Germany
Steinbrueck's `Bad Banks' Bill Clears Parliament Months After Crisis Hit German lawmakers backed Finance
Minister Peer Steinbrueck’s plan to purge state and private
banks of toxic assets, more than nine months after the global
financial crisis brought the banking system to its knees.
GM Says Beijing Auto Submits Non-Binding Opel Bid as Magna Talks On Track General Motors Corp. said Beijing
Automotive Industry Holding Co. submitted an offer for its Opel
division, giving the bankrupt U.S. automaker more options in the
event negotiations with Magna International Inc. fail.
DAX Index Caps Longest Stretch of Weekly Losses Since March; Metro Falls German stocks declined, with the
benchmark DAX Index capping its longest stretch of weekly losses
since March, as economic reports added to signs the recession in
Europe will persist.
Volkswagen Sales Rose 6% in June, Second Monthly Gain, CEO Winterkorn Says Volkswagen AG, Europe’s biggest
carmaker, delivered more cars for a second consecutive month in
June as government incentives spurred purchases, Chief Executive
Officer Martin Winterkorn said.
ThyssenKrupp Said to Abandon Sale of Unit After Potential Buyers Pull Out ThyssenKrupp AG, Germany’s largest
steelmaker, scrapped the sale of an industrial services unit as
part of a 1 billion-euro ($1.4 billion) disposal of assets after
buyers pulled out, people familiar with the situation said.
Fuchs Petrolub Chief, Armed With $350 Million War Chest, Seeks Takeovers Fuchs Petrolub AG, Germany’s largest
maker of lubricants, is prepared to acquire competitors in a
market hurt by a collapsing demand from industries like
automotive and mining.
State Banks Urge Merkel to `Quickly' Push EU for Easing of Basel II Rules German state banks urged Chancellor
Angela Merkel to press the European Union to ease rules on
capital reserves, which they say are slowing lenders’ return to
health and choking credit to industry.
Escada Optimistic of Financial Rescue as Katie Holmes Dressmaker Suffers Escada AG Chief Executive Officer
Bruno Saelzer said he’s optimistic investors will back a
refinancing plan and avert insolvency at the German dressmaker
whose celebrity clients include actress Katie Holmes.
Wiedeking Era at Porsche Runs on Fumes as Volkswagen Takeover Backfires Wendelin Wiedeking, hailed as “the
man who outfoxed the market” by Fortune magazine in January, is
fighting to save Porsche SE -- and his job -- as a strategy to
take over Volkswagen AG unravels.
Demjanjuk, Suspected Nazi Guard, Is Fit for Trial, Munich Prosecutors Say Munich prosecutors said suspected
Nazi death-camp guard John Demjanjuk is fit for trial so long as
his time in court is limited, and that they expect to charge him
this month.
Merkel's CDU/CSU Bloc Dips Even as Her Popularity Gains Before Election German Chancellor Angela Merkel’s
bloc lost support in an opinion poll even as her personal
popularity gained, highlighting a dilemma as she prepares to
fight Sept. 27 national elections.