Ilona's Feed
Mar 30, 2014

As labour veteran retires, Daimler eyes smoother cost cuts

FRANKFURT, March 30 (Reuters) – The retirement from
Daimler’s supervisory board of a combative trade
union veteran may smooth management-labour relations as the
German carmaker tries to cut costs and close a wide
profitability gap with its rivals.

Erich Klemm steps down as deputy chairman when he turns 60
next month after 16 years on the board. He has long resisted
cutbacks and last year forced managers to reassign cost-cutting
specialist Wolfgang Bernhard as a condition for extending the
contract of Daimler chief executive Dieter Zetsche.

Mar 20, 2014

Bilfinger still has 800 mln eur for more acquisitions

MANNHEIM, Germany, March 20 (Reuters) – German engineering
and services group Bilfinger SE is eyeing potential
targets in the United States and Asia as it pursues its ambition
to grow further via acquisitions.

Bilfinger has intensified merger and acquisition activity as
it aims to wean itself off a dependence on construction, and has
shifted its focus toward more services-oriented businesses, as
well as designing and engineering plants and buildings.

Mar 18, 2014

German court confirms legality of euro zone bailout scheme

KARLSRUHE, Germany (Reuters) – Germany’s Constitutional Court confirmed on Tuesday the legality of the euro zone’s bailout fund, upholding a preliminary ruling from the height of the debt crisis in 2012 that gave an initial green light to the European Stability Mechanism (ESM).

The court reiterated that the 700 billion euro ($975 billion) fund did not violate the rights of the Bundestag lower house of parliament to decide on budgetary matters as long as the lower house of parliament had sufficient oversight powers over the ESM.

Mar 17, 2014

German court rejects 1.14 billion pound Porsche SE investor lawsuit

STUTTGART, Germany (Reuters) – A German court has dismissed a lawsuit by hedge funds seeking 1.36 billion euros (£1.14 billion) in damages from investment company Porsche SE (PSHG_p.DE: Quote, Profile, Research), in a ruling that bodes ill for other claimants pushing damages claims against Porsche.

Two dozen hedge funds including Viking Global Investors, Glenhill Capital and Greenlight Capital had accused Porsche SE of throughout 2008 camouflaging its plan to acquire much-bigger Volkswagen AG (VOWG_p.DE: Quote, Profile, Research) and secretly piling up a holding in Europe’s largest automaker.

Mar 17, 2014

German court rejects $1.9 billion Porsche SE investor lawsuit

STUTTGART, Germany (Reuters) – A German court has dismissed a lawsuit by hedge funds seeking 1.36 billion euros ($1.9 billion) in damages from investment company Porsche SE, in a ruling that bodes ill for other claimants pushing damages claims against Porsche.

Two dozen hedge funds including Viking Global Investors, Glenhill Capital and Greenlight Capital had accused Porsche SE of throughout 2008 camouflaging its plan to acquire much-bigger Volkswagen AG and secretly piling up a holding in Europe’s largest automaker.

Feb 13, 2014

UAW following Volkswagen road map to organize at Mercedes U.S. plant

STUTTGART/DETROIT, Feb 13 (Reuters) – The United Auto
Workers union is following the same road map at the
Mercedes-Benz plant in Alabama that it used to reach its
historic vote to represent Volkswagen employees in Tennessee.

The UAW has been working with German union IG Metall and the
Daimler works council, the labor group at Mercedes parent
Daimler AG, to build support for the UAW among
Mercedes workers in Vance, Alabama, according to the union and
Alabama workers opposed to the UAW.

Jan 20, 2014

EU expected to take legal action vs Germany over Daimler coolant breach

STUTTGART, Germany/BRUSSELS, Jan 20 (Reuters) – The European
Commission is expected to launch legal action against Germany
over Daimler’s refusal to remove a banned refrigerant
from new cars, EU sources said on Monday.

A final decision on legal action against Germany could be
taken as early as Wednesday, two sources, speaking on condition
of anonymity, said.

Jan 10, 2014

Software – the new battleground for carmakers

STUTTGART (Reuters) – The new Mercedes-Benz C-Class has cameras that can read road signs and sensors to judge distance to the car in front, but is not yet able to make full use of the hardware.

What may sound like a shortcoming is in fact a deliberate strategy by manufacturer Daimler, and a sign of things to come for the global luxury car industry.

Oct 4, 2013

HeidelbergCement CEO faces up to lower growth world

HEIDELBERG, Germany (Reuters) – HeidelbergCement (HEIG.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Bernd Scheifele is facing up to the new reality of a lower growth world, where the priorities are to keep a tight hold on cash for rainy days and not splurge on big acquisitions.

Scheifele said the best recipe for companies to survive in the current uncertain economic environment was to focus on steady organic growth.

Jun 24, 2013

EU reaches deal on 2020 auto emissions law

BRUSSELS, June 24 (Reuters) – The European Union late on
Monday agreed a compromise deal to enforce stricter rules on
carbon dioxide emissions for all new EU automobiles from 2020.

The outline agreement on implementing a target of 95 grams
of carbon dioxide per kilometre (g/km) still needs the official
endorsement of EU member states.