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Apr 16, 2015

VW committee meeting ends with no statement on leadership discussion

STUTTGART/BERLIN, Germany (Reuters) – A top-level Volkswagen AG (VOWG.DE: Quote, Profile, Research) committee meeting to try to resolve a leadership crisis caused by a rift between its chief executive and chairman has ended after less than three hours, a source familiar with the matter said on Thursday.

The source declined to comment on the result of the meeting, which was called after Chairman Ferdinand Piech sparked a leadership crisis by telling a magazine he had distanced himself from CEO Martin Winterkorn, who has run VW since 2007.

Apr 16, 2015

VW committee to meet on leadership Thursday -source

STUTTGART/BERLIN, Germany, April 16 (Reuters) – A top level
Volkswagen committee will meet on Thursday to try to
resolve a leadership crisis caused by the exposure of a rift
between its chief executive and chairman, two sources familiar
with the matter said.

The rift became public last week when Chairman Ferdinand
Piech said in a magazine interview he had distanced himself from
CEO Martin Winterkorn who has run VW since 2007.

Apr 15, 2015

VW struggle in ‘diplomacy phase’ as investors weigh CEO change

BERLIN/STUTTGART (Reuters) – Volkswagen’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) first leadership crisis in a decade has burst into the open with Chairman Ferdinand Piech’s surprise public denunciation of CEO Martin Winterkorn — but the standoff is now more likely to play out behind closed doors.

Piech, 77, will meet cousin Wolfgang Porsche and other family members within days, company sources said, to discuss the rift his comments appear to have opened between their branches of VW’s controlling clan.

Apr 13, 2015

Daimler Trucks to launch software services push

STUTTGART, Germany (Reuters) – Daimler is preparing to expand and upgrade its software services to freight operators, the head of its trucks division said, in a move designed to ensure that big customers stick with its vehicle brands.

After more than a century of earning money by bashing metal, vehicle makers are looking for new revenue from connected services, which can make vehicles safer and more efficient. For large truck fleets, that can mean big savings.

Apr 12, 2015

Volkswagen chairman appears isolated on board after CEO criticism

BERLIN/STUTTGART, Germany (Reuters) – Volkswagen Chairman Ferdinand Piech is facing growing resistance within the supervisory board to his criticism of Chief Executive Martin Winterkorn, deepening a leadership crisis at a time when Europe’s largest carmaker is struggling to revive profits.

Piech on Friday publicly withdrew his confidence in Winterkorn who has been at the helm of the automaker since 2007, telling German magazine Der Spiegel he has “distanced” himself from the CEO.

Apr 12, 2015

VW chairman appears isolated on board after CEO criticism

BERLIN/STUTTGART, Germany, April 12 (Reuters) – Volkswagen
Chairman Ferdinand Piech is facing growing resistance within the
supervisory board to his criticism of Chief Executive Martin
Winterkorn, deepening a leadership crisis at a time when
Europe’s largest carmaker is struggling to revive profits.

Piech on Friday publicly withdrew his confidence in
Winterkorn who has been at the helm of the automaker since 2007,
telling German magazine Der Spiegel he has “distanced” himself
from the CEO.

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.