, whereas the ratio was 15 in 1987. (WirtschaftsWoche)
The CEO of Beiersdorf, Stefan Heidenreich, will not renew his term next year and might leave the maker of Nivea skin cream earlier. Executive Stefan De Loecker will be his deputy as of July 1. The stock fell 4%.
Audi’s suspended boss, Rupert Stadler, will remain in jail. Prosecutors weren’t satisfied with their first interrogation of the executive, who is suspected of influencing witnesses in a Dieselgate investigation.
The US administration’s controversial treatment of immigrants crossing the Mexican border could be a turning point and a serve as a wake-up call for Americans, former FBI head James Comey told Handelsblatt.
Family-owned companies are displeased with Angela Merkel’s fourth administration, giving it grades between “barely satisfactory” and “fail.” The government, 100 days in office on Friday, is lacking a long-term vision, managers said.
Small companies will be able to raise more money – up to €8 million instead of only €100,000 – through a stock sale without the usual elaborate paperwork, according to a German draft law.
The number of Germans earning more than €1 million annually rose almost 10% to 19,000 in 2014, according to the latest government data. On average, they earned €2.7 million and paid €895,000 in income taxes.
Deutsche Bank’s US operations might again fail a US stress test, analysts said. It could further damage its reputation and weigh on the bank’s stock price.
The European Court of Justice ruled Germany has done too little to reduce high levels of nitrates, a fertilizer, in groundwater. Nitrate is a health risk when it turns into nitrite or carcinogenic nitrosamines.
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VW boss Herbert Diess has tried to poach managers at his former employer, BMW, to find a new head for VW subsidiary Audi, Handelsblatt learned. BMW development head Klaus Fröhlich and others weren’t interested.
A likely trade war between the US and China prompted Daimler to issue a profit warning, sending its stock down 4%. Higher costs due to new EU emissions tests, a recall of diesel cars and lower demand in Latin America will also weigh on earnings.
Germany has earned €2.9 billion since 2010 thanks to the financial bailout of Greece. German and other central banks bought up Greek debt as part of the rescue, earning them billions in interest payments. (DPA)
US cloud data firm Teradata sued SAP for theft of trade secrets and copyright infringement in developing its HANA database product. SAP reserved comment.
Deutsche Bank settled a long-running dispute with New York regulators for $205 million for currency trading violations. (Reuters)
European Commission President Juncker warned ahead of a special EU summit on migration that individual country efforts would be ineffective and would damage European integration.
Germany’s automakers association VDA denied a Wall Street Journal report that they told US Ambassador Richard Grenell to propose to President Trump a removal of tariffs on autos by both the EU and the US.