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Apr 26, 2015

Newsmaker – Ruthless VW patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Ruthless Volkswagen patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen (VOWG_p.DE: Quote, Profile, Research) helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Ruthless VW patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

Apr 25, 2015

Volkswagen Chairman Piech resigns after failing to oust CEO

FRANKFURT (Reuters) – Ferdinand Piech, a towering figure at Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) for more than two decades, resigned as its chairman on Saturday after losing a showdown with Chief Executive Martin Winterkorn.

Piech, the 78-year-old grandson of the inventor of the Volkswagen Beetle, had previously seen off other executives who crossed him, including his hand-picked successor as Volkswagen CEO, Bernd Pischetsrieder.

Apr 25, 2015

VW Chairman Piech resigns after failing to oust CEO

FRANKFURT, April 25 (Reuters) – Ferdinand Piech, a towering
figure at Volkswagen for more than two decades,
resigned as its chairman on Saturday after losing a showdown
with Chief Executive Martin Winterkorn.

Piech, the 78-year-old grandson of the inventor of the
Volkswagen Beetle, had previously seen off other executives who
crossed him, including his hand-picked successor as Volkswagen
CEO, Bernd Pischetsrieder.

Mar 29, 2015

Germanwings crash co-pilot may have had detached retina – newspaper

BERLIN, March 29 (Reuters) – The co-pilot suspected of
crashing a passenger jet in the Alps may have been suffering
from a detached retina but investigators are unsure whether his
vision problems had physical or psychological causes, a German
newspaper said on Sunday.

Bild am Sonntag also reported how the captain of the
Germanwings Airbus had screamed “open the damn door!”
to the co-pilot as he tried to get back into the locked cockpit
before the jet crashed last Tuesday, killing all 150 on board.

Mar 20, 2015

Lufthansa long-haul routes to be hit by Saturday strike

FRANKFURT, March 20 (Reuters) – Lufthansa
cancelled almost half of its lucrative long-haul flights
scheduled for Saturday as pilots planned a fourth straight day
of walkouts in a protracted row over early retirement benefits
and cost cuts.

Lufthansa wants to cut spending to levels nearer those of
its rivals. It is squeezed by budget carriers Ryanair
and easyJet on European routes and by airlines such as
Turkish and Emirates on long-haul flights.

Mar 17, 2015

Lufthansa cancels 750 flights due to pilots’ strike

FRANKFURT/BERLIN (Reuters) – Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz) has canceled 750 flights or about half the total due to a strike planned by pilots for Wednesday, affecting thousands of passengers in a long-running dispute over early retirement benefits and plans to expand budget flights.

The German airline is trying to cut costs and renegotiate expensive labor agreements as it tries to compete with low-cost carriers and rivals such as Emirates and Turkish Airlines, but its efforts have been resisted by pilots who staged 10 strikes last year.

Mar 12, 2015

Weidmann rejects Greek criticism of ECB, puts onus on governments to help Athens

FRANKFURT, March 12 (Reuters) – ECB policymaker Jens
Weidmann put the onus squarely on governments on Thursday to
decide whether they wanted to cover Greece’s funding needs,
saying this was “less than ever” a task for the euro zone’s
central banks.

Rejecting the Greek finance minister’s characterisation of
ECB policy towards Athens as “asphyxiating”, Weidmann said
Greece had lost a lot of trust and that he did not see the
country regaining access to capital markets by mid-year.

Mar 6, 2015

Iran tourism sector aims to rebuild as international tensions thaw

BERLIN, March 6 (Reuters) – Iranian businessman Cyrus
Etemadi has had a stand at Berlin’s ITB travel trade fair every
year for more than 20 years, even when tension with the West
meant few tourists visited the former ancient kingdom of Persia.

As the pragmatic President Hassan Rouhani, successor to
hardliner Mahmoud Ahmadinejad, tries to reverse the path of
antagonism to the West, Etemadi hopes he can rebuild his tour
business, Cyrus Sahra, to its former strength.