Hans-Christoph Hirt, head of shareholder adviser Hermes EOS, joined other proxy firms questioning the future of Deutsche Bank chairman Paul Achleitner. He urged the board to start looking at a succession plan.
Frankfurt’s general public prosecutor has filed charges against lawyer Hanno Berger and five former traders with HypoVereinsbank for tax evasion linked to so-called “cum-ex” dividend-stripping deals. It is Germany’s first cum-ex criminal case.
The German economy is still booming but has lost some momentum, according to the Bundesbank. Growth halved to 0.3 percent in the first quarter, its lowest reading in six quarters.
Thanks to the strong economy, federal and state tax revenues in Germany continued to grow in April, up 3.9% over the same month last year to €50.9 billion euros, the finance ministry said.
Deutsche Bank CFO James von Moltke said the bank expects lower restructuring costs in 2019 after spending millions on integrating its Postbank subsidiary in 2017 and reorganizing its investment banking unit last year. (Börsen-Zeitung)
Bundesbank President Jens Weidmann has signaled interest in succeeding Mario Draghi as president of the European Central Bank, in an interview with the Funke media group. It was his strongest hint so far in pursuing the job.
David Volkerts-Landau, chief economist at Deutsche Bank, criticized decisions made by Josef Ackermann, a former boss, saying these continue to hamper the bank.
Brussels called on Berlin to help set up an EU-wide tax on plastics that cannot be recycled.
Compulsory contributions for nursing-home insurance will have to increase next year after the scheme posted a €3 billion deficit last year, Health Minister Jens Spahn said. (Reuters)
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The EU’s trade surplus with the US rose more than 18% in the first quarter to €36.1 billion. EU exports to the US rose 2.2% while imports from the US slipped 5.2%, according to Eurostat.
German industrial orders rose 0.2% in March over the previous month despite the threat of a trade war with the US. German manufacturers have a 5.6-month order backlog, a record, according to the Federal Statistics Office.
Transport Minister Andreas Scheuer gets credit for the €3.2 billion compromise over truck tolls but Finance Minister Olaf Scholz is keeping most of it to cover expenses during the long-running dispute.
Envion, a German crypto-currency start-up, planned to make Bitcoins with environmentally-friendly electricity, but its CEO is now suing programmers over a loss running into the millions.
German providers of nursing care insurance forecast that claims this year will be €2 billion more than initially forecast, an industry association said.