News Bites

Deutsche Bank’s fund management group, DWS, was hit by the withdrawal of about €5 billion by Cisco Systems as it repatriated profit to the US in the wake of the corporate tax reform there.

Cevian, the second-largest shareholder in ThyssenKrupp, may seek a second director on the board, sources told Reuters, as the conglomerate grapples with strategy and the need to replace the chairman and CEO.

With the lira in free fall, Turkey does not want help from the IMF but rather more investment like Qatar’s $15 billion infusion, Finance Minister Berat Albayrak said. (Reuters)

A German man with Kurdish roots was arrested in Turkey on charges of criticizing the government. Seven other Germans are still jailed there on political charges. (NDR)

Just days after a California jury awarded the plaintiff $289 million in the glyphosate case, Bayer officially completed its takeover of Monsanto, which it bought for $63 billion. (Reuters)

Allianz Germany’s operating profits for the first half of the year shrunk by 13% compared to 2017, largely due to insurance payouts related to bad weather. (Reuters)

Austria’s Wienerberger, the world’s largest brickmaker, plans to invest €200 million in acquisitions this year, focusing on Eastern Europe and North America.

German and US tax agencies agreed in July to share more information in an attempt to close loopholes abused by multinational companies. (Reuters)

Fraport said it got city permission to build a new terminal for discount airlines at the Frankfurt Airport. Flights could take off from Terminal G in 2021. (Reuters)

Interior Minister Horst Seehofer’s new migration proposal, seen by Handelsblatt, aims to secure skilled workers and “prevent immigration into social systems.”

Just months after its split from carsharing service DriveNow, rental company Sixt said it plans to invest €100 million in “mobility services” over the next five years. (Reuters)

The Industrial and Commercial Bank of China and the Bank of China are interested in taking stakes in NordLB, a bank partly owned by the German state of Lower Saxony. (WiWo)

CEO Martin Zielke said if Commerzbank drops out of the DAX, “for our customers, for our business, nothing changes at all.” He added it would reinforce his strategy of “further developing the bank technologically.” (Reuters)

German defense company MBDA and America’s Lockheed Martin are getting closer to a contract for a billion-dollar missile defense system for the German Bundeswehr.

Germany’s Biontech is working on a $305 million project with Pfizer of the US. The biotech company from Mainz is researching personalized immunotherapy for cancer and other illnesses.

Claims paid out by reinsurers totaled $20 billion in the first half of the year, down $10 billion from the same period in 2017, Swiss Re reported. (Reuters)

The city of Hamburg is selling off 50 refugee shelters for just €1,000 each. The catch? You have to pick them up yourself. (Spiegel)

The EU’s trade surplus with the US grew 16% in the first half of the year, reaching €66.9 billion, Eurostat said.

With the Turkish lira in crisis, the German Finance Ministry has assured it would ignore the usual €1.5 billion annual cap on export guarantees. Berlin guaranteed €831.7 million in goods to Turkey in the first half of 2018. (DPA)

Spooked by US sanctions, Deutsche Bahn and Deutsche Telekom are halting operations in Iran. Telekom ended business with Tehran in May; DB will phase out projects by September. (WiWo)

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Germany’s gaming market grew by 17% in the first half of the year, with sales of computer and video games totaling €1.5 billion, Gamescom reported.


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Lira Losses

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Slow lane

VW’s Bentley gets left behind as a luxury car cash cow

The classic British brand is losing money, prompting its parent, Volkswagen to tie it more closely to the moneymaking Porsche.

Poisonous effects

Bayer stock craters after US cancer verdict against Roundup

Alarmed investors wipe €10 billion off Bayer’s market value after a US jury awarded $289 million to a plaintiff who claimed Monsanto’s glyphosate product caused his cancer.

Deutsche Bank

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