After several fat years is the largest German steel group ThyssenKrupp on lean times. "The economic slump in the auto, engineering and construction industries is Thyssen Krupp also left," said chief executive Ekkehard Schulz on Friday in Essen. With the figures for the previous fiscal year 2007/08 surprised Schulz still positive. In the current fiscal year, however, he expects sales to decline. At a precise forecast, he wanted not specify. From job cuts have not been talking Schulz. Thus goes for his strong workers' representation known group had a different path as a world leader Arcelor Mittal. This has been the reduction of worldwide up to 9000 posts announced. Temporary work also is not currently on. "The short element is with us still not planned," said Schulz, whose contract early in the year ahead to 2011 had been extended. He concluded short but not sufficient, should be the elimination of residual leave, overtime or temporary workers in the first quarter of 2009 to be exhausted. INVESTMENT COULD BE RESCHEDULED "How are caused by the financial crisis triggered rejections impact, is currently difficult to estimate," admitted Schulz On. The company has about 40 percent of its steel in the auto industry, which is struggling with sales slumps. The demand and prices for steel have as much relented. How ArcelorMittal or the German industry Second Salzgitter, ThyssenKrupp to respond with production cuts. In the current fiscal year are expected Schulz declining revenue. "This will result reflected accordingly." For years, ThyssenKrupp thanks to the global steel boom, a record profit after another retracted. In the past fiscal year, sales increased to 53.4 (51.7) billion. The bottom line deserved ThyssenKrupp 2.28 (2.19) billion. The shareholders as a dividend in the previous year of 1.30 euros per share. The industry likes to as the "Iron Ekki" designated chief executive, the annual costs by more than one billion and possibly lower investment in a magnitude of around 500 million euro move. "They are not deleted, but a half or one year stretched," said Schulz. The planned steel plants in Brazil and the United States should in any case to be finalized. "We are firmly convinced that ES 2010 goes up again." THYSSENKRUPP collects MEDIUM-TERM FORECAST Schulz Sheehan the previous medium-term forecast of 2009/10 will be consolidated on a turnover of 60 billion, an EBT before exceptional items of four billion euros achieved. As a medium-to longer-term goal although he gave a turnover from 60 to 65 billion euros and a pre-tax profit four to five billion euros. To a year to Schulz, but did not specify. "2012/13, it is likely to not be achieved." |
Friday, November 28, 2008
Fats years have gone to Thyssenkrupp
Vodafone is examining the purchase of Kabel Deutschland
The message was only half-heartedly denied: "We always look at the market," said a spokesman for Vodafone. The Handelsblatt reported earlier, the German subsidiary of British mobile giant plane, the TV cable operator Kabel Deutschland to take over. Vodafone let the value of the company and a possible financing durchrechnen. Further details were not to know yesterday.
Clearly, however, is among industry experts that such an exercise a high degree of plausibility has. In mobile communications, the core business of Vodafone, has allowed the group with an increasingly tough price war to do so.
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Therefore, management has decided that the fixed subsidiary Arcor, which some time ago should still be sold, even more in the group to integrate. This is aimed at the so-called triple play: telephony, Internet access and Internet television from a single source. The TV division is the least developed so far in this triad. As a cable operator would be just right. On mergers of this kind in the industry has long been speculated, since the infrastructure for the transport of television images in the hands of financial investors, whose return is far ideas have not been met.
Kabel Deutschland is by far the largest operator of cable networks, he is in the new countries, in the north of the old countries as well as in Bavaria and has good eleven million customers. The company is controlled by U.S. financial investor Providence Equity Partners.
Clearly, however, is among industry experts that such an exercise a high degree of plausibility has. In mobile communications, the core business of Vodafone, has allowed the group with an increasingly tough price war to do so.
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Therefore, management has decided that the fixed subsidiary Arcor, which some time ago should still be sold, even more in the group to integrate. This is aimed at the so-called triple play: telephony, Internet access and Internet television from a single source. The TV division is the least developed so far in this triad. As a cable operator would be just right. On mergers of this kind in the industry has long been speculated, since the infrastructure for the transport of television images in the hands of financial investors, whose return is far ideas have not been met.
Kabel Deutschland is by far the largest operator of cable networks, he is in the new countries, in the north of the old countries as well as in Bavaria and has good eleven million customers. The company is controlled by U.S. financial investor Providence Equity Partners.
People and markets
Chinese rich in Sight
Probably the richest Chinese Huang Guangyu is under the suspicion of stock manipulation and is at the forefront of China's largest electrical retail chain Gome since been replaced. On Friday the stock exchange supervisory called the first concrete allegations. According to media reports the Chinese billionaire is therefore already a week ago has been arrested, an official confirmation of the arrest but is not yet available. On Friday it was because of possible "economic crimes" targeted the judiciary guessed Huang Guangyu also at the forefront of its electronics chain Gome through a transitional leader replaced. In addition to his ongoing investigations Chief Financial Officer Zhou Yafei. dpa
Arcandor builds executive order
The trade and tourism group Arcandor builds to its Board. Chief Financial Officer Peter Dieschen (54) and purchasing chief Helmut Merkel (59) to leave the company. Moreover moves Stefan Herzberg (43), Managing Director of Karstadt Warenhaus GmbH, at 1 December in the Bureau. The responsibility for Karstadt on the board was also at least Dieschen CFO of the end of the year for personal reasons retires. His successor will be Andreas Ruediger Guenther, previously inter alia, for the finances of the semiconductor group Infineon was responsible. Will also stop Helmut Merkel (purchasing, IT, logistics). dpa
Modest Thyssen Board
Compared with the content of the six Porsche board are the salaries of the eight-member leadership body of ThyssenKrupp after being modest: 19.8 million euros earned the entire Board in fiscal year 2007/08 (September 30). This is apparent from the annual report showed. On CEO Ekkehard Schulz accounted for 3.6 million euros. For comparison: Porsche boss Wendelin Wiedeking was estimated at 77 million euros around 21-times as much as the Chairman of Germany's largest steel group. Since Page 14
Correction
Through an oversight, we have in our Friday edition in the article "EU wants to facilitate collective action" a false photo prints. Instead the EU Commissioner for Consumer Protection, Meglena Kuneva, Nancy Nord was shown. North is head of the Commission on Product Safety in the United States. We ask the error.
Probably the richest Chinese Huang Guangyu is under the suspicion of stock manipulation and is at the forefront of China's largest electrical retail chain Gome since been replaced. On Friday the stock exchange supervisory called the first concrete allegations. According to media reports the Chinese billionaire is therefore already a week ago has been arrested, an official confirmation of the arrest but is not yet available. On Friday it was because of possible "economic crimes" targeted the judiciary guessed Huang Guangyu also at the forefront of its electronics chain Gome through a transitional leader replaced. In addition to his ongoing investigations Chief Financial Officer Zhou Yafei. dpa
Arcandor builds executive order
The trade and tourism group Arcandor builds to its Board. Chief Financial Officer Peter Dieschen (54) and purchasing chief Helmut Merkel (59) to leave the company. Moreover moves Stefan Herzberg (43), Managing Director of Karstadt Warenhaus GmbH, at 1 December in the Bureau. The responsibility for Karstadt on the board was also at least Dieschen CFO of the end of the year for personal reasons retires. His successor will be Andreas Ruediger Guenther, previously inter alia, for the finances of the semiconductor group Infineon was responsible. Will also stop Helmut Merkel (purchasing, IT, logistics). dpa
Modest Thyssen Board
Compared with the content of the six Porsche board are the salaries of the eight-member leadership body of ThyssenKrupp after being modest: 19.8 million euros earned the entire Board in fiscal year 2007/08 (September 30). This is apparent from the annual report showed. On CEO Ekkehard Schulz accounted for 3.6 million euros. For comparison: Porsche boss Wendelin Wiedeking was estimated at 77 million euros around 21-times as much as the Chairman of Germany's largest steel group. Since Page 14
Correction
Through an oversight, we have in our Friday edition in the article "EU wants to facilitate collective action" a false photo prints. Instead the EU Commissioner for Consumer Protection, Meglena Kuneva, Nancy Nord was shown. North is head of the Commission on Product Safety in the United States. We ask the error.
Plaintiff fails in the first Lehman Process
The nation's first to process papers to the insolvent U.S. bank Lehman Brothers is the investor with his plea failed. The Savings Bank in Frankfurt had advice of the man made no mistakes, the District Court of Frankfurt. The plaintiff's lawyer announced on appeal. Other representatives of Lehman-injured stressed the individual nature of the decision.
Of the 76-year-old plaintiff had on the advice of the Savings Bank at the end of 2006 jointly with his wife 12 000 euros in a complicated Lehman paper inserted and early sued, as the performance of his ideas are not represented. As the action has already expired, he suffered from the insolvency of the U.S. bank in September 2008, a total loss of money created.
"A loss at the time seemed relatively unlikely," said the judge. Finally, the issuer was one of the most prestigious banks in the world. Therefore, the savings would have only minimal requirements for an indication of a possible total loss of investment be made. The expectation of complete safety also contradicts the experience of life: "Completely excluded a loss as good as ever." The advice should also meet investors, because the customer specifically a relatively safe, but at the same time, anytime tradable paper had requested, said the judge continued. Part of the advice were also written documents that the savings were over. There was the possibility of total loss "fairly thin" has been advised. The statement of the investment adviser that it was virtually excluded, the judge assessed as "personal opinion". If anything is unclear, the investors must ask questions. On the question of hidden commissions Interior said he did not.
Of the 76-year-old plaintiff had on the advice of the Savings Bank at the end of 2006 jointly with his wife 12 000 euros in a complicated Lehman paper inserted and early sued, as the performance of his ideas are not represented. As the action has already expired, he suffered from the insolvency of the U.S. bank in September 2008, a total loss of money created.
"A loss at the time seemed relatively unlikely," said the judge. Finally, the issuer was one of the most prestigious banks in the world. Therefore, the savings would have only minimal requirements for an indication of a possible total loss of investment be made. The expectation of complete safety also contradicts the experience of life: "Completely excluded a loss as good as ever." The advice should also meet investors, because the customer specifically a relatively safe, but at the same time, anytime tradable paper had requested, said the judge continued. Part of the advice were also written documents that the savings were over. There was the possibility of total loss "fairly thin" has been advised. The statement of the investment adviser that it was virtually excluded, the judge assessed as "personal opinion". If anything is unclear, the investors must ask questions. On the question of hidden commissions Interior said he did not.
Test flight in the disaster
So there is a flight every day somewhere in the world. An airline has a machine to another airline next, and before the handover is testing whether everything is in order. One to two hours in this rule, and after landing the paperwork is still regulated.
It should be even with the machine with the registration D-AXLA be an Airbus A320 of the German holiday airline XL Airways Germany. But the machine is on Thursday when landing at the airport Perpignan toppled into the sea. All seven occupants, including two German pilots, are probably died. The search for survivors had been on Friday, said the prefecture in Perpignan on Friday evening. There was no more hope for them. The flight data recorders have been located.
Why a routine flight to the disaster was all about puzzle now Beteiligten.Der Airbus was only three years old. The machine belonged to Air New Zealand, however, they in the past two years to XL Airways had rented. The lease would be on 1 December expired, it should be called a 30-month-check carried out, and when maintenance specialists EAS Industries in Perpignan. There was the Airbus in Air New Zealand colors umlackiert.
According to the French coastguard the machine is about seven kilometers off the coast toppled into the sea. On the exact circumstances there is conflicting information. An eye witness to have seen how the machine in aufschlug steep angle, another spoke of a belly landing. Aboard the plane were apparently in addition to the two German pilots four employees of Air New Zealand and one of the New Zealand Civil Aviation Authority, which oversaw the flight. I understand the pilots have not stopped emergency. The Airbus was based on current information available from the radar screen disappeared without that air traffic controllers were aware of difficulties. This indicates a very sudden problem or that the crew lost the orientation might have.
XL Airways for the crash is the second bad news within a few months. In September, its parent company, the British XL Leisure Group, pleitegegangen, and a while it looked as if the German airline would therefore fail. But nevertheless opted for XL Airways Germany and the French offshoot XL Airways France at least an interim solution opened, enabling the two airlines has been allowed to continue. They were assisted by a creditor of the XL Airways Group over the Icelandic investment bank Straumur-Burdaras. XL Airways Germany operates seven aircraft and flies on behalf of large tour operators like TUI and Öger Tours.
Air New Zealand, the accident triggered great consternation. The group still wanted to head on Friday along with relatives of the victims on their way to make southern France. For the airline is the 28th November to a true Unglückstag: 29 years ago toppled a DC-10 for a sightseeing flight in Antarctica from. In this worst crash so far the company had 257 people died. As the Airbus crashed into the Mediterranean yesterday, in New Zealand was also the 28th November arrived.
It should be even with the machine with the registration D-AXLA be an Airbus A320 of the German holiday airline XL Airways Germany. But the machine is on Thursday when landing at the airport Perpignan toppled into the sea. All seven occupants, including two German pilots, are probably died. The search for survivors had been on Friday, said the prefecture in Perpignan on Friday evening. There was no more hope for them. The flight data recorders have been located.
Why a routine flight to the disaster was all about puzzle now Beteiligten.Der Airbus was only three years old. The machine belonged to Air New Zealand, however, they in the past two years to XL Airways had rented. The lease would be on 1 December expired, it should be called a 30-month-check carried out, and when maintenance specialists EAS Industries in Perpignan. There was the Airbus in Air New Zealand colors umlackiert.
According to the French coastguard the machine is about seven kilometers off the coast toppled into the sea. On the exact circumstances there is conflicting information. An eye witness to have seen how the machine in aufschlug steep angle, another spoke of a belly landing. Aboard the plane were apparently in addition to the two German pilots four employees of Air New Zealand and one of the New Zealand Civil Aviation Authority, which oversaw the flight. I understand the pilots have not stopped emergency. The Airbus was based on current information available from the radar screen disappeared without that air traffic controllers were aware of difficulties. This indicates a very sudden problem or that the crew lost the orientation might have.
XL Airways for the crash is the second bad news within a few months. In September, its parent company, the British XL Leisure Group, pleitegegangen, and a while it looked as if the German airline would therefore fail. But nevertheless opted for XL Airways Germany and the French offshoot XL Airways France at least an interim solution opened, enabling the two airlines has been allowed to continue. They were assisted by a creditor of the XL Airways Group over the Icelandic investment bank Straumur-Burdaras. XL Airways Germany operates seven aircraft and flies on behalf of large tour operators like TUI and Öger Tours.
Air New Zealand, the accident triggered great consternation. The group still wanted to head on Friday along with relatives of the victims on their way to make southern France. For the airline is the 28th November to a true Unglückstag: 29 years ago toppled a DC-10 for a sightseeing flight in Antarctica from. In this worst crash so far the company had 257 people died. As the Airbus crashed into the Mediterranean yesterday, in New Zealand was also the 28th November arrived.
Siemens replaces chief of the Division of Medical Technology
The Board of Siemens is once again a change in the health field for the competent Americans Jim Reid-Anderson admits seven months after surprising his post. He put the office "for personal reasons settled," Siemens reported. The Supervisory Board has Hermann Requardt to appoint successors.
"Hermann Requardt brings the ideal expertise," said Siemens CEO Peter Löscher. The 53-year-olds has nearly his entire career in medical technology
saved spent. In the Siemens executive, he was so far for the technology department responsible. This task is he the next head of the health sector continue to perceive. "We are very satisfied with the decision," said Werner Mönius, council chief of the Health Division in Erlangen and board member at Siemens. "He is an excellent technicians and experts in medical technology. The location of Erlangen cheers."
Reid-Anderson had the Supervisory Board explained that "his family life center in the U.S. and the Diensitz in Erlangen on a permanent basis are not mutually incompatible," Siemens reported. "The integration here at the site has not worked properly," said council Mönius them. Reid-Anderson was in the wake of the takeover of the U.S. company Dade Behring and Siemens came after the resignation of longtime medical leaders Erich Reinhardt at the head of spotlight division.
The Siemens supervisory board also decided, the longtime auditor KPMG exchange. The future will rival Ernst & Young to certify financial statements. For KPMG, but it will continue to give smaller contracts, it was from the Supervisory Board.
By changing the balance wish to consider it "a signal in terms of best corporate governance set," Siemens reported. KPMG was in the wake of corruption scandal under pressure. Critics accused the auditors before, during the years of practice away bribes to have. KPMG denies final decides das. the AGM early next year on the selection of auditors.
"Hermann Requardt brings the ideal expertise," said Siemens CEO Peter Löscher. The 53-year-olds has nearly his entire career in medical technology
saved spent. In the Siemens executive, he was so far for the technology department responsible. This task is he the next head of the health sector continue to perceive. "We are very satisfied with the decision," said Werner Mönius, council chief of the Health Division in Erlangen and board member at Siemens. "He is an excellent technicians and experts in medical technology. The location of Erlangen cheers."
Reid-Anderson had the Supervisory Board explained that "his family life center in the U.S. and the Diensitz in Erlangen on a permanent basis are not mutually incompatible," Siemens reported. "The integration here at the site has not worked properly," said council Mönius them. Reid-Anderson was in the wake of the takeover of the U.S. company Dade Behring and Siemens came after the resignation of longtime medical leaders Erich Reinhardt at the head of spotlight division.
The Siemens supervisory board also decided, the longtime auditor KPMG exchange. The future will rival Ernst & Young to certify financial statements. For KPMG, but it will continue to give smaller contracts, it was from the Supervisory Board.
By changing the balance wish to consider it "a signal in terms of best corporate governance set," Siemens reported. KPMG was in the wake of corruption scandal under pressure. Critics accused the auditors before, during the years of practice away bribes to have. KPMG denies final decides das. the AGM early next year on the selection of auditors.
Telekom closes call less than planned
Deutsche Telekom closes call less than originally planned. The number of nationwide locations of Deutsche Telekom Service GmbH will be until mid-2011 from 63 to 33 reduced. Then the group agreed on the night of Friday with employee representatives. Thus, it is now only 33 enter service - 50 fewer than at present. Under the original plans of Telekom, the number of locations even be reduced to 24.
Besides Trier and Schwerin will now also service in Bremen, Dresden, Heilbronn, Mainz, Meschede and Berlin remain. In addition, at four locations (Stockport, Southampton, Westerwede and one southwest of Bonn) new call center built for employees of other indoor locations and to their journey times to be reduced. However, now in comparison to the original list the locations of Leipzig, Bonn and Oldenburg away.
Particularly affected employees should also posts in the vicinity of their place of residence at six locations in the telecom subsidiary, Vivento Customer Services GmbH (VCS) received. For every 33 customers Center and the six VCS sites are a location Telekom guarantee until 2012.
According to Telekom agreed to the negotiators also on a social plan with a total volume of up to 40 million euros. Affected by the restructuring are approximately 8000 of a total of 18 000 full-and part-time employees. In recent months had repeatedly call center employees nationwide against the plans for the closure and merger demonstrates.
A Telekom spokesman said that the measures lead to savings of around 57 million euros a year will lead. The company will be after his claims about 70 million euros in restructuring invest. Each person will, as planned, will receive a job offer.
Besides Trier and Schwerin will now also service in Bremen, Dresden, Heilbronn, Mainz, Meschede and Berlin remain. In addition, at four locations (Stockport, Southampton, Westerwede and one southwest of Bonn) new call center built for employees of other indoor locations and to their journey times to be reduced. However, now in comparison to the original list the locations of Leipzig, Bonn and Oldenburg away.
Particularly affected employees should also posts in the vicinity of their place of residence at six locations in the telecom subsidiary, Vivento Customer Services GmbH (VCS) received. For every 33 customers Center and the six VCS sites are a location Telekom guarantee until 2012.
According to Telekom agreed to the negotiators also on a social plan with a total volume of up to 40 million euros. Affected by the restructuring are approximately 8000 of a total of 18 000 full-and part-time employees. In recent months had repeatedly call center employees nationwide against the plans for the closure and merger demonstrates.
A Telekom spokesman said that the measures lead to savings of around 57 million euros a year will lead. The company will be after his claims about 70 million euros in restructuring invest. Each person will, as planned, will receive a job offer.
Airbus savings: Employees negotiate successfully
Airbus' works council and IG Metall evaluate the agreement on the divestment of the Airbus plant in Varel, Nordenham and Augsburg as a resounding success for the workers. Even the impact of the austerity program "Power8" on the staff were able, thanks to decisive resistance mitigated, said Jutta Blankau, district head of IG Metall coast, with the presentation of the agreement in Hamburg.
With the outsourcing of works in a subsidiary instead of a sale, the aviation group's proposals, which the union already in the summer of 2007 had made, said Blankau. Particularly important was the fact that a location and guarantee the security of jobs could be achieved.
For the premium Aerotec GmbH, in which the three works together, has been with Airbus Germany is a dismissal for the 6000 staff until 2013, agreed - but there is an exit clause for the event, which is the economic environment deteriorated significantly. The company goes on 1 January 2009 at the start and then is the second largest supplier to the aviation world. At least until the end of 2011, the company majority-owned Airbus will remain a minority shareholding of an investor, however possible. "After a long period of uncertainty, there is finally clarity," said Blankau.
Premium Aerotec gets from the Airbus parent group EADS 500 million euros to the works of future. By the end of the year 2011 alone, 350 million euros in production for the new A350 long-haul aircraft made, as Airbus announced. Further around 150 million euros were for the production of other civilian Airbus series planned. "We have good prospects for the future," said Ruediger Luetjen, chairman of the Airbus Group Works. It was succeeded attacks on collective ownership and social statuses and fend off major work packages and investment in new technologies to agree.
The councils have agreed with Airbus that the workforce a contribution of 22.5 million euros to the companies provide savings goals. Will be achieved through increased productivity and efficiency. Thus, the time set for each production steps by three percent. "The employees know the locations and know exactly how to create," said Juergen Bruns, council chairman in Varel. Overtime or salary losses were not foreseen. "We have a very innovative agreement," said Airbus CEO Thomas Enders the agreement. The agreement was a workers' contribution, at least for Airbus in Germany again. He expressed the hope that this example school do.
In return, the workers at the success of the new company involved. In the case of a sale or IPO of the company are the employees with four percent of the potential profit from such a transaction involved.
In the framework of "Power8" planned job cuts at Airbus are loud Luetjen in the plan. 540 strain still work places should be dismantled by 2010. The withdrawal of a total of 3,500 employees had provided the Executive Board, of which 60 percent of temporary workers. Through the divestment of the three works and - for the larger part - and savings for the suppliers to Airbus by 2011 be capable of annually 2.1 billion euros to save costs. A new edition of the austerity program now before the budget by a further 300 million euros annually to reduce by parts of the production will be shifted abroad.
With the outsourcing of works in a subsidiary instead of a sale, the aviation group's proposals, which the union already in the summer of 2007 had made, said Blankau. Particularly important was the fact that a location and guarantee the security of jobs could be achieved.
For the premium Aerotec GmbH, in which the three works together, has been with Airbus Germany is a dismissal for the 6000 staff until 2013, agreed - but there is an exit clause for the event, which is the economic environment deteriorated significantly. The company goes on 1 January 2009 at the start and then is the second largest supplier to the aviation world. At least until the end of 2011, the company majority-owned Airbus will remain a minority shareholding of an investor, however possible. "After a long period of uncertainty, there is finally clarity," said Blankau.
Premium Aerotec gets from the Airbus parent group EADS 500 million euros to the works of future. By the end of the year 2011 alone, 350 million euros in production for the new A350 long-haul aircraft made, as Airbus announced. Further around 150 million euros were for the production of other civilian Airbus series planned. "We have good prospects for the future," said Ruediger Luetjen, chairman of the Airbus Group Works. It was succeeded attacks on collective ownership and social statuses and fend off major work packages and investment in new technologies to agree.
The councils have agreed with Airbus that the workforce a contribution of 22.5 million euros to the companies provide savings goals. Will be achieved through increased productivity and efficiency. Thus, the time set for each production steps by three percent. "The employees know the locations and know exactly how to create," said Juergen Bruns, council chairman in Varel. Overtime or salary losses were not foreseen. "We have a very innovative agreement," said Airbus CEO Thomas Enders the agreement. The agreement was a workers' contribution, at least for Airbus in Germany again. He expressed the hope that this example school do.
In return, the workers at the success of the new company involved. In the case of a sale or IPO of the company are the employees with four percent of the potential profit from such a transaction involved.
In the framework of "Power8" planned job cuts at Airbus are loud Luetjen in the plan. 540 strain still work places should be dismantled by 2010. The withdrawal of a total of 3,500 employees had provided the Executive Board, of which 60 percent of temporary workers. Through the divestment of the three works and - for the larger part - and savings for the suppliers to Airbus by 2011 be capable of annually 2.1 billion euros to save costs. A new edition of the austerity program now before the budget by a further 300 million euros annually to reduce by parts of the production will be shifted abroad.
Federal Council gives green light for new VW Law
With the approval of the Bundesrat on the new VW Law goes to Germany final confrontation with the EU Commission. The countries chamber on Friday gave the green light for the revision of the law with the controversial veto of the Land of Lower Saxony. Germany thus risking another case before the European Court of Justice (ECJ). According to the EU Commission the law hindered the free movement of capital within the EU. In a defeat before the ECJ threatened punitive payments in the millions.
According to the law may Lower Saxony with around 20 per cent shareholdings its right of veto in the General Assemblies of Europe's largest carmaker reserve. After the share law is the only from a share of 25 percent of normal.
The special position of Lower Saxony met with fierce resistance from the Porsche. So far, the sports car builder 42.6 percent of VW shares and has 31.5 percent more on options secured.
Lower Saxony Prime Minister Christian Wulff (CDU) said that the new VW law is compatible with European law fully compatible. He regret that Brussels to its "erroneous view" firmly believe. Any investor who buys VW shares could advance the Statute of the company read. Brussels also do nothing to it, such as the level of blocking minorities is regulated nationally.
According to the law may Lower Saxony with around 20 per cent shareholdings its right of veto in the General Assemblies of Europe's largest carmaker reserve. After the share law is the only from a share of 25 percent of normal.
The special position of Lower Saxony met with fierce resistance from the Porsche. So far, the sports car builder 42.6 percent of VW shares and has 31.5 percent more on options secured.
Lower Saxony Prime Minister Christian Wulff (CDU) said that the new VW law is compatible with European law fully compatible. He regret that Brussels to its "erroneous view" firmly believe. Any investor who buys VW shares could advance the Statute of the company read. Brussels also do nothing to it, such as the level of blocking minorities is regulated nationally.
"The bank Commerzbank is red"
Well, the fact that the bank Commerzbank, Allianz now instead of in cash paid in shares, the acquisition is not cheap. On the contrary: At the current share price would take over the remaining 40 percent stake in Dresdner Bank, 1.1 billion euros. Now the bank Commerzbank 1.4 billion euros on the table. The whole thing is cheaper only in comparison with the stock in September, when the bank Commerzbank shares still were worth 20 euros.I think that for both parties is beneficial. The alliance knows what she has, and Commerz Bank could quickly with the integration begin. And they need not the blessing of the extraordinary general meeting here. Dieter Hein bank of the independent expert analysts Fairesearch House.
Is not it quite risky, precisely in the incipient slowdown two to Germany focused SME financiers to merge?
Yet. Before the bank Commerzbank the request for state money had, was the takeover of Dresdner Bank in my eyes even existence. And not only because in the next few years the number of loan defaults will rise, but also because it still is not clear what risks still on the books of Dresdner Bank slumber. It also has the Institute in the boom of recent years have not managed to write black numbers - and, although they are still extraordinary gains from the sale of credit could participations. How is the first in the recession look like? Latest news, background and views of the FR and positions of renowned experts. Moreover dictionary and a small consolation for some fun with cartoonist Thomas Plaßmann. Special to the financial crisis.
They believe therefore that the "new bank Commerzbank" in the next year, no black writing?
That will hardly work. Finally, the Institute for the acquisition restructuring costs of two billion euros.
Had it not been better the assumption abzublasen?
Thanks to the billions from the special fund of the federal government can Commerzbank much calmer way. With this money they can so the alliance also pay off. And from the perspective of the general public, it is desirable that through the merger of a new leader on the German market.
Is not it quite risky, precisely in the incipient slowdown two to Germany focused SME financiers to merge?
Yet. Before the bank Commerzbank the request for state money had, was the takeover of Dresdner Bank in my eyes even existence. And not only because in the next few years the number of loan defaults will rise, but also because it still is not clear what risks still on the books of Dresdner Bank slumber. It also has the Institute in the boom of recent years have not managed to write black numbers - and, although they are still extraordinary gains from the sale of credit could participations. How is the first in the recession look like? Latest news, background and views of the FR and positions of renowned experts. Moreover dictionary and a small consolation for some fun with cartoonist Thomas Plaßmann. Special to the financial crisis.
They believe therefore that the "new bank Commerzbank" in the next year, no black writing?
That will hardly work. Finally, the Institute for the acquisition restructuring costs of two billion euros.
Had it not been better the assumption abzublasen?
Thanks to the billions from the special fund of the federal government can Commerzbank much calmer way. With this money they can so the alliance also pay off. And from the perspective of the general public, it is desirable that through the merger of a new leader on the German market.
Savings threaten losses
The light board, the angereisten Savings Bank Chiefs, Upper mayors and country councils the way to the meeting showed, does not quite fit the seriousness of the situation. The Bavarian insurance chamber, where the crisis meeting held on Landesbank, said the visitors a warm welcome and promised, "We care for your future than about 's our own." Beautifully about "s may be some savings bank managers and supervisors have thought, but The worry is not reduced. Bavarian savings bank President Siegfried Naser informed about the disaster of Landesbank, whose acute capital needs, amounting to ten billion euros, and as the date by the Free State and municipal credit institutions operated jointly BayernLB to be rescued. What Naser short notice at the meeting was informed, should have been bitter. According to meeting participants prepared the President of the Association savings that would suggest they are in the worst case, 1.4 billion euros could lose. How much money have the communal institutions as share capital in the Landesbank stuck. The same amount comes from the Free State added, which gives a total of 2.8 billion. What this capital stock was still worth, is now with an opinion clarified. Between zero and two billion are the result could be loud Naser meeting participants have said. Converted to the savings that would mean: Of the 1.4 billion euro deposits would remain perhaps one billion euros left. Maybe absolutely nothing. The Savings Banks Association objected to the request of the SZ this portrayal of meeting participants. It should not have been notified that the enterprise value of BayernLB, in the worst case "zero results" (and thus the deposits of savings would be gone). It was only at various "examples" for the depreciation needs have been mentioned, including an example with zero euros. Naser had explicitly stated that we still expect a certain value, you currently can not appoint, as this still would be examined, said the association. Concerned local politicians believe the test results are already familiar with. That the savings from their deposits with the Bavarian something zurückbekämen, was not expected. He then partly million higher amounts depreciate. This will cause many banks either temporarily or loss made on their reserves should fall back. Only once had many savings executives and local politicians but, as she said, "relieved" about the government agreed solution. For the rescue of Landesbank, the savings to pay nothing in return distinguish it from the largely from BayernLB. A better solution know they are not, said Mayor Schweinfurt Gudrun Grieser. |
Tuesday, November 25, 2008
AstraZeneca and Teva lay patent dispute over funding for asthma
The Anglo-Swedish pharmaceutical company AstraZeneca and the world's largest generic manufacturer Teva have their patent dispute over the asthma medicine Pulmicort settled.
As the two companies announced on Tuesday, Teva has the unlawful sale of its Nachahmerprodukts in the United States acknowledged. Accordingly, the Israeli group's distribution of its generic agent until mid-December 2009 initially set. Teva then have the exclusive right to sell product again. Already on the U.S. market means Teva may still be sold. According to the agreement pays of generic manufacturers, AstraZeneca also a compensation. The volume, the company not to.
AstraZeneca had after the introduction of cheaper Teva means a profit warning. The pharmaceutical company now confirmed on Tuesday its forecast for the current year and expects to continue with an earnings per share from 4.90 to 5.05 dollars.
As the two companies announced on Tuesday, Teva has the unlawful sale of its Nachahmerprodukts in the United States acknowledged. Accordingly, the Israeli group's distribution of its generic agent until mid-December 2009 initially set. Teva then have the exclusive right to sell product again. Already on the U.S. market means Teva may still be sold. According to the agreement pays of generic manufacturers, AstraZeneca also a compensation. The volume, the company not to.
AstraZeneca had after the introduction of cheaper Teva means a profit warning. The pharmaceutical company now confirmed on Tuesday its forecast for the current year and expects to continue with an earnings per share from 4.90 to 5.05 dollars.
Airbus wants customers to help finance
Airbus may face the global financial crisis, restrictions on the production imagine. Should the situation worsen, the company could take further measures, said Airbus chief Thomas Enders in Paris.
But he only wanted to observe how the situation develops. "None of us has a crystal ball. We all see that the financial crisis in many parts of the world into recession leads," said Enders further. At the same time stressed the company's chief reiterates that the European aircraft manufacturer customer in the financing of new aircraft in hand wants.
Airbus had only recently taken over for next year planned expansion of the A320 production from 36 to 40 machines per month indefinitely postponed. The extradition of widebody aircraft will also be slowed. Instead, as originally planned 2,010 machines per month eleven extradite, it should be only ten.
Currently, the rate at eight widebody aircraft per month. Airbus had delivered his last six years ago as a result of the New York terrorist attacks throttled.
However, according to Airbus expects Enders so, this year "more than 800 machines for sale." The previously called aim for 2008 aircraft orders of 850 was still valid. The order backlog is, according to the EADS subsidiary in 3700 orders. But some airlines already ask for a postponement of the extradition, because they experience problems with the funding. Sun announced the Indian Kingfisher now that the planned delivery of five A380 widebody aircraft had been postponed. The airline had previously extradition of 32 medium range A320 aircraft postponed.
Airbus is prepared to offer its customers in financing to help, Enders said. At the end of October, the EADS subsidiary therefore 1.2 billion U.S. dollars to it. "We still have leeway," he said. The aircraft financing had the lowest level for 20 years. For example, Airbus had ten years ago, financial assistance amounting to 6.1 billion U.S. dollars given. In 2003, it was still 4.8 billion U.S. dollars.
For the coming year, Airbus mainly on the support of the states and by credit insurer Euler Hermes as from Germany and Coface of France. Financial aids such as credit insurance were also the best way to move through the production suppliers to support, said Enders.
The tight lending also brings the suppliers of aircraft maker owned in distress. France has already made a relief fund established for them. According to Enders Germany could follow this example.
In the coming year should not only because of the credit crisis a year of challenges for the biggest EADS subsidiary will. Because of the military transporter A400M Airbus also prepares great concern, since the first flight to unknown time had to be postponed. The production was so recently been throttled. By a consortium of manufacturers from the Airbus countries, newly developed turbo-prop engines were still not operational, said Enders. The problem was the electronic engine control. "Over the next three to four weeks, hopefully a test flight, which is a A400M engine and three other engines has."
But he only wanted to observe how the situation develops. "None of us has a crystal ball. We all see that the financial crisis in many parts of the world into recession leads," said Enders further. At the same time stressed the company's chief reiterates that the European aircraft manufacturer customer in the financing of new aircraft in hand wants.
Airbus had only recently taken over for next year planned expansion of the A320 production from 36 to 40 machines per month indefinitely postponed. The extradition of widebody aircraft will also be slowed. Instead, as originally planned 2,010 machines per month eleven extradite, it should be only ten.
Currently, the rate at eight widebody aircraft per month. Airbus had delivered his last six years ago as a result of the New York terrorist attacks throttled.
However, according to Airbus expects Enders so, this year "more than 800 machines for sale." The previously called aim for 2008 aircraft orders of 850 was still valid. The order backlog is, according to the EADS subsidiary in 3700 orders. But some airlines already ask for a postponement of the extradition, because they experience problems with the funding. Sun announced the Indian Kingfisher now that the planned delivery of five A380 widebody aircraft had been postponed. The airline had previously extradition of 32 medium range A320 aircraft postponed.
Airbus is prepared to offer its customers in financing to help, Enders said. At the end of October, the EADS subsidiary therefore 1.2 billion U.S. dollars to it. "We still have leeway," he said. The aircraft financing had the lowest level for 20 years. For example, Airbus had ten years ago, financial assistance amounting to 6.1 billion U.S. dollars given. In 2003, it was still 4.8 billion U.S. dollars.
For the coming year, Airbus mainly on the support of the states and by credit insurer Euler Hermes as from Germany and Coface of France. Financial aids such as credit insurance were also the best way to move through the production suppliers to support, said Enders.
The tight lending also brings the suppliers of aircraft maker owned in distress. France has already made a relief fund established for them. According to Enders Germany could follow this example.
In the coming year should not only because of the credit crisis a year of challenges for the biggest EADS subsidiary will. Because of the military transporter A400M Airbus also prepares great concern, since the first flight to unknown time had to be postponed. The production was so recently been throttled. By a consortium of manufacturers from the Airbus countries, newly developed turbo-prop engines were still not operational, said Enders. The problem was the electronic engine control. "Over the next three to four weeks, hopefully a test flight, which is a A400M engine and three other engines has."
Siemens will pay millions to the insolvency of BenQ
Siemens pays to the creditors of its former mobile phone division BenQ 300 million euros. That is what we deal with the insolvency administrator Martin Prager agreed, said the company. "For the creditors, this is a really good news," said the Prague WORLD. He was previously an action against Siemens examined. Now, both sides on a comparison asserted. "This means that all claims against Siemens done," said Prager.
The Taiwanese electronics group BenQ, which today Qisda states had deficits in 2005, the mobile phone business of Siemens over. After he was able to stem losses, he sent the daughter a year later in the bankruptcy. In Germany, 3,000 employees lost their jobs. Many of them belong to the 4350 creditors, which claims to have logged in Prague.
Siemens has also claims to have claims over 45 million euros. Therefore, the comparative cost the group only 255 million euros. That was already sufficient reserves, said a spokesman. In the current fiscal year for Siemens shows no negative earnings effect.
A portion of its payments to the former Siemens mobile phone division had frozen when the bankruptcy was foreseeable. Therefore, the liquidator still claims.
The Taiwanese electronics group BenQ, which today Qisda states had deficits in 2005, the mobile phone business of Siemens over. After he was able to stem losses, he sent the daughter a year later in the bankruptcy. In Germany, 3,000 employees lost their jobs. Many of them belong to the 4350 creditors, which claims to have logged in Prague.
Siemens has also claims to have claims over 45 million euros. Therefore, the comparative cost the group only 255 million euros. That was already sufficient reserves, said a spokesman. In the current fiscal year for Siemens shows no negative earnings effect.
A portion of its payments to the former Siemens mobile phone division had frozen when the bankruptcy was foreseeable. Therefore, the liquidator still claims.
Rio Tinto deal canceled
BHP Billiton 3.4 had its own titles for each Rio Tinto paper offered. But the resistance of the competition authorities was probably stronger than expected. Moreover, commodity prices in recent months rapidly. Had the new group even from some lucrative iron ore mines must be separated, the merger would not have been more rewarding.
The BHP shares then rose by up to 18 percent, while Rio Tinto around 35 percent of its value lost. Even if BHP's share probably still a little growth can be irritating to the next recession is not just for entry into the STOXX50 title. A far better chance of medium-risk ratio, the discount certificate from the Royal Bank of Scotland on.
The BHP shares then rose by up to 18 percent, while Rio Tinto around 35 percent of its value lost. Even if BHP's share probably still a little growth can be irritating to the next recession is not just for entry into the STOXX50 title. A far better chance of medium-risk ratio, the discount certificate from the Royal Bank of Scotland on.
German labor costs growing slowly
The labor costs in Germany, according to a study grow slower than the EU average. 2007, the cost of an hour worked rose by 1.2 percent, while the increase in the EU at 3.7 percent in the euro zone at 2.6 percent, as the Institute of Macro Economics and Business Research (IMK) Hans Böckler Foundation announced. 2008 this trend had continued.
With an average of 28 euros per hour worked in Germany is the EU at the eighth place in only seven states had higher labor costs. There were, however, differences between industry and service providers: During one hour of work in the industry will cost 32 euros and Germany for EU-wide in fourth place, is a working hour at 25.60 euros service providers with significantly cheaper. Germany is thus the tenth place in the EU.
The growth in Germany spurred the rise of low labor cost estimates IMK chief Gustav Horn limited: "We will help the economy as a whole but only conditionally, because as a flipside of the coin weak domestic incomes and demand," he said.
With an average of 28 euros per hour worked in Germany is the EU at the eighth place in only seven states had higher labor costs. There were, however, differences between industry and service providers: During one hour of work in the industry will cost 32 euros and Germany for EU-wide in fourth place, is a working hour at 25.60 euros service providers with significantly cheaper. Germany is thus the tenth place in the EU.
The growth in Germany spurred the rise of low labor cost estimates IMK chief Gustav Horn limited: "We will help the economy as a whole but only conditionally, because as a flipside of the coin weak domestic incomes and demand," he said.
Tchibo gives the tea drinkers beaten
Tchibo in Britain gets no foot on the ground. After years of losses, the Hamburg company is now the family business there and abandon himself to Germany and Eastern Europe are concentrated. According to information of the WORLD will be on the Supervisory Board meeting on 16 December, will be. "We are examining all possibilities," said a spokesman for Tchibo. Is still open when a decision.
Even seven years after entry into the market can Tchibo Britons apparently not by the mixture of coffee supply and use products fascinate. Consequently, family owner Michael Herz now the consequences: 2009, the consolidated cooperation with the British retail chains Somerfield and Sainsburys on. These partners operate approximately 100 sales depots of Tchibo in their shops.
Furthermore, Tchibo wants the approximately 50 branches mainly in the London area densely make. The market was "already difficult years", this is justified. Last year Tchibo already had the expansion to North America ended.
Tchibo may stand for further cleanup work, but then a new manager must do: The coffee roaster will be next year, Peter Rikowski the Executive Board.
Rikowski is currently CEO of private brewery Bitburger. Number of employees at Tchibo could he still be known: Betriebswirt Rikowski In 1999 his career with the coffee roasters started. Until 2002 he moved to Bitburger after Rhineland-Palatinate. Tchibo when he had before the sale of the retail concept.
However Rikowski was still in the period from Guenter Herz at Tchibo. The brother of Michael Herz in 2003 in the dispute separately from the family clan and its share paid out to you.
For Bitburger, as well as in the beer industry is Rikowski as an excellent seller. He has the brand in a declining beer market nationwide success.
The 44-year-old manager at Tchibo Rikowski replaced sales chief Stefan Pfander, the first in April 2008 by the Board to the Board was changed. The 64-year-old former manager of the confectionery group Wrigley was eingesprungen than two Tchibo manager should leave the group. Under Pfander Tchibo has two separate areas of coffee and use goods merged.
Obviously the family is looking for owners Michael Herz a management that the group should steer the long term. In recent years, the 65-year-old heart on his confidants and Mark Conrad him to Tchibo Board spokesman made. Conrad, however, it is not yet succeeded, Tchibo at the turn for the better case.
The coffee roaster loses years since the sale of salad bowls, Weckradios, socks or Skiunterwäsche. Recently the group has about 100 branches closed. Now it is in family circles, Michael Herz could his friend Conrad in the holding Maxingvest can move up. Tchibo chief could be in the foreseeable future, the new Sales Executive Rikowski be.
Even seven years after entry into the market can Tchibo Britons apparently not by the mixture of coffee supply and use products fascinate. Consequently, family owner Michael Herz now the consequences: 2009, the consolidated cooperation with the British retail chains Somerfield and Sainsburys on. These partners operate approximately 100 sales depots of Tchibo in their shops.
Furthermore, Tchibo wants the approximately 50 branches mainly in the London area densely make. The market was "already difficult years", this is justified. Last year Tchibo already had the expansion to North America ended.
Tchibo may stand for further cleanup work, but then a new manager must do: The coffee roaster will be next year, Peter Rikowski the Executive Board.
Rikowski is currently CEO of private brewery Bitburger. Number of employees at Tchibo could he still be known: Betriebswirt Rikowski In 1999 his career with the coffee roasters started. Until 2002 he moved to Bitburger after Rhineland-Palatinate. Tchibo when he had before the sale of the retail concept.
However Rikowski was still in the period from Guenter Herz at Tchibo. The brother of Michael Herz in 2003 in the dispute separately from the family clan and its share paid out to you.
For Bitburger, as well as in the beer industry is Rikowski as an excellent seller. He has the brand in a declining beer market nationwide success.
The 44-year-old manager at Tchibo Rikowski replaced sales chief Stefan Pfander, the first in April 2008 by the Board to the Board was changed. The 64-year-old former manager of the confectionery group Wrigley was eingesprungen than two Tchibo manager should leave the group. Under Pfander Tchibo has two separate areas of coffee and use goods merged.
Obviously the family is looking for owners Michael Herz a management that the group should steer the long term. In recent years, the 65-year-old heart on his confidants and Mark Conrad him to Tchibo Board spokesman made. Conrad, however, it is not yet succeeded, Tchibo at the turn for the better case.
The coffee roaster loses years since the sale of salad bowls, Weckradios, socks or Skiunterwäsche. Recently the group has about 100 branches closed. Now it is in family circles, Michael Herz could his friend Conrad in the holding Maxingvest can move up. Tchibo chief could be in the foreseeable future, the new Sales Executive Rikowski be.
ProSiebenSat.1: Ruling to prohibit takeover move
In the antitrust dispute over the prohibited takeover of the television group ProSiebenSat.1 by Axel Springer Publishing House ( "image", WORLD) is the Oberlandesgericht Dusseldorf for its decision longer time. The fact that Wednesday prepared for promulgation date was again postponed, a court spokeswoman said. Now the verdict on 3 December fall.
The Springer Group was in February 2006 on the takeover plans after the Federal Cartel Office had filed his veto. The competition guardians had a great a concentration of market power on the TV advertising market, the reader market for street selling newspapers and for the Anzeigenmarkt newspapers feared. Axel Springer complaint, however, to basically explore what opportunities we have yet to acquisitions in Germany.
The Springer Group was in February 2006 on the takeover plans after the Federal Cartel Office had filed his veto. The competition guardians had a great a concentration of market power on the TV advertising market, the reader market for street selling newspapers and for the Anzeigenmarkt newspapers feared. Axel Springer complaint, however, to basically explore what opportunities we have yet to acquisitions in Germany.
Stromstob for the road
Auto companies, power generators and politics ringing the end of the petrol era. The future belongs to the electric car - if finally batteries would be cheaper
It looked like an accident, the Federal Environment at the British Embassy unterlief. During the presentation of Germany's first major experiment with electric cars in Berlin zwängte is Sigmar Gabriel for the photographers and camera men behind the wheel of BMW's Mini strombetankten - and then, despite fierce pressing the button side window down. "No power" joked the British Ambassador Sir Michael Arthur - and had to laugh at his side.
Gabriel's mishap actually revealed a great advantage of the new generation of electric cars that will soon fill the German roads should: complete silence in their operation. So Gabriel could not hear that the E-mini did not start was when he served the windows. Gabriel took it sporty, opened the passenger and settled by BMW boss Norbert Reithofer the technique of in Oxford produced electric car to explain. "The lithium-ion batteries enable a range of 250 kilometers at a maximum speed of 152 kilometers," said Reithofer.
The electric car, for years an exotic hobby laughed inventors has done it. Although it rolls so far hardly on the road. But the key players - car manufacturers, politics, power companies - want to join forces with the change. Germany, where inventors like Nikolaus August Otto, Rudolf Diesel, Carl Benz and Gottfried Daimler modern mobility with internal combustion engines have invented, would also in future electric front spout.
By 2020, according to the federal government will one million e-cars whir through the streets, ten years later five million. It was at the "National Strategy Conference Electric Mobility formulated. The car is good even without combustion as a vehicle in times of climate change. According to a study by the consulting firm Goetz Partners could Stromrasern with up to 41 percent of the CO2 emissions of the car industry can be reduced. However, it is assumed that from 2025 already 14 million cars with power drive through Germany. That would be 32 percent of the car fleet.
An unrealistic value when you consider that 2008 the kick with 50 electrically operated Ministry in Berlin is being made. But many researchers and experts have electronic mobile future before eyes. "Life in the cities will be pleasant in the future," believes, for example Wietschel Martin, Head of Energy Business Unit at the Fraunhofer Institute. Even the industry of renewable energies have great expectations. What would be better for it than the new electricity-eater with clean energy to feed?
Hermann Albers, President of the Bundesverband wind, urging the federal government: "The future cabinet decision of the Federal Government for Electric Mobility must clearly see that electric cars only environmentally friendly drive, if they proceed with renewable electricity."
Similar floats well before Gabriel. He enthused in Berlin that the batteries of millions of electric cars in the long term memory is the ideal night for surplus energy from wind turbines could be. But such euphoria is premature. Until the internal combustion era without much work must be performed. Lithium-ion batteries currently cost around 10 000 euros. That makes electric cars expensive. And also the power grid is still not fit. "The automobile companies have no idea of the problems of the current economy, when in fact millions of electric cars drive through the streets," says Fraunhofer Wietschel man. "The network would probably collapse if millions of cars simultaneously at outlets or abgestöpselt be."
Similarly, the Carolin Reichert, head of the department stores in New electricity company RWE. For this reason, it seeks to create an alliance of the largest providers in this area. And she has success. The energy companies have dealt with the major car farmers together to set standards. It must be clarified, such as a car power outlet should look like, what benefits must bring a battery and how the scheme should be technology.
In these talks are Volkswagen and General Motors just as involved as the German utility E.on, the Italian Enel or the Swedish group Vattenfall. It is not yet clear which technology at the end of the race makes. RWE / Daimler and Vattenfall / BMW rely on cars, which only operated with electricity, so-called full. However, VW jointly works with E.on to rolling plug-in hybrids. Meaning: The car can flow from the outlet tank, for emergency but also as gasoline continue.
One thing is certain: A powerful alliance of the largest industries in Europe, the new electric machinery to enforce. "Whether we will one day electrically powered cars, is no longer the issue - but only when," said E. ON chief Wulf H. Bernotat on the strategy conference on electrical mobility.
The enthusiasm is understandable. Indeed, both for car makers as well as for electricity companies will open up interesting prospects. Some vehicles may build for the future, if gasoline should be unaffordable. The occupying an entirely new business, produce electricity for transport, gas stations might operate in the future.
In the next few years, these alliances visible. Until now, it is known that RWE with Daimler in Berlin, a test fleet of 100 cars in Berlin wants to build. To use the new e-Smarts with energy to invite RWE has also undertaken a chain of 500 gas stations in the capital hochzuziehen. Vattenfall is planning the same with BMW. In the spring, 50 electric-Minis at the start. Peak: 152 miles per hour. Range: 250 km. Similar partnerships are likely to follow in other cities. Firstly, the suitability of the current cars in practice and the acceptance of the customers out. And does it want the people?
Still feel many motorists by the comparatively modest ranges of Mobile Electric off. These industry studies have found that an average user on the day his car up to 100 kilometers moves. It would therefore completely insufficient, his car overnight at the outlet to stop, to always to be mobile.
It looked like an accident, the Federal Environment at the British Embassy unterlief. During the presentation of Germany's first major experiment with electric cars in Berlin zwängte is Sigmar Gabriel for the photographers and camera men behind the wheel of BMW's Mini strombetankten - and then, despite fierce pressing the button side window down. "No power" joked the British Ambassador Sir Michael Arthur - and had to laugh at his side.
Gabriel's mishap actually revealed a great advantage of the new generation of electric cars that will soon fill the German roads should: complete silence in their operation. So Gabriel could not hear that the E-mini did not start was when he served the windows. Gabriel took it sporty, opened the passenger and settled by BMW boss Norbert Reithofer the technique of in Oxford produced electric car to explain. "The lithium-ion batteries enable a range of 250 kilometers at a maximum speed of 152 kilometers," said Reithofer.
The electric car, for years an exotic hobby laughed inventors has done it. Although it rolls so far hardly on the road. But the key players - car manufacturers, politics, power companies - want to join forces with the change. Germany, where inventors like Nikolaus August Otto, Rudolf Diesel, Carl Benz and Gottfried Daimler modern mobility with internal combustion engines have invented, would also in future electric front spout.
By 2020, according to the federal government will one million e-cars whir through the streets, ten years later five million. It was at the "National Strategy Conference Electric Mobility formulated. The car is good even without combustion as a vehicle in times of climate change. According to a study by the consulting firm Goetz Partners could Stromrasern with up to 41 percent of the CO2 emissions of the car industry can be reduced. However, it is assumed that from 2025 already 14 million cars with power drive through Germany. That would be 32 percent of the car fleet.
An unrealistic value when you consider that 2008 the kick with 50 electrically operated Ministry in Berlin is being made. But many researchers and experts have electronic mobile future before eyes. "Life in the cities will be pleasant in the future," believes, for example Wietschel Martin, Head of Energy Business Unit at the Fraunhofer Institute. Even the industry of renewable energies have great expectations. What would be better for it than the new electricity-eater with clean energy to feed?
Hermann Albers, President of the Bundesverband wind, urging the federal government: "The future cabinet decision of the Federal Government for Electric Mobility must clearly see that electric cars only environmentally friendly drive, if they proceed with renewable electricity."
Similar floats well before Gabriel. He enthused in Berlin that the batteries of millions of electric cars in the long term memory is the ideal night for surplus energy from wind turbines could be. But such euphoria is premature. Until the internal combustion era without much work must be performed. Lithium-ion batteries currently cost around 10 000 euros. That makes electric cars expensive. And also the power grid is still not fit. "The automobile companies have no idea of the problems of the current economy, when in fact millions of electric cars drive through the streets," says Fraunhofer Wietschel man. "The network would probably collapse if millions of cars simultaneously at outlets or abgestöpselt be."
Similarly, the Carolin Reichert, head of the department stores in New electricity company RWE. For this reason, it seeks to create an alliance of the largest providers in this area. And she has success. The energy companies have dealt with the major car farmers together to set standards. It must be clarified, such as a car power outlet should look like, what benefits must bring a battery and how the scheme should be technology.
In these talks are Volkswagen and General Motors just as involved as the German utility E.on, the Italian Enel or the Swedish group Vattenfall. It is not yet clear which technology at the end of the race makes. RWE / Daimler and Vattenfall / BMW rely on cars, which only operated with electricity, so-called full. However, VW jointly works with E.on to rolling plug-in hybrids. Meaning: The car can flow from the outlet tank, for emergency but also as gasoline continue.
One thing is certain: A powerful alliance of the largest industries in Europe, the new electric machinery to enforce. "Whether we will one day electrically powered cars, is no longer the issue - but only when," said E. ON chief Wulf H. Bernotat on the strategy conference on electrical mobility.
The enthusiasm is understandable. Indeed, both for car makers as well as for electricity companies will open up interesting prospects. Some vehicles may build for the future, if gasoline should be unaffordable. The occupying an entirely new business, produce electricity for transport, gas stations might operate in the future.
In the next few years, these alliances visible. Until now, it is known that RWE with Daimler in Berlin, a test fleet of 100 cars in Berlin wants to build. To use the new e-Smarts with energy to invite RWE has also undertaken a chain of 500 gas stations in the capital hochzuziehen. Vattenfall is planning the same with BMW. In the spring, 50 electric-Minis at the start. Peak: 152 miles per hour. Range: 250 km. Similar partnerships are likely to follow in other cities. Firstly, the suitability of the current cars in practice and the acceptance of the customers out. And does it want the people?
Still feel many motorists by the comparatively modest ranges of Mobile Electric off. These industry studies have found that an average user on the day his car up to 100 kilometers moves. It would therefore completely insufficient, his car overnight at the outlet to stop, to always to be mobile.
OECD: 700 000 more unemployed
The recession in Germany and is the major industrialized countries next year and hit millions of jobs destroyed. The Organization for Economic Cooperation and Development (OECD) said in Paris for 21 of its 30 member countries of a lengthy economic downturn ahead, since the early 80s was without precedent. For the experts expect Germany 2009, a decline in the gross domestic product by 0.9 percent. The number of unemployed will by the end of 2010 to 700 000 rise across the OECD as much as eight million. 2010, the German economy to grow 1.3 percent. Five months ago, the Organization for 2009, a growth of one percent in Germany predicted.
The OECD is therefore more pessimistic than the federal government, which is still dominated by an economic growth of 0.2 percent originates. Given the dramatic impact of the crisis, the OECD urges Berlin to a stronger economy to support. "That is not very large economic package Bundesregierung will tend to strengthen rise from 2010 when the recession stop," said OECD expert Andreas Woergoetter.
The German Industry and Commerce (DIHK) revised its growth forecast and also now expected for 2009 a decline of the German GDP by 0.5 percent.
Even in October, the DIHK for the coming year, a growth of 0.5 percent expected. "The slowdown is mainly on the Turbidity of the external economic environment in Germany to take," said DIHK chief executive, Martin Wansleben. There were good chances but that the growth in the second half could attract. The first two quarters but would be difficult.
The German economy is already in the third quarter of 2008 increased by 0.5 per cent. The Federal Statistical Office confirmed on Tuesday a flash estimate from last week. The economy shrank in the summer months the second time in succession, which according to current recession is defined as. In the second quarter amounted to minus 0.4 percent.
The export - long the mainstay of the economy - developed in the summer quarter to brake growth. Exports fell by 0.4 percent. Also, the investment shrank by 0.5 percent. "It will be increasingly orders from abroad canceled," said DIHK chief economist Volker Treier. Within a few weeks had many export hopes shattered. The foreign trade will therefore continue to fail as a growth engine.
On the other hand, hope is the consumer. He put in the third quarter because of robust labor market and inflation falling by 0.3 percent. Even in the final quarter of the expenditure likely to rise: The Nuremberg by the GfK market research survey showed consumer identified for November and December slightly upwards. Whether consumers in the coming year more money in hand, but is questionable. "Should the number of unemployed rise again, this would also make sustainable consumption mood," GfK said.
The OECD is therefore more pessimistic than the federal government, which is still dominated by an economic growth of 0.2 percent originates. Given the dramatic impact of the crisis, the OECD urges Berlin to a stronger economy to support. "That is not very large economic package Bundesregierung will tend to strengthen rise from 2010 when the recession stop," said OECD expert Andreas Woergoetter.
The German Industry and Commerce (DIHK) revised its growth forecast and also now expected for 2009 a decline of the German GDP by 0.5 percent.
Even in October, the DIHK for the coming year, a growth of 0.5 percent expected. "The slowdown is mainly on the Turbidity of the external economic environment in Germany to take," said DIHK chief executive, Martin Wansleben. There were good chances but that the growth in the second half could attract. The first two quarters but would be difficult.
The German economy is already in the third quarter of 2008 increased by 0.5 per cent. The Federal Statistical Office confirmed on Tuesday a flash estimate from last week. The economy shrank in the summer months the second time in succession, which according to current recession is defined as. In the second quarter amounted to minus 0.4 percent.
The export - long the mainstay of the economy - developed in the summer quarter to brake growth. Exports fell by 0.4 percent. Also, the investment shrank by 0.5 percent. "It will be increasingly orders from abroad canceled," said DIHK chief economist Volker Treier. Within a few weeks had many export hopes shattered. The foreign trade will therefore continue to fail as a growth engine.
On the other hand, hope is the consumer. He put in the third quarter because of robust labor market and inflation falling by 0.3 percent. Even in the final quarter of the expenditure likely to rise: The Nuremberg by the GfK market research survey showed consumer identified for November and December slightly upwards. Whether consumers in the coming year more money in hand, but is questionable. "Should the number of unemployed rise again, this would also make sustainable consumption mood," GfK said.
Kirch with flashes billion claim against Dt. Bank
The media mogul Leo Kirch has a billion dollar lawsuit against Deutsche Bank before the Landgericht Munich suffered shipwreck.
His lawyers withdrew on Tuesday because of a calculation error, a damages claim over 1.1 billion euros. The chairman Judge Brigitte Pecher subsequently dismissed from the case. Visibly annoyed, she said to the representatives of Kirch: "You can not go into a negotiation."
Calls Kirch of Germany's largest bank and its former chief executive Rolf Breuer more than 3.5 billion euro damages. The indictment is based on a television interview Breuers from 2002 in which he believes the Kirch-side the creditworthiness of the media group doubt, whereupon the creditor banks, the money would While the rooster. Kirch's extensive company had not previously been the doomed, holds the Frankfurt Institute opposed.
In the core of negative replies 1.1 billion claim relates to the one shares package Springer-Verlag, is Germany's largest bank after the Kirch insolvency in 2002 as collateral for a loan was approved fall. The participation was then sold. Kirch would not because of the statements Breuers the money expected to have the Springer package is not an opinion of the Kirch lawyers at low price must be sold. However, the lawyers claim the sum probably better trading hours are calculated: The shares are currently worth less than when sold by Deutsche Bank in 2002. If their complaint now durchgekommen would have Kirch, the bank may even need to transfer money. The aback lawyers made the financial crisis responsible for the burglary, but Pecher judge replied: "That there is a price slump has given all we know." A lawyer of Deutsche Bank even asked to take a break so that "the lawyers time to mathematics" would "
Kirch's legal representatives want in the next two week appeal against the decision and the procedure so that once again roll up. The lawyers of Deutsche Bank analyzed the verdict as a success.
JUDGE TO DOUBT HEGT MORE
Two other cases Pecher will decide in March. In a Kirch's claim for damages of 400 million euros already indicated to the judge that the evidence so far is thin. That was "something very close to everything justified" and "extremely poor".
Also in the next procedure they expressed concerns. It is questionable whether the Kirch specially designed for compensation claims firm KGL pool was serious. "We are really a matter of skeptical," she said. The judge argued that KGL only with a thin capital base equipped and therefore in the event of a defeat for Kirch's not the litigation could arise. KGL pool is a special purpose company, in the insolvent subsidiaries of Kirch Group's former claims for damages amounting to just more than two billion euros have bundled.
Kirch's lawyers, including former Bavarian Minister Peter Gauweiler, now want to submit a written agreement that Leo Kirch, even for all financial liabilities of the KGL Pool her.
His lawyers withdrew on Tuesday because of a calculation error, a damages claim over 1.1 billion euros. The chairman Judge Brigitte Pecher subsequently dismissed from the case. Visibly annoyed, she said to the representatives of Kirch: "You can not go into a negotiation."
Calls Kirch of Germany's largest bank and its former chief executive Rolf Breuer more than 3.5 billion euro damages. The indictment is based on a television interview Breuers from 2002 in which he believes the Kirch-side the creditworthiness of the media group doubt, whereupon the creditor banks, the money would While the rooster. Kirch's extensive company had not previously been the doomed, holds the Frankfurt Institute opposed.
In the core of negative replies 1.1 billion claim relates to the one shares package Springer-Verlag, is Germany's largest bank after the Kirch insolvency in 2002 as collateral for a loan was approved fall. The participation was then sold. Kirch would not because of the statements Breuers the money expected to have the Springer package is not an opinion of the Kirch lawyers at low price must be sold. However, the lawyers claim the sum probably better trading hours are calculated: The shares are currently worth less than when sold by Deutsche Bank in 2002. If their complaint now durchgekommen would have Kirch, the bank may even need to transfer money. The aback lawyers made the financial crisis responsible for the burglary, but Pecher judge replied: "That there is a price slump has given all we know." A lawyer of Deutsche Bank even asked to take a break so that "the lawyers time to mathematics" would "
Kirch's legal representatives want in the next two week appeal against the decision and the procedure so that once again roll up. The lawyers of Deutsche Bank analyzed the verdict as a success.
JUDGE TO DOUBT HEGT MORE
Two other cases Pecher will decide in March. In a Kirch's claim for damages of 400 million euros already indicated to the judge that the evidence so far is thin. That was "something very close to everything justified" and "extremely poor".
Also in the next procedure they expressed concerns. It is questionable whether the Kirch specially designed for compensation claims firm KGL pool was serious. "We are really a matter of skeptical," she said. The judge argued that KGL only with a thin capital base equipped and therefore in the event of a defeat for Kirch's not the litigation could arise. KGL pool is a special purpose company, in the insolvent subsidiaries of Kirch Group's former claims for damages amounting to just more than two billion euros have bundled.
Kirch's lawyers, including former Bavarian Minister Peter Gauweiler, now want to submit a written agreement that Leo Kirch, even for all financial liabilities of the KGL Pool her.
Saturday, November 22, 2008
Obama wants Geithner on Monday as finance minister to announce
The nominee for U.S. president wants Barack Obama on Monday officially endorsed the nomination of Timothy Geithner as a future finance minister announced. As a member of his staff on Saturday said, should then also Lawrence Summers as an economic adviser to be appointed. Both Geithner, as well as Summers enjoy the world of finance in enormous respect. With the official nomination at a press conference on Monday, Obama could the financial markets convey confidence.
Both were already considered promising candidates for the posts have been traded. The prospect of the New York Federal Reserve chief Geithner as finance minister had already on Friday the U.S. Securities and Exchange wings. Summers was once finance minister and could be the "New York Times" reports possibly beginning of 2010 to succeed Federal Reserve chief Ben Bernanke will be appointed.
Obama on Saturday announced an ambitious economic program to the kriselnden economy on the jumps to help. Until January 2011 should be 2.5 million jobs will be created. Obama takes on 20th January by George W. Bush, the Office of the U.S. president.
Both were already considered promising candidates for the posts have been traded. The prospect of the New York Federal Reserve chief Geithner as finance minister had already on Friday the U.S. Securities and Exchange wings. Summers was once finance minister and could be the "New York Times" reports possibly beginning of 2010 to succeed Federal Reserve chief Ben Bernanke will be appointed.
Obama on Saturday announced an ambitious economic program to the kriselnden economy on the jumps to help. Until January 2011 should be 2.5 million jobs will be created. Obama takes on 20th January by George W. Bush, the Office of the U.S. president.
HSH Nordbank will receive 30 billion euro state guarantees
Hamburg - HSH Nordbank may liquidity to state guarantees of up to 30 billion euros back. Then, the bank claims with representatives of the Special Fund for financial stabilization (SoFFin time). This decision "strengthens our bench and provides enough flexibility to develop our business," said the first few days since President HSH Nordbank-chief Dirk Jens Nonnenmacher on Friday evening.
HSH Nordbank in Kiel Center: Guarantee of 30 billion euros
His predecessor, Hans Berger was on 10 November declared his resignation. A week earlier, the state bank guarantees amounting to 30 billion requested. Since the beginning of the year was the HSH Nordbank ever deeper into the maelstrom of the international financial crisis. For the first nine months of the year had to write-downs of 1.3 billion euros, the loss amounted to 360 million euros. Hamburg Finance Senator Michael Freytag (CDU) later concluded no longer enough that the HSH Nordbank further depreciation must cope.
"We are working on a set of concrete measures with which we have sustainable strategy of HSH Nordbank ahead," said Nonnenmacher. He announced that the shareholders for a capital adequacy of the bank would ensure. The core capital ratio, the capital strength of a bank expresses it should at least 8 of 7.1 percent. This would save a capital injection and the dismantling of assets be taken into consideration, namely the sale of equity or possessions of the bank. The chairman of the supervisory board, Wolfgang Peiner, praised the close of all shareholders. He showed the cohesion and consistency, "with which they form the basis for the future success of the bank create." On the concrete form should in the next few weeks will be discussed.
The owners of HSH Nordbank the Institute had only a few months ago around two billion euros zugeschossen. The bank's largest shareholder with 30.4 percent the Hanseatic City of Hamburg. Schleswig-Holstein holds 29.1 percent, the local savings are 14.8 percent and the U.S. investor JC Flowers 25.7 percent.
Before the HSH Nordbank of the country had already banks BayernLB billion in losses after the government defense shield utilized. Landesbank Baden-Wuerttemberg will receive a capital injection of five billion euros, but only from the country without the involvement of the federal government. In addition, the Institute on Friday announced that it check, credit guarantees amounting to 15 to 20 billion euros to take advantage of them. LBBW belongs to the state of Baden-Wuerttemberg, the savings banks and the city of Stuttgart.
HSH Nordbank in Kiel Center: Guarantee of 30 billion euros
His predecessor, Hans Berger was on 10 November declared his resignation. A week earlier, the state bank guarantees amounting to 30 billion requested. Since the beginning of the year was the HSH Nordbank ever deeper into the maelstrom of the international financial crisis. For the first nine months of the year had to write-downs of 1.3 billion euros, the loss amounted to 360 million euros. Hamburg Finance Senator Michael Freytag (CDU) later concluded no longer enough that the HSH Nordbank further depreciation must cope.
"We are working on a set of concrete measures with which we have sustainable strategy of HSH Nordbank ahead," said Nonnenmacher. He announced that the shareholders for a capital adequacy of the bank would ensure. The core capital ratio, the capital strength of a bank expresses it should at least 8 of 7.1 percent. This would save a capital injection and the dismantling of assets be taken into consideration, namely the sale of equity or possessions of the bank. The chairman of the supervisory board, Wolfgang Peiner, praised the close of all shareholders. He showed the cohesion and consistency, "with which they form the basis for the future success of the bank create." On the concrete form should in the next few weeks will be discussed.
The owners of HSH Nordbank the Institute had only a few months ago around two billion euros zugeschossen. The bank's largest shareholder with 30.4 percent the Hanseatic City of Hamburg. Schleswig-Holstein holds 29.1 percent, the local savings are 14.8 percent and the U.S. investor JC Flowers 25.7 percent.
Before the HSH Nordbank of the country had already banks BayernLB billion in losses after the government defense shield utilized. Landesbank Baden-Wuerttemberg will receive a capital injection of five billion euros, but only from the country without the involvement of the federal government. In addition, the Institute on Friday announced that it check, credit guarantees amounting to 15 to 20 billion euros to take advantage of them. LBBW belongs to the state of Baden-Wuerttemberg, the savings banks and the city of Stuttgart.
Koehler goes with bankers to the hard court
Federal changes required to "sound bankers" and support for SME - Corporate leaders to give contrite
Frankfurt - German President Horst Köhler, the banks in Germany again sharply kritisisert. Six months after the "monsters" in the international financial markets had spoken, although he avoided drastic similar words. He called for a "fundamental renewal". The banks have once again remember that they were primarily managers of savings were entrusted to them. "Do they look back on the virtues of solid bankers," said Köhler, and added with a sideswipe at the increasingly Anglo-Saxon world dominated Financial added: "And I say not aware banker and bankers."
The head of state warned the bank leaders during his visit at an industry conference in Frankfurt before, by their own mistakes off. "In the usual lobbying back to their own share of small talk is no reasonable attitude," said Koehler. The industry had a variety of warnings in the wind and beaten at high yields "seems to be so intoxicated that she was blind to the risks." Now that humility, modesty and decency demanded.
The mood had already been booked, as Kohler traditional Congress in the noble Frankfurt Opera ourselves. Although we put a smile on the joint group picture, but the face of state was seriously schell again, and heads Frankfurt bank most affected, given the tense Wutrede the President of May. After renewed his criticism of the industry in size because of the required humility. "Banks and financial market participants have made mistakes," said Commerzbank chief Martin Blessing. All had a worldwide contributed to excessive indebtedness. However, he warned against over-regulating the industry. Deutsche Bank chief Josef Ackermann called it the "greatest obligation" of financial companies, mistakes of the past to correct them.
Köhler's view from one of them the one that managers can not increase salaries, if at the same time employees are dismissed. Secondly, the banks depositors to stand in the crisis have lost a lot of money. The industry should "absorb hardship cases" and to some into a common fund. "It may not be in the interest of the banks, if the private pension into disrepute," said Koehler. Moreover, he urged the banks to the economic slowdown is not yet terminal through a loan to accelerate: "Let not the middle class in the lurch."
In order to avoid future crises, the Federal urged greater international supervision. "I think it is correct, the International Monetary Fund watchdogs about the stability of the global financial system to be transferred," said Köhler, the IMF from 2000 to 2004 had directed himself. He again urged a "second Bretton Woods." The conference in the U.S. town of 1944 had laid the groundwork for a financial order, which became one of the strongest growth phases of the global economy contributed.
Even the President of the European Central Bank, Jean-Claude Trichet, called for a greater weight of the IMF: The current crisis, stressing that the fund more pulling force to get significant economies need. Bundesbank President Axel Weber warned, however, before too much expectations of regulators and supervisors: It dampened the hopes that it could succeed, a reliable early warning system for possible future crises develop.
Frankfurt - German President Horst Köhler, the banks in Germany again sharply kritisisert. Six months after the "monsters" in the international financial markets had spoken, although he avoided drastic similar words. He called for a "fundamental renewal". The banks have once again remember that they were primarily managers of savings were entrusted to them. "Do they look back on the virtues of solid bankers," said Köhler, and added with a sideswipe at the increasingly Anglo-Saxon world dominated Financial added: "And I say not aware banker and bankers."
The head of state warned the bank leaders during his visit at an industry conference in Frankfurt before, by their own mistakes off. "In the usual lobbying back to their own share of small talk is no reasonable attitude," said Koehler. The industry had a variety of warnings in the wind and beaten at high yields "seems to be so intoxicated that she was blind to the risks." Now that humility, modesty and decency demanded.
The mood had already been booked, as Kohler traditional Congress in the noble Frankfurt Opera ourselves. Although we put a smile on the joint group picture, but the face of state was seriously schell again, and heads Frankfurt bank most affected, given the tense Wutrede the President of May. After renewed his criticism of the industry in size because of the required humility. "Banks and financial market participants have made mistakes," said Commerzbank chief Martin Blessing. All had a worldwide contributed to excessive indebtedness. However, he warned against over-regulating the industry. Deutsche Bank chief Josef Ackermann called it the "greatest obligation" of financial companies, mistakes of the past to correct them.
Köhler's view from one of them the one that managers can not increase salaries, if at the same time employees are dismissed. Secondly, the banks depositors to stand in the crisis have lost a lot of money. The industry should "absorb hardship cases" and to some into a common fund. "It may not be in the interest of the banks, if the private pension into disrepute," said Koehler. Moreover, he urged the banks to the economic slowdown is not yet terminal through a loan to accelerate: "Let not the middle class in the lurch."
In order to avoid future crises, the Federal urged greater international supervision. "I think it is correct, the International Monetary Fund watchdogs about the stability of the global financial system to be transferred," said Köhler, the IMF from 2000 to 2004 had directed himself. He again urged a "second Bretton Woods." The conference in the U.S. town of 1944 had laid the groundwork for a financial order, which became one of the strongest growth phases of the global economy contributed.
Even the President of the European Central Bank, Jean-Claude Trichet, called for a greater weight of the IMF: The current crisis, stressing that the fund more pulling force to get significant economies need. Bundesbank President Axel Weber warned, however, before too much expectations of regulators and supervisors: It dampened the hopes that it could succeed, a reliable early warning system for possible future crises develop.
Rürup offers resignation from Social Forum
After his move to the private sector, the chief economist of the Federal Government, Bert Rürup, his resignation from the Social Advisory Council of the Federal Government offered if this new task in the financial services provider AWD see a conflict of interest.
The chief economist of the Federal Government, Bert Rürup, after his move to the financial services provider AWD his resignation from the Social Advisory Council of the federal government. Photo: dpaLupe
The chief economist of the Federal Government, Bert Rürup, after his move to the financial services provider AWD his resignation from the Social Advisory Council of the federal government. Picture: Reuters
HB BERLIN. "When the Panel in my career planned realignment sees a conflict of interest, then I will of course accept," said Rürup the news magazine "Der Spiegel". The Social Advisory Council, whose chairman is Rürup, advises the federal government in matters of statutory pension insurance. The professor is also head of the Experts Council, the federal government in economic issues.
The 65-year-olds in the April 2009 changes to the financial services provider AWD. From among the five ways he wants to retire at the end of February. He is the father of the "Rürup pension", a tax-funded pensions, especially for self-employed, which insurance companies can be completed. DGB - Annelie Buntenbach board member responsible for the unions in the social advisory council sits, told the Mirror: "I do not expect that Rürups membership as an independent scientist with his new job in the private sector can tolerate."
The chief economist of the Federal Government, Bert Rürup, after his move to the financial services provider AWD his resignation from the Social Advisory Council of the federal government. Photo: dpaLupe
The chief economist of the Federal Government, Bert Rürup, after his move to the financial services provider AWD his resignation from the Social Advisory Council of the federal government. Picture: Reuters
HB BERLIN. "When the Panel in my career planned realignment sees a conflict of interest, then I will of course accept," said Rürup the news magazine "Der Spiegel". The Social Advisory Council, whose chairman is Rürup, advises the federal government in matters of statutory pension insurance. The professor is also head of the Experts Council, the federal government in economic issues.
The 65-year-olds in the April 2009 changes to the financial services provider AWD. From among the five ways he wants to retire at the end of February. He is the father of the "Rürup pension", a tax-funded pensions, especially for self-employed, which insurance companies can be completed. DGB - Annelie Buntenbach board member responsible for the unions in the social advisory council sits, told the Mirror: "I do not expect that Rürups membership as an independent scientist with his new job in the private sector can tolerate."
The zockende Biedermann from Blaubeuren
Solid and he was honest: In this long standing reputation Adolf Merckle, one of the wealthiest Germans. But the ruler of Ratiopharm and Heidelberg Cement speculated as a hedge. Now he needs a lot of money. Otherwise it will dismantle its empire
Adolf Merckle is a rich man on the Forbes list of the most affluent residents are of the earth Schwabe and his family with nearly ten billion dollars estimated. Building materials, medicines, Bullis runway and forests belong to the industrialist family. The family patriarch was always solid and upright. A few years ago was unable Merckle little pursuant to the informal meeting German pharmaceutical leaders. While the leaders of Hexal and Stada in Fond of luxury limousines anrollten, entstieg the 74-year-olds and klapprigen an old Mercedes.
But honest and down to earth are the business of the billionaire not at all. Adolf Merckle, which allow first glance locked into the family empire guess, was one of the largest German gambler and riskier, a Swabian hedge funds. And apparently for decades. Unnoticed by the public has Merckle Speculating on the business structure. Now he has verzockt, and threatened his entire group of companies. At Baden-Wuerttemberg Prime Minister Guenther Oettinger (CDU), he explored the possibilities of a guarantee.
Courses for weeks already rumors on the stock exchange. But on Thursday, the industrialist family about their VEM Dresdner Asset Holding officially be heard. "The banking crisis and the turbulence in financial markets have in the VEM to a liquidity shortage led," admitted Ludwig Merckle, son of the patriarch, somewhat convoluted one. It is a confession. Adolf Merckle, which within 40 years a corporate empire with such well-known names like Heidelberg Cement and Building Ratiopharm, the billions of acquisitions and financed stemmte lies deep in the terminal. The entrepreneur is probably only using numerous banks find a way.
Two shops have Merckle, especially in the precarious situation succinctly: exchange deals with VW papers, and the majority takeover of the Heidelberg building materials giant Heidelberg Cement. How much exactly the losses from speculation on the VW shares are Merckle says the group did not. Merckle group speaks of a "low triple-digit million amount." Like many other hedge funds may also be Merckle on falling VW courses have bet. But the opposite was a part.
With price increases of 300 percent skipped the VW share time as the mark of 1000 euros. Porsche even paid two years ago, even 40 euros per VW share. The losers, as previously thought, especially hedge funds are based on ill-repute tax havens like the Bahamas or Virgin Islands. But one of the largest apparently sat in the Swabian Blaubeuren.
Adolf Merckle is all nothing to elicit: "You will understand if I am at the moment no opinion." Now with the banks standstill agreement. Two more weeks, the VEM time, with the main banks to negotiate a bridging loan. There are 14 days which could decide whether Merckle his conglomerate together can hold. Or whether it must be dismantled. That the corporate empire feathers leave, is well established. From the environment group says: "A sale of assets is likely."
Painful than the Fehlspekulation with VW shares is for the Seton Merckle Heidel Cement. Here is the full participation of Merckle at stake. The group, which three years ago in the biggest scandal Germany's cartel was involved, is the largest and most valuable participation in Merckle empire. Three years ago forced the Merckle acquisition and submitted a 6.5 billion euro purchase expensive offer. Schwabe now holds 80 percent of the shares. A large part of the acquisition was financed through loans and secured by shares.
In good times there is no problem and a normal business transaction. In times of financial crisis and stock market turbulence, however, already. The shares, as collateral for the loans who lose value. And that makes bankers nervous. The banks demanded more equity participation by Merckle and other collaterals. Perhaps he wanted the money on the stock exchange with speculation on falling rates VW pick. This is not secured. "But quite possible," says a former head of a generic company, Merckle well knows. "I can even imagine that he is not even on the advice of a banker has left."
That would be Merckle fit. The man is a maker, especially himself familiar. Merckle strategies pursued with a tenacity that surprised many. And he is not afraid of hard decisions before - not even if it meets one's own family. That was in March his younger son Philip felt.
After just two and a half years at the helm of Ulm generic manufacturer Ratiopharm entmachtete Adolf Merckle his filius, probably because of failure. Philip ordered the manufacturer of cheap copies of drugs after a bribery scandal a radical. He quickly threw the entire leadership team out. Merckle, Jr. wanted to give the company a new and positive image type: In lectures, internal memos, nationwide promotions and boat trips on the Rhine drums Philipp Daniel Merckle for his plans. It seems he neglected the daily business. Market share crumbling, rival Hexal made good ground.
Too much for Father Adolf. Worse than Hexal founder Thomas Strüngmann he does not stand: Each of the two largest generics manufacturer wanted to be in Germany. His son, he dared not seem to be, for him personally this important goal.
The disempowerment of his son in March was a turning point. After the blunder at the peak Ratiopharm ordered Adolf Merckle his new empire and walked the path that many successful family companies go: he banished the family members from the company. None of them should be in operational business activities. Merckle is oriented at Duisburg Haniel clan, which this principle has been more than 100 years prosecuted.
The strong man chose the family patriarch Bernd Scheifele, the head of Heidelberg Cement. He should form a holding company and the circuitous empire reorder. Merckle wished from its group of companies a holding company - with Scheifele as chief. But given the recent turbulence in the plan must be changed. First, the bridging loan since the 900 million-1.3 billion euros to be. Then, a review of the whole portfolio made. It probably means nothing other than: sales of firms are not excluded.
If this is not everything, Scheifele waits for a new role: not the new strong man in Merckle empire, but the thankless role of the settlement.
Adolf Merckle is a rich man on the Forbes list of the most affluent residents are of the earth Schwabe and his family with nearly ten billion dollars estimated. Building materials, medicines, Bullis runway and forests belong to the industrialist family. The family patriarch was always solid and upright. A few years ago was unable Merckle little pursuant to the informal meeting German pharmaceutical leaders. While the leaders of Hexal and Stada in Fond of luxury limousines anrollten, entstieg the 74-year-olds and klapprigen an old Mercedes.
But honest and down to earth are the business of the billionaire not at all. Adolf Merckle, which allow first glance locked into the family empire guess, was one of the largest German gambler and riskier, a Swabian hedge funds. And apparently for decades. Unnoticed by the public has Merckle Speculating on the business structure. Now he has verzockt, and threatened his entire group of companies. At Baden-Wuerttemberg Prime Minister Guenther Oettinger (CDU), he explored the possibilities of a guarantee.
Courses for weeks already rumors on the stock exchange. But on Thursday, the industrialist family about their VEM Dresdner Asset Holding officially be heard. "The banking crisis and the turbulence in financial markets have in the VEM to a liquidity shortage led," admitted Ludwig Merckle, son of the patriarch, somewhat convoluted one. It is a confession. Adolf Merckle, which within 40 years a corporate empire with such well-known names like Heidelberg Cement and Building Ratiopharm, the billions of acquisitions and financed stemmte lies deep in the terminal. The entrepreneur is probably only using numerous banks find a way.
Two shops have Merckle, especially in the precarious situation succinctly: exchange deals with VW papers, and the majority takeover of the Heidelberg building materials giant Heidelberg Cement. How much exactly the losses from speculation on the VW shares are Merckle says the group did not. Merckle group speaks of a "low triple-digit million amount." Like many other hedge funds may also be Merckle on falling VW courses have bet. But the opposite was a part.
With price increases of 300 percent skipped the VW share time as the mark of 1000 euros. Porsche even paid two years ago, even 40 euros per VW share. The losers, as previously thought, especially hedge funds are based on ill-repute tax havens like the Bahamas or Virgin Islands. But one of the largest apparently sat in the Swabian Blaubeuren.
Adolf Merckle is all nothing to elicit: "You will understand if I am at the moment no opinion." Now with the banks standstill agreement. Two more weeks, the VEM time, with the main banks to negotiate a bridging loan. There are 14 days which could decide whether Merckle his conglomerate together can hold. Or whether it must be dismantled. That the corporate empire feathers leave, is well established. From the environment group says: "A sale of assets is likely."
Painful than the Fehlspekulation with VW shares is for the Seton Merckle Heidel Cement. Here is the full participation of Merckle at stake. The group, which three years ago in the biggest scandal Germany's cartel was involved, is the largest and most valuable participation in Merckle empire. Three years ago forced the Merckle acquisition and submitted a 6.5 billion euro purchase expensive offer. Schwabe now holds 80 percent of the shares. A large part of the acquisition was financed through loans and secured by shares.
In good times there is no problem and a normal business transaction. In times of financial crisis and stock market turbulence, however, already. The shares, as collateral for the loans who lose value. And that makes bankers nervous. The banks demanded more equity participation by Merckle and other collaterals. Perhaps he wanted the money on the stock exchange with speculation on falling rates VW pick. This is not secured. "But quite possible," says a former head of a generic company, Merckle well knows. "I can even imagine that he is not even on the advice of a banker has left."
That would be Merckle fit. The man is a maker, especially himself familiar. Merckle strategies pursued with a tenacity that surprised many. And he is not afraid of hard decisions before - not even if it meets one's own family. That was in March his younger son Philip felt.
After just two and a half years at the helm of Ulm generic manufacturer Ratiopharm entmachtete Adolf Merckle his filius, probably because of failure. Philip ordered the manufacturer of cheap copies of drugs after a bribery scandal a radical. He quickly threw the entire leadership team out. Merckle, Jr. wanted to give the company a new and positive image type: In lectures, internal memos, nationwide promotions and boat trips on the Rhine drums Philipp Daniel Merckle for his plans. It seems he neglected the daily business. Market share crumbling, rival Hexal made good ground.
Too much for Father Adolf. Worse than Hexal founder Thomas Strüngmann he does not stand: Each of the two largest generics manufacturer wanted to be in Germany. His son, he dared not seem to be, for him personally this important goal.
The disempowerment of his son in March was a turning point. After the blunder at the peak Ratiopharm ordered Adolf Merckle his new empire and walked the path that many successful family companies go: he banished the family members from the company. None of them should be in operational business activities. Merckle is oriented at Duisburg Haniel clan, which this principle has been more than 100 years prosecuted.
The strong man chose the family patriarch Bernd Scheifele, the head of Heidelberg Cement. He should form a holding company and the circuitous empire reorder. Merckle wished from its group of companies a holding company - with Scheifele as chief. But given the recent turbulence in the plan must be changed. First, the bridging loan since the 900 million-1.3 billion euros to be. Then, a review of the whole portfolio made. It probably means nothing other than: sales of firms are not excluded.
If this is not everything, Scheifele waits for a new role: not the new strong man in Merckle empire, but the thankless role of the settlement.
"Job cuts at Opel is not on the agenda"
And enough money is still there, too, says Carl-Peter Forster, the alsPräsident of General Motors Europe is responsible for Opel
The crisis of depressed American auto maker General Motors (GM) threatens the German subsidiary Adam Opel GmbH, into the abyss to draw. The Rüsselsheimer carmaker has therefore precaution in the federal government to state guarantees billions inquired. Whether that's enough to the German tradition to save is open. The president of General Motors Europe (GME), Carl-Peter Forster, on the state of the brand with the flash, the security of jobs and a future without General Motors.
World on Sunday:
Mr. Forster, Opel is bankrupt?
Carl-Peter Forster:
No, Opel is not broke.
Why did you then demand government guarantees?
Forster:
We are talking about a guarantee that we only need in the event that it is in the United States should give greater problems and the payments made by the mother no longer be guaranteed.
Do your bosses at GM in the Americas pressure?
Forster:
I am against legends. The Working Group has nothing to do with internal pressure to do so. We are a global team in a difficult time. But we are driven primarily by one thing: We want the best products at the best quality to successfully bring the markets. This pressure we make ourselves
What is the actual need of money?
Forster:
We have worked with the federal government on a financial range, which are the worst of all possible cases included. In cooperation with the Federal Ministry of Finance, we will now draw up an exact sum, also by the forecasts for the automobile market in the next two years depends.
How long could Opel without a guarantee of a bankruptcy of the parent company to continue its operations?
Forster:
Liquidity is also no guarantee until well into 2009, secured.
Opel may even without the American parent General Motors exist?
Forster:
Opel is 80 years since a part of GM. However, we are also in Europe are very closely intertwined and have factories in different countries. And if we are there components that are developed in Germany or were produced, these works also help, working in Germany to secure. Is clear: The German Adam Opel GmbH has only in conjunction with our national sales companies and a strong future.
How vulnerable are the jobs at Opel?
Forster:
We must focus on hard times, not only at Opel, but in the entire automotive industry adjust. It is a matter of the operating business to the market situation. That means cutbacks and calls for concessions by all parties. Our savings program, we want without job cuts represent.
Works must be closed?
Forster:
We are with our employee representatives in negotiations as we can be even more efficient. Plant closings, plant sales or job cuts are not on the agenda.
Where is Opel in five years?
Forster:
Above. The current "Harbor Report" shows that we have highly works. The quality study of the "Auto Bild" has the best German Opel brand, and the Insignia was fully up to date on the car of the year.
The crisis of depressed American auto maker General Motors (GM) threatens the German subsidiary Adam Opel GmbH, into the abyss to draw. The Rüsselsheimer carmaker has therefore precaution in the federal government to state guarantees billions inquired. Whether that's enough to the German tradition to save is open. The president of General Motors Europe (GME), Carl-Peter Forster, on the state of the brand with the flash, the security of jobs and a future without General Motors.
World on Sunday:
Mr. Forster, Opel is bankrupt?
Carl-Peter Forster:
No, Opel is not broke.
Why did you then demand government guarantees?
Forster:
We are talking about a guarantee that we only need in the event that it is in the United States should give greater problems and the payments made by the mother no longer be guaranteed.
Do your bosses at GM in the Americas pressure?
Forster:
I am against legends. The Working Group has nothing to do with internal pressure to do so. We are a global team in a difficult time. But we are driven primarily by one thing: We want the best products at the best quality to successfully bring the markets. This pressure we make ourselves
What is the actual need of money?
Forster:
We have worked with the federal government on a financial range, which are the worst of all possible cases included. In cooperation with the Federal Ministry of Finance, we will now draw up an exact sum, also by the forecasts for the automobile market in the next two years depends.
How long could Opel without a guarantee of a bankruptcy of the parent company to continue its operations?
Forster:
Liquidity is also no guarantee until well into 2009, secured.
Opel may even without the American parent General Motors exist?
Forster:
Opel is 80 years since a part of GM. However, we are also in Europe are very closely intertwined and have factories in different countries. And if we are there components that are developed in Germany or were produced, these works also help, working in Germany to secure. Is clear: The German Adam Opel GmbH has only in conjunction with our national sales companies and a strong future.
How vulnerable are the jobs at Opel?
Forster:
We must focus on hard times, not only at Opel, but in the entire automotive industry adjust. It is a matter of the operating business to the market situation. That means cutbacks and calls for concessions by all parties. Our savings program, we want without job cuts represent.
Works must be closed?
Forster:
We are with our employee representatives in negotiations as we can be even more efficient. Plant closings, plant sales or job cuts are not on the agenda.
Where is Opel in five years?
Forster:
Above. The current "Harbor Report" shows that we have highly works. The quality study of the "Auto Bild" has the best German Opel brand, and the Insignia was fully up to date on the car of the year.
LBBW on Südbank Course
The merger plans are in the most Stuttgart controversial council
Like many regional banks at the end of the financial crisis survive? The merger carousel is only just got underway. Whether and how the aufspringt LBBW Stuttgart, is still entirely unclear.
ANDREAS BÖHME AND DPA
Prime Minister Guenter Oettinger (left) and LBBW chief Siegfried Jaschinski want with the Bayern LB negotiate on a merger. Photo: AP
The Stuttgart once Bärenstarke Landesbank Baden-Wurttemberg (LBBW) is soft like a teddy bear. EUR 800 million losses are already safe until the end of the year should be even more. And since 2007, the bank currently poorly rated bonds accumulated losses, currently with 2.5 billion in the books. Still, LBBW is better than the competition, even though they already Landesbank Rheinland-Palatinate and still has very serious chews on the legacy that they deal with the rash of takeover SachsenLB into the house fetched.
Similarly skeptical of the owners see a possible further merger with Bayern LB, yet a year ago was a dream partner, but then graced. And Prime Minister Guenther Oettinger goes even further and also wants talks on parts of the West LB lead. This large public law "Südbank" but is highly controversial, especially in the Landtag. CDU leader Stefan Mappus the increase in equity capital from the country's forces would otherwise full of bears, warned yesterday: "We should first do our homework before we go to bridal show."
Like many regional banks at the end of the financial crisis survive? The merger carousel is only just got underway. Whether and how the aufspringt LBBW Stuttgart, is still entirely unclear.
ANDREAS BÖHME AND DPA
Prime Minister Guenter Oettinger (left) and LBBW chief Siegfried Jaschinski want with the Bayern LB negotiate on a merger. Photo: AP
The Stuttgart once Bärenstarke Landesbank Baden-Wurttemberg (LBBW) is soft like a teddy bear. EUR 800 million losses are already safe until the end of the year should be even more. And since 2007, the bank currently poorly rated bonds accumulated losses, currently with 2.5 billion in the books. Still, LBBW is better than the competition, even though they already Landesbank Rheinland-Palatinate and still has very serious chews on the legacy that they deal with the rash of takeover SachsenLB into the house fetched.
Similarly skeptical of the owners see a possible further merger with Bayern LB, yet a year ago was a dream partner, but then graced. And Prime Minister Guenther Oettinger goes even further and also wants talks on parts of the West LB lead. This large public law "Südbank" but is highly controversial, especially in the Landtag. CDU leader Stefan Mappus the increase in equity capital from the country's forces would otherwise full of bears, warned yesterday: "We should first do our homework before we go to bridal show."
Freenet chief must change its master plan
Of course all had expected a bang. As the telecommunications company Freenet in April the acquisition of the much larger mobile service provider Debitel announced, made Freenet chief Eckhard Spoerr no secret of the fact. 50 million euros should be saved and an unspecified number of jobs should be deleted. Since Thursday is clear: It is 1000 jobs, which is now eliminated. The location Kemble is abandoned.
Spoerr has so far adhered to its timetable, perhaps something more radical than many had expected. However, the lurch into Schwabe now. On the one hand, the integration is not as it Debitel many employees had hoped. Spoerr has its chief Oliver pitched virtually rausgekegelt, although about different versions circulating. This makes them an important figure lost identity. The chance for a harmonious combination is playful.
Now it Spoerr also not a cuddle task. But strategically it is not running as he wished. The Debitel buy him a debt mountain of 1.3 billion euro brings. In the economic crisis pushes this burden, the company doubly difficult course.
In order to reduce the debt, Spoerr wanted to sell its broadband business. But the process is to become a disaster. Many interested parties have a brief look at the books enough to quickly averted. The value of Freenet customers do not come near the price, which Spoerr vorschwebe, it says in the industry. How difficult principle, the migration of foreign customers in their own business, has Hansenet after the AOL takeover shown. Spoerr now must hurry to sell and possibly cheaper. Meanwhile melts its DSL customer base continues to decline.
Spoerr has so far adhered to its timetable, perhaps something more radical than many had expected. However, the lurch into Schwabe now. On the one hand, the integration is not as it Debitel many employees had hoped. Spoerr has its chief Oliver pitched virtually rausgekegelt, although about different versions circulating. This makes them an important figure lost identity. The chance for a harmonious combination is playful.
Now it Spoerr also not a cuddle task. But strategically it is not running as he wished. The Debitel buy him a debt mountain of 1.3 billion euro brings. In the economic crisis pushes this burden, the company doubly difficult course.
In order to reduce the debt, Spoerr wanted to sell its broadband business. But the process is to become a disaster. Many interested parties have a brief look at the books enough to quickly averted. The value of Freenet customers do not come near the price, which Spoerr vorschwebe, it says in the industry. How difficult principle, the migration of foreign customers in their own business, has Hansenet after the AOL takeover shown. Spoerr now must hurry to sell and possibly cheaper. Meanwhile melts its DSL customer base continues to decline.
Medvedev says U.S. in Apec summit to further cooperation
Russian President Dmitri Medvedev has the United States despite existing differences further cooperation pledged his country. That shared with the White House. Even U.S. President George W. Bush and Medvedev had at the Apec summit in Lima taken. Although this commitment in connection with the change of power in the White House could be understood, Medvedev also drew a positive balance of relations with the Bush administration. Both announced an initiative to combat the ship before the raids in Somalia.
Deutsche receive deposits back
The German customers of the Icelandic bank KAUPTHING get loud Finance Minister Peer Steinbrueck their deposits back. Together with the Netherlands and Britain had a solution has been found, said the SPD politician with the "Tagesspiegel am Sonntag". The Icelandic Deposit Guarantee Fund will support with German money to complete the approximately 30 800 customers pay, which together around 308 million euros for the German branch of the bank had created. Iceland is like no other country from the effects of financial crisis. Meanwhile, the EU has declared itself ready, which is also under pressure Latvia to grant financial relief.
Thursday, November 20, 2008
Nordex Wind Turbine builder expects 2009 fewer Orders
The wind turbine manufacturer Nordex expects for the coming year with a lower growth than 2008. With regard to the financial crisis did CEO Thomas Richterich possible that if the orders postponements until 2010 or even by 2011 could give. Background of individual customers had difficulties in the financing of wind farms.
Thanks to good demand from abroad had Nordex in the first nine months of the year sales and profit to increase and the forecast for the full year. The revenues stood at 781 million euros, an increase of 58 percent compared to the same period last year. Earnings before interest and taxes (EBIT) rose by 60 percent to 37.3 million euros. Nordex go further expects to expand sales in 2008 by almost 50 percent to 1.1 billion euros to increase.
Thanks to good demand from abroad had Nordex in the first nine months of the year sales and profit to increase and the forecast for the full year. The revenues stood at 781 million euros, an increase of 58 percent compared to the same period last year. Earnings before interest and taxes (EBIT) rose by 60 percent to 37.3 million euros. Nordex go further expects to expand sales in 2008 by almost 50 percent to 1.1 billion euros to increase.
For illegal car race in death sentences threaten the future.
Illegal car racing - always a perilous endeavor to live for participants and bystanders. The Federal Court has reason to deter the law tightened. Henceforth threaten prison sentences.
Comes at an illegal car race, a party were killed, the driver immediately with a conviction for negligent killing expected. The Federal Court of Justice (BGH) reinforced the convictions against two participants in a race at Lake - they must now reckon with prison sentences. At the same time, the Karlsruhe judges clear that the illegal racing driver does not justify, the victim had volunteered to go into danger of death.
The district court had Kostanz drivers in the first process only because of road hazard sentenced to probation. This ruling expanded the Supreme Court sentenced them now and also because of negligent killing. To determine the new penalty was the case to another Trial Chamber of the Landgericht Constance back.
The 4th Criminal Division of the Supreme Court said in sentencing in such cases should be penalties have a dissuasive effect. The Senate observed with concern that "Mutproben among young people grow more and more," said the chairman Judge Ingeborg Tepper Vienna. As an example she cited the car surfing, in which youths on the car roof down, while the drivers are full. It must be made clear that the law does not tolerate such violations, even if the parties themselves victims of their actions would be.
"Acceleration test"
When the illegal car races in Kostanz at 30 March 2007 had four young men in two vehicles to a so-called "acceleration test" to meet: one vehicle was a VW Golf, by a motor exchanged over 200 kilometers per hour could achieve. The second driver drove a Porsche with a top speed of over 300th
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Management, Bachelor of Science in Mercury International University of Karlsruh.
The vehicles drove side by side and accelerated to a double journey to 200th on the pace As an uninvolved right Opel car appeared, they continued the frenzy continued side by side and outdated. When Überholvorgang temporarily drove three cars to two-line close together. Golf and Porsche had only 30 centimeters distance. The passenger filmed the race during the whole time. With the prospect of overtaking the Gulf then on the green strip, and came skidding into überschlug itself.
The unangeschnallten driver were ejected. The 20-year-old passenger was dead, the 26-year-old driver survived seriously injured. Only by coincidence were the four occupants of the Opel Astra unhurt. Even those involved in the Porsche, both 26 years old, were not involved in the accident.
No consent in killing
The driver later justified in the process so that the passenger killed himself earlier had driven illegal racing. He had known the danger of life and consented. It also showed the film records, which he had made to last.
The Supreme Court remained in its case that the victim is not legally into his killing could agree. The driver would have had in his hand, the life-threatening situation to an end, not the victims. Through the voluntary participation was the passenger in the abstract danger in buying used. From an acquiescence in the life-threatening but overtaking was not the one to be, on the other hand, such a consent would be ineffective.
Comes at an illegal car race, a party were killed, the driver immediately with a conviction for negligent killing expected. The Federal Court of Justice (BGH) reinforced the convictions against two participants in a race at Lake - they must now reckon with prison sentences. At the same time, the Karlsruhe judges clear that the illegal racing driver does not justify, the victim had volunteered to go into danger of death.
The district court had Kostanz drivers in the first process only because of road hazard sentenced to probation. This ruling expanded the Supreme Court sentenced them now and also because of negligent killing. To determine the new penalty was the case to another Trial Chamber of the Landgericht Constance back.
The 4th Criminal Division of the Supreme Court said in sentencing in such cases should be penalties have a dissuasive effect. The Senate observed with concern that "Mutproben among young people grow more and more," said the chairman Judge Ingeborg Tepper Vienna. As an example she cited the car surfing, in which youths on the car roof down, while the drivers are full. It must be made clear that the law does not tolerate such violations, even if the parties themselves victims of their actions would be.
"Acceleration test"
When the illegal car races in Kostanz at 30 March 2007 had four young men in two vehicles to a so-called "acceleration test" to meet: one vehicle was a VW Golf, by a motor exchanged over 200 kilometers per hour could achieve. The second driver drove a Porsche with a top speed of over 300th
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Exhibition-Congress Event
Management, Bachelor of Science in Mercury International University of Karlsruh.
The vehicles drove side by side and accelerated to a double journey to 200th on the pace As an uninvolved right Opel car appeared, they continued the frenzy continued side by side and outdated. When Überholvorgang temporarily drove three cars to two-line close together. Golf and Porsche had only 30 centimeters distance. The passenger filmed the race during the whole time. With the prospect of overtaking the Gulf then on the green strip, and came skidding into überschlug itself.
The unangeschnallten driver were ejected. The 20-year-old passenger was dead, the 26-year-old driver survived seriously injured. Only by coincidence were the four occupants of the Opel Astra unhurt. Even those involved in the Porsche, both 26 years old, were not involved in the accident.
No consent in killing
The driver later justified in the process so that the passenger killed himself earlier had driven illegal racing. He had known the danger of life and consented. It also showed the film records, which he had made to last.
The Supreme Court remained in its case that the victim is not legally into his killing could agree. The driver would have had in his hand, the life-threatening situation to an end, not the victims. Through the voluntary participation was the passenger in the abstract danger in buying used. From an acquiescence in the life-threatening but overtaking was not the one to be, on the other hand, such a consent would be ineffective.
Ifo chief sense expects soon with more unemployed
According to the economist Hans-Werner Sinn, the unemployment in Germany "very soon" increase. The current economic crisis could have even worse consequences than before, meaning warned in an interview. He also commented on the rescue plans for the carmaker Opel posted.In the wake of the financial crisis is unemployment in Germany, according to the economist Hans-Werner Sinn grow rapidly again. The number of unemployed are now rising rapidly again, "said the head of the Munich Ifo institute the" Berliner Zeitung ". He does not believe that they will rise five million, "because we are through the Hartz IV reforms in the labor market is now somewhat better positioned than in the previous downturn. I can imagine that it comes not so much as before. "
The economic crisis did, however, in itself, said sense: "It could be causing global proportions as the economic crisis of the years 2001 to 2005."
A government intervention to rescue the depressed car maker Opel rejects from the economist. "Every euro, the hineinsteckt because it comes through various channels in a large pot, with General Motors is formed, and General Motors is broke." Generally, the state in the auto industry "nothing to do with." Because the necessary structural adjustment in the industry could only be in the doldrums take place, said sense. The state should the necessary structural adjustments to its policies do not hinder me.
Unemployment is also in the USA is an important issue. Now it was decided that the payment deadlines for state unemployment benefits to be extended. The Senate voted on Thursday for a new system, which has already been adopted by the House of Representatives was. In most states, the payments with the new seven weeks. In states with particularly high unemployment are the deadlines for 13 weeks straight.
Democratic Senator Edward Kennedy welcomed the parliamentary decision. He was a "vital step" to "security for millions of families in these tough economic times recover," said Kennedy. For the new government under the future president Barack Obama remains, however, "much to do." In the second week of November in the U.S. were 542,000 new applications for benefits for the unemployed made. The unemployment rate climbed to 6.5 percent last, the highest level for 14 years.
The economic crisis did, however, in itself, said sense: "It could be causing global proportions as the economic crisis of the years 2001 to 2005."
A government intervention to rescue the depressed car maker Opel rejects from the economist. "Every euro, the hineinsteckt because it comes through various channels in a large pot, with General Motors is formed, and General Motors is broke." Generally, the state in the auto industry "nothing to do with." Because the necessary structural adjustment in the industry could only be in the doldrums take place, said sense. The state should the necessary structural adjustments to its policies do not hinder me.
Unemployment is also in the USA is an important issue. Now it was decided that the payment deadlines for state unemployment benefits to be extended. The Senate voted on Thursday for a new system, which has already been adopted by the House of Representatives was. In most states, the payments with the new seven weeks. In states with particularly high unemployment are the deadlines for 13 weeks straight.
Democratic Senator Edward Kennedy welcomed the parliamentary decision. He was a "vital step" to "security for millions of families in these tough economic times recover," said Kennedy. For the new government under the future president Barack Obama remains, however, "much to do." In the second week of November in the U.S. were 542,000 new applications for benefits for the unemployed made. The unemployment rate climbed to 6.5 percent last, the highest level for 14 years.
After the merger with Debitel follows radical job cuts
The telecommunications company Freenet AG wants to follow the takeover of Debitel Group posts massive stress. Around 1000 from the current 7,700 jobs will be eliminated in the group. That informed the company with headquarters in Schleswig-Holstein with Büdelsdorf.
The Board aiming at the key areas of "lean up" and to "customer-oriented areas" to concentrate, said in a statement. Affected by the job cuts after information from the companies especially the subsidiary Debitel Talkline. The headquarters in Elmshorn near Hamburg of 490 offices will be closed. Similarly, when Debitel in Stuttgart, Germany, 300 jobs will disappear. The remainder spread to other locations. This is connected with operational redundancies. In addition, 160 jobs in information technology from Elmshorn after Büdelsdorf relocated.
"We want to optimally with these changes up to attack the market and grow," said Freenet chief Eckhard Spoerr. At the end of April had Spoerr announced that the company through the merger synergies amounting to 50 million euros expect. A period that he is not called.
Freenet had Debitel in the summer after a long and arduous struggle for power and against the will of its own major shareholders Drillisch and United bought. Sellers was the financial investor Permira, however, initially with a smaller proportion remains involved. Spoerr manager had then also the head chair at Debitel over. He wants the mobile phone and especially the mobile Internet to the core business of the new Freenet group develop. The DSL business with fast Internet access on the other hand, should be sold. But so far no serious buyers in sight. Recently, the United Internet says rival, the area does not want to take over. The Internet provider is considering claims, from its Freenet shares to be separated. Until when, is open.
Freenet and Debitel operate with almost 20 million mobile customers around 20 percent of German mobile market. When the grid providers, they have a market share of 90 percent. "The consolidation of the service provider landscape in Germany is largely completed," said Spoerr. "A clear concept of location makes us strong" he added.
Büdelsdorf are now in the central areas of the cellular business will be located. In Oberkrämer in Brandenburg, the shop's activities are concentrated. The customer should turn in the cities of Erfurt and Kaiserslautern remain. And finally, Stuttgart will be primarily as a location with financial skills are being continued.
Kiel Economics Minister Werner Marnette (CDU) regretted the decision to job cuts in Elmshorn. He was ready, the search for replacement jobs to support, said the minister. Marnette wants to soon meet with managers Spoerr. A portion of the affected workers is supposed to have opportunities, new employment in other areas of Freenet to find.
The Board aiming at the key areas of "lean up" and to "customer-oriented areas" to concentrate, said in a statement. Affected by the job cuts after information from the companies especially the subsidiary Debitel Talkline. The headquarters in Elmshorn near Hamburg of 490 offices will be closed. Similarly, when Debitel in Stuttgart, Germany, 300 jobs will disappear. The remainder spread to other locations. This is connected with operational redundancies. In addition, 160 jobs in information technology from Elmshorn after Büdelsdorf relocated.
"We want to optimally with these changes up to attack the market and grow," said Freenet chief Eckhard Spoerr. At the end of April had Spoerr announced that the company through the merger synergies amounting to 50 million euros expect. A period that he is not called.
Freenet had Debitel in the summer after a long and arduous struggle for power and against the will of its own major shareholders Drillisch and United bought. Sellers was the financial investor Permira, however, initially with a smaller proportion remains involved. Spoerr manager had then also the head chair at Debitel over. He wants the mobile phone and especially the mobile Internet to the core business of the new Freenet group develop. The DSL business with fast Internet access on the other hand, should be sold. But so far no serious buyers in sight. Recently, the United Internet says rival, the area does not want to take over. The Internet provider is considering claims, from its Freenet shares to be separated. Until when, is open.
Freenet and Debitel operate with almost 20 million mobile customers around 20 percent of German mobile market. When the grid providers, they have a market share of 90 percent. "The consolidation of the service provider landscape in Germany is largely completed," said Spoerr. "A clear concept of location makes us strong" he added.
Büdelsdorf are now in the central areas of the cellular business will be located. In Oberkrämer in Brandenburg, the shop's activities are concentrated. The customer should turn in the cities of Erfurt and Kaiserslautern remain. And finally, Stuttgart will be primarily as a location with financial skills are being continued.
Kiel Economics Minister Werner Marnette (CDU) regretted the decision to job cuts in Elmshorn. He was ready, the search for replacement jobs to support, said the minister. Marnette wants to soon meet with managers Spoerr. A portion of the affected workers is supposed to have opportunities, new employment in other areas of Freenet to find.
Country-rescue package for LBBW is
The owners of Landesbank Baden-Wurttemberg (LBBW) have according to a report of the "Stuttgarter Nachrichten" (Friday) to a billion-dollar financial injection for the bank agreed. Like the tide, relying on government circles reported that the makers agreed after tagelangem rings on Thursday evening on a three rescue package. Consequently, the state of Baden-Wuerttemberg, savings banks and the city of Stuttgart according to their shares of five billion euros raise fresh capital. In addition, LBBW will be 20 billion euros guarantees from the umbrella of the Confederation rescue request hot it further.In addition, the Board LBBW the newspaper report says the mission in official merger talks with BayernLB practices. The final decision the owners wanted in the Assembly and the carrier board meeting Friday, meet.
According to "Stuttgarter Nachrichten" make the savings their consent to harsh conditions. LBBW so should the risk capital market business radically back, and her daughter, BW Bank Sparkassen should no longer compete. It also threatens the LBBW chief Siegfried Jaschinski in the capital to halve his salary. "The executive salaries must be maintained until further notice at 500,000 euros per year," said Nils Schmid, SPD finance expert and member of the Board LBBW, the leaf. Jaschinski currently earn around one million euros per year.
According to "Stuttgarter Nachrichten" make the savings their consent to harsh conditions. LBBW so should the risk capital market business radically back, and her daughter, BW Bank Sparkassen should no longer compete. It also threatens the LBBW chief Siegfried Jaschinski in the capital to halve his salary. "The executive salaries must be maintained until further notice at 500,000 euros per year," said Nils Schmid, SPD finance expert and member of the Board LBBW, the leaf. Jaschinski currently earn around one million euros per year.
Wednesday, November 19, 2008
People and markets
Rurup does not think the pension
Bert Rürup is considered one of the main experts on retirement in Germany. But he himself thinks the age of 65 years to retirement, but saddles another. According to information from informed circles, he is at the beginning of next year his activities as head of the advisory council to review the overall economic development here in the spring and financial services provider AWD to change. There, he seems as chief economist at work - Details are expected at a press conference scheduled for today will be announced. Rürup is the inventor of state-sponsored pension and Rürup since March 2000 member of the advisory council. Meanwhile, he has chaired since 2005 inne, until January, he was responsible for three more years at the top has been elected. For the AWD, which is heavily on the sale of retirement products has focused, however, is likely Rürup more than a figurehead his. Already a few months ago, the Financial Services announced that together with its parent company, Swiss Life, inter alia, to expand into Russia. Rurup, a pension expert also there has a name, could act as a significant Turoffner. tex.
Transnet boss is on
After fierce internal disputes, the chairman of the biggest rail union Transnet, Lothar Krauss (52), his office after only six months have again. As a successor for the chief item of the main nominated Board unanimously approved the former vice-and tariff expert Alexander Kirchner. DW
Claassen to Cerberus
The former leader EnBW Utz Claassen works of the future for information WORLD for the financial investor Cerberus. The 45-year-olds will be companies from the Cerberus investment portfolio to manage and control. Claassen has in his career so far a reputation as a strict restructuring elaborated. DW
New boss at Grünenthal
The Wirtz family withdraws from the management of the pharmaceutical company and former thalidomide manufacturer Grünenthal back. In early January will be the former chief of the U.S. healthcare group Johnson & Johnson, Harald F. floor (40), Chairman of the Board, said the company. The first time in history was thus no family member in the leadership represented
Bert Rürup is considered one of the main experts on retirement in Germany. But he himself thinks the age of 65 years to retirement, but saddles another. According to information from informed circles, he is at the beginning of next year his activities as head of the advisory council to review the overall economic development here in the spring and financial services provider AWD to change. There, he seems as chief economist at work - Details are expected at a press conference scheduled for today will be announced. Rürup is the inventor of state-sponsored pension and Rürup since March 2000 member of the advisory council. Meanwhile, he has chaired since 2005 inne, until January, he was responsible for three more years at the top has been elected. For the AWD, which is heavily on the sale of retirement products has focused, however, is likely Rürup more than a figurehead his. Already a few months ago, the Financial Services announced that together with its parent company, Swiss Life, inter alia, to expand into Russia. Rurup, a pension expert also there has a name, could act as a significant Turoffner. tex.
Transnet boss is on
After fierce internal disputes, the chairman of the biggest rail union Transnet, Lothar Krauss (52), his office after only six months have again. As a successor for the chief item of the main nominated Board unanimously approved the former vice-and tariff expert Alexander Kirchner. DW
Claassen to Cerberus
The former leader EnBW Utz Claassen works of the future for information WORLD for the financial investor Cerberus. The 45-year-olds will be companies from the Cerberus investment portfolio to manage and control. Claassen has in his career so far a reputation as a strict restructuring elaborated. DW
New boss at Grünenthal
The Wirtz family withdraws from the management of the pharmaceutical company and former thalidomide manufacturer Grünenthal back. In early January will be the former chief of the U.S. healthcare group Johnson & Johnson, Harald F. floor (40), Chairman of the Board, said the company. The first time in history was thus no family member in the leadership represented
Chief of the biggest rail union are on
Ransnet chief Krauss goes after only six months in office - Deputy Chief Kirchner will now move to the top
Berlin - Lothar Krauss was a stayer, were functionaries of the Transnet rail union said on Tuesday yet. "One, even Transnet boss remains, if it at the next election only 50 percent plus X gets." Even that would be quite a disaster, because of Germany's biggest rail union, the chairman usually with 90 percent and more prize. But Krauss has already hingeworfen - exasperated, worn by the internal criticism and the safe scandal at the union meeting Sunday in Berlin before your eyes.
Krauss will be at Gewerkschaftstag no longer a candidate, said the main Board convened at short notice after a crisis meeting. In recent days the pressure was on the basis of the union head always bigger. "I will not allow a staff discussion on the Acting Chairman of our union in a storage debate divides and separates," said Krauss. "He was relieved after he announced his departure," said a participant of the crisis meeting.
Especially the role Krauss' bonus in the affair of the railway had many members of the Board upset. Krauss had the success lush premiums for rail chief Hartmut Mehdorn and other group executives with an IPO in late October criticized after the issue nationwide waves had beaten, but the bonuses in the personnel committee of the Supervisory Board approved the end of June itself.
Instead of Krauss' will be on Monday, the former deputy chief of the union, Alexander Kirchner, as the new chairman will be elected. Thus, the union again, where they already held in May. It was the longtime Transnet boss Norbert Hansen and had resigned to the post of executive personnel at the railway changed. Hansen was previously internally in the firing line advised, because the resistance of the base against an IPO of rail versteifte. Neither Hansen nor Krauss were in the form of the other DGB unions open front against a partial privatization made. Krauss had also changing jobs by Hansen as the only defending the officials: "I think this is totally ok," said Krauss in May.
At the time, had actually Alexander Kirchner after move should be, but waved from. He is regarded as Hansen-man - unlike Krauss, "not just a bosom friend of Hansen is" like a Transnet official says. "Kirchner is not a man but actually for the first series," it said in its environment. Now it occurs, because it already seems to be no alternative to the vice chief and experienced professional fare there - and the officials are under pressure. Until their Sunday they must show a top candidate, because the unrest on the base is still large. "The entire Board has gone. We need a change of course", urges the Transnet-confidence man at the S-Bahn Berlin, Percy Baarts.
Kirchner faces a deluge of problems: The new round of tariff stands, and the train drivers union GDL wants to involve not again. Moreover, the Transnet loses dramatically members, since 2004 each year, almost four percent.
Berlin - Lothar Krauss was a stayer, were functionaries of the Transnet rail union said on Tuesday yet. "One, even Transnet boss remains, if it at the next election only 50 percent plus X gets." Even that would be quite a disaster, because of Germany's biggest rail union, the chairman usually with 90 percent and more prize. But Krauss has already hingeworfen - exasperated, worn by the internal criticism and the safe scandal at the union meeting Sunday in Berlin before your eyes.
Krauss will be at Gewerkschaftstag no longer a candidate, said the main Board convened at short notice after a crisis meeting. In recent days the pressure was on the basis of the union head always bigger. "I will not allow a staff discussion on the Acting Chairman of our union in a storage debate divides and separates," said Krauss. "He was relieved after he announced his departure," said a participant of the crisis meeting.
Especially the role Krauss' bonus in the affair of the railway had many members of the Board upset. Krauss had the success lush premiums for rail chief Hartmut Mehdorn and other group executives with an IPO in late October criticized after the issue nationwide waves had beaten, but the bonuses in the personnel committee of the Supervisory Board approved the end of June itself.
Instead of Krauss' will be on Monday, the former deputy chief of the union, Alexander Kirchner, as the new chairman will be elected. Thus, the union again, where they already held in May. It was the longtime Transnet boss Norbert Hansen and had resigned to the post of executive personnel at the railway changed. Hansen was previously internally in the firing line advised, because the resistance of the base against an IPO of rail versteifte. Neither Hansen nor Krauss were in the form of the other DGB unions open front against a partial privatization made. Krauss had also changing jobs by Hansen as the only defending the officials: "I think this is totally ok," said Krauss in May.
At the time, had actually Alexander Kirchner after move should be, but waved from. He is regarded as Hansen-man - unlike Krauss, "not just a bosom friend of Hansen is" like a Transnet official says. "Kirchner is not a man but actually for the first series," it said in its environment. Now it occurs, because it already seems to be no alternative to the vice chief and experienced professional fare there - and the officials are under pressure. Until their Sunday they must show a top candidate, because the unrest on the base is still large. "The entire Board has gone. We need a change of course", urges the Transnet-confidence man at the S-Bahn Berlin, Percy Baarts.
Kirchner faces a deluge of problems: The new round of tariff stands, and the train drivers union GDL wants to involve not again. Moreover, the Transnet loses dramatically members, since 2004 each year, almost four percent.
Weak targets for German stock exchange
20th November 2008 after losses in the stock markets overseas, the German stock market on Thursday much weaker expected. Finspreads estimates the Dax in the morning 2.1 percent lower at 4261 points. Already on Wednesday, the Dax closed 4.9 percent weaker at 4,354 points. Above all, the share of the chemicals group BASF has the default values burdened with a fall of more than 13 percent to 21.96 euros. The company will temporarily close 80 plants.
On Wall Street broke the Dow Jones index on Wednesday by 5.1 percent to 7997 points and closed the first time since five years under the mark of 8000 meters. In addition to the ongoing nervousness about the fate of the major automobile companies have also current economic data, the charged atmosphere, said market participants. The Nikkei-225 index closed with a minus of 6.9 percent also very weak. The Future on the American leading the morning was 291 points below its level on the Xetra closing Wednesday.
Movement for economic data expected as the German producer prices and the Philadelphia Fed index and leading indicators from the United States provide.
Again, price gains for bonds expected
On the German bond market experts expected again on Thursday with price gains in the fixed. The prospect of further sharp price losses on stock markets is likely the courses new impetus, it was. Furthermore, there is a good target from the American bond market. In morning trading on the other hand, are not marktbewegenden economic data from the euro zone for publication. Only in the afternoon, the release of key U.S. economic data again for new impetus in the pension market.
Euro slightly higher in the Far East
Recession worries on Thursday reaffirmed the Far East Forex determined. Dealers shy and put the risk on the safe yen. The euro cost 1.2510 U.S. dollars after 1.2502 U.S. dollars in late U.S. trade. The dollar to the Japanese currency quoted at 95.73 yen after 95.84 yen on the eve.
Oil prices continue to decline
Oil prices on Thursday after surprisingly poor economic data from the United States and with the concern over the fate of the major automobile companies continue relented. In Asian trade cost a barrel (159 liters) of the American Reference places West Texas Intermediate (WTI) 52.85 dollars and so less than 77 cents on the day before. Crude oil Brent North Sea resorts are reduced by 87 cents to 50.85 U.S. dollars.
A series of unexpectedly bad economic data reinforce the concern before a further slippage in the global economy and an associated decline in oil demand, said experts.
Tokyo stock market crashes
The Japanese stock markets are on Thursday to the lowest level for weeks now fallen. Persistent worries because of a possible recession and the stronger yen depressed mood. Moreover, the targets were from the United States with the Tokyo Stock Exchange down. The uncertainty over a rescue of the big American automobile companies, the American stock exchanges on Wednesday in free-fall toppled.
Its 225 full values Nikkei index closed with a minus 6.9 percent at 7703 points. Above all, export values were on the list of dealer sales.
Singapore shares noon very weak
After the renewed slump on Wall Street and parallel to the sharp price declines in Tokyo and Hong Kong tended the stock market in Singapore on Thursday midday (local time) very weak. The Straits Times Index lost until the end of the first half of 3.7 percent to 1604 points. At a winners were three losers. The trading volume was relatively thin.
The case of U.S. indexes to new year low showed that the stock markets in a desperate stage were said by DBS Vickers.
Among the weakest values included with a loss rate of nearly 8 percent SembMarine what the market with fears of weak drilling rig contracts is declared. The shares Börse Singapore Exchange lost 7 percent, due to worries about thin trading volumes was justified.
On Wall Street broke the Dow Jones index on Wednesday by 5.1 percent to 7997 points and closed the first time since five years under the mark of 8000 meters. In addition to the ongoing nervousness about the fate of the major automobile companies have also current economic data, the charged atmosphere, said market participants. The Nikkei-225 index closed with a minus of 6.9 percent also very weak. The Future on the American leading the morning was 291 points below its level on the Xetra closing Wednesday.
Movement for economic data expected as the German producer prices and the Philadelphia Fed index and leading indicators from the United States provide.
Again, price gains for bonds expected
On the German bond market experts expected again on Thursday with price gains in the fixed. The prospect of further sharp price losses on stock markets is likely the courses new impetus, it was. Furthermore, there is a good target from the American bond market. In morning trading on the other hand, are not marktbewegenden economic data from the euro zone for publication. Only in the afternoon, the release of key U.S. economic data again for new impetus in the pension market.
Euro slightly higher in the Far East
Recession worries on Thursday reaffirmed the Far East Forex determined. Dealers shy and put the risk on the safe yen. The euro cost 1.2510 U.S. dollars after 1.2502 U.S. dollars in late U.S. trade. The dollar to the Japanese currency quoted at 95.73 yen after 95.84 yen on the eve.
Oil prices continue to decline
Oil prices on Thursday after surprisingly poor economic data from the United States and with the concern over the fate of the major automobile companies continue relented. In Asian trade cost a barrel (159 liters) of the American Reference places West Texas Intermediate (WTI) 52.85 dollars and so less than 77 cents on the day before. Crude oil Brent North Sea resorts are reduced by 87 cents to 50.85 U.S. dollars.
A series of unexpectedly bad economic data reinforce the concern before a further slippage in the global economy and an associated decline in oil demand, said experts.
Tokyo stock market crashes
The Japanese stock markets are on Thursday to the lowest level for weeks now fallen. Persistent worries because of a possible recession and the stronger yen depressed mood. Moreover, the targets were from the United States with the Tokyo Stock Exchange down. The uncertainty over a rescue of the big American automobile companies, the American stock exchanges on Wednesday in free-fall toppled.
Its 225 full values Nikkei index closed with a minus 6.9 percent at 7703 points. Above all, export values were on the list of dealer sales.
Singapore shares noon very weak
After the renewed slump on Wall Street and parallel to the sharp price declines in Tokyo and Hong Kong tended the stock market in Singapore on Thursday midday (local time) very weak. The Straits Times Index lost until the end of the first half of 3.7 percent to 1604 points. At a winners were three losers. The trading volume was relatively thin.
The case of U.S. indexes to new year low showed that the stock markets in a desperate stage were said by DBS Vickers.
Among the weakest values included with a loss rate of nearly 8 percent SembMarine what the market with fears of weak drilling rig contracts is declared. The shares Börse Singapore Exchange lost 7 percent, due to worries about thin trading volumes was justified.
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