Matthias Müller complained earlier this week that regulators and consumers have unfairly singled out Volkswagen as the only bad egg in the diesel emissions scandal. The VW CEO may feel validated today: WirtschaftsWoche reported the German transport ministry believes Fiat Chrysler is using illegal emissions controls in some models too. The Italian automaker denies the charge, but eventually when the smoke clears, there may be a traffic jam of carmakers in front of the judge’s bench.
It’s been eight years since the global financial crisis, but the banking sector is far from “normality,” which these days sounds almost quaint, nostalgic and far-fetched. That’s the big topic in Frankfurt this week, where Handelsblatt’s Banking Summit is gathering top minds in European industry, people such as Deutsche Bank CEO John Cryan, HVB CEO Theodor Weimer and BlackRock Germany Chairman Friedrich Merz. Their sector, they promise, will survive, but the new normal, like the old adage “safe as having money in the bank’’ may look a lot different.
Europe needs to revive talks on arms control, the German foreign minister, Frank-Walter Steinmeier, warns in a guest column today in Handelsblatt Global. With conflicts encircling Europe from Libya to Syria to Ukraine, Steinmeier wants to press reset on the Continent’s political agenda. Keeping weapons away from the bad guys should be the top priority, he argues. When describing a world “gone off the rails,” he sounds less like the usual mild-mannered foreign minister he is and more like a nervous risk manager who definitely doesn’t like what he sees.
Opponents of the E.U.-Canada trade agreement marched in Karlsruhe yesterday to dump 70 boxes containing 125,000 signatures on the doorstep of the Federal Constitutional Court. The activists want the court to block Brussels from implementing the CETA deal next month. Opponents see the next months as crucial to killing CETA and the E.U.-U.S. deal, TTIP, which is supposed to create half a million jobs in Europe. But if the judges go along with their request, many protesters may have a lot more free time on their hands soon.
There’s a new way to get rich, and it doesn’t involve playing the market, saving or working hard. Blowing the whistle on an employer engaged in corruption or illegal activity is a quick ticket to a million-dollar paycheck. This week, securities watchdogs in New York gave a former Monsanto executive $22 million for revealing accounting improprieties at the U.S. seed giant. By next week, people may be trolling the self-help section in book stores looking for “How to Land Your Dream Informant Job.’’
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