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Video: Today's Top News at Noon in Berlin

Dual Headquarters Planned for Stock Exchanges

A German-British stock exchange would have two headquarters if the merger between Deutsche Börse and the London Stock Exchange goes ahead.

Handelsblatt reported Wednesday that the company would be based in London and in Eschborn, just outside Frankfurt.  The dual structure would highlight the fact that the deal is a merger of equals, sources told the newspaper.

The two exchanges confirmed Tuesday that they are in merger talks that would potentially create Europe’s largest trading platform. The two companies, which together are valued at more than €24 billion, have tried to merge twice before.

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German Authorities Prosecute Companies Still Relying on Safe Harbor

German authorities have started to prosecute companies that are still sharing data with the United States under the now defunct Safe Harbor agreement, which was declared invalid by Europe’s top court in October.

A data official in Hamburg said three companies face prosecution for not changing the way they transfer data. Another official in the western German state of Rhineland-Palatinate said they had noted 16 violations so far. Companies can be fined up to €300,000 for violating data protection laws.

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Hugo Boss Warns on Profits

Hugo Boss has said it is likely to make a loss this year as its Asian operations underperformed.

The German fashion label known for power suits said Tuesday that it expects only single-digit sales growth and a double-digit fall in profits.

Hugo Boss had hoped to position itself as a top-end brand in Asia, especially in China, and had charged Asian customers more than its European customers for more luxurious products. But the company said sales were weaker than expected and it will now cut prices so they are closer to those in Europe. The company also said it would scale back its operations in the fiercely competitive United States market.

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