Company in Germany
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IRAN, 2017/07/08
German carmaker Volkswagen (VW) said Tuesday it would resume exports to Iran as any minute at this time as next month, marking a return to the resurgent market of the Islamic Republic next a 17-year absence.
The aim is to reduce the manufacturer’s dependence on volatile markets such as China and Brazil. VW’s deliveries to China reportedly dropped 3.3 % between January and May to 1.51 million cars while sales in Brazil fell 1.9 % to 116,600 vehicles.
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GERMANY, 2017/03/06
Deutsche Bank plans to raise capital, inventory its investment management business and overhaul its business structure as it tries to reinvent itself next spending two years dealing with its completed misdeeds and huge losses.
The strategic revamp, decided at a supervisory board conference on Sunday, follows a net loss of €1.4-billion last year and is part of the lender’s push to draw a line under a string of scandals that have hammered its balance sheet since 2012.
The decision marks a retreat from a strategy announced less than two years ago at the same time as the bank separated its investment banking and markets business, and heralds its fourth capital hike since 2010.
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GERMANY, 2016/10/29
Volkswagen has moved a step closer to putting the diesel emissions cheating scandal behind it.
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GERMANY, 2016/09/29
Commerzbank, Germany’s second largest bank, has announced plans to cut 9,600 jobs in a restructuring plan.
The cuts represent around a fifth of Commerzbank’s total workforce, and will probably include forced layoffs.
Commerzbank is also suspending its dividend payments for this year, as it tries to protect its profitability.
The cuts are part of a new strategy drawn up by chief executive Martin Zielke, called “Commerzbank 4.0”.
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GERMANY, 2016/07/10
Siemens has appointed Alia Al Rifai (40) as Chief Financial Officer (CFO) of the company's Middle East region, effective July 1. Al Rifai assumed her new role next two years as Senior Executive Vice President of Finance for the Energy Management Division in the region. She takes over from Stefan Halberstadt, who will join the Power and Gas Division's Energy Solutions business unit as CFO, starting August 1.
Al Rifai, whose career at Siemens spans close to two decades, will lead the company's financial operations in the region, focusing on strengthening key increase areas, driving profitability and promoting diversity and local price creation.
She will be based in the United Arab Emirates, home to Siemens Middle East and UAE headquarters in Masdar City. As part of her remit, Al Rifai will oversee key increase markets in the region, inclunding the UAE, Egypt, Qatar, Oman and Kuwait.
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GERMANY, 2016/07/04
Volkswagen's CEO has rejected calls for the carmaker to compensate customers in Europe over the 'Dieselgate' emissions scandal along the lines of its $15-billion transaction in the US, telling a German newspaper a similar settlement would be inappropriate and unaffordable.
Europe's Industry Commissioner Elzbieta Bienkowska last week called on Volkswagen to as well compensate European owners of its diesel-powered cars, saying it would be unfair for them to be treated differently from US customers just because of a different legal system.
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GERMANY, 2016/03/08
German drug maker Merck KGaA (MKGAY.PK) Tuesday announced 55.1 % plunge in fourth quarter net profit owing to one time expenses in connection with takeover of U.S. based laboratory equipment maker Sigma-Aldrich. Meanwhile, net sales climbed 15.5 % from the prior year. The board proposed an increase in dividend for the full year.
Looking ahead, the company expects slight organic sales increase for the full year 2016 and sees a positive portfolio result on sales in the low double digit % range. Further, the company projects a low double digit % increase in EBITDA pre-exceptionals over 2015.
Net gain for the fourth quarter was 125.7 million euros, down from 280 million euros a year ago. Earnings per share declined to 0.29 euro cents from 0.64 euro cents last year. Earnings before interest, taxes, depreciation and amortizations were 933 million euros. Earnings per share pre-exceptionals were 1.13 euros.
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GERMANY, 2015/12/10
German car giant Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) said Wednesday that it has largely concluded the issues related to carbon dioxide emissions.
During internal remeasurements, Volkswagen found slight deviations on only nine model variants of the Volkswagen brand, with an annual production of about 36,000 vehicles. These model variants correspond to around only 0.5 % of the volume of the Volkswagen brand.
According to the company, its before figure of about 800,000 vehicles under suspicion has not been confirmed. In early November, Volkswagen had said that it found "irregularities" at the same time as determining carbon dioxide emissions levels, which could affect about 800,000 cars in Europe.
Volkswagen added that the negative impact on its earnings of 2 billion euros that was before projected by it has as well not been confirmed.
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GERMANY, 2015/09/29
The Braunschweig public prosecutor has put Martin Winterkorn, former CEO of Volkswagen Group, under investigations over car emission scandal, the authority announced in a press release on Monday.
"The focus of the investigation is on the accusation of fraud by the sale of vehicles with manipulated exhaust values," it read.
The aim of the investigation was to clarify particularly how Winterkorn did his job as Volkswagen CEO, according to the authority.
"With regard to the ongoing investigation no further data can be provided," said Braunschweig public prosecutor.
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GERMANY, 2013/03/24
The salaries of Deutsche Bank managers for their performance in 2012 have been cut by about a third next Germany's biggest bank was forced to change its earnings statement. The pay cut will as well affect the banks two CEOs. Germany's biggest private lender announced Friday that Deutsche Bank's joint Chief Executives Anshu Jain and Jürgen Fitschen would receive 4.8 million euros ($6.2 million) each in variable and fixed pay, inclunding in long-term incentives.
