Morning Briefing Global Edition

China's Co-managed Dealmaking

America is reeling from its deadliest-ever shooting in which one gunman killed 50 people and injured 53 at a gay nightclub in Orlando. Omar Mateen, a 29-year-old American of Afghan origin who reportedly expressed Islamic State sympathies during the killing, took a further 30 people hostage before a SWAT team ended his rampage. Mateen had legally purchased the AR-15 military assault rifle he used in the attack.

 

Chancellor Angela Merkel arrived in Beijing yesterday for a three-day visit. Chinese firms are shopping for acquisitions abroad, but Germany is hesitant to grant the Communist state “market economy’’ status, which would give it more sway to buy up corporate Germany. In an interview with Handelsblatt, Andy Gu, the vice chairman of Chinese appliance maker Midea, says his company’s pursuit of German robot maker Kuka is just business, not politics. And the fact that the Communist Party has a representative on every board, including Midea’s? Nothing more than “Co-management,” he assures us. But we all know what the capital ‘C’ stands for.

 

Europe’s biggest, leanest bank isn’t headquartered in a sleek Frankfurt skyscraper or in the City of London. It is surrounded by thousand-year-old olive trees and a well-manicured golf course on the outskirts of Madrid. Banco Santander is Europe’s most unlikely banking success story. Built by a Spanish family on rigid cost control – it spends only 48 cents for every euro it earns – the bank survived the financial crisis without a bailout and posted strong profits during Spain’s economic woes. Find out in today’s Handelsblatt Global Edition which customer group keeps this banking star fighting fit.

 

Hooligan violence blackened the start of the European soccer championships in France over the weekend. English and Russian fans rioted in Marseille after their match ended in a tie. They were met with tear gas and water cannons as police struggled to control the crowds and encourage drinking bans near stadiums. Euro 2016 sadly has demonstrated the need for cross-border police to contain cross-border fans.

 

Our eyes and ears are only a few centimeters apart, so it was only a matter of time before opticians and hearing aid makers started moving in on each other’s territory. Germany’s largest hearing aid company, Kind, wants to expand its product range to siphon off a piece of the eyewear market. Considering 95 percent of hearing aid customers wear glasses too, it’s a smart business move in a country with an aging population.

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