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☆ UBS Is Fined Nearly $400 Million in Credit Suisse’s Archegos Mess
▼ + stars: | 2023-07-24 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”

Persons: Credit Suisse’s, ” Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain

☆ ECB to ask banks to provide weekly liquidity data to monitor their health, supervisory chief says
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, July 22 (Reuters) - The European Central Bank (ECB) will ask banks to provide weekly liquidity data from September so that it can carry out more frequent checks on their ability to ward off potential shocks as interest rates rise, the ECB supervisory chief said on Saturday. In an interview published by Milano Finanza, Andrea Enria said that European banks were stronger than before but that financial markets were still in a "delicate phase" due to the Ukrainian war, higher inflation and fast-rising interest rates. All these factors can increase liquidity and funding risks, Enria said, adding that the ECB would be very focused on this in the stress tests and other supervisory processes underway. "We have decided to send banks, starting in September, a request for information on a weekly basis, in order to have fresher data that will allow us to better monitor liquidity developments," Enria said. Currently banks are required to provide liquidity information to the ECB on a monthly basis.

Persons: Milano Finanza, Andrea Enria, Enria, Intesa, Francesca Landini, Clelia Organizations: MILAN, European Central Bank, ECB, Thomson Locations: Italy

☆ ECB to ask banks to provide weekly liquidity data to monitor their health - Enria
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

Persons: Milano Finanza, Andrea Enria, Enria, Intesa, Francesca Landini, Clelia Organizations: MILAN, European Central Bank, ECB, Thomson Locations: Italy

☆ S.Korea financial watchdog gathers securities firms to manage real estate risks
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 20 (Reuters) - South Korea's financial market watchdog gathered local securities firms on Thursday to assess real estate-related risks and urged for thorough and preemptive preparation against them amid concerns the number of overdue loans could rise. Earlier this month, a local credit union was hit by customer withdrawals after media reports about a rise in its non-performing loans related to real estate projects, sparking worries about a liquidity shortage at the union and other financial institutions. "The amount of overdue real estate project financing at securities firms is currently judged to be at a tolerable level, but I request for thorough and preemptive preparation, with the worst case scenario in mind, to prevent any trouble," Deputy Governor Hwang Seon-oh said at the meeting. Hwang met with chief risk officers and investment banking executives from 10 securities firms, who shared the authorities' view on real estate-related risks and agreed to implement risk management measures, according to the statement. Authorities will now step up monitoring of securities firms' exposure to real estate projects to prevent any liquidity risks and engage intensively with those of high vulnerability, the FSS said.

Persons: Hwang Seon, Hwang, Jihoon Lee, Jamie Freed Organizations: Financial Supervisory Service, Thomson Locations: SEOUL

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ Insight: The meds they bought were toxic. Now Gambian parents seek justice
▼ + stars: | 2023-07-14 | by ( Edward Mcallister | ) www.reuters.com time to read: +8 min

Three Gambian lawyers said this is the highest profile case of its kind against the nation's health ministry and the drug regulator, as well as against Maiden itself. It adds that the regulator and the health ministry failed to ensure that drugs were prescribed "with the expected standard of care." Gambia's health ministry did not respond to requests for comment. By this stage, the Gambian health ministry had sent samples of the Maiden syrups abroad for testing. The drugs regulator, the Medicines Control Agency, which is part of the health ministry, did not respond to a request for comment for this story.

Persons: syrups, Maiden, vomited, Amie Jammeh, Mafugi Jassey, Mafugi, Jammeh, Loubna Farage, Jude Nwokike, Markieu Janneh Kaira, Kaira, Edward McAllister, Michele Gershberg, Sara Ledwith Organizations: Suit, Reuters, World Health Organization, WHO, Pharmaceuticals, EG, World Bank, Medicines, Pharmacopeia, Medicines Control Agency, Thomson Locations: Serekunda, Gambia, India, DAKAR, Indonesia, Uzbekistan, Senegal, Africa

☆ S.Korea market watchdog urges preemptive risk management by foreign firms
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 12 (Reuters) - The head of South Korea's financial supervisory agency asked foreign financial firms on Wednesday for preemptive risk management in the face of various uncertainties. "Especially, I request that you do your best to maintain financial soundness and proactive risk management by pre-emptively responding to recent external and internal uncertainties," Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), told firms. Representatives from 11 foreign institutions including JPMorgan Chase Bank, HSBC Bank, MUFG Bank, Yuanta Securities, Goldman Sachs Securities, insurers, and investment companies attended. Lee also told the meeting, which is held once or twice a year, about progress in regulatory changes and authorities' efforts to improve foreign access to financial markets, the FSS said in a statement. Reporting by Jihoon Lee; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Lee Bok, hyun, Lee, Jihoon Lee, Robert Birsel Organizations: Financial Supervisory Service, JPMorgan Chase Bank, HSBC Bank, MUFG Bank, Yuanta Securities, Goldman, Goldman Sachs Securities, Thomson Locations: SEOUL, Goldman Sachs

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

☆ Hunter Biden prosecutor says Justice Dept didn't interfere in probe
▼ + stars: | 2023-07-10 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +3 min

"I have not requested Special Counsel designation," wrote Weiss, who was appointed by Republican former President Donald Trump. Weiss' office last month revealed that it was charging Hunter Biden with two misdemeanor tax charges, to which the president's son is expected to plead guilty later this month. Hunter Biden also has agreed to enter into a pretrial diversion program to avoid facing a more serious felony count of possessing a firearm while he was using illegal drugs. Their criticism has been fueled in part by claims from Gary Shapley, an IRS criminal supervisory agent who worked on the Hunter Biden investigation. Hunter Biden's attorney has also denied that his client received any special treatment.

Persons: Joe Biden's, Hunter, David Weiss, Lindsey Graham, General Merrick Garland, Hunter Biden, Weiss, Donald Trump, Gary Shapley, Shapley, Trump, Garland, Sarah N, Lynch, Scott Malone, Peter Graff Organizations: U.S, Justice Department, Internal Revenue Service, Delaware U.S, Republican, Attorney, D.C, Thomson Locations: Delaware, Washington, California

☆ The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
▼ + stars: | 2023-07-10 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play. What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%. Some of those pressures will be visible as regional banks disclose second-quarter results this month. "The fundamental issue with the regional banking system is the underlying business model is under stress," said incoming Lazard CEO Peter Orszag.

Persons: Jamie Dimon, Brian Graham, Banks, KeyCorp, Matt O'Connor, Peter Orszag, SVB, Chris Wolfe, Wolfe, you've, You've, Goldman Sachs, Lazard's Orszag, Orszag, Janet Yellen, Sen, Elizabeth Warren, Klaros, Graham Organizations: First, JPMorgan, Silicon Valley Bank, CNBC, Klaros, Deutsche Bank, Federal Reserve Bank of New, Justice Department Locations: First Republic, Silicon Valley, SVB, KBW, Federal Reserve Bank of New York, Republic

☆ Continental to phase out activities at Gifhorn plant by end of 2027
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 7 (Reuters) - Continental (CONG.DE) said on Friday it plans to phase out business activities at its Gifhorn plant by the end of 2027, with 450 out of 900 jobs at the site affected. The decision was taken "against the backdrop of the sharp increase in cost pressure in the automotive industry, the declining automotive markets, and the high and by international standards uncompetitive cost structure at the site", the company said in a statement. The measures will include relocation of the assembly of latest-generation air supply systems in 2024, relocation of the spare parts business from 2024, and outsourcing of valve block and piston head production to suppliers by the end of 2027. The supervisory board supports the initial measures but will decide on the phase-out at its December meeting, the company said. Reporting by Friederike Heine, Editing by Rachel More and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Friederike Heine, Rachel More, Miranda Murray Organizations: Thomson Locations: BERLIN

HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets. A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo. A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said. One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts. Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.

Persons: Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien Organizations: HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson Locations: CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas

☆ Mercedes to extend CEO Kaellenius' contract - source
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

BERLIN, July 6 (Reuters) - Mercedes-Benz wants to extend Chief Executive Ola Kaellenius' contract, a source with knowledge of the matter told Reuters on Thursday, confirming a report in the Handelsblatt business daily. The person said no surprises were expected on the question of another term for Kaellenius, which would keep the 54-year-old at the helm of the German carmaker until at least mid-2029. Kaellenius' contract is currently set to expire in May 2024. Handelsblatt reported that a supervisory board decision was expected on the matter this summer. Reporting by Ilona Wissenbach; writing by Miranda Murray and Rachel More; editing by Sabine Wollrab, Matthias Williams, Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

Persons: Ola Kaellenius, Kaellenius, Handelsblatt, Ilona Wissenbach, Miranda Murray, Rachel More, Sabine Wollrab, Matthias Williams, Madeline Chambers Organizations: Benz, Reuters, Thomson Locations: BERLIN

☆ The National Guard says it's struggling to hire because workers are being lured in by Wendy's, Amazon, and FedEx instead
▼ + stars: | 2023-07-06 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The National Guard says it's struggling to hire as big private companies boost pay and benefits. Maj. Marco Irenze said, per a press release by the National Guard Association of the United States last month. Across all private nonfarm jobs, workers in production and nonsupervisory roles earned $28.75 an hour in May on average, per preliminary seasonally-adjusted BLS data. "This is the most challenging recruiting environment the Department of Defense has probably ever faced," Col. Anthony Pasquale, the chief of the Air Guard's recruiting & retention division, said, per the press release. As well as high wages in other industries luring workers away from the military, the pandemic also made it harder for the National Guard to recruit in traditional ways such as at high schools, the National Guard Association said.

Persons: it's, —, Carl's, Marco Irenze, Irenze, didn't, Col, Anthony Pasquale Organizations: National Guard, Wendy's, UPS, FedEx, Microsoft, Service, Nevada Guard, National Guard Association of, Nevada Guard's, Battalion, Washington Air Guard's, Mobile, Illinois Army Guard's Woodstock Sustainment Program, Workers, Employers, Bureau of Labor Statistics, Department of Defense, Air, Air Guard, National Guard Association Locations: Amazon, United States, Nevada

☆ Meta loses as top EU court backs antitrust regulators over privacy breach checks
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: +3 min

Meta Platforms on Tuesday lost its fight against a German data curb order that strikes at the heart of its business model as Europe's top court backed the German antitrust watchdog's power to also investigate privacy breaches. The ruling from the Luxembourg-based Court of Justice of the European Union (CJEU) potentially hand antitrust authorities more leeway in Big Tech probes. At issue was whether the German antitrust agency overstepped its authority by using its antitrust power to address data protection concerns, which are the remit of national data protection authorities. Thomas Graf, a partner at law firm Cleary Gottlieb, was more cautious on whether antitrust authorities would want to go into the details of privacy law. "Are antitrust authorities going to become GDPR regulators?

Persons: Andreas Mundt, Benoit Coeure, Thomas Graf, Cleary Gottlieb, Graf, Max Schrems Organizations: Justice, European Union, Big Tech, Meta, Facebook, Data Protection Locations: Menlo Park , California, Luxembourg

☆ German antitrust watchdog can add privacy breaches to Meta probe, EU court says
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - Antitrust authorities can check whether companies such as Meta Platforms (META.O) comply with EU data protection rules during their investigations, Europe's top court said on Tuesday, a move likely to broaden regulators' scrutiny of Big Tech. At issue is whether the German antitrust agency overstepped its authority by using its antitrust power to address data protection concerns, which are the remit of national data protection authorities. Meta, owner of Facebook, Instagram and WhatsApp, challenged the finding, prompting a German court to seek advice from the CJEU. The CJEU however said antitrust regulators must "take into consideration any decision or investigation by the competent supervisory authority pursuant to that regulation." The case is C-252/21 Meta Platforms and others (User conditions for a social network).

Persons: Foo Yun Chee, Charlotte Van Campenhout, Louise Heavens Organizations: Antitrust, Big Tech, Justice, European Union, Facebook, Thomson Locations: BRUSSELS, Luxembourg, German, Amsterdam

☆ Americans living in Europe on how easy it is to take PTO: 'I am still getting used to 30 days of vacation'
▼ + stars: | 2023-07-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +1 min

It's the only advanced economy in the world that doesn't have federal laws requiring paid leave for vacations or sick time, and as a result, many rely on policies that vary by employer. When left up to businesses, the average American worker gets just 11 days of paid vacation in their first year at a company, according to the Bureau of Labor Statistics. In a culture that prizes productivity, even workers who do get vacation days often leave them on the table. Krys Elexandra, 26, lived in Arizona and moved to Germany 18 months ago to explore Europe and because of her strong interest in German culture. Elexandra is entitled to 30 paid days off in Germany and was surprised to find it's "extremely easy" to request time off.

Persons: Krys Elexandra, Elexandra Organizations: Bureau of Labor Statistics, CNBC Locations: Europe, Arizona, Germany, South Korea

Atlanta/Hong Kong CNN —Belarusian President Aleksandr Lukashenko has invited Wagner Group mercenaries to his country to train its military. The Wagner leader was last spotted leaving the southern Russian city of Rostov-on-Don last Saturday, after abruptly calling off his troops’ march on Moscow. Media group shut downLukashenko’s speech came as a Russian media group associated with Prigozhin shut down its operations. Russian state media TASS reported Friday that the Russian media regulator Roskomnadzor has restricted access to media sites belonging to Patriot. Prigozhin, the founder of the private military company Wagner, had recently held the position of deputy head of the Patriot’s supervisory board.

Persons: Aleksandr Lukashenko, Wagner, Lukashenko, ” Lukashenko, defusing, Vladimir Putin, Yevgeny Prigozhin, ”, Putin, Prigozhin, Don, Yevgeny Zubarev, Zubarev Organizations: Hong Kong CNN —, Wagner Group, Belarus ’, European Union, Media, Prigozhin’s Patriot, Federal News Agency, People’s, Economy, Politics, TASS Locations: Atlanta, Hong Kong, Belarus, Belarusian, Moscow, Russian, United States, Poland, “, Russia, Ukraine, Rostov, Minsk, Nevskiye Novosti

[1/2] A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. China's long-awaited rules for offshore stock exchange listings form part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. REGULATORY 'BLACKBOX'The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing. Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Additional reporting by Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, JD.com, Scott Murdoch, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Organizations: China Securities Regulatory Commission, REUTERS, China, U.S, iMotion Automotive Technology, Reuters, Thomson Locations: China, Beijing, Hong Kong, SYDNEY, HONG KONG, Suzhou, Sydney

☆ Silver Lake secures 63% stake in Software AG after months-long pursuit
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG (SOWGn.DE) and intends to pursue a delisting of the business software developer. Earlier this month, Bain Capital and Rocket Software sold all their shares in Software AG to Silver Lake, helping the company gain a 41% stake. Silver Lake had in April offered to buy Software AG for 30 euros per share, valuing the German software developer at 2.2 billion euros ($2.39 billion). The bid prompted a counteroffer from Rocket Software, owned by private equity firm Bain Capital. In May, the software developer said it supported a sweetened 32 euros per share offer from Silver Lake for the company.

Persons: Silver Lake, Silver, Juby Babu, Shweta Agarwal, Sriraj Organizations: Silver, Software AG, Bain Capital, Rocket Software, Software, Silver Lake, Thomson Locations: Silver, Bengaluru

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Audi names Volkswagen strategy chief Doellner as new CEO
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 29 (Reuters) - Volkswagen's (VOWG_p.DE) Audi named the German group's strategy chief as its new CEO on Thursday, as the luxury carmaker seeks to catch up with rivals in the dash towards electrification, including in China, the world's top car market. Gernot Doellner, who replaces Markus Duesmann, will become CEO with effect from September, Audi said, after the luxury automaker's supervisory board passed a resolution on Thursday. Doellner is a Volkswagen Group veteran who joined the company as a doctoral student in 1993 and rose through the ranks to become head of product development at Porsche. He headed up the Panamera series from 2011 to 2018 and became head of product strategy at Volkswagen AG in 2021. "Audi is a fantastic company with a rich history," Doellner said, adding: "I look forward to shaping the company's future together with the entire team at Audi."

Persons: Gernot Doellner, Markus Duesmann, Doellner, Oliver Blume's, Bentley, Peter Bosch, Christina Amann, Jan Schwartz, Ilona Wissenbach, Christoph Steitz, Victoria Waldersee, Tom Sims, Emma Rumney, Hans Seidenstuecker Organizations: Audi, Volkswagen Group, Porsche, Volkswagen AG, Volkswagen, BMW, Mercedes, Benz, Thomson Locations: FRANKFURT, China

☆ Throw Hunter Biden’s Plea Deal in the Trash
▼ + stars: | 2023-06-28 | by ( Eileen J. O Connor | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The IRS agent's detailed list of abuses deserves an answer. Images: AP Composite: Mark KellySupervisory Special Agent Gary A. Shapley Jr ., a 14-year veteran of the Internal Revenue Service’s Criminal Investigation Division, sat on May 26 for hours of sworn and transcribed testimony with members of the majority and minority staffs of the House Ways and Means Committee. On June 1, an IRS criminal investigator who chose to remain anonymous did the same. These whistleblowers came forward because they believe that Attorney General Merrick Garland gave false assurances to Congress when he testified that he had empowered U.S. Attorney David Weiss with full authority to investigate Hunter Biden ’s alleged criminal activity and bring any resulting charges.

Persons: Kelly, Gary A, Shapley, Merrick Garland, David Weiss, Hunter Biden ’ Locations: U.S

☆ German unions criticise possible Deutsche Bank job cuts
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 23 (Reuters) - Deutsche Bank's (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead. "One can only shake one's head at Deutsche Bank, once again," Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1. Reuters GraphicsDeutsche Bank declined to comment on any job cut plans or the union reaction to reports of them. The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported. Deutsche Bank has in the past announced job cuts that never materialized.

Persons: Stephan Szukalski, Claudio de Sanctis, Szukalski, Verdi, Tom Sims, Friederike Heine, Alexander Smith Organizations: Deutsche, Deutsche Bank, Reuters Graphics Deutsche Bank, Reuters, Thomson Locations: FRANKFURT, Germany's

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