Monthly Archives: February 2011

Ex-judge constitution, corruption watchdog at Daimler

STUTTGART (Dow Jones) – The automotive group Daimler has appointed a former constitutional judge as an anti-Korruptionsbeautragte to the board and extended the contract with his chief financial officer prematurely.

Christine Hohmann-Dennhardt should assume the newly created management unit "integrity and justice," the Stuttgart said on Tuesday after a meeting of the Supervisory Board. Moreover, the body of the Treaty of Bodo Uebber 31 December 2014 extended.
Actually, the contract of the manager in December 2011 would have expired. Uebber is the 16th December 2003 board member of Daimler AG and in that capacity since mid-December 2004 and is responsible for controlling and finance. He is also Chairman of the Board of Directors of the European Aeronautic Defence and Space Company EADS.
The new Board department "integrity and justice" Daimler had created late last year following the corruption scandal, bringing with Hohmann Dennhardt now the first woman in the top management of the Finance Group. The term of 60 years at the Federal Constitutional Court ran from the end of January.
Early April of last year, Daimler agreed with the U.S. Securities and Exchange Commission to pay a total of 185 million USD, because employees had bribed government officials for over ten years in order to get lucrative contracts. The carmaker is now three years under the supervision of former FBI Director Louis Freeh. The group itself Freeh had agreed in late 2006 as external consultant to assist in dealing with the bribery scandal. But even then there was the view of the U.S. investigators to more bribery of foreign officials.

Celesio wants to stick around EUR 1 billion in acquisitions – FTD

HAMBURG (Dow Jones) – The drug wholesaler Celesio has enough money to make significant acquisitions to make.

"Our financial potential, that is what we could lift from the state without problems, is well over EUR 1 billion," said CEO Fritz Oesterle, the Financial Times Germany "(FTD – Wednesday edition). Celesio exploratory currently several major acquisition targets in the non-regulated health care market.
Oesterle wants to invest there, where prices for medicines are not regulated by the state, the newspaper wrote. These included developing countries such as Brazil or India. Also, the U.S. health system is organized largely private. This non-regulated area will Oesterle vigorous expansion. "He should eventually make up about half our business," said the manager.
For acquisitions would only profitable companies questioned said Oesterle. "We want to invest only in companies that contribute positively from the very first year of the acquisition to our results." He would not pay any surcharges for pure future expectations.

ISE Stock Exchange German press into the red in 4Q

FRANKFURT (Dow Jones) – High depreciation of the U.S. derivatives subsidiary, International Securities Exchange (ISE) led the German Stock Exchange in the fourth quarter as expected in the red.

As the Dow Group announced on Tuesday evening in Frankfurt, while sales rose to 518.4 million from EUR 505 million, while had expected Dow Jones Newswires poll of analysts of 528 million EUR turnover. At the same time the net loss after tax rose to 61.2 million from third parties, and EUR 33 million last year. Here, analysts had expected minus EUR 83 million. In the third quarter, the German stock market was in the black.

Again, the derivatives exchange caused quite a quarterly loss of DAX-listed company. Exactly one year ago, the German stock market to EUR 420 million already had been written originally purchased for EUR 2.8 billion U.S. subsidiary. As previously announced, the ISE, the parent company is now forced to income to around EUR 453.3 million depreciation, of which 220 million EUR.
Background to the recent book losses are still pending approvals for certain functions and the restrained market development. The U.S. derivatives subsidiary ISE is struggling, some American options exchanges that promote the business through high incentives to their customers. In addition, competitors such as belonging to the NYSE € Next Amex market participants as owners have brought on board. These direct order flow to the Amex to now. Even last summer, a U.S. court also ruled that only the Chicago Board Options Exchange (CBOE) lucrative options on the S & P may offer 500th
The prevailing low interest rate environment also impacted the quarterly results in the securities clearing. Net interest income in the banking business of the subsidiary were to Clearstream to 16.9 million, from EUR 17.7 million and met so that the market expectation.
EBIT of the Group was in the last quarter of minus EUR 219.3 million compared to minus EUR 166 million. Thus, it was below the forecast of analysts minus EUR 233 million. Basic earnings per share was EUR 0.33 EUR 0.18 EUR minus a year earlier.

Steering Committee agrees on WestLB rescue

BERLIN (Dow Jones) – Representatives of the Federal Government and WestLB-Owners are located just before the deadline in the night from Tuesday to Wednesday on a restructuring plan for the country’s once proud bank agreed and thus avert such orders.

This was announced by a spokesman for the Ministry of Finance late on Tuesday evening. Further details were not immediately known.
The Secretary of the Treasury Steffen Kampeter will explain the agreement soon, the spokesman said.

Retail banking and investment banking at SocGen profit drives

PARIS (Dow Jones) – A strong retail business, the recovery of the investment bank and lower provisions for loan losses are the French Societe Generale (SocGen) in the fourth quarter of 2010 brought a more-than-expected jump in profits.

In the quarter to end-December, the French reported on balance EUR 874 million to EUR 221 million from a year earlier. Analysts had expected the bank, based in Paris with a net profit of 868 million EUR. Thanks to a doubling in revenues in its investment bank put the total income of the Societe Generals by 34% to 6.85 billion EUR for.
The global economic recovery has lead to lower provisions for bad loans, the French declared on Wednesday morning. Especially in Russia and the Czech Republic they had less need to plan for loan losses. In Greece, these measures are still appropriate, and Romania were the provisions have been increased, the Societe Generals on.
The Societe Generals is the first French bank, which reported financial results for the last year and the final quarter. On Thursday, competitors will follow suit the local BNP Paribas. Next week, followed by Credit Agricole, the third largest by market value Bank of France.
With regard to the situation in Egypt, said the bank will be reviewed at the end of the quarter, whether in the Egyptian National Societe daughter have shown Generale Bank by weeks of riots financial penalties. Some industry experts had anticipated that the Societe Generale precaution resets for the fourth quarter of approximately EUR 100 million in the context because in the wake of the protests had temporarily Bank branches are closed.