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☆ Top German business leader recalls his days working with Trump: 'His administration was extremely receptive'
▼ + stars: | 2024-11-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

It's still uncertain what Donald Trump's second presidency will look like, but his first administration was highly responsive to business issues with a set way of operating, top German business executive Joe Kaeser told CNBC. "If I personally, for my company at the time, had an issue to resolve, his administration was extremely receptive," the chairman of the supervisory board of Siemens Energy said in an interview with CNBC's Annette Weisbach Thursday. Kaeser was Siemens' CEO throughout President-elect Trump's first term. Trump did "a lot of things which helped the economy" during his first four years in office, Kaeser said, noting that he believed the president-elect's tax cuts at the time were a positive. One study done at the time, however, showed that the Trump tax cuts, which were implemented in 2017, only had a limited contribution to the strong U.S. growth the following year.

Persons: It's, Donald Trump's, Joe Kaeser, CNBC's Annette Weisbach, Kaeser, Trump's, Trump Organizations: CNBC, Siemens Energy, Siemens, Trump Locations: New York

☆ UniCredit and Commerzbank square off with target hikes amid takeover battle
▼ + stars: | 2024-11-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

The logo of German bank Commerzbank seen on a branch office near the Commerzbank Tower in Frankfurt. Daniel Roland | Afp | Getty ImagesTwo months since UniCredit played its opening move to woo German lender Commerzbank , the lenders flaunted their financial strength as one of Europe's largest banking mergers still hangs in balance. Both banks reported third-quarter results on Wednesday, with UniCredit posting an 8% year-on-year hike in net profit to 2.5 billion euros ($2.25 billion), compared with a Reuters-reported 2.27-billion euro forecast. It raised its full-year net profit guidance to above 9 billion euros, from a previous outlook of 8.5 billion euros. When the Italian lender showed its hand by using derivatives to build a potential 21% stake in Commerzbank, the German lender appointed a new CEO and sharpened its financial targets.

Persons: Daniel Roland, UniCredit, Commerzbank, CNBC's Annette Weisbach, Bettina Orlopp, Orlopp, Chancellor Olaf Scholz, waylay, Let's, hadn't, Andrea Orcel, CNBC's Charlotte Reed Organizations: Afp, Getty, Reuters, CNBC, Wednesday, German Ministry of Finance Locations: Frankfurt, Europe, Commerzbank, Berlin

☆ U.S. election won't be an 'uneventful event' for global markets, UBS chief says
▼ + stars: | 2024-10-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The outcome of upcoming elections in the world's leading economy is set to ripple into global markets no matter who clinches leadership of the White House, UBS head Sergio Ermotti told CNBC on Wednesday. "We do expect, no matter who wins and the outcome, we do expect some market movements. Markets are bracing as voters flock to the polls on Nov. 5, with the U.S. holding both the world's foremost reserve currency and the largest stock exchange by market capitalization. Under a [Donald] Trump presidency, we see that as being inflationary on the back of his focus on immigration and on tariffs. But we don't see any outcome as being particularly growth positive.

Persons: Sergio Ermotti, CNBC's Annette Weisbach, Ermotti, Donald, Trump, Arun Sai, CNBC's Organizations: White House, UBS, CNBC, Swiss, U.S, U.S . Federal, . Treasury, Pictet Asset Management, Trump Locations: U.S

☆ ECB's Lagarde: Clear we have risks on both sides of our forecasts
▼ + stars: | 2024-10-17 | 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 EmailECB's Lagarde: Clear we have risks on both sides of our forecastsECB President Christine Lagarde speaks to CNBC's Annette Weisbach after the central bank delivered its third rate cut this year.

Persons: Christine Lagarde, CNBC's Annette Weisbach

☆ Commerzbank board member warns of significant job losses with a hostile UniCredit takeover
▼ + stars: | 2024-09-24 | by ( April Roach | ) www.cnbc.com time to read: +2 min

: The lettering "Commerzbank" can be seen on the Commerzbank Tower in the center of the banking city. Photo: Helmut Fricke/dpa (Photo by Helmut Fricke/picture alliance via Getty Images)Two-thirds of the jobs at Commerzbank could disappear if UniCredit successfully carries out a hostile takeover of the German lender, a Commerzbank supervisory board member warned on Tuesday. Stefan Wittmann, who is also a senior official at German trade union Verdi, told CNBC's Annette Weisbach that "we certainly hope we can avoid" a hostile takeover by the Italian bank. "But if it [a hostile takeover] is unavoidable, we think that two-thirds of jobs will disappear, that there will be another significant cut in the branches," he said, according to a translation. "We will see in particular that UniCredit does not want all Commerzbank customers at all, but that it focuses on the supposedly best customers, namely the wealthy customers," he added.

Persons: Helmut Fricke, UniCredit, Stefan Wittmann, Verdi, CNBC's Annette Weisbach, Witmann, Wittmann Organizations: Getty Locations: Hesse, Frankfurt, Italian, Berlin, Commerzbank

☆ ECB's Lagarde: Decision to cut was unanimous
▼ + stars: | 2024-09-12 | 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 EmailECB's Lagarde: Decision to cut was unanimousCNBC's Annette Weisbach speaks to European Central Bank President Christine Lagarde after the Bank decided to cut interest rates.

Persons: Annette Weisbach, Christine Lagarde Organizations: European Central Bank, Bank

☆ Euro zone inflation eases to 2.5% as core print misses estimate
▼ + stars: | 2024-07-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

watch nowHeadline inflation in the euro area dipped to 2.5% in June, the European Union's statistics agency said Tuesday, while the closely watched core and services prints held steady. Core inflation, excluding the volatile effects of energy, food, alcohol and tobacco, stayed at 2.9% from the prior month, narrowly missing the 2.8% economists had forecast. Investors will now parse what the latest data means for the trajectory of interest rates in the 20-nation euro zone, following the European Central Bank's initial 25 basis point cut in June. Volatility in the consumer price index has long been expected this year, as choppy base effects from the energy market unwind. In June, year-on-year energy inflation in the euro zone was 0.2%, a sharp switch from earlier in the year when the sector had a strong disinflationary pull.

Persons: Luis de Guindos, CNBC's Annette Weisbach Organizations: Reuters, Inflation, Investors, Central, Tuesday, ECB, Central Banking Locations: Sintra , Portugal

☆ Europe's climate ambitions thrown into doubt as Green vote collapses
▼ + stars: | 2024-06-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

That's significantly lower than the 71 seats the Greens/EFA secured when the green faction enjoyed its strongest ever showing five years ago. Nationalist and far-right parties — traditionally skeptical of climate issues — have also been vocal critics of green policies. Bas Eickhout Lead candidate for the Green PartyBas Eickhout, lead candidate for the Green Party, said that support for the far-right parties across the bloc could jeopardize Europe's progress on climate action. Green Deal 'cannot go back'Ahead of the vote, researchers warned that the outcome of the European elections was likely to put significant pressure on the European Green Deal, the region's showcase carbon neutrality program. Which means [the] Green Deal cannot go back, but we are prepared to give it this additional twist, which is a Green Deal, but taking care of the transitions," Marques told CNBC's Silvia Amaro.

Persons: Emmanuel Macron, —, we're, Eickhout, CNBC's Silvia Amaro, Ricarda Lang, Grünen, Terry Reintke, Omid, Reintke, Pedro Marques, Marques, Jorg Asmussen, Asmussen, CNBC's Annette Weisbach, John Macdougall Organizations: Afp, Getty, European Free Alliance, Greens, EFA, Democracy, European Union, European Conservatives, Social Democrats, Free Democrats, French, Union, Nationalist, Bas Eickhout, Green Party, Green, Green Deal, Socialist, Democrats Group, German Insurance Association Locations: The Hague, Germany, Austria, France, Bas, China, United States, Europe, European, Berlin's Columbiahalle, Denmark, Netherlands, Sweden, Finland, Croatia, Latvia, Slovenia, Lithuania, EU, den Linden, Berlin

☆ EU election 'results in Germany destabilize the already unstable coalition': Fratzscher
▼ + stars: | 2024-06-10 | 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 EmailEU election 'results in Germany destabilize the already unstable coalition': FratzscherMarcel Fratzscher, the president of the German Institute for Economic Research, speaks to CNBC's Annette Weisbach following the EU election result.

Persons: Fratzscher Marcel Fratzscher, CNBC's Annette Weisbach Organizations: EU, German Institute for Economic Research Locations: Germany

☆ Extremist wings increasingly vocal in Germany, Saxony minister-president says
▼ + stars: | 2024-05-31 | 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 EmailExtremist wings increasingly vocal in Germany, Saxony minister-president saysMichael Kretschmer, the minister-president of Saxony, sits down for an exclusive interview with CNBC's Annette Weisbach to discuss the upcoming European elections, the rise of the AFD, and what issues voters need to see addressed.

Persons: Michael Kretschmer, CNBC's Annette Weisbach Locations: Germany, Saxony

☆ Markets underestimate geopolitical risk as raft of elections looms, ECB's De Guindos says
▼ + stars: | 2024-05-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

And simultaneously, we are referring to geopolitical risks. I think that, you know, markets sometimes are underestimating the potential impact of geopolitical risks that are there," Luis de Guindos told CNBC's Annette Weisbach. Rising geopolitical risks present "considerable downside risks," the ECB warned in the report. The report attributes the rally in financial markets to analyst expectations of interest rate cuts from major central banks this year. "And that's the element that you cannot ignore, you cannot overlook this potential impact that could affect risk aversion, risk attraction, commodity prices, growth, overall growth in the global economy."

Persons: Luis de Guindos, CNBC's Annette Weisbach, De Guindos Organizations: European Central Bank, Stock, U.S, ECB Locations: U.S, Europe, East, Ukraine

☆ Siemens posts industrial profit drop as automation division slows
▼ + stars: | 2024-05-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Karl-Josef Hildenbrand | Picture Alliance | Getty ImagesGerman technology giant Siemens on Thursday reported a drop in profit at its industrial business in the fiscal second quarter and said its automation division had slowed. The company's industrial profit came in at 2.51 billion euro ($2.73 billion) in the three months ending in March, down 2% from the same quarter last year. The figure was also below the company-compiled analyst forecast of 2.68 billion euro which was reported by Reuters. Net income fell to 2.2 billion euro in the three months to the end of March, down 38% year-on-year, while sales shed 1% to 19.16 billion euro. watch nowSiemens focuses on automation and digitalization and produces technology for a range of sectors such as transport and healthcare.

Persons: Karl, Josef Hildenbrand, Roland Busch, CNBC's Annette Weisbach, Busch Organizations: Getty, Siemens, Reuters Locations: Bavaria, Munich, London

☆ We have positive momentum in operating performance: Fresenius Medical Care CEO
▼ + stars: | 2024-05-07 | 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 positive momentum in operating performance: Fresenius Medical Care CEOHelen Giza, CEO of Fresenius Medical Care, joins CNBC's Annette Weisbach to discuss the company's 2024 first-quarter earnings results.

Persons: Helen Giza, Annette Weisbach Organizations: Fresenius Medical, Fresenius

☆ Deutsche Bank posts better-than-expected profit in first quarter amid investment banking recovery
▼ + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Deutsche Bank on Thursday reported a 10% rise in first-quarter profit, beating expectations amid an ongoing recovery in its investment banking unit. Net profit attributable to shareholders was 1.275 billion euros ($1.365 billion) for the period, ahead of an aggregate analyst forecast of 1.23 billion euros for the period, according to LSEG data. Deutsche Bank said this was its highest first-quarter profit since 2013. Revenues at its investment bank increased 13% to 3 billion euros, following a 9% slump through full-year 2023 which had dragged down overall profit. Germany's biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.

Persons: James von Moltke, CNBC's Annette Weisbach Organizations: Deutsche Bank, Deutsche Bank's, Private Bank, Asset Management

☆ Renk makes debut on Frankfurt exchange
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Susanne Wiegand, the CEO of Renk, speaks to CNBC's Annette Weisbach as the company goes public in Frankfurt Wednesday.

Persons: Susanne Wiegand, CNBC's Annette Weisbach Organizations: Renk Locations: Frankfurt

☆ Nuclear's uncertain role in the shift away from fossil fuels is seen as critical and very contentious
▼ + stars: | 2023-11-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

It's set to be a hot topic at the COP28 summit in Dubai, which begins this week. There are reports that there will be a concerted effort to get behind a big increase in nuclear capacity from now to 2050. "As more nations understand the role nuclear can play in achieving energy security and decarbonisation targets, global support for nuclear energy is growing," he added. "The phase-out of nuclear power makes our country safer; ultimately, the risks of nuclear power are uncontrollable," Steffi Lemke, Germany's federal minister for the environment and nuclear safety, said in April. France, a major player in nuclear power, is also planning to increase its number of reactors.

Persons: Janos Kummer, Atoms4NetZero, Rafael Mariano Grossi, Friedrich Merz, CNBC's Annette Weisbach, Merz —, Chancellor Olaf Scholz —, Steffi Lemke Organizations: Getty, International Atomic Energy Agency, CNBC, World Nuclear Association, IAEA, Christian Democratic Union, Greenpeace, Germany —, — Locations: Slovakia, Dubai, United Arab Emirates, COP28, Germany, Sweden, France

☆ The vice-president of Germany's central bank has a warning for lenders as insolvencies rise
▼ + stars: | 2023-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Germany's major banks need to increase their provisions for non-performing loans, as corporate insolvencies and credit risks mount, according to Bundesbank Vice-President Claudia Buch. Lawmakers in Berlin are meanwhile scrambling for solutions to a developing budget crisis that could threaten the future of the country's coalition government. Like the rest of the euro zone, the German economy is dealing with a rapid rise in interest rates, as the European Central Bank took its main deposit facility from a record low of -0.5% in September 2019 to a record-high of 4% in September 2023. "I will say that, actually, the financial sector dealt quite well with this increase in interest rates. "Resilience is really of utmost importance at the current juncture.

Persons: Claudia Buch, Buch, CNBC's Annette Weisbach Organizations: Lawmakers, European Central Bank Locations: Europe, Berlin

☆ European Central Bank VP says escalation in geopolitical risk could spark market correction
▼ + stars: | 2023-11-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Markets may be failing to fully price in risks from geopolitics and the economic outlook — and the European Central Bank is monitoring this as a potential threat to financial stability, the group's vice-president said Wednesday. He added, "This is one of the main elements that we believe now could produce volatility in the financial landscape." He was discussing the release of the central bank's Financial Stability Review for November, which tackles the challenges of a "soft landing" that brings down inflation without significant economic damage. However, it says risks to financial stability remain "elevated," as attention is now on the knock-on effects of tight financial and credit conditions on borrowers, and a correction in real estate markets. Nevertheless, because of base effects we will have some increase in inflation over the next months," de Guindos said.

Persons: Luis de Guindos, CNBC's Annette Weisbach, de Guindos Organizations: European Central Bank, ECB

☆ Berlin needs to get its act together after state election results, former Siemens CEO says
▼ + stars: | 2023-10-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Joe Kaeser delivers a speech during the Siemens Annual Shareholders' Meeting on February 3, 2021 in Munich, Germany. Pool | Getty Images News | Getty ImagesThe results of two state elections in Germany sent "a clear message" to Berlin that the government needs "to get their act together," Joe Kaeser, chairman of the Supervisory Board at Siemens Energy, told CNBC. The execution I think is something which has potential for improvement," Kaeser, the former CEO of Siemens, said in an interview with CNBC's Annette Weisbach Tuesday. The far-right Alternative for Germany (AfD) party gained votes in the two key regions. The AfD's candidate in Hesse, Robert Lambrou, had anticipated that voters would swing toward his party, saying that people were "heavily disappointed by the policy of the government."

Persons: Joe Kaeser, CNBC's Annette Weisbach, Angela Merkel's, Robert Lambrou, Kristalina Georgieva Organizations: Siemens, Getty, Board, Siemens Energy, CNBC, Conservative, Christian Democratic Union, CDU, Christian Social Union, Social Democrats, Greens, Free Democrats, IMF Locations: Munich, Germany, Berlin, Hesse, Bavaria, Germany's

☆ Germany's political landscape is shifting, with the far-right AfD party ahead in the polls
▼ + stars: | 2023-10-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The AFD party leadership (front row) holds a banner reading OUR LAND FIRST! during a protest against the rising cost of living in a demonstration organized by the right-wing Alternative for Germany (AfD) political party on October 8, 2022 in Berlin, Germany. The Christian Democratic Union party (CDU), formerly led by chancellor of 16 years, Angela Merkel, currently polls the highest. "First of all you need a political will to stop it and we don't see this will among the other parties. "There is a backlash clearly … The population is now moving to the right," Sinn said, referring to the popularity of the AfD.

Persons: Omer Messinger, Angela Merkel, Robert Lambrou, Lambrou, CNBC's Annette Weisbach, Chancellor Olaf Scholz, Manfred Knof, Hans, Werner Sinn, Sinn Organizations: Getty, Social Democrats, Greens, Free Democrats, Christian Democratic Union, CDU, CNBC, Federal Ministry for Economic Affairs, Handelsblatt Locations: Germany, Berlin, Hesse, Frankfurt, Bavaria, Munich, Sonneberg, Thuringia, Europe

☆ Schott Pharma CEO discusses IPO
▼ + stars: | 2023-09-28 | 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 EmailSchott Pharma CEO discusses IPOSchott Pharma CEO Andreas Reisse speaks to CNBC's Annette Weisbach on the company's IPO.

Persons: Andreas Reisse, CNBC's Annette Weisbach Organizations: Schott Pharma

☆ Betting on a rate cut now is 'premature,' European Central Bank member says
▼ + stars: | 2023-09-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

It is "premature" to bet on a cut to interest rates, Francois Villeroy de Galhau, France's central bank governor, told CNBC, as market players consider whether the European Central Bank has reached peak rates. "We should remain at this level for a sufficiently long period of time," he told CNBC's Annette Weisbach exclusively on Monday. "Betting now on the next cut is probably premature." The ECB hiked rates once again earlier this month, bringing its main deposit rate to 4%. The benchmark rate stood at -0.5% in July 2022 before the central bank embarked on an intense rate hiking cycle in an effort to tackle high inflation.

Persons: Francois Villeroy de, CNBC's Annette Weisbach Organizations: CNBC, European Central Bank Locations: France's

☆ Germany needs structural change to prevent a shift to the right, Commerzbank CEO says
▼ + stars: | 2023-09-22 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The sun sets behind the lignite-fired power plant of Boxberg on August 18, 2023 in Neuliebel, Germany. Florian Gaertner | Photothek | Getty ImagesGermany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023. Knof also said Germany's small-to-medium-sized companies, known as the Mittelstand, were reluctant to invest in their own country because of the structural issues in Europe's largest economy. "We need more activities and ... [a] better framework for the German SMEs to invest in this country," he added. "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies.

Persons: Florian Gaertner, Manfred Knof, Knof, Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm Organizations: Photothek, Getty, CNBC, Handelsblatt, Federal Ministry for Economic Affairs, Germany, German Industry Federation Locations: Boxberg, Neuliebel, Germany, Bavaria, Europe's

☆ 'We are ready to engage': Europe's biggest carmakers brace for China's EV challenge
▼ + stars: | 2023-09-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

BMW CEO Oliver Zipse speaks during the presentation of the new BMW "New Class" during an event ahead of the IAA motor show in Munich. Europe's dominant position in the automotive sector was established over many decades through its capacity to build superior combustion engines. The German behemoth has already created automotive software company CARIAD, as well as partnering with Chinese EV startup Xpeng, joint venture partner SAIC and autonomous driving company Horizon Robotics. watch nowHe added that Volkswagen has established "huge cost initiatives" and sees big opportunities to scale up its EV production while reducing battery production costs by 50%. Our electricity costs compared to China or North America are too high," Skoda CEO Klaus Zellmer told CNBC on Monday.

Persons: Oliver Zipse, Christophe Périllat, Luca De Meo, Ampere, De Meo, CNBC's Annette Weisbach, Oliver Blume, " Blume, Blume, Klaus Zellmer, Joe Biden's, BEV, Zellmer Organizations: BMW, IAA, Getty, CNBC, Volkswagen, Renault, IAA Mobility, SAIC, Horizon Robotics, Volkswagen Group, CRU Group, Skoda Locations: Munich, China, Europe, North America, U.S, Canada, Spain, Germany

☆ BMW, Mercedes launch biggest EV push yet to catch Tesla with new models
▼ + stars: | 2023-09-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

BMWMUNICH, Germany — BMW and Mercedes are making their biggest push yet into electric cars in a bid to fend off rising competition from Chinese players and catch up with U.S. giant Tesla . On Saturday, rival BMW showed off the "Vision Neue Klasse," another electric concept car that highlights the company's EV ambitions. This is the companies' biggest push yet toward a new platform for the electric vehicle era. Tesla commanded 20% of the global EV market in the second quarter, followed by 15% for BYD, according to Counterpoint Research. GTI Concept electric vehicle at the IAA show, and said a production version of the car is scheduled to hit the road in 2027.

Persons: Warren Buffett, BYD, Elon Musk's Tesla, Mercedes, Ola Kallenius, Kallenius, CNBC's Annette Weisbach, Oliver Zipse, CNBC's Arabile, Zipse, Daniel Roeska, Roeska, Tesla Organizations: BMW, IAA, BMW MUNICH, Mercedes, IAA Mobility, Benz, Analysts, Bernstein Research, CNBC, Tesla, BYD, Research, U.S ., EV, Volkswagen Locations: Munich, Germany, Tesla, China

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