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☆ German officials search bank in Russian oligarch probe
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] German officials have searched a large bank in Munich and Frankfurt, Germany, November 8, 2022, in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. REUTERS/Kai PfaffenbachBERLIN, Nov 8 (Reuters) - German officials have searched a large bank in Frankfurt and Munich in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. The prosecutors' spokesperson did not name the bank and declined to name the oligarch, adding that individuals of the bank were not under investigation.

☆ Impossible Foods Hires a Marketing Chief as It Seeks to Win Over Meat Eaters
▼ + stars: | 2022-11-08 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

Alternative-meat maker Impossible Foods Inc. has hired Leslie Sims to fill the newly created post of chief marketing and creative officer ahead of a planned expansion in marketing, the company said. Ms. Sims, currently U.S. chief creative officer at Deloitte Digital, will assume her new role on Jan. 1. Founded in 2011, Impossible Foods sells products including plant-based alternatives to beef burger patties, chicken nuggets and pork. Leslie Sims will become chief marketing and creative officer at Impossible Foods in January. “We’re really going for not being the best plant-based meat—we’re going for being the best meat,” Ms. Sims said.

☆ Mercedes CEO: 'absolutely inconceivable' to write off China
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 7 (Reuters) - Mercedes-Benz (MBGn.DE) Chief Executive Ola Källenius on Monday spoke out against distancing oneself from China, saying it was "absolutely inconceivable" to write off the country. The comments came days after German Chancellor Olaf Scholz led a delegation of business leaders to China, urging German companies to diversify should the relationship between the two countries sour. Källenius, speaking at an event at Berlin's ESMT business school, said he was deeply convinced of the benefits of globalization and that it was absolutely right for Scholz to be the first Western leader to visit President Xi Jinping recently after his term extension. "To back away from China because something might happen would be the wrong direction," Källenius said. Reporting by Ilona Wissenbach; Writing by Tom Sims; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Allianz to pause paid Twitter ads for now - spokesperson
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of Allianz is seen on a building in Paris, France, April 30, 2020. REUTERS/Charles PlatiauFRANKFURT, Nov 7 (Reuters) - German insurer and asset manager Allianz will halt its paid advertising on Twitter for now, a spokesperson said on Monday, the latest in a wave of similar moves by companies in the wake of Elon Musk's takeover of the social media platform. Germany's Handelsblatt first reported the development. Reporting by Tom Sims; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Germany likely to block Chinese takeover of Elmos' chip production
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 7 (Reuters) - The German government will likely block the Chinese takeover of Elmos' (ELGG.DE) chip factory, the Dortmund-based company said on Monday. The economics ministry had been examining the sale to competitor Silex, a Swedish company that is a subsidiary of Chinese group Sai Microelectronics (300456.SZ). The deal "will most likely be prohibited" in a "new development", Elmos said on Monday. Until Monday, the ministry "had indicated to the parties that the transaction most likely will be approved". Reporting by Tom Sims; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

☆ Moody's downgrades outlook for banks in Germany, Italy and elsewhere
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 2 (Reuters) - The ratings agency Moody's said on Wednesday that it had downgraded the outlook for banks in Germany, Italy and four other countries to "negative" from "stable" as the energy crisis and high inflation weaken economies. "We expect operating conditions to deteriorate further," Louise Welin of Moody's said. European banks' shares (.SX7e) have fallen nearly 25% from their highs before Russia invaded Ukraine earlier this year. Moody's said it expected weaker bank loan quality, profitability and access to funding. The outlook for British and Austrian banks remained stable, Moody's said.

Some of Europe's largest banks have warned of growing risks as the economy fizzles after posting stronger-than-expected profits last week. European banks' shares (.SX7e) have fallen nearly 25% from their highs before Russia invaded Ukraine in February. The outlook for British and Austrian banks remained stable, Moody's said. For Italy, Moody's cited stagflation risks and an expectation that the economy won't grow in 2023 after an expansion of 2.7% in 2022. In Poland, Moody's said banks face a near stagnation in economic growth next year, coupled with a big rise in interest rates and inflation, which will "limit growth opportunities".

☆ Jim Obergefell's Supreme Court case helped legalize same-sex marriage 7 years ago. Now, he could become the only openly gay member of Ohio's state House.
▼ + stars: | 2022-11-02 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +13 min

Now, Jim Obergefell — the man for which that case was named — is running for Ohio state House. "But you know, the nice thing is, everything I went through with the court case — a lot of that really prepared me for something like this." The "court case" in question was Obergefell v. Hodges, the landmark 2015 civil rights case in which the Supreme Court ruled five to four that same-sex couples were guaranteed the right to marry. "I don't start with it, and I don't focus on it," he said of his association with the 2015 Supreme Court case. "Very, very few of them have a Supreme Court case that happened because of that relationship."

☆ How Do Drag Shows Advance U.S. National Security?
▼ + stars: | 2022-10-28 | by ( John Ratcliffe | Cliff Sims | ) www.wsj.com time to read: 1 min

The exportation of American culture has long been one of our nation’s greatest soft-power assets. But instead of using it to affirm Western values and U.S. interests, the Biden administration is proselytizing for woke ideology. The foreign-policy implications could be catastrophic. In an effort to “promote diversity and inclusion,” the State Department is funding “drag theater performances” in Ecuador through cultural grants. The purpose of the grants, according to official documents, is to “support the achievement of U.S. foreign policy goals and objectives, advance national interests, and enhance national security.”

It is a flashback for a nation that found itself at the geographic and political centre of the Cold War. "No one should use nuclear weapons," German Chancellor Olaf Scholz warned earlier this month. While some Germans are nervous, not everyone fears another Cold War. Stuttgart mayor Frank Nopper grew up next to neighbours who bought a vacation home in Spain to flee any hostilities in Germany during the Cold War. He said his city feels closer than many German municipalities to the Ukraine war because his region is home to two U.S. military command centres.

For these reasons, the ECB said banks would have to start paying going rates on their TLTRO credit, rather than the average rate over the whole duration of the loans. But the rate the ECB pays commercial banks is now back in positive territory and is likely to rise further. Analysts have warned changing the terms of loans already outstanding could deter banks from tapping similar loans in future downturns. The TLTRO cash also creates additional demand for low-risk securities, limiting the rise in rates on repurchase agreements and short-dated government bond yields. , Lagarde said that also factored into the ECB's decision.

FRANKFURT, Oct 26 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday posted a better-than-expected 475% jump in third-quarter profit as investment banking revenues rose thanks to a trading boom and despite a slump in dealmaking. Deutsche is also trimming staff at its investment bank, people with knowledge of the matter have told Reuters, as a pullback in financing deals compels lenders to limit costs. Revenue from the investment bank's origination and advisory business declined 85% in the quarter, compared with expectations for a 61% drop. The investment bank in recent years recovered from being its problem child to its strongest revenue generator thanks to a coronavirus pandemic trading boom and the dealmaking frenzy. Among Deutsche's other major divisions, corporate bank revenues rose 25%, while private bank revenues were up 13%.

And Italy's UniCredit (CRDI.MI) raised its 2022 profit goal, helped by higher interest rates and lower loan loss provisions that also drove quarterly earnings above forecasts. For years, banks bemoaned ultra loose monetary policy, but now higher interest rates means banks can start to benefit from the increased gap between what they charge borrowers and what they pay savers. Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition to upgrade its revenue outlook despite a weakening global economy. For Santander, higher loan loss provisions in key markets like Brazil and the United States overshadowed better than expected third-quarter earnings. While benefiting from higher interest rates, banks also face the unwinding of a scheme that buoyed their profits for years.

☆ Deutsche Bank's DWS sued by consumer group over alleged greenwashing
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - A German consumer group said on Monday it is suing Deutsche Bank's (DBKGn.DE) asset management unit DWS (DWSG.DE) for allegedly misrepresenting a fund's green credentials in marketing materials. DWS, which has repeatedly denied it misled investors, rejects the allegations by the consumer group, which represents consumers in the state of Baden-Wuerttemberg. The group said it filed a suit against DWS on Sept. 26 in a Frankfurt court, which has set a hearing for March 10. The lawsuit against DWS is one of several filed by the consumer group against financial firms for allegedly overstating their green credentials. Asoka Woehrmann resigned as chief executive of DWS in June after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over allegations of greenwashing and misleading investments.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

☆ 'The Peripheral' review: Chloë Grace Moretz stars in Amazon's convoluted sci-fi series, which travels into two futures and still isn't worth the time
▼ + stars: | 2022-10-21 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —In terms of Nolan brothers productions, “The Peripheral” appears to have been made for people who think “Tenet” and the fourth season of “Westworld” weren’t complicated enough. Because of Flynne’s role in that future threats keep invading her present, which is every bit as confusing as that sounds. Although there’s plenty of violent action and cool futuristic weaponry, “The Peripheral” feels like a mashup of sci-fi ideas put to better use elsewhere, from “Avatar” to “Free Guy,” with a lot in between. Mostly, other than the sometimes-striking set design, there’s nothing particularly distinctive about the villains or the scenario, which feels more convoluted than engaging. It’s produced by Warner Bros. Television, like CNN, a unit of Warner Bros.

☆ Deutsche Bank investment bank job cuts to include staff in Britain - source
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 21 (Reuters) - The dozens of staff to be cut at Deutsche Bank's (DBKGn.DE) investment bank include staff based in Britain, a person with knowledge of the matter said on Friday. Reuters reported on Thursday that Deutsche Bank has cut staff in origination and advisory segments of its investment banking unit, as a pullback in financing deals compels lenders to limit costs. The cuts in New York and London will be in the "dozens", said the person, declining to give a concrete figure. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Marta Orosz, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank cuts investment banking jobs as M&A deals dry up -source
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

Investment bankers were awash with deals in 2021 but have seen few this year as companies halt buyouts and listings amid volatility in the capital markets, tensions between the United States and China, and the Russia-Ukraine war. A Deutsche bank spokesperson declined to comment. The move is a setback for Deutsche, whose investment bank in recent years recovered from being its problem child to its strongest revenue generator thanks to a pandemic trading boom and the deal-making frenzy. Until recently, senior investment bankers had said they wanted to further expand advisory services. Last year, Germany's largest lender began gingerly hiring new staff at its investment bank.

☆ Meet the CNN Hero working to stop violence and rebuild lives on the South Philly streets where he once sold drugs
▼ + stars: | 2022-10-20 | by ( Kathleen Toner | ) edition.cnn.com time to read: +7 min

Philadelphia CNN —Tyrique Glasgow’s life has always revolved around his South Philadelphia neighborhood, and gun violence has always been a part of it. At 15, he got sucked into street life – selling drugs and eventually controlling a specific block of his neighborhood. Three years ago, Glasgow opened a community center that’s become a source of support for the whole neighborhood. Now, on the block where he once sold drugs, he provides food, necessities, and resources to hundreds of local residents every week. But there’s a coalition that’s trying to change the name.

☆ German online bank N26 to launch crypto trading in Austria
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 20 (Reuters) - German online bank N26 said on Thursday it would begin allowing some customers in Austria to trade cryptocurrencies, in its first foray into the asset class. N26 said it would expand the service to clients elsewhere in the coming months and eventually facilitate the trade of almost 200 cryptocurrencies. The crypto asset sector is largely unregulated in most countries and regulators have warned investors face a high risk of losses. The European Parliament is expecting to vote on groundbreaking new rules for crypto assets in December or early 2023. "The purchase of crypto assets constitutes a high risk and may result in the loss of the money spent," N26 said in a footnote of its announcement.

☆ German prosecutor: investigating 101 people in latest cum-ex raid
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 19 (Reuters) - A German prosecutor said on Wednesday that they were investigating 101 people in their latest cum-ex raid. The spokesperson wouldn't comment on the name of the bank, but Deutsche Bank confirmed on Tuesday that it was the target. Deutsche Bank declined to comment on the number of individuals. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims and Marta Orosz, Writing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ German prosecutors search Deutsche Bank HQ in cum-ex probe
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/FilesBERLIN, Oct 18 (Reuters) - German prosecutors have searched the headquarters of Deutsche Bank (DBKGn.DE) in connection with an ongoing investigation of the multibillion-euro tax fraud scheme known as "cum-ex", Deutsche Bank said on Tuesday. Deutsche is one of many banks that prosecutors have searched in connection with the tax scheme that thrived more than a decade ago. Germany's largest lender, under Chief Executive Christian Sewing, has been trying to clean up the bank's reputation since he assumed the helm in 2018. Reuters has reported Deutsche Bank’s involvement in the scheme between 2006 and 2011, when bankers discussed the "reputation risks" of the matter.

☆ How Gen Z is rewriting dating, marriage and family plans for their 20s: 'I have so much stuff I have to worry about'
▼ + stars: | 2022-10-18 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

It's an interesting trend for today's Gen Z students who are short-term anxious but long-term confident about their work and lives, says Christine Cruzvergara, chief education strategy officer at Handshake, the job-search platform for college students. Pragmatic goals around career, self-discovery and funSome Gen Zers are trading traditional life milestone goals for ones they have more control over. Speaking as a recent grad, Jade Walters agrees that taking control of her career means de-prioritizing other life goals. The 23-year-old is a Howard University grad who in her final months of school launched the Ninth Semester, an early-career resource for Gen Z professionals. Jade Walters, 23, works a corporate job in Chicago and runs the Ninth Semester, an early-career resource for Gen Z professionals.

☆ Eurowings says majority of passengers to reach destinations despite strike
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 16 (Reuters) - Lufthansa's (LHAG.DE) budget division Eurowings said on Sunday that more than half of its passengers will reach their planned destinations despite a pilots strike planned for this week. For Monday, the first day of the three-day strike, more than 230 of the some 400 planned Eurowings flights will take place, the airline said. More than half of flights will also take place on Tuesday and Wednesday, Eurowings said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Sims, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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