Ilona's Feed
Apr 1, 2015

Daimler chief Zetsche to get another 3 years in office

BERLIN, April 1 (Reuters) – Daimler’s CEO Dieter
Zetsche has won backing from the company’s chairman and its
powerful labour representatives to remain in his post until
2019, making it more likely old-guard executives will lose out
to younger managers next time the post is up for grabs.

Supervisory board chairman Manfred Bischoff told
shareholders at Wednesday’s annual general meeting in Berlin
that he favours Zetsche for another three-year term.

Mar 17, 2015

Porsche faces payment of 428 million euros in tax arrears

STUTTGART, Germany (Reuters) – Porsche Automobil Holding SE (PSHG_p.DE: Quote, Profile, Research, Stock Buzz) is facing the payment of 428 million euros ($454 million) in tax arrears this year which may shrink its net liquidity and cap dividend payouts, finance chief Hans Dieter Poetsch said on Tuesday.

A tax audit for the 2006-2009 period when Porsche SE sought to take control of much-larger Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) had determined the size of arrears, Poetsch said at the company’s annual press conference.

Mar 17, 2015

Germany’s EnBW to slash more costs; sees risk to energy supply security

KARLSRUHE, Germany, March 17 (Reuters) – EnBW,
Germany’s third-biggest utility, will cut costs further in
response to low wholesale prices and writedowns on plants,
expecting the crisis in the energy sector to reduce profits by
up to 5 percent this year.

The company is aiming to cut a further 400 million euros
($425 million) from annual costs by the end of the decade,
streamlining its business in light of record-low wholesale power
prices and a surge in renewables.

Feb 24, 2015

German consumers in driving seat of economy as pay improves

BERLIN/BOEBLINGEN (Reuters) – German consumers have taken over from exporters as the mainstay of growth in Europe’s largest economy, boosted by low oil prices and interest rates, a strong job market and rising wages.

Private consumption was the main engine of strong growth at the end of 2014, and it looks set to keep driving the economy, after Germany’s largest labour union won a wage deal on Tuesday that will benefit 3.7 million workers.

Feb 24, 2015

German wage deal could boost consumer-driven growth

BERLIN/BOEBLINGEN (Reuters) – An inflation-busting wage deal for Germany’s biggest labor union agreed on Tuesday looks set to boost household spending this year after consumer activity propelled strong growth in Europe’s largest economy at the end of 2014.

With record-high employment and rising wages, consumers are providing the main impetus for a traditionally export-reliant economy. Private consumption grew by 0.8 percent in the fourth quarter of 2014, matching its sharpest rises in three years.

Feb 24, 2015

Germany’s IG Metall union agrees 3.4 pct wage rise

BOEBLINGEN, Germany, Feb 24 (Reuters) – Germany’s biggest
trade union, IG Metall, agreed on Tuesday to a 3.4 percent wage
increase for one year from April for the southwest region plus a
one-off payment of 150 euros, saying it would help boost private
consumption in Europe’s biggest economy.

The metalworkers union also agreed with Suedwestmetall
employers association on part-time conditions for older workers
and job-related training for employees in Baden-Wuerttemberg, an
industrial and car-making hub and home to Daimler and Bosch.

Dec 29, 2014

Daimler Trucks chief sees headwinds in emerging markets

FRANKFURT, Dec 29 (Reuters) – Daimler board
member Wolfgang Bernhard said he does not expect a recovery in
demand for trucks in emerging markets next year, despite low
fuel prices, as the Stuttgart-based truck maker posted a 3
percent rise in deliveries in 2014.

“In the economically challenging markets we continue to see
risks,” Bernhard said about expectations for the trucks market
in 2015.

Nov 11, 2014

German veteran installed as chairman at struggling Bilfinger

FRANKFURT, Nov 11 (Reuters) – German industrial group
Bilfinger installed corporate veteran Eckhard Cordes
as chairman on Tuesday, hoping he can get the company back on
track after a string of profit warnings that have hammered its

The German’s appointment is part of a reshuffle driven by
top shareholder Cevian, a Sweden-based European activist
investment firm. He inherits a company in turmoil whose top
management members have all either left or are about to do so.

Nov 10, 2014

ECB’s Mersch says state-bond buys ‘theoretically possible’

HERRENBERG, Germany, Nov 10 (Reuters) – The European Central
Bank could examine the possibility of buying state bonds, a
senior ECB policy maker said on Monday, saying that the bloc’s
recovery and that of its top economy, Germany, has lost pace.

Speaking to an audience near Stuttgart in Germany, Executive
Board member Yves Mersch voiced concerns about the “critical”
state of the euro zone’s sluggish recovery and conceded that the
ECB buying government debt was a theoretical possibility.

Nov 10, 2014

ECB’s Mersch calls on countries to reform, warns economy ‘critical’

HERRENBERG, Germany, Nov 10 (Reuters) – Europe’s economic
recovery and that of its most important economy, Germany, has
lost pace, a European Central Bank policy-makers has said.

Speaking to an audience near Stuttgart in Germany, Executive
Board member Yves Mersch voiced concerns about the “critical”
state of the euro zone’s sluggish economy and put the
responsibility on countries rather than the European Central
Bank to act.