German Economy Online: April 2015

Thursday, April 30, 2015

The patriarch thinking in between: Piëch will not nieces VW supervisory board – n-tv.de NEWS

business

Thursday, April 30, 2015

The last orphan chairs on the VW board are filled. With immediate effect, Louise Kiesling and Julia Kuhn-Piëch be appointed as members. They occupy the places the couple Piëch. However, Ferdinand Piëch has something about it.

Charts

Following the resignation of the Volkswagen patriarch Ferdinand Piech and his wife Ursula the VW board has nominated two successors for the Supervisory Board. Louise Kiesling and Julia Kuhn-Piëch had been appointed by the District Court of Braunschweig with immediate effect as members of the Supervisory Board of Volkswagen AG, the Dax Group informed. According to information of the “Bild” newspaper but Piëch disagreed with the nomination of his two nieces.

According to the company the 57-year-old Louise Kiessling worked as a designer in Germany, Austria and the UK. Previously, she studied fashion design in Vienna and automotive design at the Royal College of Art in London. The shareholder and director of several business enterprises is the daughter of Ferdinand Piëch 2006 deceased sister Louise Daxler-Piëch.

34-year-old Julia Kuhn-Piëch is reported to have an independent property manager and belongs since 2014 to the Supervisory Board of MAN Truck & amp; Bus AG. She is a lawyer and graduated from the Technical University of Vienna to study in real estate and property management. Kuhn-Piëch is the daughter of Ferdinand Piëch’s younger brother Hans Michel Piëch.

Together with Annika Falkengren, the President and CEO of Skandinaviska Enskilda Banken (SEB) to sit on the capital side in future three women on the board of the Auto Group. The employees’ side has so far dispatched with Babette Fröhlich IG Metall only woman in the panel. Overall, the VW supervisory board has 18 members. Former IG Metall leader Berthold Huber will temporarily take over the management of the Supervisory Board until the election of a new chairman.

Piëch wants Experienced in the control panel

According to “Bild” newspaper, however, disagreed Piëch of Personnel and instead nominated the former Linde CEO Wolfgang Reitzle and the long-standing board member Brigitte Ederer Siemens as new Supervisory Board members. According to the Journal miss the event the 78-year-old’s lack of experience of the two women in the car industry.

With its contradiction Piëch industry insiders According to harm his own family because it denies them the ability. The designation is legally watertight. Volkswagen declined to comment on this report. On request of n-tv.de explained company spokesman Eric Felber, ordering the two Piëch-nieces there was nothing to add. The spokesman of the District Court of Braunschweig, Karl Jahnke, said that there was there no information indicating that the order was carried out by the Court will be challenged. The IG Metall declined to comment.

According to stock corporation law, each owner, the works council and the company itself court appointment of a supervisory board if a seat has become available in the Control Council. The company is the only even the duty to do so.

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Piëch had drawn the necessary conclusions from its defeat in the power struggle with CEO Martin Winterkorn at the weekend. He stepped down from the chair and members of the supervisory board of VW AG with immediate effect. His wife put all mandates reflected in the Volkswagen Group.

Open is the key of Personnel of the Supervisory Board. A preliminary decision for the top job of the inspectors are not personal but both. He is currently acting head out by the vice-chairman of the board Berthold Huber. The former head of the IG Metall will also manage the VW annual general meeting on May 5. The appointed as substitute members need now, it should not soon be regulated differently, the term of office of the couple on Piëch – that would be until spring 2017.

Commerzbank: Without tact the bonus – FAZ – Frankfurter Allgemeine Zeitung

Apparently duped by politics: supervisory board chairman Klaus-Peter Müller

For the first time, the Commerzbank management recognizable clashed with the federal government. The federal government prevented on Thursday as a major shareholder plans of management and supervisory boards. This is all the more astonishing as Commerzbank with Klaus-Peter Müller has a chairman, who makes no secret of its proximity to the CDU.

Author:. Hanno Mußler, editor in business Follow:

Even Müller’s father was for the Christian Democratic Party in Dusseldorf honorary mayor. He moved to the former Hessian CDU Prime Minister Roland Koch in the election campaign. From 2008 to spring 2013 led Klaus-Peter Müller, the government commission, the recommendations for good corporate governance (Corporate Governance) gave, some of which later were to laws. And only a few days of soon 71 years old reserve officer Müller was appointed to head a commission to issue an opinion on possible organizational deficiencies in the Federal Ministry of Defence prior to the procurement of not particularly unerring G36 rifle.

Politics let Müller in ambush advised

In short, Klaus-Peter Müller is close to the government and quite funny Rhinelander fits so well with the Commerzbank, whose major shareholder is the federal government. But how could “Sagittarius Müller” – mocking him this nickname have missed because of its new appraiser task at the Federal Ministry of Defence – now fall into the ambush of the federal government? Had he not, the federal government indicated that it already had to turn down for political reasons miller plan to make an exception of the bonus rule for 210 investment bankers? Or has only the pressure of the opposition brought before the Annual General Meeting to a rethink in the Federal Ministry of Finance?

However, the legal rule in Europe stating that bonuses should be just as high as the annual salary. However, the bank shareholders’ meeting may decide an exception. This exception to the bonus rule would prevail even in Commerzbank for approximately 210 “mission-critical employees” Müller modeled after the Deutsche Bank. The Vorstandsollte may pay them twice the annual salary in bonuses.

                                                             Although

Müller followed by many large fund companies. They too worry as shareholders apparently that Commerzbank with their bonuses is not competitive with other banks with which it advertises the best investment bankers. Nevertheless, it is to be welcomed that the Federal Government has made its influence and prevented the bonus except at Commerzbank.

Irreverent Bonus Policy

It is quite disrespectful to the small shareholders when duplicate bonuses would be paid at Commerzbank. Because the bank is for seven years not been able to generate so much profit, that it is enough for a dividend. While CEO Martin Blessing stoked now hopes, in one year, the drought could be overcome. But was promised by bankers a lot. Let us recall the CEO of Deutsche Bank, Anshu Jain, who in 2013 and thus prematurely proclaimed the end of the hunger march.

Inexplicably, however, is that such a political person as the Chairman of the Board Klaus-Peter Müller, the sensitivity is gone missing and he even makes such a bonus proposal. At the very least would have to wait twice bonus plan until the Bank is in fact capable of dividends. But now the plan is there, where it belongs: in the bucket

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Without tact the Bonus

Hanno Mußler

The plan, with double bonuses to oblige service providers to the bank loyalty is not to judge per se. But this initiative can dare Commerzbank only when they again pay a dividend to shareholders.

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Germany: GDL rejects new tariff offer from Deutsche Bahn – ZEIT ONLINE

= “articlemeta-left”> Updated 30th April 2015 23:32 clock

Berlin (AFP) The Union of German train drivers (GDL) has rejected the new wage offer by Deutsche Bahn and threatened with new strikes. This time the strike will last “really long”, the GDL said Thursday on its website. In top-level talks on Wednesday it had “not the slightest approach” given. The wage increase offered by the railway was “far too little”, it said in the statement. In order to reduce the working time, the limitation of overtime and other disputed topics in the web did not do any offers.

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Piëch rejects nieces for Supervisory successor from – FAZ – Frankfurter Allgemeine Zeitung

On the Hauptversammlung2014 Ferdinand Piëch was still at the head of VW’s supervisory board

Shortly after Volkswagen has given the family’s internal successors known for the supervisory board, Ferdinand Piëch Firmenpatriarch logs on Thursday night with clear terms of resistance to word. He is, according to a report of “Bild.de” against the fact that Louise Kiessling (57) and Julia Kuhn-Piëch (34) to move out of the Piech / Porsche clan for him and his wife Ursula in the supreme supervisory body.

The 78-year-old also has the same own candidates ready that he wants to send into the race: Brigitte Ederer, formerly on the board at Siemens and today Chairman of the Austrian Federal Railways, and Wolfgang Reitzle, a former BMW board, Linde CEO and currently Chief Warden at automotive supplier Continental.

As stated in the report of “Bild.de” miss the event the Patriarch of the two women who are to be promoted with immediate effect to the Supervisory Board, their lack of professional experience in the automotive industry.

Louise Kiesling has to information from family circles to diplomas in fashion design (University of Applied Arts, Vienna) and automotive design (Royal College of Art, London) worked as a designer in Germany, Austria and the UK. She is shareholder and director of several business enterprises, under it there is the textile manufacturer Backhausen GmbH (Hoheneich, Austria).

Julia Kuhn-Piëch lives as large parts of the PS-clans in Salzburg and is property clerk. You already exerts a supervisory role in the VW commercial vehicle subsidiary MAN. She studied law and then at the Technical University of Vienna real estate and property management. She is a daughter of Hans Michel Piëch, who is already sitting on the Supervisory Board and Ferdinand Piëch’s younger brother. His generation has four siblings. The two substitutes come from both the fourth generation of the family.

Ferdinand Piëch and his wife Ursula (58) were resigned More on Saturday after a spectacular battle of wits from their positions , Previously, Ferdinand Piëch had tried to overthrow CEO Winterkorn. Consequently escalated a special meeting of the VW supervisory board, with the result that Piëch conceding a public defeat and then himself came under pressure. After another quarrel among others with his cousin and co-owner of VW Wolfgang Porsche.

The new personal no preliminary decision for the top job of the inspectors is however fallen. The Chairmanship is currently provisionally led by the Vice-chairman of the board Berthold Huber. The former head of the IG Metall will also manage the VW annual general meeting next Tuesday.

The appointment of the two women was carried out at the request of the VW executive board on the district court in Braunschweig. That’s basically only after three months of vacancy the case, “in urgent cases” but also happened earlier. The appointed as substitute members need now, it should not soon be regulated differently, the term of office of Mr. and Mrs. Piëch on – that would be until spring 2017.

From 2016 Supervisory new appointments have to consider a target of 30 percent. Following the resignation of Ursula Piëch initially sat with Annika Falkengren only a Member of Supervisory Board on the capital side. If the pending Nachbesetzung done with men, have future change from 2016 only allowed to run with women -. And it would have been three

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leadership contest Piëch’s offices at Volkswagen on

After a week-long power struggle for leadership of the Auto Group withdrew the Volkswagen supervisory board chief Ferdinand Piëch the Bureau on Saturday confidence. The 78-year-old patriarch then declared his resignation from all offices. More

04.26.2015, 10:54 clock | Economy

Volkswagen Who will Piëch’s successor In the Volkswagen Group, the entire power structure begins to move. The most important question: Who follows Piëch as chairman of the board? A name is mentioned, which is always mentioned in these situations. More Carsten Germis, Christian Müßgens, Carsten Knop and Rüdiger Köhn

04.28.2015, 10:49 clock | Economy

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power struggle with VW

Piëch rejects nieces for Board succession from

Shortly after the nomination of his nieces for his successor on the Supervisory Board heralds Firmenpatriarch Ferdinand Piëch a new round in the struggle for power at Volkswagen a , He now sends two own rival candidates in the race.

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+++ Railway strike in the live ticker +++: railway tariff proposal rejected: GDL threatened … – ABC Online

Updated on Thursday, 30.04.2015, 21:51

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For months negotiating track and the union representing train drivers over collective agreements. The GDL aims to own collective agreements for their members in the train crew. The strikes have this night ended, but effects persist

The aim of the union:. Own collective agreements for train crew and five percent more money
Trefffen of DB CHRO Weber and GDL boss Weselsky
web offers new offer to

21.51 Clock: The train drivers’ union GDL rejects the new tariff offer by Deutsche Bahn and threatened with new strikes. In a statement issued on the GDL Homepage opinion, the proposals of the railway were called “impudence”. The train crew did pressure and called for a long strike. “Well – this time it is really long,” it said verbatim in the GDL-assessment. In the union on Thursday night there was no one initially reached

New listing for EVG

13.54 clock. Even the EDC put the train on Wednesday a new Tariff offer a gradual salary increase by 4.7 percent. According to the union but it is not an essential element of its claims: The Group therefore intends to conclude collective agreements with different maturities. For employees in the service sector of the contract should complete four months longer than for the remaining employees. The EVG refuses. . Whether the offer contains the GDL a similar passage, was on Thursday initially unknown

ECG does not rule out strikes

Thursday, April 30, 09.44 Clock: The EVG concluded in turn strikes expressly not made. The occasion was a new offer for the railway service and security forces: in two stages with a term of 29 months, as the union announced 4.7 percent more money. The TOE calls 6 percent, at least 150 euros. She criticized the Bahn offer different terms for different occupational groups. In the next round of negotiations on 12 May the train must make improvements.

train sets new offer

Wednesday, April 29, 2015, 23.30 clock: In the wage dispute with the train drivers’ union GDL German Rail has submitted a new offer , Under the proposal, the wages are expected to rise from 1st July in two steps by a total of 4.7 percent, as the railway announced in Frankfurt late on Wednesday. In addition a one-off payment of a total of 1000 euros to 30 June. “Our offer is nearly as high as for instance the conclusion of the public service,” said DB CHRO Ulrich Weber in a statement. He had met in the afternoon with GDL chief Claus Weselsky.

The union demands for employees five percent more money and one hour less work per week. The GDL had last strike in the past week in the passenger and freight transport. The sticking point in collective bargaining provides the GDL in the classification of the tariff structure Lokrangierführer train. The company criticized the train drivers union had substantial concessions to the tariff structure withdrawn at the meeting again. “What does the GDL, would our employees and the company German Railways harm,” said Weber.

train drivers’ union for strike action in the critical

Monday, April 27, 2015, 8.50 Clock: that the path with is the behavior of the train drivers’ union in wage dispute dissatisfied, not surprised. But now it must put up with the Federation of Trade Unions criticism even. In labor dispute by train the train drivers’ union GDL fierce criticism must continue to suffer. The head of the German Trade Union Federation (DGB) Reiner Hoffmann, expressed on Sunday in Germany radio blankly. “I do not understand that the negotiations were broken off last week that it is now on strike again,” said the DGB chairman. That is not a lot of solidarity. Enforce

It basically makes no sense that individual occupational groups were trying to individual interests at the expense of the overall workforce. If the unions could agree to jointly pursue their goals, all employees would have won. The recent strike by train drivers had affected last week millions of rail travelers.

The German railway called the GDL on to reconsider their opposition to an arbitration. “We have to do with the GDL back to the negotiating table and an objective inventory. That is why we are also more open to a settlement.”

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+++ News to stock market and economy +++: Apple threatens 2.5 billion euros … – ABC Online

Updated on Thursday, 30.04.2015, 14:13

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Apple has its investors for the first time warned that the EU investigation of the Irish tax system could lead to a billion-dollar burden on the company. The EU Commission can Ireland calling to demand payment of taxes for up to ten years.

Live from the floor of the Frankfurt Stock Exchange

VW cites two Supervisory Board successor to Piëch resignation

14.12 Clock: Louise Kiesling and Julia Kuhn Piëch draw as a new Supervisory Board members to the Supervisory Board at Volkswagen. The two back to the on Saturday retired couple Ferdinand and Ursula Piëch, such as Volkswagen AG announced on Thursday.

Dax stabilizing after the previous day slip

13.59 Clock: The situation on the German stock market remains tense after the previous day’s slide of Dax. The German index fluctuated between gains and losses on Thursday. Around noon, the stock market barometer was 0.04 percent higher at 437.34 points 11.

For the index of medium-sized values MDax it was, however, by 0.27 percent to 20 287.17 points down and the TecDAX fell by 0.22 percent to 1601.37 points. The Euro Stoxx 50 as the benchmark index of the euro zone fell moderately.

After the impressive rally in the German stock market in recent months, a respite also do want, said analyst Gregory Kuhn from broker IG. On Wednesday a significant recovery in the euro had shaken the German stock market vigorously. At the end of Dax buckled by more than 3 percent. In the months before the weak euro had this country inspires exchanges because export-oriented companies benefit when their goods are cheaper in countries outside Europe.

Apple warns of potential billion-tax payments in Ireland

12.05 Clock: Apple has its investors for the first time warned that the EU investigation of the Irish tax system to could cause multi-billion dollar burden on the company. The European Commission could call on Ireland to demand payment of taxes for up to ten years, the iPhone Group wrote in his detailed report for the last quarter. Apple is currently unable to estimate the possible amount. In previous reports, Apple had only a reference to the ongoing review and possible charges.

The “Financial Times” that tracked the altered formulation as the first, pointed out that according to US regulations usually as much (“Material”) costs by more than five percent of the average pre-tax profit of the last three years, would be defined. In the case of Apple going to this rule of thumb is at least $ 2.5 billion concluded the newspaper.

Nokia surprises with strong revenue growth – margins under pressure

10.58 Clock: If the network equipment Nokia prior to the planned merger with the Franco-American rival Alcatel-Lucent vigorously risen. Sales rose in the first quarter year on year thanks to favorable exchange rates by 20 percent to EUR 3.2 billion, as the company announced on Thursday. Bottom line, Nokia was able to record 177 million euro profit a year ago, 239 million euro loss were incurred.

The core business of equipment especially for mobile networks laid in revenues by 15 percent. However, the operating income margin was under pressure because Nokia sold among other less software for cell phones and took on a bulk order discounts in purchasing. Adjusted earnings in the network division melted by 61 percent to 85 million euros together. In the network equipment Nokia will be using the 15.6 billion-euro acquisition of Alcatel-Lucent the world leader.

5000 postal workers meet again in warning strikes

10.15 clock: In the labor dispute at the post office in order to shorten the weekly working hours makes the union with further strikes pressure on the employer. On Thursday nationwide with the beginning of the morning shift 5000 parcel and letter delivery as well as employees who work laid down a limited period in the mail processing, announced Verdi. The Deputy National Chairman Andrea Kocsis Verdi called the mail on to address the wage demand. In the night of Thursday postal workers had already strike the International Mail Centre at Frankfurt Airport.

Verdi demanded by the post, a reduction in working time from 38.5 to 36 hours a week. Background is the construction of another delivery network by establishing 49 regional companies in the parcel business. Verdi sees this as a breach of existing collective agreements on the prohibition of outsourcing to internal or external companies.

Investors remain nervous – Dax are on to

09.50 Clock: The investors in the German stock market remain after the previous day’s slide of Dax nervous. The German leading index turned on Thursday after initial gains quickly into the red and was last 0.13 percent lower at 417.54 points 11.

Chart expert Franz-Georg Wenner from market statistics Magazine Index radar looks after the minus mid-week a direction decision. The risk of further losses is much higher, although a crash is not to be feared he wrote in a morning commentary.

For the index of medium-sized values MDax it went on Thursday to 0.50 percent to 20 240.84 points down and the TecDAX fell by 0.98 percent to 1589.20 points. The Euro Stoxx 50 as the benchmark index of the euro zone lost around half a percent

* USA: New York Stock Exchange (NYSE) – Dow Jones <. / span>, S & amp; P 500 , Nasdaq 100 , CBOT and CME
* United Kingdom: London Stock Exchange – FTSE 100
* Japan: Tokyo Stock Exchange – Nikkei 225
* Germany: Frankfurt Stock Exchange – DAX , MDAX , SDax , TecDax , Xetra, Eurex
* France: Bourse de Paris – CAC40
* Switzerland: Exchange Zurich – SMI
* Brazil : Sao Paulo Stock Exchange – Bovespa
* Hong Kong: Hong Kong Stock Exchange – Hang Seng
* China: Shanghai Stock Exchange – SSE
* Russia: Exchange Moscow – Moscow Exchange, RTS

* Australia: Exchange Sydney – Australian Securities Exchange, ASX

*** List of trading hours of the stock exchanges ***

Video: Börsen-Alarm: The prices fall – To back up from

Overview: +++ news to stock market and economy +++

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DGB chief criticized systematic violations of minimum wage
Supervisory opposes VW patriarch Piëch
Supervisory Board oppose VW patriarch Piëch
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Worldwide protest against FTA TTIP
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S & P threatens France with further downgrade
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German exporters back on track: Exports pull hard at
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Switzerland – The plight of the Fed – Süddeutsche.de

The Swiss National Bank has a loss of 30 billion francs for the first quarter of 2015.
reason, the high stocks of foreign currencies who built the central bank to weaken the franc.

Why does the Swiss National Bank (SNB) as high losses?

In the financial crisis, many investors bought Swiss francs because they wanted to invest their money safely. For the country that was a big problem: The course of the franc rose enormously. The Federal Reserve tried everything to push him back: She bought securities in foreign currency, printed money – but it did not. The Swiss franc gained more and more of its value. Therefore, the central bank decided in 2011 to a radical step: They stipulated that a Euro had cost at least 1.20 francs – or from a German perspective, a Franken could cost more than 0.83 cents. Alone – it extends naturally to a free foreign exchange market is not simply to announce such limit, they must then also be implemented through purchases and sales. That’s why the Fed threw tons of francs on the market, for which they received foreign currency in return. In January this year, the central bank decided, however, to abandon the limit of CHF 1.20 for one euro. As a result, the price of the franc soared again enormously in height – the high holdings of foreign currencies lost value accordingly. When Euro there were in the first quarter about 13 percent, the dollar two percent.

If the high loss so concluded mainly by the change in the foreign currency investments?

Yes, the losses in this area were even in 41 billion dollars. Since the SNB but in other areas such as the securities are made profits, the total loss was reduced to about 30 billion Swiss francs.

What is the foreign currency investments of the SNB as a whole?

They were the end of the first quarter of approximately CHF 537 billion.

What are the consequences of high loss?

Like the Bundesbank pours the Swiss central bank a potential return to the federal government and the cantons of. If the minus persist until the end of this amount, receives the Public Administration for the year 2015 no money from the SNB. The administration meets the terrible unprepared: Following the sharp rise of the Swiss franc in January had already been predicted that this year by the SNB nothing would be expected. Quite different was the way 2014: Since the Swiss National Bank made another profit of over 38 billion Swiss francs

Will it expects the SNB that it generated a profit

No.? , its task is to ensure the stability of the currency.

Why is it so difficult for Switzerland if the Swiss franc rises?

Because Swiss products beyond the limits drastically more expensive be. You are selling correspondingly heavier, and that weakens the country’s economy. Tourism also suffers because Switzerland has become unattractive as a tourist destination due to the high prices. This way, indirectly also for the Swiss themselves: The rise of the franc makes for the holidays in Switzerland, not more expensive – but travel much more attractive abroad. About go skiing many Swiss now especially after Austria and France -. And not to Gstaad

Exchange rates: Swiss National Bank losing 30 billion euros – Tagesspiegel

12:33 clock

30 billion loss in the first quarter – it is on paper. The Swiss National Bank SNB had to concede in the first quarter the biggest loss in its history. Guilt is the expensive franc. And the monetary authorities themselves.

The radical change of course with the decoupling of the franc by the euro, the Swiss central bank eingebrockt the biggest quarterly loss in its history. The huge foreign currency reserves ensured in the first three months for a net loss of CHF 30 billion, as the Swiss National Bank (SNB) announced on Thursday. The monetary authorities had long guaranteed a minimum exchange rate of the franc against the euro. When this was withdrawn in mid-January, the franc appreciated massively.

gold holdings now a billion worth less

According to the SNB suffered foreign exchange losses totaling 41.1 billion francs on its investments held in other currencies.
The gold reserves of the central bank are now a billion francs worth less. Capital gains on equities and bonds, however dampened the negative impact of currencies and the precious metal on the result. The penalty interest on deposits of commercial banks at the SNB rinsed 236 million Swiss francs in cash. The SNB stands up with these negative interest against the massive financial flows into the franc and the harmful for the export-oriented industry appreciation of the currency. Deposits with the Central Bank are currently charged with a fee of 0.75 percent.
The SNB’s foreign exchange reserves in the amount of 532 billion Swiss francs were invested in late March to 42 percent in euros, 32 percent went to the dollar. The result of the central bank is largely dependent on developments in the gold, foreign exchange and capital markets and exposed to traditionally strong fluctuations. Conclusions of each quarter on the annual results are limited.
2014 SNB had retracted a profit of 38 billion Swiss francs.

departure from the minimum euro exchange rate still properly

The huge quarterly loss leads clearly before our eyes, received what risk the SNB would, they would have longer held at the minimum euro exchange rate of 1.20 Swiss francs, exchange expert explained Peter Rosenstreich from broker Swissquote. “Even if it is unpopular to say so. The blunt object the lower limit was the right strategy” Currently 1.05 francs to be paid for one euro. In the past week, the single currency was sacked just over 1.02 francs in the wake of the Greek Debt dispute even up on courses.
The ability of the SNB to counter a renewed franc appreciation over verbal interventions, Rosenstreich skeptical. Following the publication of today the cost of a direct intervention were easily estimate the foreign exchange market, and the effect of negative interest rates is limited. Speculation that the Fed try with euro purchases to weaken the franc, come on over and over again. Fed Chairman Thomas Jordan and his two fellow Board have repeatedly said that they want to intervene even after the departure from the more than three years in force Euro-rate floor, if again should roll a wave of money to Switzerland. (Reuters)

Lowest unemployment rate since April 1991 – FAZ – Frankfurter Allgemeine Zeitung

Unemployment decreases – in parts of Germany there is now virtually full employment .

The number of unemployed in Germany has fallen in April as usual for the season. However: With 2.843 million unemployed, the Federal Employment Agency (BA) posted the lowest unemployment in April since 1991. As the authorities announced further in Nuremberg on Thursday, these were 89,000 fewer unemployed than in March and 100,000 fewer than a year earlier .

The unemployment rate fell month on month by 0.3 percentage points to 6.5 percent. The positive trend set continues, said BA chief executive Frank-Jürgen Weise. “The social security contributions and the notified bodies continue to develop positively.”

Train drivers’ wage dispute: train makes the GDL a new offer – Handelsblatt

German train

service employees train inform travelers during a GDL strikes. A top-level meeting was on Wednesday without result at the end of

(Photo: AP).

Frankfurt After top-level talks in the wage dispute with the GDL train drivers’ union, the German Railways has submitted a new offer. Wages should rise according to the proposal from the 1st July in two steps by a total of 4.7 percent, as the railway announced in Frankfurt late on Wednesday. In addition a one-off payment of a total of 1000 euros to 30 June.

The interview itself took, according to the company no “agreed outcome”. The union was not immediately be reached for comment

Railway Strike . A train to nowhere

Premium the dispute between Deutsche Bahn and the train drivers can solve only a Power Word – in doubt from the Chancellery. The likelihood that the parties to the conflict to reason, tends to zero

Bahn personnel chief Ulrich Weber said in a statement:. “. Our offer is nearly as high as for instance the conclusion of the public service” he had met in the afternoon with GDL chief Claus Wiselsky.

The union demands for employees five percent more money and one hour less work per week. She had most recently on strike last week in passenger and freight traffic. The sticking point in collective bargaining provides the GDL in the classification of the tariff structure Lokrangierführer train.

The company criticized the train drivers union had substantial concessions to the tariff structure withdrawn at the meeting again. “What does the GDL, would our employees and the company German Railways harm,” said Weber. If the GDL reject the resumption of negotiations, the train hit a conciliation procedure on all points before

Topic:. German Railway

The conflict is so difficult because the GDL with the larger Railway and Transport union (ECG) is fighting for influence in the group. Both want to negotiate in part for the same professions. The train will achieve comparable results in separate negotiations.

The EVG concluded on Wednesday in turn strikes expressly not made. The occasion was a new offer for the railway service and security forces: in two stages with a term of 29 months, as the union announced 4.7 percent more money.

The TOE calls 6 percent, at least 150 euros. She criticized the Bahn offer different terms for different occupational groups. In the next round of negotiations on 12 May the train must make improvements.

Wednesday, April 29, 2015

Crisis reached Russia’s gas giant: heavy losses – Gazprom’s profit breaks … – ABC Online

Thursday, 04.30.2015, 05:03

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The Russian state energy giant Gazprom had in 2014 a massive drop in profits robust – and also because of the Ukraine crisis: Compared to last year the profit fell by 86 percent. And the outlook for the state-owned company is bleak.

Under pressure from the Ukraine crisis and because of the warm weather is the profit of the Russian energy monopoly Gazprom in 2014 slumped by 86 per cent compared to last year. The state corporation under international accounting standards IFRS made a surplus of 159 billion rubles (2.8 billion euros) last year, Gazprom said in Moscow on Wednesday. Profit therefore 2013 was a good seven times greater.

The demand in the West for Russian gas has fallen in the past year mainly because of the mild temperatures. In addition, Russia had Ukraine for months delivered no gas because of unpaid bills. Sales of Gazprom laid last year by 6.5 percent to 5.59 trillion rubles. 2013, the company had implemented 5.25 trillion rubles. To the slight increase was mainly due to the massive devaluation of the Russian currency, because the foreign invoices in dollars and pays Gazprom therefore received more rubles.

South Stream is only once on ice

At the same time, the weak exchange rate drove the net debt of the Group within one year by 48 percent in the air. Overall, the financial obligations grew to 1.65 trillion rubles. The outlook for the state-owned company is grim. Gazprom threatens a billion penalty in an antitrust action by the EU Commission. This raises Gazprom before that have foreclosed Central and Eastern European gas markets and there driven energy prices up.

Politically Gazprom due to the Ukraine conflict under pressure. From the planned pipeline project for years South Stream through the Black Sea, the Group adopted in December because of a fierce dispute with the European Commission. Instead, Gazprom is now planning a line – also through the Black Sea – in Turkey. The pipeline Turkish Stream with a planned capacity of 63 billion cubic meters per year will in future deliver gas to the Turkish-Greek border. From there up to 50 billion cubic meters of gas would continue to flow to Southeast Europe, the Russian plan.

Gazprom is seeking new partners – outside Europe

The aim of the project is to the Ukraine by 2019. To work as a transit country for Russian gas to avoid disputes over fares as in the past , Total 2014 Gazprom supplied with almost 160 billion cubic meters of gas about a third of its total sales in European countries. Europe is the main export market and this will remain so, said the company’s headquarters.

At the same time the monopolist strongly oriented towards Asia. In particular, the energy-hungry China is to be delivered via the planned pipeline Sila Sibirii (force of Siberia) in the future. Gazprom toying with the construction of a pipeline to South Korea even for years.

Video: Here are Germany’s gas reserves – and that Gazprom has to do with

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Canadian retail chain is interested in Kaufhof – THE WORLD

The more than hundred Kaufhof stores in German city centers could soon Canadian retailer Hudson’s Bay belong. However, the parent company Metro also has another iron in the fire.

Volkswagen AG Martin Winterkorn puts nearly three billion euros profit before – SPIEGEL ONLINE

The power struggle with Ferdinand Piëch, he has won, now can VW CEO Martin Winterkorn yet also provide a glossy quarterly balance sheet: the austerity program for the winning weak core brand of the group pays slowly revealed.

Efforts for “greater efficiency and cost-consciousness” would have an amount “in the low three-digit million range” shoveled in the first three months, the company said in Wolfsburg.

The proclaimed last summer program is to save at least five billion euros in the core brand around the Golf and Passat models by 2017.

Overall, achieved world’s top carmaker in the start quarter very good figures: The Group with its twelve brands continued in the first three months of nearly 53 billion euros – equivalent to an increase of ten percent compared to the first quarter last year. However, it also helped the positive impact of currency translation.

The bottom line of the Dax Group recorded 2.9 billion euros, an increase of 19 percent. Especially profitable were the daughter brands Audi and Porsche: They scored a total of nearly two-thirds of the over 3.3 billion euros, are as earnings before interest and taxes (EBIT).

CEO Martin Winterkorn said: “We have always stressed that 2015 will be a challenging year for the entire automotive industry and also for us our key figures for the first quarter but prove that the Volkswagen Group despite headwinds on track. drives. “

The number of Volkswagen core brand improved compared to the first quarter of 2014. The operating profit rose by nearly seventeen per cent to 514 million euros as Volkswagen announced. One reason for this are the “positive effects” of the started of Winterkorn austerity program for the core brand.

The VW shares sat down in the morning to the top of the German Stock Index (DAX) and increased by around one per cent to: On the stock market the news were well received.

Germany: engineering firm Deutsche Bahn gets another job in Qatar – ZEIT ONLINE

= “articlemeta-left”> Updated 29th April 2015 13:34 clock

Berlin (AFP) German Rail has received another contract in Qatar. The international engineering company train, DB International, advise and support the Gulf emirate for the planned distance and there freight network, the company said on Wednesday in Berlin. The engineers would bring the “clenched operator expertise of Deutsche Bahn already before the construction of the new railway in Qatar,” said Niko Warbanoff, CEO of DB International, with.

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Gazprom reported tart profit slump – FAZ – Frankfurter Allgemeine Zeitung

Moscow (dpa) – A month long debt dispute with Ukraine and the weaker demand in Europe have had to break the Russian energy giant Gazprom profit at

But the ruble weakness made the state-owned company to create. 2014 was the surplus under international accounting standards IFRS by 86 percent to 159 billion rubles (2.8 billion euros), as Gazprom announced.

numbers under Russian accounting standards, the company had already announced the end of March. Accordingly, the profit broke a little less.

The demand in the West for Russian gas has fallen in the past year mainly because of the mild temperatures. In addition, Russia had Ukraine for months delivered no gas because of unpaid bills. Sales rose to 5.59 trillion rubles last year. This was due mainly the depreciation of the ruble. 2013, the company had implemented 5.25 trillion rubles.

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Flow of credit in the euro zone increases slightly – Reuters Germany

Frankfurt (Reuters) – The bank lending in the euro zone for the first time slightly gained momentum after three years

The financial institutions awarded in March a total of 0.1 per cent more loans to businesses and households than last month, as the European Central Bank (ECB) announced on Wednesday. Reuters poll of experts had, however, expected to stagnate. The last time the lending had increased in March 2012.

Economists were positive. “From our perspective, the data seem to indicate that we now see a trend reversal in lending,” said Christian Lips by NordLB. In it also reflects a first effect of the government bond purchase program of the ECB. “Everything indicates that we are in a cyclical recovery phase.” Citi economist Guillaume Menuet According slowly makes a noticeable easing of lending conditions noticeable.

The ECB had started its securities purchase program in the fall of the Credit flow to be pushed. On March 9, she began also with the large-scale purchase of government bonds. This is to to September 2016 pumped over a trillion euros into the banking system. One objective of the monetary authorities: the financial institutions should reduce their exposure to government bonds and instead lend more to businesses and individuals. In the first seven weeks of the monetary authorities bought already for a total of 85 billion euros of sovereign debt.

MONEY GROWING

The growth is essential for the euro area monetary aggregate M3 stood at 4.6 percent in March. Experts had expected a rise of 4.3 percent. In three-month moving average (January to March) took M3 by 4.1 percent. The monetary aggregate M3 includes, cash, current accounts, short-term money market paper and debt securities up to two years duration. A rapidly growing money supply is regarded as evidence of a potential threat of inflation. Consumer prices were last but declined in the currency area: In March, discounted goods and services by 0.1 percent.

Keep Greek banks alive: ECB increased emergency loans again – n-tv.de NEWS

business

Wednesday, April 29, 2015

The money market or the European Central Bank of Greece banks get no more money. The ECB allows the Bank of Greece now again, to forgive more emergency loans to get the banking system alive.

The European Central Bank (ECB) has, according to an insider the framework for emergency loans to Greek banks increased again. The monetary authorities increased accordingly, the upper limit for liquidity support of the Athens central bank to financial institutions by 1.4 billion euros to now 76.9 billion Euro.

The financial institutions of the risk of bankruptcy Mediterranean country are the money supply increasingly on these cash injections their home central bank instructed. “With the new cap there is an unused liquidity buffer of approximately 3.0 billion euros,” said the insider. Finally, the emergency response framework was increased weekly. This only gradual increase in the ECB maintains the pressure on the Greek government with the international lenders to find a solution to the debt crisis.

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The Frankfurt central bankers now accept credit Hellas weak Treasuries no longer as a pledge of fresh central bank money to. Thus the Greek banks must be fresh ECB monetary largely closed the direct channel. Technically called ELA – – About emergency loans they can generate liquidity when required, yet

Because of the unresolved debt crisis last attracted many Greeks money from their banks.. Most recently, the deposit outflows had but slightly slowed. From February to March, the savings deposits fell by 2.5 billion euros to 145 billion euros, as is apparent from data of the ECB. In February, the decline amounted to 7.8 billion euros the previous month, yet.

Source: n-tv.de

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+++ News to stock market and economy +++: labor dispute: Lufthansa pilots … – ABC Online

Updated on Wednesday, 29.04.2015, 13:20

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The Lufthansa the pilots’ union Cockpit in the months since simmering labor dispute an overall settlement offered. After the union had these repeated calls, the company now offers an arbitration of all outstanding collective agreements at.

Lufthansa offers in pay dispute with pilots overall arbitration to

13.20 Clock: The Lufthansa pilots’ union Cockpit in the months since simmering labor dispute offered a total mediation. After the union had repeatedly called for this, the company has a settlement of all outstanding collective agreements now offer, Lufthansa announced Wednesday in Frankfurt am Main. The airline is thus ready yet to start this week with the selection of an arbitrator. The company justified the move in order to try to avoid further strikes.

The Lufthansa had a total settlement previously rejected by its own account on the grounds that not yet had been negotiating all agreements and to unite the cockpit demands contracts are not yet known. While the company would like initially negotiated open topics before the complex questions would be submitted to an arbitrator, said Lufthansa board member Bettina Volkens. “In order to resolve the long labor dispute, we have nevertheless decided to take this step.”

The pilots had repeatedly struck in recent months to put pressure on the Lufthansa in the wage dispute. Central point at issue of the conflict is the pensions of pilots. Lufthansa will in future no longer bear the costs of the so-called transitional care and raise the age limit for it. So far, pilot with 55 years to go to the paid early retirement. Until the statutory retirement age they will get a maximum of 60 percent of their salaries on. Cockpit does not accept the proposed cuts

investors are optimistic ahead of US rate decision

11.35 clock. has the German stock market on Wednesday morning some of its strong previous day losses made up for. The market see the evening pending interest rate decision by the US Federal Reserve Bank is optimistic, they said among stockbrokers. General will not expect an imminent rate hike in the United States – so that the markets could continue to benefit from the flood of money. The DAX gained shortly after the start of trading 0.30 percent to 11 847.37 points, having lost nearly 2 percent on Tuesday.

The index of medium-sized values MDax advanced in early trading by 0.28 percent to 20 975.20 points ahead and the technology index TecDax was about 0.46 percent to 1655.35 points upwards , The euro zone benchmark index Euro Stoxx 50 rose by 0.25 percent.

German Wings sadness and a lot of problems at the Lufthansa Annual General Meeting

10.00 Clock: mourning for the victims of the German Wings crash and the many business problems are the focus Lufthansa Annual General Meeting this Wednesday (10 clock) in Hamburg. Participants should receive according to the company the opportunity to sign a book of condolence, to commemorate the 150 victims of the worst crash in the company’s history.

After his first year in office, Lufthansa CEO Carsten Spohr has to explain to shareholders, among other things, why they do not receive dividends in 2014. Despite a constant turnover of 30 billion euros of the largest aviation group in Europe has made only a small profit of 55 million euros last year. Reasons for the weak performance include increased competitive pressures, rapidly rising pension costs and high costs for the continued non-enclosed pilot strike.

Spohr wants to expand the low-price segment under the umbrella brand “Euro Wings” and make the core brand Lufthansa an absolute premium supplier. On the agenda in addition to the reports of the Executive Board and the Supervisory Board some corporate actions and the election of a new Supervisory Board member. According to the proposal of the supervisory body of the Fresenius Chief Financial Officer Stephan Sturm (51) should be re-appointed as the successor of the retired financial manager Jacques Aigrain.

Volkswagen increases profits by 19 percent

09:52 clock: The world’s top carmaker, Volkswagen, is surprisingly good start to the 2015 financial year. Earnings after taxes rose in the first quarter compared to the same quarter last year by almost 19 percent to 2.9 billion euros, as VW announced in Wolfsburg on Wednesday. Sales also rose in the Wolfsburg-year by more than ten percent to 52.7 billion euros. Analysts had previously expected less strong numbers. The key figures for the first quarter showed that the Volkswagen Group “despite headwinds on track drives,” said VW CEO Martin Winterkorn.

The number of Volkswagen core brand improved compared to the first quarter of 2014. . Operating profit rose by 16.8 percent to 514 million euros as Volkswagen announced. One reason for this are the “positive effects” of the started of Winterkorn austerity program for the core brand. On the stock market the news came good at: The VW -Share sat down in the morning to the top of the German Stock Index (DAX) and increased by around one per cent zu.Der price of Volkswagen -Vorzugsaktie

Review: Twitter share crashes after disappointment with numbers from

This quarterly report the Twitter bosses will not soon forget , Almost an hour early leaked disappointing figures, at the end was almost one-fifth of the goodwill away. Here, the short message service had good news for its advertising business.

The short message service Twitter has investors deeply disappointed with its quarterly figures. The shares lost more than 18 percent on Tuesday after key figures were leaked prematurely. Twitter still is deep in the red. In the first quarter there was a loss of $ 162.4 million. Sales increased year on year by 74 percent to 436 million dollars. But Twitter thus missed both its own forecasts as well as analysts’ expectations. The forecast for 2015 was cut.

Twitter had to submit the figures ahead of schedule during the regular trading session because key figures were leaked about an hour early. Which specializes in tracking down information on the net company Selerity had published – ironically on Twitter. A similar coup Selerity had succeeded already in 2011 in Microsoft figures. At that time they had been put into the net early and discovered by the data hunters. Once again, a website of the stock exchange Nasdaq made a version of this report inadvertently found.

The Twitter share lost after the emergence of the first numbers nearly six percent. After that, she was suspended from trading and fell after the resumption properly from. After the decline of 18.18 percent to the final bell, it went down by 1.6 percent after trading again.

Overview: +++ news to stock market and economy +++

labor dispute: Lufthansa provides pilots overall arbitration to
Volkswagen boss surprised exchange earnings jump
First quarter 2015: Daimler posted profit jump of 90 percent
Ford profit drops significantly
VW facing major decisions – share wings
DGB chief criticized systematic violations of minimum wage
Supervisory Board rejects VW patriarch Piëch
Supervisory Board oppose VW patriarch Piëch
Industry Expert: “VW can be a power struggle not long …
Postbank employees are threatening to strike
Bundestag passes better investor protection
German bank must in expect Libor scandal with billions punishment
Libor scandal: German bank will pay $ 2.5 billion
Dax sets course for recovery continued
Osram splits itself – lamp business is independently
Elon Musk Tesla wanted to sell it to Google – for six billion …
Insurers: “Niklas” one of the worst storms lately
Daimler CEO Zetsche: “TTIP not only freestyle but compulsory”
Worldwide protest against FTA TTIP
US bank JPMorgan is benefiting from booming trading
European Commission: nuclear deal could open door for gas from the …
Despite positive spring report: Dax rushes by 200 points to …
investors unsettled: VW shares lost 1.5 percent
Volkswagen core brand in March with sales minus
ECB buys sovereign bonds in the amount of 9.16 billion euros
S & P threatens France continued with downgrade
VW supervisory board boss Piëch distance themselves Winterkorn
Strong recovery drives rubles at year high
online retailer wants Windeln.de 2015 the stock market
German exporters back on track: Exports pull rapidly to
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