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Higher interest rates helped UniCredit (CRDI.MI) strongly beat earnings expectations in the second quarter. Germany's financial regulator BaFin has been calling on banks to raise the amount of money they set aside for bad loans. Deutsche Bank on Wednesday said provisions for bad loans nearly doubled in the second quarter from a year earlier to 401 million euros. Santander's financial chief said bad loans in Brazil may have already peaked. This sent the bank's shares up around 2% on Wednesday, with Jefferies saying that it sees upside potential to net interest income.

Persons: Ralph Orlowski, Lloyd's, Andrea Orcel, BaFin, James von Moltke, UniCredit, Jefferies, Tom Sims, Jane Merriman Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Lloyds Banking Group, Lloyds, JPMorgan, Monetary Fund, European Central Bank, Union, Thomson Locations: Frankfurt, Germany, MILAN, MADRID, Europe, Spain, Santander, Brazil

☆ The Friend Trip: Fun Without the Friction
▼ + stars: | 2023-07-26 | by ( Shannon Sims | ) www.nytimes.com time to read: +2 min

Whoever said a friend is a friend forever has clearly never experienced a group trip that has devolved into a maelstrom of conflicting plans and bickering over restaurant bills. All your friends are not travel friends,” advises N’dea Irvin-Choy, a 27-year-old Los Angeles-based travel influencer, on her popular TikTok account. She suggests picking travel partners who share similar interests, and deciding ahead of time what kind of a trip you will be taking — relaxation, partying, adventure. Once you’re in booking mode, Mobili provides a way to see each group member’s travel bookings at once, a tool that is especially useful for larger groups. Others in the group can then collaborate with the same trip by adding their own bookings to create a group itinerary.

Persons: ”, N’dea Irvin, Choy, Robert Driscoll, TripIt, “ It’s Organizations: Microsoft, VentureOut Locations: Los Angeles, ”

DWS said the resolution of allegations was a top priority but that it couldn't comment on timeframes or outcomes. Under Democratic leadership, the SEC has pledged to crack down on "greenwashing" and the inflating of ESG credentials to attract investors. DWS had earmarked civil litigation provisions of 8 million euros ($8.84 million) by the end of last year. DWS has been in settlement negotiations with Frankfurt prosecutors over a multi-million euro fine, one of the people said. Earlier in July, Reuters and other media reported that German prosecutors were investigating DWS' former CEO Asoka Woehrmann, who in the past has called allegations "unfounded".

Persons: DWS, Goldman Sachs, Asoka Woehrmann, Chris Prentice, Tom Sims, John O'Donnell, Louise Heavens, Susan Fenton Organizations: U.S . Securities, Exchange Commission, U.S, Deutsche Bank, Securities, SEC, Investigations, Democratic, Frankfurt, Reuters, Thomson Locations: FRANKFURT, Germany

☆ JPMorgan to expand online bank Chase to Germany, EU - Handelsblatt
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, July 21 (Reuters) - JPMorgan (JPM.N) will expand its online bank Chase to Germany and other European Union countries, CEO Jamie Dimon told German newspaper Handelsblatt, a move that increases competition for European rivals in a crowded market. Reuters has reported preparations for the move, but the CEO's comments to Handelsblatt published on Friday mark the first official confirmation. "It has always been clear to us that we want to introduce Chase not only in the UK, but also in Germany and other European countries," Dimon was quoted as saying. "In Germany, 'Chase' is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet - and private customers know that," he was quoted as saying.

Persons: Jamie Dimon, Handelsblatt, Chase, Dimon, Tom Sims, Rachel More, Christian Schmollinger Organizations: JPMorgan, Chase, Union, Reuters, Reuters Graphics JPMorgan, European Union, Deutsche Bank, Thomson Locations: FRANKFURT, Germany, United States, Frankfurt

☆ JPMorgan to expand online bank Chase to Germany, EU, Handelsblatt reports
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

"I am worried because we are in a deep real estate crisis. And the real estate crisis needs clear, structured and downright radical steps to fix it," Mattner said. For years, Germany's property market has been seen as a safe haven, becoming a major draw for foreign investors. Recent data shows the stress the property sector is facing as the European Central Bank hikes interest rates, with little respite in sight. The fall is "catastrophic," said Andreas Beulich, head of the Federal Association of Independent Real Estate and Housing Companies.

Persons: Kai Pfaffenbach, Chancellor Olaf Scholz, Andreas Mattner, Mattner, Tim, Oliver Mueller, Mueller, Scholz, Danyal, Andreas Beulich, Mathias Duesterdick, ”, Andreas Naujoks, Simone Zapke, Emma, Victoria Farr, Matthias Inverardi, Sharon Singleton Organizations: REUTERS, German Property Federation, German Construction Industry Federation, Reuters Graphics, European Central Bank, Federal Association of Independent, Housing Companies, Centrum Group, ECB, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, Baden, United States, Sweden

Ms. Sims, 54, may be the most surprising legal figure to emerge as the world grapples with the devastating impacts of a warming planet. And she is now the singular force behind a creative legal gambit to make oil and gas companies pay for the devastation being wrought by climate change in Puerto Rico. Her strategy is being carefully watched by the fossil fuel industry and environmental groups as well as other lawyers and municipalities. The lawsuit she filed in November goes after a who’s who of the fossil fuel industry — Exxon Mobil, Chevron, Royal Dutch Shell, BP and others. The case is part of a new wave of litigation targeting oil, gas and coal companies over climate change, which is driven by the burning of their products.

Persons: Sims Organizations: Exxon Mobil, Chevron, Royal, Shell Locations: Puerto Rico

☆ Fugitive Wirecard executive Marsalek contacts German court through lawyer
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

MUNICH, July 18 (Reuters) - Former Wirecard (WDIG.H) board member Jan Marsalek, who has been on the run since the implosion of the German payments company in 2020, has contacted a Munich court through his lawyer, according to the court and the public prosecutor's office. The turn of events comes amid a trial of Wirecard's former chief executive and marks the first known official communication from Marsalek, Wirecard's former chief operating officer, whose exact whereabouts have been unknown for several years. German police have been conducting an international search and had issued an arrest warrant for Marsalek, whom they accuse of "fraud in the billions". Spokespeople for the public prosecutor's office and the court confirmed on Tuesday that a letter from Marsalek's lawyer had been received, but did not comment on the content of the letter. ($1 = 0.8910 euros)Reporting by Alexander Huebner, writing by Tom Sims; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Marsalek, Marsalek, Wirecard, EY, WirtschaftsWoche, Alexander Huebner, Tom Sims, Bernadette Baum Organizations: Thomson Locations: MUNICH, Munich, Marsalek

☆ I Love You, Let’s Stalk Each Other
▼ + stars: | 2023-07-18 | by ( Jessica Roy | ) www.nytimes.com time to read: +2 min

When the coronavirus pandemic forced Americans to turn to the internet for entertainment, home delivery and more, awareness of the way companies and governments use the personal data we publish online also increased. Ms. McKinney said that she had a few friends who don’t feel comfortable sharing their locations, but that she wasn’t a stickler for reciprocity. “Some of my buddies are private and don’t want me to see their location, but that’s fine: They must see my location anyway,” she said. It’s true that there is perhaps nothing more intimate than having live location sharing on — the level of trust you have to have in someone to willingly disclose just how much time you spend sitting in your apartment watching TV! But location sharing can also provide a feeling of closeness even when you’re far away.

Persons: there’s, ” Pew, McKinney, ”, ’ Organizations: Pew Research Center

☆ Battlefield conditions in Ukraine aren't 'ideal' for F-16 fighter jets, but Abrams tanks will 'certainly make a difference,' US general says
▼ + stars: | 2023-07-14 | by ( Jake Epstein | Christopher Woody | ) www.businessinsider.com time to read: +6 min

Kyiv hopes to one day field F-16 fighter jets, and it is expecting to receive Abrams tanks soon. F-16s aren't ideal for the fight now, a US general said, but Abrams tanks will make a difference. While there are still questions about Ukraine's F-16s, Abrams tanks are definitely going to be delivered and are expected to have a significant effect on the battlefield, Sims said Thursday. US M1A1 Abrams tanks needed for training the Armed Forces of Ukraine arrive by rail at Grafenwoehr, Germany, May 14, 2023. The Abrams tanks promised to Ukraine are part of more than $41.3 billion in security assistance that the US has provided Kyiv since Russia attacked in February 2022.

Persons: Abrams, Russia's, they're, Douglas Sims, Biden, Tylon Chapman, Sims, Kyiv's, Tylon, they'll Organizations: Service, Ukraine, NATO, Abrams, Russian, US military's Joint Staff, U.S . Air Force, Falcons, Ohio Air National, 180th Fighter Wing, U.S . Air Force KC, Iowa Air National, Air Refueling Wing, US Air National Guard, Tylon, Attack Munitions, Pentagon, US, Armed Forces, Tylon Chapman Locations: Kyiv, Wall, Silicon, Ukraine, Gen, Iowa, Tylon Chapman Russia, Moscow, Grafenwoehr, Germany, Russia

☆ Swiss Re nominates new chairman after Ermotti goes to UBS
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 12 (Reuters) - The insurer Swiss Re (SRENH.S) said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS. The reshuffle is part of the continuing fallout from Swiss authorities' rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm. De Vaucleroy, a Belgian previously with management roles at the French insurer AXA (AXAF.PA) and the Dutch bank ING (INGA.AS), has been acting as chairman since Ermotti left the chairmanship in April. Following the board's nomination, de Vaucleroy will stand for election as chairman in April at the company's annual general meeting. Reporting by Tom Sims and Oliver Hirt Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Jacques de Vaucleroy, Sergio Ermotti, De Vaucleroy, Ermotti, Vaucleroy, Tom Sims, Oliver Hirt, Miranda Murray Organizations: Swiss, UBS, Credit Suisse, AXA, ING, Swiss Re, Thomson Locations: FRANKFURT, Belgian, Dutch

When the torrential rain stopped on Friday afternoon, Laura Lowry could see the steam rising off the wet pavement. She was on her front porch in the Fifth Ward neighborhood of Houston, desperate for relief from the relentless humidity and 91-degree heat. The air-conditioner in her house worked, but she and her husband, reliant on disability checks, couldn’t afford to run it. The lack of cool air wasn’t simply a matter of discomfort for Ms. Lowry, 73. “I felt like I was passing out.”Another wave of dangerous heat sweeping across the South and into the West this week has posed particular perils for older people, who are among the most vulnerable to such extreme conditions.

Persons: Laura Lowry, Lowry, ”, “ Organizations: Fifth Ward Locations: Fifth, Houston

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

Management at Deutsche Boerse has touted the acquisition announced in April as key to its future strategy, combining SimCorp's investment management software with Deutsche Boerse's data. "The chemistry is right," Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May. Deutsche Boerse hopes to take "significantly" more than 50% of the company. Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy. "The remaining filing process with the EU commission is on track," Deutsche Boerse said.

Persons: Theodor Weimer, SimCorp's, Deutsche Boerse, Tom Sims, Friederike Heine, Rachel More Organizations: Denmark Deal, Deutsche, European, Management, Deutsche Boerse, Thomson Locations: U.S, Italy, Denmark, FRANKFURT, United States

☆ Banking on Change at CNBC Equity and Opportunity: Exec Connect
▼ + stars: | 2023-07-06 | by ( Bertha Coombs | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanking on Change at CNBC Equity and Opportunity: Exec ConnectAmalgamated Bank CEO, Priscilla Sims Brown is no stranger to speaking out on issues, including matters of racial and social justice. Brown joins CNBC's Bertha Coombs and shares what gives her the courage to boldly take on big issues that impact not only the economy, but society more broadly. 11:48 an hour ago

Persons: Priscilla Sims Brown, Brown, Bertha Coombs Organizations: Banking, CNBC Equity, Opportunity, Exec Connect Amalgamated Bank CEO

☆ 36 Hours in the Florida Panhandle
▼ + stars: | 2023-07-06 | by ( Shannon Sims | Shannon Sims Is A Regular Contributor To New York Times Travel. She Spent Her Childhood Summers Vacationing Along State Road | Has Previously Reported The Florida Panhandle Region For The New York Times. | ) www.nytimes.com time to read: +1 min

4 p.m. Hit the beachThe first thing any visitor to 30A is going to want to do is run onto the sugar sand and splash around in the clear water. Succumb to temptation at Topsail Hill Preserve State Park , the westernmost of the area’s excellent public beachfront parks. The large preserve includes 10 miles of trails through forests and lakes, plus campsites, R.V. But the pristine beach is the main attraction, with more than three miles of undeveloped coast to help you transition into unplugged vacation mode. Before swimming at Topsail and other beaches along 30A, it is crucial that visitors check the government's warning flag system on the shore, as red flags indicate dangerous conditions, such as the possibility of rip currents.

☆ Deutsche Bank completes final phase of Postbank tech integration
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 3 (Reuters) - Deutsche Bank (DBKGn.DE) on Monday said that it had completed a fourth and final phase of a years-long technology integration process with Postbank. Germany's largest bank said it would result in cost savings in 2023 and 2024, with annual savings of 300 million euros ($326.52 million) from 2025. Germany's largest bank began acquiring Postbank, with its millions of clients and roots in the country's postal system, in 2008 during the global financial crisis, but it has struggled to complete its integration. Some customers did not have access to all services over the weekend as the bank completed the merger of its IT platforms with Postbank customers. Deutsche will now begin to decommission Postbank hardware and software, contributing to the cost savings.

Persons: Tom Sims, Miranda Murray Organizations: Deutsche Bank, Deutsche, Thomson Locations: FRANKFURT, Germany's

☆ Germany's Scholz watching France unrest with concern
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 2 (Reuters) - Chancellor Olaf Scholz said on Sunday that Germany was watching the unrest in France "with concern". French President Emmanuel Macron postponed a state visit to Germany that was set to begin Sunday because of turmoil on French streets in the wake of the police shooting of a teenager of North African descent. Scholz, in an interview with Germany's ARD television, said that, while watching with concern, he was confident that Macron would successfully calm the situation. "I don't expect that France will become unstable, even if the images of course are very distressing," he said. Reporting by Andreas Rinke and Tom Sims Editing by David Goodman and Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Emmanuel Macron, Scholz, Macron, Andreas Rinke, Tom Sims, David Goodman, Kevin Liffey Organizations: Germany's ARD, Thomson Locations: BERLIN, Germany, France, North

It was the second time this year that unrest in France has forced Macron to postpone high profile encounters with a head of state after Britain's King Charles cancelled a visit due to protests over pension legislation. "A state visit is a visit of friendship, purely ceremonial, there will be a better time to do so," a Macron aide told Reuters, asking not to be named. Macron spoke on the phone on Saturday with German President Frank-Walter Steinmeier and briefed him on the situation, a spokesperson for the German president said. The state visit was to see Macron cross Germany from west to east before giving a speech on bilateral relations. "The state visit can be made up for later, but the violent protests and the reactions to them also show how charged the political mood in France is at the moment," he added.

Persons: Yves Herman BERLIN, Emmanuel Macron, Macron, Britain's King Charles, Frank, Walter Steinmeier, Yann Wernert, Jacques Delors, Andreas Rinke, Elizabeth Pineau, Tom Sims, Richard Lough, Giles Elgood, Andrew Cawthorne Organizations: REUTERS, Thomson Locations: Nanterre, Paris suburb, France, Germany, Paris, Berlin

☆ Deutsche Bank set to finalise Postbank IT integration project this weekend
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 30 (Reuters) - Some Deutsche Bank (DBKGn.DE) customers will not have access to all services this weekend as the bank completes the merger of its IT platforms with Postbank customers, a project that will save hundreds of millions of euros in the years to come. In the fourth and final wave of the integration process this weekend, Deutsche Bank will transfer 4 million contracts of 2 million Postbank customers to a common IT system, a Deutsche Bank spokesperson said. It will mean that customers will not have all access to all services over the weekend, which the bank has communicated on Twitter and elsewhere. Deutsche Bank is currently in the process of cutting costs and reducing headcount, and the Postbank technology integration, dubbed internally as project "Unity", will eventually bring savings of 300 million euros ($325.29 million) a year by 2025, the bank has said. After completion, Deutsche will have 19 million customers' contracts from Postbank on a single platform, a milestone for CEO Sewing as he continues to turn around the bank after years of losses and scandals.

Persons: Deutsche, Tom Sims, Miranda Murray, Jane Merriman Organizations: Deutsche Bank, Twitter, Sewing, Deutsche, Postbank, Thomson Locations: FRANKFURT

☆ Deutsche Bank human resources head Ilgner to leave bank
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 30 (Reuters) - Deutsche Bank's (DBKGn.DE) head of human resources, Michael Ilgner, has decided to leave the bank, Deutsche Bank announced on Friday, the latest in a spate of management changes. It was not immediately clear whether Ilgner's decision to leave was related to the investigation. A Deutsche Bank spokesperson declined to comment on the status of the probe. Deutsche Bank Chief Executive Officer Christian Sewing praised Ilgner as an "important partner" to the management board. Deutsche Bank in recent months has announced a number of board changes, the biggest management reshuffle since 2019.

Persons: Michael Ilgner, Ilgner, Michael, Tom Sims, Victoria Waldersee, Sandra Maler Organizations: Deutsche, Deutsche Bank, Thomson Locations: FRANKFURT

☆ Volkswagen's Audi to replace CEO Duesmann with Gernot Doellner
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowFRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi division will replace current CEO Markus Duesmann on Sept. 1, with Volkswagen strategy chief Gernot Doellner to take over, the carmaker said on Thursday. Reporting by Christina Amann; Writing by Christoph Steitz; Editing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

Persons: Markus Duesmann, Gernot Doellner, Christina Amann, Christoph Steitz, Tom Sims Organizations: Volkswagen, FRANKFURT, Audi, Thomson

☆ Volkswagen in discussions with Tesla over its charging standard
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, June 29 (Reuters) - Volkswagen (VOWG_p.DE) said on Thursday that it was in discussions with Tesla (TSLA.O) over its North American charging standard to optimize it for its customers. "Volkswagen Group and its brands are currently evaluating the implementation of the Tesla North American Charging Standard (NACS) for its North American customers," Volkswagen said in an emailed statement. Reporting by Victoria Waldersee; writing by Tom SimsOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Victoria Waldersee, Tom Sims Organizations: Volkswagen Group, Tesla, North, Volkswagen, Thomson Locations: FRANKFURT

☆ Germany to reject Binance's bid for a cryptocurrency licence - source
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

The U.S. Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "web of deception" to evade U.S. laws. The German regulator, BaFin, issued a statement declining to comment on individual companies due to confidentiality. Last week, Belgium's FSMA regulator ordered Binance to stop offering any virtual currency services in the country. BaFin in 2021 warned Binance it risked being fined for offering certain digital tokens to clients in Germany without necessary information. Reporting by Tom Sims and Tom Wilson; Editing by Sabine Wollrab and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Tom Sims, Tom Wilson, Sabine Wollrab, Mark Potter Organizations: U.S . Securities, Exchange Commission, Finance Forward, Thomson Locations: FRANKFURT, Germany, France

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