Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Germany’

Olaf Scholz holt Goldman-Sachs-Chef und einen Bahn-Vorstand ins Finanzministerium

Posted by hkarner - 19. März 2018

Da fängt Scholz ja schon gut an: Mit der Bestellung eines Goldman-Managers und Investment Bankers für FINANZMARKT zeigt er Unkenntnis und Instinktlosigkeit (hfk)
Finanzminister Olaf Scholz holt neue Leute in die Wilhelmstraße. Jörg Kukies, Co-Chef bei Goldman Sachs, und Bahn-Vorstand Werner Gatzer werden Staatssekretäre.

19.03.2018 – 11:43 Uhr Handelsblatt.com

Berlin. Der neue Finanzminister Olaf Scholz weilt beim G20-Treffen in Argentinien, während in Berlin bedeutende Personalien verkündet werden: Der Co-Chef von Goldman Sachs in Deutschland, Jörg Kukies, wechselt als Staatssekretär ins Bundesfinanzministerium.

Kukies werde die Bereiche Finanzmarkt- und Europapolitik verantworten, teilte das Ministerium am Montag mit. Das Bundeskabinett muss der Berufung des 50-Jährigen noch zustimmen.

Harald Christ, Schatzmeister des Wirtschaftsforums der SPD e.V. verwies darauf, dass gerade die internationale Entwicklung auf dem Finanzsektor auch eine Herausforderung für den Finanzstandort Deutschland darstelle. „Mit Jörg Kukies ist das Bundesfinanzministerium diesbezüglich sehr gut aufgestellt“, betonte Christ. Den Rest des Beitrags lesen »


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France, Germany Seek to Overcome Differences on Eurozone

Posted by hkarner - 18. März 2018

Date: 17-03-2018
Source: The Wall Street Journal

France’s Macron wants to push wideranging reforms; Germany’s Merkel is less enthusiastic

PARIS–The road to eurozone renewal envisioned by French President Emmanuel Macron won’t be a speedy autobahn.

At meetings between French and German officials in Paris as German Chancellor Angela Merkel visited for the first time since her re-election, officials stated their differences on key planks for rebuilding the eurozone’s architecture. They pledged to come up with a “road map” for overhauling the currency bloc in June.

“We are not always of the same opinion, but Germany and France have already achieved many things together,” Ms. Merkel said. She added she is “firmly determined” to achieve more. Den Rest des Beitrags lesen »

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Frankfurt woos London bankers

Posted by hkarner - 18. März 2018

Date: 15-03-2018
Source: The Economist

The Brexit dividend pitch

“THIS is our biggest asset!” gushes Eric Menges, the chief executive of the FrankfurtRheinMain promotional body, whirling his arm. The views from his panoramic office are impressive: Frankfurt’s skyscrapers and cranes to the east, its sprawling international airport to the south, the thick forests of Hesse and the vineyards and villages of the Taunus mountains, where Mr Menges lives, to the north and west. “For a 9am flight I can get up at 7am,” he boasts, as the shadow of an intercontinental airliner flickers over the tops of the pines. From this office he hopes to reinvent continental Europe’s financial centre, already home of the European Central Bank.

Brexit helps. Of the banking jobs that have left London since June 2016, more have gone to Frankfurt than anywhere else. After a recent visit Lloyd Blankfein, the chief executive of Goldman Sachs, tweeted provocatively: “Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there.” In the last month alone Deutsche Bank announced the relocation of its client business to Frankfurt and Credit Suisse moved 250 jobs there. But Emmanuel Macron, France’s president, is pushing for Paris and in November nabbed the London-based European Banking Authority. Frankfurt’s early lead may not hold: “The Brexit process is not complete,” cautions one top European banker. So Frankfurt’s marketing men, like Mr Menges, are stepping up. Den Rest des Beitrags lesen »


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Trotz Verlusts: Deutsche Bank zahlt Mitarbeitern Milliardenbonus

Posted by hkarner - 17. März 2018

16. März 2018, 08:37 derstandard.at

Top-Management verzichtete auf variable Vergütung

Frankfurt – Die Deutsche Bank zahlt ihren Mitarbeitern trotz des dritten Jahresverlusts in Folge für das vergangene Geschäftsjahr wieder einen Milliardenbonus. Wie aus dem am Freitag veröffentlichten Geschäftsbericht des größten deutschen Geldhauses hervorgeht, beträgt die Gesamtsumme der variablen Vergütung für die rund 97.500 Mitarbeiter des Konzerns 2,275 Milliarden Euro. Für 2016 hatte die Bank lediglich 546 Millionen Euro an Boni ausgeschüttet – vor allem an die Mitarbeiter der Investmentbank. Das Top-Management verzichtet erneut auf seinen Bonus. Vorstandschef John Cryan bezog 2017 ein Grundgehalt von 3,4 Millionen Euro. Das sind 400.000 Euro weniger als im Vorjahr. Grund ist eine Änderung der Vergütungsregeln. Den Aktionären will die Bank eine Mini-Dividende von 11 Cent je Anteilsschein zahlen. (Reuters, 16.3.2018) – derstandard.at/2000076254807/Trotz-VerlustDeutsche-Bank-zahlt-Mitarbeitern-Milliardenbonus


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Germany’s Dangerous Political Marriage

Posted by hkarner - 14. März 2018

Helmut K. Anheier

Helmut K. Anheier is President and Professor of Sociology at the Hertie School of Governance in Berlin.

Germany’s new grand coalition – the third in Merkel’s long chancellorship – is a good outcome for Germany’s short-term stability, especially with regard to Europe. But it is a bad outcome for democracy, especially at a time when populist forces are a growing threat.

BERLIN – More than five months after Germany’s federal election last September, a new grand coalition government – comprising Chancellor Angela Merkel’s Christian Democratic Union, the CDU’s Bavarian sister party, the Christian Social Union (CSU), and the Social Democratic Party (SPD) – has finally been formed. But there is little reason to celebrate.

Germany has endured nearly six of months under a caretaker government (the longest in the Federal Republic’s history), a failed coalition agreement, weeks of arduous negotiations, painful internal party rumblings, and much politicking. Moreover, a recent national poll dealt yet another blow to the center-left SPD, indicating that if elections were held today, the party would be outperformed by the far-right Alternative for Germany (AfD). Den Rest des Beitrags lesen »


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The Trade Warrior

Posted by hkarner - 14. März 2018

Date: 12-03-2018

Donald Trump’s Attack on German Prosperity

U.S. President Donald Trump seems intent on launching a trade war. He is ignoring appeals to common sense coming from Europe and Asia, but one country stands to lose more than any other: Germany.

Starting last Thursday, automobile manufacturers once again began presenting their newest attractions. But this year, the executives are having a more difficult time than usual in exuding confidence. It’s not that their bottom lines are in bad shape; on the contrary. It’s not that they are weighed down by the ongoing diesel scandal; they’ve more or less become used to that. Rather, their collective mood was crushed by just a few words pecked out on the screen of the mobile phone of the most powerful man in the world.

On March 3, U.S. President Donald Trump announced on Twitter that he would be slapping a punitive tariff on automobiles „which freely pour into the U.S.,“ as he complained. Prior to that, Trump had announced that he intended to introduce a 25-percent import tariff on steel and 10 percent on aluminum — and signed the corresponding executive order last Thursday. It was a move that threw a significant share of the automobile and metal industries into turmoil.

If Trump also fulfills his threat against foreign carmakers, it would be a painful blow to German producers, particularly Porsche. The VW subsidiary is heavily dependent on sales in the United States, with every fourth vehicle sold in America. Were tariffs introduced, Porsche would likely be forced to raise its prices and risk taking a hit on sales. Den Rest des Beitrags lesen »


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Why Germany’s new government is not about to go soft on the euro

Posted by hkarner - 10. März 2018

Date: 08-03-2018
Source: The Economist: Charlemagne

Italy’s depressing election will not help

FOR nearly half a year serious business in the European Union has been on hold as Germany struggled to cobble together a government. On March 4th the waiting came to an end when the centre-left Social Democratic Party declared that its members had voted two-to-one to rejoin Angela Merkel’s conservative Christian Democrats (CDU) in coalition. The sighs of relief in Paris and Brussels were almost audible. Yet inside the Willy Brandt Haus, the SPD’s Berlin headquarters, the mood was distinctly flat. So divisive had the issue been that party apparatchiks agreed in advance to mute their reactions to the result. The SPD has secured juicy ministries and all sorts of policy concessions from Mrs Merkel. But announcing the news on Sunday, Olaf Scholz, the SPD’s acting chairman and the presumed next finance minister, displayed all the enthusiasm of a funeral celebrant on Xanax.

That reflected the deep ambivalence of a wounded party towards renewing an arrangement that since 2013 has squashed its identity (and its vote share). It might also serve as a warning for foreigners who expect the SPD to inject a dash of vigour into Germany’s European policy. EU officials speak of a window of opportunity for reforms opened by Emmanuel Macron’s election in France, a sprightly economic upswing and the unfamiliar absence of crisis. Their hopes were further elevated by a SPD-CDU coalition agreement apparently infused with Europhilia, its first chapter titled “A new departure for the EU”. The red lines outsiders had come to expect from Germany on matters like risk-sharing in the euro zone seemed conspicuously absent. Den Rest des Beitrags lesen »


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Mathew D. Rose – Germany’s Social Democrats did the right thing: committed political suicide

Posted by hkarner - 7. März 2018

Sometimes historical events occur and no one really notices. The decision of the German social democrats to once again enter a grand coalition heralds the end of a political party with a history of over 150 years. But no one really cares, anyway. With its pact with neo-liberalism it lost its soul.

Mathew D. Rose is an Investigative Journalist specialised in Organised Political Crime and an editor of BRAVE NEW EUROPE.

As I participated in my first political demonstration in Germany in 1979 – against nuclear energy – the chant I learned was “Wer hat uns verraten? Die Sozialdemokraten” (Who betrayed us? The Social Democrats). This harks back to 1914 as the then left-wing Social Democratic Party (SPD) voted to support Germany’s entry into the first world war. Betraying its voters is what the SPD has been doing ever since – except maybe during the chancellorship of Willy Brandt (1969 to 1974).

While the SPD portrays itself as a centre-left party, at least when elections occur, it is rabidly neo-liberal. The SPD has been in decline since Gerhard Schröder was elected chancellor in 1998 and, together with the Greens, smashed the social market economy. Like Tony Blair and Bill Clinton he realised that neo-liberalism was the ideology to bet on. He was – and will probably remain – the last Social Democratic chancellor of Germany.  Schröder and many of his fellow cabinet and junior ministers from the SPD and the Greens went on to become well-paid lobbyists for international corporations. Schröder himself works for Nord Stream (a German Russian gas pipeline company) and Rosneft (a state-owned Russian oil company). Den Rest des Beitrags lesen »


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The End of Little Germany?

Posted by hkarner - 6. März 2018

Sophia Besch

Sophia Besch is a research fellow at the Center for European Reform.

Germany has long enjoyed the luxury of pretending to be something it is not: a small country. Now that a new government has finally been formed, Germany must start thinking of itself as the major economic player it is, and behave accordingly – preferably before new ministers settle into old routines.

LONDON – At long last, Germany is ready to swear in a new government. After five months of political wrangling, the Social Democrats (SPD) and the Christian Democratic Union – together with the CDU’s Bavarian sister party, the Christian Social Union – have formed a government coalition. But in the process of reaching that agreement, something has shifted in German political debate.

Germany has long enjoyed the luxury of pretending to be something it is not: a small country. At the time of the election last year, there was hardly any public debate about the European Union and Germany’s role in it. Chancellor Angela Merkel’s then-comfortable lead in opinion polls confirmed her instinct that German voters did not want to be bothered with discussions about Europe’s future. And, despite being the former president of the European Parliament, then-SPD leader Martin Schulz also focused almost entirely on domestic issues. Den Rest des Beitrags lesen »


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Europe’s Bretton Woods Moment

Posted by hkarner - 2. März 2018

Harold James is Professor of History and International Affairs at Princeton University and a senior fellow at the Center for International Governance Innovation. A specialist on German economic history and on globalization, he is a co-author of the new book The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, and Making the European Monetary Union.

Political leaders in France and, soon, Germany will have a chance to deliver the European Union from its malaise, but only by heeding the right lessons from the past. The success of grand bargains between France and Germany in 1963, and between the victors of World War II in 1944-1945, speak to the need for a bold, comprehensive approach.

PRINCETON – After years of paralysis during the debt crisis that began in 2009, the European Union seems to have regained some momentum. In France last year, Emmanuel Macron and his La République En Marche ! won the presidency and a strong parliamentary majority. And in Germany, after much delay, the center-left Social Democrats are currently voting on a new coalition agreement with the center-right Christian Democratic Union and its Bavarian sister party, the Christian Social Union.

The hope now is for renewed Franco-German cooperation and a new Élysée Treaty, updating the historic 1963 agreement negotiated by German Chancellor Konrad Adenauer and French President Charles de Gaulle. A new arrangement might involve more spending at the EU level and overcoming old German taboos against a “transfer union.” Den Rest des Beitrags lesen »


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