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☆ Trump win would hammer growth and send inflation soaring in Europe, ECB official says
▼ + stars: | 2024-10-09 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

A Trump win would pose risks to economic growth and inflation in Europe, ECB member Joachim Nagel says. Officials in Europe, for their part, are warily eyeing what a Donald Trump win would mean. Nagel's comments come just weeks before the US presidential election and follow previous warnings from ECB members about the potential impact of a Trump win. AdvertisementBack in January, ECB president Christine Lagarde said a Trump win is "clearly a threat" to Europe considering the policies he implemented during his first term in office. She pointed to Trump's tariffs, commitment to NATO, and climate change policies, which she said were misaligned with European interests.

Persons: Joachim Nagel, Nagel, —, Donald Trump, Trump, he'd, " Nagel, there's, it's, Harris, Kamala Harris, Christine Lagarde Organizations: Trump, Service, European Central Bank Governing, Tuesday, Bloomberg, Federal, NATO Locations: Europe, Germany, Berlin, Italy, EU

President Joe Biden has postponed his overseas trip this week due to Hurricane Milton, according to two sources familiar with the planning. Biden was scheduled to depart for Berlin on Thursday and then travel to Angola in Southern Africa, returning to the U.S. on Oct. 15. "Given the projected trajectory and strength of Hurricane Milton, President Biden is postponing his upcoming trip to Germany and Angola in order to oversee preparations for and the response to Hurricane Milton, in addition to the ongoing response to the impacts of Hurricane Helene across the Southeast," White House Press Secretary Karine Jean-Pierre said in a statement. Residents there are still reeling from the destruction caused by Hurricane Helene last month. Criswell will be in Florida providing guidance and coordinating disaster response to Milton, White House press secretary Karine Jean-Pierre told reporters Monday.

Persons: Joe Biden, Hurricane Milton, Biden, Hurricane Helene, Karine Jean, Pierre, Milton, Donald Trump, Kamala Harris, Helene, Harris, Trump, Deanne Criswell, João Lourenço, “, States ’ Organizations: House Press, FEMA, NBC News, Defense Department, White Locations: Hurricane, Berlin, Angola, Southern Africa, Germany, Florida, North Carolina, Georgia, Milton, U.S, States, United States

Washington CNN —President Joe Biden will no longer travel abroad this week as a major hurricane speeds toward Florida. The statement comes ahead of Biden’s expected remarks this morning on Hurricane Milton’s anticipated impact and ongoing recovery efforts for Helene. There have not yet been any discussions in earnest about when the postponed trip would be rescheduled, another White House official said. The White House had appeared aware of the optics of the president potentially being abroad after a catastrophic storm. “He’s gotten updates about the hurricane and (is) obviously continuing to get updates on what is happening on the ground as after the horrible hurricane, Hurricane Helene, and so that will continue.”There is little time remaining in his presidency to reschedule.

Persons: Joe Biden, “, Hurricane Milton, Biden, Hurricane Helene, Karine Jean, Pierre, Biden’s, Helene, Helene –, Trump, Hurricane Dorian, Berlin –, –, Olaf Scholz, Emmanuel Macron, Keir Starmer, Donald Trump ., Kamala Harris, Milton, ” Jean, ”, “ He’s, That’s, Pierre said Organizations: Washington CNN, Republicans, Biden, White, Ukraine, British, NATO, Ukraine Defense Contract, White House, reschedule Locations: Florida, Germany, Angola, Hurricane, Poland, Berlin, Saharan Africa, France, United Kingdom, Ukraine

☆ LinkedIn goes deeper into puzzle games with Tango, following success of Queens
▼ + stars: | 2024-10-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

A man opens the LinkedIn social network app on his smartphone at the breakfast table in Berlin on July 5, 2024. Every morning, Emily Ritter spends 15 minutes in bed checking her Instagram, Messages, Slack and Strava apps and playing The New York Times' Connections and Strands games on her phone. LinkedIn, which Microsoft acquired for $27 billion in 2016, rolled out its first three games in May, and Queens has emerged as the hottest of the trio. On Tuesday, the company launches game number four, and it's going deeper into logic puzzles with a title called Tango. The New York Times offers eight games, and made a splash in the market in 2022 with the purchase of viral word game Wordle.

Persons: Emily Ritter, Ritter, Daniel Roth, Roth, It's Organizations: New York Times, LinkedIn, San, Microsoft, Facebook, Activision Locations: Berlin, San Francisco, Queens, U.S

☆ The Western auto industry is now locked in a 'Darwinian' make-or-break battle with China, the chiefs of 2 major automakers warn
▼ + stars: | 2024-10-07 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Mercedes-Benz CEO Ola Källenius says automakers need to hunker down if they want to beat the Chinese. Ford's CEO, meanwhile, called the Chinese auto industry an "existential threat" after a visit to the country in May. When it comes to competing in the EV market, Western automakers have been left playing a game of catch-up with the Chinese. Chinese automakers like BYD have been expanding into Southeast Asian countries like Thailand, as well as developing markets like Brazil and Mexico. The crippling trade restrictions effectively shut them out of the US auto market.

Persons: Ola Källenius, Källenius, —, Mercedes, isn't, Jim Farley, Farley wasn't, Farley, John Lawler, Lawler Organizations: Mercedes, Benz, Service, Ford, Berlin Global, EV, Källenius, Business Insider, Wall Street, Changan Automobile, Research, BI, European Union, Financial Times Locations: China, Thailand, Brazil, Mexico, Western

The United States is experiencing yet another divisive campaign season, but there may be a place where Americans can find calm and camaraderie: a vice presidential debate. "Saturday Night Live" followed up a historic, Season 50 premiere with more satire as Tuesday's debate between nominees for vice president, Sen. JD Vance, R-Ohio, and Democratic Gov. The "SNL" recreation had repertory player Heidi Gardner playing CBS News' Norah O'Donnell, who introduced the running mates. Walz, played by comedian Jim Gaffigan, is a former teacher and high school football coach tapped by Vice President Kamala Harris (Maya Rudoph) as her Democratic running mate. Vance (Bowen Yang) was asked by debate cohost Margaret Brennan (Chloe Fineman) how he'd address the crisis in the Middle East.

Persons: Sen, JD Vance, Tim Walz, Heidi Gardner, Norah O'Donnell, Walz, Jim Gaffigan, Kamala Harris, Vance, Bowen Yang, Margaret Brennan, Chloe Fineman, Margaret, he's, I'm, Donald Trump, Hitler, " Walz interjected, Rudolph's Harris, Harris, Douglas Emhoff, Andy Samberg, Joe Biden, Dana Carvey, Mary, I’m, Emhoff, Nate Bargatze, Coldplay Organizations: Democratic Gov, CBS, Democratic, SNL, NBC, NBC News Locations: States, R, Ohio, Minnesota, NBCUniversal

☆ Russia is likely trying to exploit the conflict in the Middle East to expand its influence, war experts say
▼ + stars: | 2024-10-03 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +6 min

AdvertisementThe Kremlin is likely trying to exploit the conflicts in the Middle East to expand its own influence, according to military experts. Wall Street's main indexes opened lower again on Thursday amid persistent worries that hostilities in the Middle East could escalate. Advertisement"Russia clearly benefits from the war in the Middle East, at least since it distracts global attention from Ukraine," he added. AdvertisementRussia "wants to appear relevant in the Middle East but not getting sucked in ongoing conflicts," he said. It said it was trying, through these efforts, to regain major influence on Middle Eastern and Eastern Mediterranean gas sales, especially liquefied natural gas.

Persons: —, Hezbollah's, Hassan Nasrallah, Mikhail Bogdanov, Israel, Anatoly Viktorov, Sergey Lavrov, Vladimir Putin, Alexander Libman, Mark N, Katz, doesn't, It's Organizations: Service, Russian, Israel, Lebanese, Israel Defense Forces, TASS, Washington Institute for Near, Policy, Free University of Berlin, George Mason University, Reuters, Jamestown Foundation Locations: Israel, Iran, Russia, Lebanon, Ukraine, Tehran, Red, Iraq, Syria, Palestinian, Eastern

Some of the ads feature doctors speaking passionately about abortion and saying that Republican candidates shouldn't represent "us" or "our" communities in Congress. But in at least four instances, House Majority PAC, a super PAC aligned with House Democratic leadership, featured Republican-blasting doctors in their ads who did not live in the district where they were advertising. The path to the House majority runs through all four of the districts where these ads ran. Since then, both doctors and patients have often become key personal messengers on abortion for Democrats. But Republicans blasted House Majority PAC over the ads, calling them misleading and accusing the group of spreading falsehoods about GOP incumbents and candidates.

Persons: Gabe Evans “, Lori Chavez DeRemer, Emily Schneider, Evans, Michelle Berlin, Lowe, Chavez, Destinie Marquez, Yvette Herrell, ” Marquez, Joe Biden’s, Melanie Stansbury, Juan Ciscomani, Sen, Kirsten Engel, Dr, Sigrid Williams, “, Roe, Wade, Williams, Amy Walter, here’s, Hakeem Jeffries ’, Will Reinert, Marquez, Schneider, Lori Chavez, Gabe Evans, Janelle Bynum, Jeff Potts, Susan Wild, ” Potts, Potts, Mike Eby, Vasquez, Gabe Vasquez, …, ” Eby, Luna County Sheriff Raymond Cobos, Derrick Anderson, Anderson Organizations: PAC, House Democratic, Republican, New, Colorado GOP, ”, GOP, OB, University of Colorado, University of New, University of New Mexico Hospital, Democratic, NBC, Republicans, House, National Republican Congressional, NBC News, HMP, Congressional, Fund, House Republican, New York Post, Post, Congress, Luna County Sheriff, New York Times, Army Green Locations: New Mexico’s, Arizona’s, Colorado’s 8th, Oregon’s 5th, Colorado, Oregon, Colorado ’, Oregon’s, New Mexico, Arizona, University of New Mexico, Albuquerque, Joe Biden’s State, Arizona’s 6th, Arizona’s 7th, Berlin, Colorado’s 6th, state’s, Pennsylvania’s, Luma County, Washington, Luna County, Virginia

☆ A TV celebrity’s 15-year-old son went traveling in Europe without an adult. Cue the outrage
▼ + stars: | 2024-10-02 | by ( Blane Bachelor | ) edition.cnn.com time to read: +16 min

“My little boy has returned from 3 weeks inter-railing,” Allsopp wrote on X, referring to a popular European train pass called Interrail. There are additional requirements for French residents, and passengers under 16 are not allowed to travel unaccompanied by an adult on direct trains to or from the Netherlands. However, as the employee also noted, different member hostels may have their own rules about age requirements. The Netherlands-based Stayokay hostels, for example, require a minimum age of 16 years for travelers unaccompanied by an adult at their 21 locations. chekyfoto/iStock Editorial/Getty ImagesProponents of allowing eager young travelers to explore the world at ages that might raise a few eyebrows say the benefits can outweigh the risks.

Persons: CNN —, Kirstie Allsopp, ” Allsopp, Oscar, Allsopp, Lenore Shenazy, ’, Joe Maher, couldn’t, ” Carolyn Pearson, ” Pearson, Pearson, “, there’s, ” Mark Smith, ” Smith, Hilton, Cole Robinson, –, Robinson, ” Robinson, ”, Peter Austin, Jenny Rankin, Rankin, ” Rankin, Jonathan Alder, Jonathan’s, ” Alder, Alder, Carolyn Pearson, Michelle Couch, Friedman, Couch, “ I’ve, they’ve, it’s, ” Couch Organizations: CNN, CNN Travel, ”, Union, Eurostar, European Union, EU, Amtrak, Hostelling International, Resorts, South America, Filmit, “, –, Consumer Locations: Europe, Paris, Brussels, Amsterdam, Berlin, Barcelona, Madrid, US, Netherlands, Hyatt, Manchester, Eixample, South, California, Japan, – Japan

Vice presidential candidates JD Vance and Tim Walz faced off in their first and only debate Tuesday night, squaring off over everything from foreign policy and the economy to the 2020 election and abortion rights. Contemporaneous newspaper reports — first reported by Minnesota Public Radio News and APM Reports — place Walz in Nebraska at the time. Fact-check: Is housing 60% more expensive during the Biden administration? “Iran, which launched this attack, has received over $100 billion in unfrozen assets thanks to the Kamala Harris administration," Vance said. As part of a prisoner exchange the Biden administration negotiated with Iran last year, $6 billion more in Iranian assets were unfrozen.

Persons: Vance, Tim Walz, Walz, “, America —, ”, —, That’s, Kamala Harris, Biden, Harris, hasn’t, " Walz, Harris “, she’s, Donald Trump’s, You’ve, Donald Trump, Obama, Harris wasn’t, unfroze, Trump, Trump “, I’ve, Mike Pence Organizations: America, CNN, Minnesota Public Radio, APM, U.S, Center for American Progress, Economic, Global, Washington Post, Social Security, Immigration, Department of Homeland Security, NBC News, Biden, Democratic, Health Affairs, Customs, Capitol, Centers for Disease Control, Minnesota Health Locations: China, Nebraska, Hong Kong, Beijing, Russia, Saudi Arabia, Ireland, Norway, Spain, Lechleitner, U.S, Iran, Minnesota, ”

☆ BlackRock's CEO says China is the biggest supporter of Russia's economy amidst the Ukraine war
▼ + stars: | 2024-10-02 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Larry Fink says China is the biggest, fundamental supporter of Russia's economy. AdvertisementChina is Russia's biggest war backer, BlackRock chairman and CEO Larry Fink said on Tuesday. "Russia's biggest supporter and fundamental supporter of the Russian economy is China. "We have businesses in China, I'm sure everybody here has some businesses in China," Fink said. In July, Finland's President Alexander Stubb told Bloomberg in an interview that Russia's reliance on China means the Asian giant could end the Ukraine war if it wanted to.

Persons: Larry Fink, Fink, " Fink, China's, —, there's, hasn't, William J, Burns, Alexander Stubb, Xi Jinping, Stubb Organizations: BlackRock, Service, Berlin Global, Bloomberg, Business Insider, CIA, Foreign Affairs Locations: China, Russia, Russia's, Ukraine, BlackRock

☆ Madeleine McCann suspect: German prosecutors seek 15-year jail term in separate rape trial
▼ + stars: | 2024-10-02 | by ( Story The Associated Press | ) edition.cnn.com time to read: +1 min

Prosecutor Ute Lindemann argued that he should be convicted of two counts of rape and two of sexual abuse, and should be kept in preventive detention after he has served a 15-year sentence, German news agency dpa reported. The suspect hasn’t been charged in the McCann case, in which he is under investigation on suspicion of murder. He is currently serving a seven-year prison sentence in Germany for a rape he committed in Portugal in 2005. There are no formal pleas in the German legal system and there is no obligation for defendants to respond. In July, the court lifted an arrest warrant in the cases at stake in the current trial, citing a lack of “urgent suspicion” against the defendant.

Persons: Brueckner, Prosecutor Ute Lindemann, Lindemann, hasn’t, McCann Organizations: Berlin AP, Prosecutor Locations: Braunschweig, Germany, Portugal, Praia da Luz

☆ Investors are realizing the economic cost of climate disruptions, Germany's climate envoy says
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors are realizing the economic cost of climate disruptions, Germany's climate envoy saysJennifer Morgan, state secretary and special envoy for international climate action for Germany, discusses global climate policy at the Berlin Global Dialogue.

Persons: Jennifer Morgan Organizations: Berlin Locations: Germany

☆ We have seen a reluctance from Iran to engage in escalatory activity, says IISS CEO
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have seen a reluctance from Iran to engage in escalatory activity, says IISS CEOBastian Giegerich, director-general & CEO of IISS, discusses geopolitics at the Berlin Global Dialogue with CNBC.

Persons: Bastian Giegerich Organizations: Berlin, CNBC Locations: Iran

☆ German inflation drops to 1.8% in September, below expectations
▼ + stars: | 2024-09-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

The September harmonized CPI figure had been forecast to come in at 1.9% according to a Reuters poll. The German harmonized CPI figure was last under 2% — which is the European Central Bank's target rate for inflation — in February 2021, LSEG data indicated. For that, the still elevated core inflation rate would also need to ease notably. Within Europe, data published last week showed that the harmonized inflation rate in France and Spain fell below the 2% target in September. "The recent series of disappointing economic sentiment indicators and lower-than-expected inflation data have provided new strong arguments for ECB doves," he said.

Persons: Destatis, Sebastian Becker, Becker, Carsten Brzeski Organizations: European Union, Deutsche Bank Research, CNBC, European Central Bank, ING, ECB Locations: Berlin, Germany, European, Westphalia, Europe, France, Spain

☆ Jimmy Carter is setting a new record for American presidents. It’s important for everyone
▼ + stars: | 2024-09-30 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +25 min

Paul J. Richards/AFP/Getty Images Carter works at a construction site sponsored by the Jimmy Carter Work Project in Asan, South Korea, in 2001. Alex Wong/Getty Images Carter meets with Obama and other former presidents at the White House in January 2009. Richard Lewis/The Elders/Getty Images Carter was interviewed for "The Presidents' Gatekeepers" project at the Carter Center in Atlanta in September 2011. Chris McKay/Getty Images Carter talks about his cancer diagnosis during a news conference at the Carter Center in Atlanta in August 2015. The 1983 tweaks to Social Security included, for instance, the counting of some Social Security benefits as taxable income and a gradual increase of the retirement age from 65 to 67.

Persons: Jimmy Carter, Carter, John Quincy Adams, It’s, CNN’s Stephen Collinson, ” Carter, “, George H.W, George H.W . Bush, Rosalynn, Lillian, Gloria, . Bradley, Jimmy, Horace Cort, —, John Storey, Stan Wayman, Amy, Walter Mondale, Gerald Ford, Ford, Warren Burger, Rosalynn Carter, Billy, Simons, Barry Thumma, Harvey Georges, Helmut Schmidt, Schmidt, Anwar Sadat, Menachem Begin, Camp David, Carter's, Carter jogs, Karl Schumacher, Dirck Halstead, Leonid Brezhnev, Chuck McManis, Ronald Reagan, Reagan, Robert Burgess, Joe Holloway Jr, AP Carter, Bill Clinton, Al Gore, Paul J, Richards, Clinton, Chung Sung, Fidel Castro, Adalberto Roque, Arne Knudsen, Hugo Chavez's, Juan Barreto, Howard Dean, Erik S, Scott Olson, Marco Longari, Michael Williamson, Barack Obama's, Alex Wong, Obama, George W, Bush, J, Scott Applewhite, Mark Wilson, Ismail Haniya, Mahmud Hams, Jung Yeon, Nelson Mandela, Jeff Moore, Aijalon Mahli Gomes, Gomes, Darren McCollester, Sheikh Jarrah, Mary Robinson, Bernat, George, Kris Connor, Raul Castro, Javier Galeano, Richard Lewis, David Hume Kennerly, Michelle Obama, Martin Luther King Jr, Jewel Samad, Brian Kersey, Chris McKay, Phil Skinner, Donald Trump, Saul Loeb, Jim Chapin, Drew Angerer, Matt McClain, Dan Quinn, Scott Cunningham, Chip Somodevilla, Mark Humphrey, John Amis, Joe Biden, Jill Biden, Adam Schultz, John Bazemore, Michael S, Williamson, Jason Carter, Evelyn Hockstein, Jimmy Carter's, there’s, aren’t, – Carter, Ronald Reagan –, CNN’s Eva Rothenberg, ” Regan, dismissively, gaslighting, “ Governor Reagan, Reagan empaneled, Alan Greenspan, Donald Trump’s, Kamala Harris Organizations: CNN, Social Security, Medicare, Carter, ”, Habitat, Humanity, Bettmann, Jimmy, AP, US Naval Academy, Democratic, Atlanta, Hulton, Democratic National Convention, Walnut, Theater, Ford, Getty Images, Department of Energy, West, Airlift, Camp, AFP, Getty, Democratic National Committee, White House, Ronald Reagan Library, Andrews Air Force Base, United Nations, Trinity Church, Summit, America's, Getty Images Cuban, University of Havana, Venezuelan, Department of Defense, Washington Post, White, Foreign, Korea University, North, South, Boston's Logan International Airport, Irish, Pyongyang University of Foreign Studies, Carter Center, Lincoln Memorial, Sunday School, Maranatha Baptist Church, Hurricane Relief, College, College Station ,, Secret Service, Atlanta Falcons, NFL, Former, The New York Times, Pew Research Center, Congressional Research Service, Security Locations: Cuba, Guinea, Iraq, Winnipeg, Canada, George H.W ., United States, Elk City , Oklahoma, Plains , Georgia, Atlanta, Georgia, New York, Washington, Philadelphia, Georgia's St, Florida, Panama, Vietnam, Berlin, Maryland, Egypt, Israel, Pennsylvania, Vienna, Austria, Los Angeles, Arab, Wiesbaden, West Germany, Iran, Pakistan, Afghanistan, AFP, New, Asan , South Korea, Havana, Oslo, Norway, Caracas, Venezuela, American, Connecticut, Boston, Maputo, Mozambique, DC, Ghana, Gaza, Seoul, South Korea, North Korea, Johannesburg, Jerusalem, Sheikh, Pyongyang, Chicago, College Station, College Station , Texas, Nashville , Tennessee, Plains

☆ Tesla factory boss defends knocking on workers' doors when they're off sick at home
▼ + stars: | 2024-09-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

A Tesla factory boss defended the decision to knock on workers' doors when they are off sick. AdvertisementThe boss of Tesla's German factory has defended the decision to send managers to knock on workers' doors while off sick. Thierig said turning up at employees' homes was not unusual, according to German press agency DPA, as reported by The Telegraph. Tesla factory execs have previously said the rate of sick leave was higher on Fridays. The high rates of sick leave have drawn the attention of Elon Musk.

Persons: André Thierig, Elon, —, Tesla, Handelsblatt, Thierig, Elon Musk Organizations: Service, The Telegraph, Tesla Locations: Berlin, Europe

☆ I moved to Germany from the US with 4 kids. Here, I have a lot more time for myself.
▼ + stars: | 2024-09-30 | by ( Erin Liam | ) www.businessinsider.com time to read: +6 min

Celia Robbins relocated with her family to Berlin after her husband got a job in Germany. Last year, the kids and I moved to Berlin so they could attend international school. AdvertisementBack in the US, I had been helicopter-parenting my kids, having a lot of control over every aspect of their lives. I was beholden to my kids' schedule in the USI spent about two hours every day in the car, driving my kids to school or to a long list of extracurriculars. But here in Berlin, kids are expected to manage their own things and get themselves to places.

Persons: Celia Robbins, Robbins, she's, —, would've, he'd, Let's, I've, it's Organizations: Service, Embassy of, Cornell University, Rostock —, UN Locations: Berlin, Germany, American, United States, America, Ithaca , New York, Rostock, I'm, New York

☆ Bosses at Tesla's German Gigafactory are reportedly knocking on some workers' doors when they're at home sick
▼ + stars: | 2024-09-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Tesla workers in Germany have received home visits from managers when out sick, a German newspaper reported. AdvertisementSome Tesla workers have received visits at home from managers while off sick, according to a report from German newspaper Handelsblatt, which cited a recording of an internal meeting. AdvertisementHe added that Tesla workers report "extremely high workloads," with management pressuring those who are out sick as healthy employees are overloaded with additional work. — Elon Musk (@elonmusk) September 26, 2024In January, Musk warned Tesla workers to prepare for a ramped-up workload as he previewed plans for a mass-market EV. AdvertisementIn 2022, shortly after he took over X, Musk complained that because the company's San Francisco headquarters was about 90% empty, its free-lunch perk cost it more than $400 per meal.

Persons: Handelsblatt, Elon Musk, —, Dirk Schulze, Musk, Alex Tourville, — Elon, Tesla Organizations: Berlin, Service, Metall, Bloomberg, Business, San, X's Locations: Germany, Tesla's, Fremont , California, San Francisco, Austin , Texas

☆ France's biggest lender says there are 'too many' European banks as UniCredit moves on Commerzbank
▼ + stars: | 2024-09-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A sign on the exterior of a BNP Paribas SA bank branch in Paris, France, on Friday, Aug. 2, 2024. France's BNP Paribas on Thursday said there are simply too many European lenders for the region to be able to compete with rivals from the U.S. and Asia, calling for the creation of more homegrown heavyweight banking champions. Milan-based UniCredit has ratcheted up the pressure on Frankfurt-based Commerzbank in recent weeks as it seeks to become the biggest investor in Germany's second-largest lender with a 21% stake. UniCredit, which took a 9% stake in Commerzbank earlier this month, appears to have caught German authorities off guard with the potential multibillion-euro merger. Germany's position on UniCredit's swoop has prompted some to accuse Berlin of favoring European banking integration only on its own terms.

Persons: CNBC's Charlotte Reed, Lars Machenil, Germany's Commerzbank, Machenil, Olaf Scholz, Scholz, Berlin Organizations: BNP, SA, Bank of America Financials, Spain's BBVA, Banco Sabadell Locations: Paris, France, U.S, Asia, Europe, Milan, Frankfurt, Germany's

☆ UniCredit's pursuit of Commerzbank reflects a watershed moment for Europe — and its banking union
▼ + stars: | 2024-09-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Kirill Kudryavtsev | Afp | Getty ImagesEuropean banking's latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc's incomplete banking union. Whatever the outcome of UniCredit's swoop on Commerzbank, Marsh said the episode marks "another huge test" for German Chancellor Olaf Scholz. What is Europe's banking union? OMFIF's Marsh said Germany's opposition to UniCredit's move on Commerzbank means Berlin "now stands accused of favouring European banking integration only on its own terms." The logo of German bank Commerzbank seen on a branch office near The Commerzbank Tower in Frankfurt.

Persons: Kirill Kudryavtsev, Italy's UniCredit, David Marsh, Marsh, Olaf Scholz, Scholz, –, Germany's Scholz, OMFIF's Marsh, UniCredit's, Daniel Roland, Onur Genç, Mario Centeno, CNBC's, —, Centeno Organizations: European Central Bank, Afp, Getty, London, European Union, CNBC, BBVA, Banco Sabadell, Reuters, European Central Bank's Governing, EU Locations: Frankfurt, Germany, Germany's, Milan, Europe, Commerzbank, Italy, Berlin, Spanish, Brussels, Spain

☆ H&M shares fall as much as 8% on profit miss and scrapped earnings margin target
▼ + stars: | 2024-09-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The logo of Swedish clothing retailer H&M hangs over one of its stores on March 28, 2018 in Berlin, Germany. Shares of H&M tumbled as much as 8% on Thursday after the world's second-largest listed fashion retailer posted a miss on operating profit and abandoned its earnings margin target. The Swedish clothing retailer reported that operating profit for the group's fiscal third quarter came in at 3.51 billion Swedish crowns ($345.8 million), which compared to 4.74 billion Swedish crowns a year ago. H&M dropped its earnings margin target for 2024 after warning of more challenging conditions earlier in the year. At present we estimate that this year's operating margin will be lower than 10 percent," H&M's Ervér said in a written statement.

Persons: LSEG, Daniel Ervér, Helena Helmersson, Ervér, Inditex, M's Ervér, M Organizations: Reuters, UBS Locations: Berlin, Germany, Swedish, Zara, London, Stockholm

☆ German Greens leadership quits after series of election blows
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

25 September 2024, Berlin: The German Green Party leaders Omid Nouripour and Ricarda Lang resign. Photo: Fabian Sommer/dpa (Photo by Fabian Sommer/picture alliance via Getty Images)The joint leaders of the German Greens, Omid Nouripour and Ricarda Lang said they would step aside, making way for a new leadership to be elected at the next party congress. The decision comes after a series of heavy election defeats for the party, which serves in Social Democrat Chancellor Olaf Scholz's coalition.

Persons: Omid Nouripour, Ricarda Lang, Fabian Sommer, Omid, Chancellor Olaf Scholz's Organizations: German Green Party, Getty, German Greens, Social Locations: Berlin

☆ How Europe's biggest tech campus is growing out of a Soviet-era sock factory
▼ + stars: | 2024-09-25 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +7 min

AdvertisementNow, he said, it's changing fast, driven by Lithuania's burgeoning tech startup scene. Tech Zity, an ambitious project a short walk from Cyber City, could help to turbocharge Lithuania's tech scene. Tech Zity is set to become Europe's biggest tech campus. Like Cyber City, Tech Zity is being developed on the site of a Soviet-era factory. Tech Zity, on the site of a Soviet-era sewing factory, is under construction, and it is set to become Europe's biggest tech campus.

Persons: —, Joshua Nelken, Marijus, Vinted, Briedis, that's, Valdas Benkuskas, it's, Kipras Krasauskas, Krasauskas, gesturing Organizations: Service, Vilnius Old Town, Business, Cyber, Nord Security, Nord Security's, Security's, Soviet Union, Vilnius, BI, Tech, Kilo Health Locations: Vilnius Old, Soviet, Lithuania, Vilnius, Silicon Valley, Baltics, Central, Eastern Europe, Lithuanian, Berlin, London, Amsterdam, Cyber, Cyber City, European, City, Soviet Union

☆ Caught cold by UniCredit’s swoop on Commerzbank, Germany will want to avoid a national embarrassment
▼ + stars: | 2024-09-25 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A protestor holds a placard with a slogan reading "Stop Merger Horror" during a union demonstration outside the Commerzbank AG headquarters in Frankfurt, Germany, on Tuesday, Sept. 24, 2024. It follows UniCredit's move to take a 9% stake in Commerzbank earlier this month. watch nowScholz on Monday criticized UniCredit's decision to up the ante on Commerzbank, describing the move as an "unfriendly" and "hostile" attack, Reuters reported. Commerzbank's Deputy Chair Uwe Tschaege, meanwhile, reportedly voiced opposition to a potential takeover by UniCredit on Tuesday. The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.

Persons: it's, UniCredit, Octavio Marenzi, Opimas, CNBC's, Olaf Scholz, He's, Marenzi, Scholz, UniCredit's, Uwe Tschaege, Tschaege, Andrea Orcel, Stefan Wittman, Germany's Scholz, Craig Coben, Coben, Emanuele Cremaschi Organizations: Commerzbank, Bloomberg, Getty, CNBC, Reuters, UniCredit, BBVA, Banco Sabadell, Bank of America, AG Locations: Frankfurt, Germany, Berlin, Milan, Commerzbank, Spanish

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