Second large merging of German Banks
German credit system is in the fever of merger and conversion, writes "Handelsblat". Deutsche Bank confirmed for the first time the news led to talks with Deutsche Post to share participation in the Postbank. Negotiations are at an advanced stage. It is clear that this is an appropriate strategic step, but the question is whether it will lead to consensus on the price, said the director of Deutsche Bank Josef Akerman a forum of "Handelblat" in Frankfurt.
Today evening meet the management board of Deutsche Post, which must decide. Clear about what options remain for share participation will choose the director of "Deutsche Post" Frank Appeal. "Deutsche Post" hold 50 plus 1 share in "Postbank". Akerman reject the offer led by its institution to take over completely "Postbank". Major restructuring processes are something on which we do not need and do not strive, said Akerman. "Handelsblat" learned from financial circles that "Deutsche Bank intends to hold 30 percent of the capital of Postbank. Akerman rejected proposals to shareholders of Postbank to 100% - selling. Postbank is one of the few opportunities for sales, which remained vacant. "It fit very well to Deutsche Bank because Akerman wants to develop better not only investment banking but also private banking, experts say." Postbank has 850 subsidiaries and 14 million customers. A little time earlier "Deutsche Bank joined the ride for filiara of Citibank in Germany, but ultimately the French bank Credit Mutuel buy. So far Doche Bank made a small banking transactions in the retail purchase of Norisbank and affiliates der Berliner Bank. The Government will support the introduction of Deutsche Bank in the Postbank. This will be an important step in further consolidating the German banking sector, said Finance Minister Per Shtaynbruk.
Labels: Business News
Germany, Britain and Spain will not miss recession
On Wednesday the European Commission predicted that Germany, Britain and Spain will go into recession this year. Have crushed the last hopes that Europe will avoid the severe economic crisis, writes newspaper "Financial Times". Few will better cope France and Italy. European Commission expects the economy of the entire European Unity to increase its Gross Domestic product by 1.4% this year, and 15 members of the Euro currency by 1.3%. The latest forecast made in April, indicating respectively 2% and 1.7%. The strong negative revision is to confirm that the EU's executive body began to consider their calculations fall in consumer confidence and difficult business conditions.
The Commissioner for economic and monetary policy of the European Commission, describes the economic environment of the old continent as "difficult and precarious". The doubling of the financial crisis and the price of oil for the last year and the significant adjustment of property market in some countries given their negative contribution .
The forecast for German economy is in decline - 0.2% in the third quarter and a technical recession (two consecutive quarters of negative growth), after minus 0.5% growth of GDP in the second quarter. Of Britain and Spain are expected negative growth in GDP in the third and fourth quarter.
But France and Italy, both countries with negative growth of GDP in the second quarter is expected to go to zero in Q3.
President of the European Central Bank Jean-Claude Trichet told some encouraging words. He told a European Parliament that the current episode of weak economic growth is expected to be followed by a gradual recovery and development. ECB chief acknowledged that not considered to decreases in interest rates in the euro, as it should be against the rise of labour costs in euro.
Labels: Financial News
Medvedev is looking for friendship with OPEC
On Wednesday in Wien the Organisation of the parties - the oil-exporting wreath two surprises: the reduction of quotas for extraction of raw materials with half a million barrels a day, and deepening of relations with the biggest producer of oil outside the cartel, Russia. Russia attend the meetings as an observer OPEC than 10 years. This time, however, Russians sent many high representative of the Deputy Prime Minister Igor Sechin. Analysts associated with this visit tensions between Russia and the West after the conflict in Georgia, said Reuters.
In the past there had been cases in which Russia has agreed to reduce oil production in line with OPEC in order to support prices. Russian energy ministry indicate that Russia wants to keep a regular dialogue with OPEK and invite representatives of the countries of OPEC a meeting in Moscow in October.
In separate news today the Russian president Dmitri Medvedev once again accused the U.S. of being provocated the crisis in financial markets. "We can not change the situation on financial markets, let's just be Americans repair with their mortgage system. Although if it say more simply, they certainly predicted all", RIA quoted him. According to the Russian president, despite the crisis in the United States and Western Europe, the Russian stock market will be able to cope with all their problems and to return to levels since the beginning of the year. Medvedev's application comes at a time when Russian indices are at least two years, and for the past two days RTAs fell by over 12%.
Labels: Financial News
US Dollar getting power versus the EUR
On Monday the dollar marked a new seriously slumping, reaching its highest levels against the euro since October last year here. Support the U.S. currency as proved that the U.S. government decided to assume control over the mortgage giants Fannie and Freddie, and news from the European markets that are experiencing seems ever more serious problems because of the crisis in the financial sector and delayed global economy.
Yesterday marked increase in the single currency early in the day, but then went sharply down under the pressure of news from the euro and the intervention of central banks in Korea and Russia to support their currencies as they aim to increase purchases of dollars from international markets and are spending its reserves in euros.
At the same time, it appears that the U.S. economy has reached bottom and is now slowly begin to recover. Investors have adopted the government's moves against the two mortgage giants is a strong positive signal to overcome the problems of Mortgage Market in the United States. In the EUR yesterday also reported a reduction in the index of investor confidence SENTX. Yesterday the European currency got cheaper to 1.4053 dollars, which is its lowest level in 11 months here, having finished the day at levels of 1.4128 dollars. The US Dollar index calculating the presentation of U.S. money to the currencies of the six major trading partners of the United States increased to one-year peak of 79,844 points.
Labels: Financial News
Delay of trade surplus in Germany
Today, the Bureau of National Statistical Office in Wiesbaden published data on the trade balance of the largest European economy in July. German exports fell by more than economists expected, as this is likely due to the slowing of the economy in the world and record oil prices reached in July. Seasonal weighted exports fell by 1.7 percent over June, as forecasts were for the decrease by 1.1 percent. On an annual basis, exports account growth by 7 percent. Exports of the biggest European economy in July was valued at 87.1 billion euros. Export is the victim most of the slowing economies of the biggest commercial partners of Germany.
In the second quarter GDP of the euro zone fell by 0.2 percent and is likely to be recorded and fall in the third quarter of the year. And even though oil prices have fallen by almost 29 percent of the record levels reached in July, they remain 40 percent higher than the levels only contact year. In July, German imports grow by 7.4 percent from the previous month, reaching 73.2 billion euros, taking its increase on an annual basis was 16 percent.
The trade balance in the country that represents the difference between exports and imports remains active, but the surplus decreased to 13.9 billion euros. By comparison, exports in June was more than imports with 19.7 billion euros. The trade balance also affect the Gross Domestic Product of the country, as growth in exports means jobs and growth in production, and vice versa.
Seasonal weighted value of the trade balance also reduced in July, compared to the previous month, reaching 11.8 billion euros. The balance on current account in Germany, which represents the ratio between the amount of the payments coming from abroad and the amount of payments which go abroad, also decreased to 11.8 billion euros in July as in June was 18.5 billion euros.
Labels: Financial News
Siement and E.ON singed a framework agreement
Munich's concern division of Siemens Energy will supply 500 wind turbines of German energy giant E. ON, announced today by the German Stock Exchange. The total wind power plants is 1,150 MW, they will be built in the U.S. and Europe. On Monday the two groups have signed a framework agreement, which is among the largest of its kind, the delivery of equipment for wind power by 2010 and 2011 on Siemens and E. ON also have agreed to work together on various competitive wind energy projects worldwide.
From the upcoming supply capacity of wind energy at a rate of 600 MW is envisaged for the United States and the remaining 550 MW will extend the European capacity. It also provides for E. ON to make individualised contracts Siemens based on the conditions set out in the framework agreement. Financial companies do not provide details.
Labels: Business News
