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Merkel Urges Europe to Unite on Migrant Crisis

German Chancellor Angela Merkel called on Europe to tackle the migrant crisis and agree on a fair distribution of people, warning that failing to do so might put the EU’s open-border policy at risk.

Oil Surges as Supply Estimates Shrink

Oil prices soared Monday, marking their strongest three-day rally since Iraq’s 1990 invasion of Kuwait, on doubts the global glut of crude would be as long-lasting as many investors and traders had earlier believed.

Islamic State Blows Up Palmyra Ruins

Islamic State has partially destroyed Palmyra’s 2,000-year-old Temple of Bel in a massive explosion, the latest in a series of attacks by the militants on the Syrian city’s famed historic sites. 165

Samsung Takes Smartwatch Fight to Apple

Samsung plans to unveil a new smartwatch, as the company attempts to prove that it can outshine Apple on design in a nascent product category.

Russia Puts Off Data Showdown With Technology Firms

Facebook, Google and Twitter are among the U.S. companies that are getting more time to comply with a new law requiring Russian data centers.

Ukrainian National Guard Officer Killed, Dozens Injured in Protest Blast

One member of Ukraine’s National Guard was killed and at least 69 others were injured outside the country’s parliament, as fighting broke out between protesters and law-enforcement officers.

Nuclear-Energy Official Pleads Guilty in Russian Uranium Sales Bribery Case

A Russian nuclear-energy official pleaded guilty Monday in U.S. federal court to conspiracy to commit money laundering for arranging more than $2 million in bribes to help U.S. companies do business with the Russian state-owned nuclear-energy corporation.

Google, Sanofi Team Up on Diabetes Research

The Internet company said its health-care research unit plans to work with European pharmaceutical major Sanofi on new ways to monitor and treat the condition.

Gazprom Posts 29% Net Profit Growth

Russian state gas giant PAO Gazprom said net profit for the second quarter was up 29% from the same period last year as a higher ruble price made up for lower sale volumes in its most-lucrative European market.

Apple and Cisco Unveil a Business Partnership

Apple and Cisco Systems are teaming up to help bring more iPhones and iPads to business users.

Iliad Lifted by New Mobile Clients

Iliad said net profit rose 16% in the first half as the French low-cost telecom company continued to win over new mobile clients with its ultracheap tariff plans.

Dollar Slumped Against Euro, Yen in August

The dollar retreated against the euro and the yen in August as rising concerns over global growth and inflation moved investors to push back expectations for higher U.S. interest rates and exit from some of their large consensus trades.

China’s Two-Yuan Dilemma

Since China devalued the yuan on Aug. 11, the spread between its value in Hong Kong and in the mainland has widened—a complication for Beijing’s ambitions to raise the currency’s global profile.

Gold Prices Fall as Traders Focus on U.S. Fed

Gold prices retreated Monday as investors continued to recalibrate views on U.S. interest rates following recent comments from Federal Reserve policy makers.

The Only Bank This Hip-Hop Mogul Will Use

Low-profile Signature Bank has become one of the nation’s fastest-growing lenders, attracting a fan base ranging from hip-hop mogul Irv “Gotti” Lorenzo to former Congressman Barney Frank.

China ‘Punishes’ Nearly 200 People for Spreading Rumors

Sweep targets people who the government said spread false Internet rumors regarding the stock-market turmoil and deadly blasts in Tianjin. 66

U.A.E. Takes Lead in Southern Yemen

U.A.E. forces prevented Houthi rebels in Yemen from overrunning the Yemeni port city of Aden and now also reluctantly find themselves in the business of nation-building.

Biden Faces Narrow Path

As Vice President Joe Biden weighs a presidential bid, he must confront a number of fundamental questions. Among them: Does he have a viable path through an electoral map that is becoming more treacherous? 322

France to Finance Tax Cuts With Cost Savings

The French government says it can find $2.2 billion worth of savings in 2016 to pay for tax cuts for households without sacrificing France’s commitment to reduce the budget deficit.

Climate Change Builds as 2016 Issue

President Barack Obama’s trip to Alaska’s Arctic on Monday will likely reverberate much farther south, on the 2016 presidential campaign trail, where global warming is expected to emerge as a key issue. 676

Suppliers Feel Pain as Coal Miners Struggle

As big coal miners struggle, their equipment suppliers—thousands of businesses sprinkled throughout Pennsylvania, West Virginia, Ohio and Kentucky—are scrambling to find new customers anywhere they can. 129

Eni Reports Huge Natural-Gas Discovery off Egypt

Eni SpA said it made a massive natural-gas discovery off the coast of Egypt in what the Italian oil-and-gas company is calling the largest ever find in the Mediterranean Sea.

China Slowdown to Hit Asia Electronics Supply Chain

After several years of torrid expansion, the slowdown in smartphone sales in China is expected to hit Asian parts suppliers.

U.K. Approves Giant North Sea Gas Project

A.P. Møller-Maersk A/S said it has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the U.K. North Sea for a decade.

Startups Put Data in Farmers’ Hands

Farmers and startups like Farmobile and Granular are starting to compete with agribusiness giants over the newest commodity being harvested on U.S. farms—data.

Video

Ukraine Protest Blast Kills Officer, Injures Dozens

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Body Count Rises in Migrant Effort to Reach Europe

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Lebanese ‘Stink’ Protest Turns Toward Politicians

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What to Watch for After Skin Cancer

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Video Music Awards 2015

Kanye West gave a long rant at the MTV Video Music Awards as he apologized to Taylor Swift for taking her microphone in 2009. Swift presented West with the Michael Jackson Video Vanguard Award. Earlier, she and Nicki Minaj buried their beef by joining forces onstage.

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Freenet zeigt: Peugeot fällt ins Bodenlose

Von Nico Schmidt und Benjamin Krieger

 

Vergleicht man Peugeot-Citroen und Freenet, dann fallen einem keine direkten Gemeinsamkeiten ins Auge. Die einen bauen Autos, die anderen verkaufen Mobilfunkverträge. Seit Donnerstag gibt es allerdings etwas, dass beide Unternehmen gleich macht – ihr Börsenwert.

Nachdem die Citigroup nämlich das Anlageurteil für Peugeot auf „Verkaufen“ heruntergenommen hatte, rutschte die Aktiennotierung der Franzosen auf den niedrigsten Stand seit fast 27 Jahren. Letztmals wurden die Papiere im Februar 1986 auf dem aktuellen Niveau von gut 4,60 Euro gehandelt.

Der Börsenwert der Franzosen ist damit auf gerade einmal 1,7 Milliarden Euro geschmolzen. „Die Marktkapitalisierung ist nur noch etwas größer als die von Freenet“, rechnet ein Aktienhändler vor.  Der Schrumpfkurs, den Peugeot eingeschlagen hat, ist rasant: Auf dem Jahreshoch der Aktie am 22. Februar war der Konzern an der Börse immerhin noch mehr als sechs Milliarden Euro wert.

Wer die Peugeot-Aktie auf dem Allzeithoch vom 24. Juli 2007 gekauft und dafür 52,92 Euro bezahlt hat, der hat seitdem einen Verlust von unglaublichen 90 Prozent zu beklagen. Die Marktkapitalisierung war seinerzeit zehnmal so hoch wie heute – ein eindeutiges Signal dafür, dass das Ansehen und die Bedeutung der Franzosen seither deutlich gelitten haben.

Dass der französische Traditionskonzern in etwa den gleichen Wert hat wie Freenet, der Telekomanbieter aus dem TecDax, ist kaum zu glauben, vergleicht man die schieren Dimensionen beider Unternehmen. Während Freenet in Büdelsdorf 100 Kilometer nördlich von Hamburg mit rund 4.000 Mitarbeitern 2011 einen Umsatz von gut 3,2 Milliarden Euro Umsatz machte, nahm PSA im selben Zeitraum knapp 60 Milliarden Euro ein – ein Konzern mit etlichen Werken und einer 50-fach größeren Belegschaft. Die Franzosen sind damit zweitgrößte Autobauer Europas.

Dass die Investoren beiden Konzernen den gleichen Wert zumessen, ist ein trauriges Sinnbild für die prekäre Lage der Autoindustrie in Europa. Seit fast fünf Jahren schrumpft ihr Heimatmarkt, die Rezession nach der Staatsschuldenkrise hat die ohne schwierige Situation massiv verschärft. Auch im kommenden Jahr sehen Experten die Branche im Rückwärtsgang.

Autobauer, die nicht auf Wachstumsmärkten wie China und Brasilien aktiv sind, haben wenig Chancen, der Krise zu entkommen. Der auch mit Preisen geführte Kampf um Marktanteile und chronische Überkapazitäten erlauben es PSA, Opel, Ford und Fiat nicht, hierzulande Geld zu verdienen.

In der Finanzkrise 2008/09 wurde die Chance vertan, das Problem der überzähligen Produktionsanlagen in den Griff zu bekommen. Stattdessen hielt die Politik die Autokonjunktur mit Abwrackprämien künstlich am Laufen. So klamm, wie die öffentlichen Kassen jetzt sind, gibt es diese Möglichkeit nun nicht mehr – sogar die EU wird mittlerweile um Hilfe gebeten, weil die Konzerne mit dem Niedergang überfordert scheinen.

Bei Autobauern, die weltweit produzieren und verkaufen, sieht die Lage anders aus. Paradebeispiel ist der Volkswagen-Konzern. Zwar kann sich Europas Branchenprimus der schwachen Konjunktur in Europa nicht vollends entziehen, trotzdem feiern die Niedersachsen Erfolg um Erfolg. Das honoriert auch die Börse: VW wird mit sage und schreibe 70 Milliarden Euro bewertet; die Vorzugsaktie markierte erst kürzlich ein neues Allzeithoch. Der Vergleich führt den Absturz von Peugeot noch viel drastischer vor Augen als der mit Freenet. Volkswagen ist über vierzig Mal so viel wert wie der französische Konkurrent.

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    • Einen wesentlichen Unterschied zwischen PSA/Peugeot und Freenet gibt es aber doch, auch wenn man ihn der Aktie nicht ansieht: Die hiesige Industrie erarbeitet jenes Geld, mit dem Kunden dann erst in der Lage sind, Produkte von Firmen wie Freenet zu erwerben. (Primärer/Sekundärer/Tertiärer Sektor!)

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The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search

Merkel Urges Europe to Unite on Migrant Crisis

German Chancellor Angela Merkel called on Europe to tackle the migrant crisis and agree on a fair distribution of people, warning that failing to do so might put the EU’s open-border policy at risk.

Oil Surges as Supply Estimates Shrink

Oil prices soared Monday, marking their strongest three-day rally since Iraq’s 1990 invasion of Kuwait, on doubts the global glut of crude would be as long-lasting as many investors and traders had earlier believed.

Islamic State Blows Up Palmyra Ruins

Islamic State has partially destroyed Palmyra’s 2,000-year-old Temple of Bel in a massive explosion, the latest in a series of attacks by the militants on the Syrian city’s famed historic sites. 165

Samsung Takes Smartwatch Fight to Apple

Samsung plans to unveil a new smartwatch, as the company attempts to prove that it can outshine Apple on design in a nascent product category.

Russia Puts Off Data Showdown With Technology Firms

Facebook, Google and Twitter are among the U.S. companies that are getting more time to comply with a new law requiring Russian data centers.

Ukrainian National Guard Officer Killed, Dozens Injured in Protest Blast

One member of Ukraine’s National Guard was killed and at least 69 others were injured outside the country’s parliament, as fighting broke out between protesters and law-enforcement officers.

Nuclear-Energy Official Pleads Guilty in Russian Uranium Sales Bribery Case

A Russian nuclear-energy official pleaded guilty Monday in U.S. federal court to conspiracy to commit money laundering for arranging more than $2 million in bribes to help U.S. companies do business with the Russian state-owned nuclear-energy corporation.

Google, Sanofi Team Up on Diabetes Research

The Internet company said its health-care research unit plans to work with European pharmaceutical major Sanofi on new ways to monitor and treat the condition.

Gazprom Posts 29% Net Profit Growth

Russian state gas giant PAO Gazprom said net profit for the second quarter was up 29% from the same period last year as a higher ruble price made up for lower sale volumes in its most-lucrative European market.

Apple and Cisco Unveil a Business Partnership

Apple and Cisco Systems are teaming up to help bring more iPhones and iPads to business users.

Iliad Lifted by New Mobile Clients

Iliad said net profit rose 16% in the first half as the French low-cost telecom company continued to win over new mobile clients with its ultracheap tariff plans.

Dollar Slumped Against Euro, Yen in August

The dollar retreated against the euro and the yen in August as rising concerns over global growth and inflation moved investors to push back expectations for higher U.S. interest rates and exit from some of their large consensus trades.

China’s Two-Yuan Dilemma

Since China devalued the yuan on Aug. 11, the spread between its value in Hong Kong and in the mainland has widened—a complication for Beijing’s ambitions to raise the currency’s global profile.

Gold Prices Fall as Traders Focus on U.S. Fed

Gold prices retreated Monday as investors continued to recalibrate views on U.S. interest rates following recent comments from Federal Reserve policy makers.

The Only Bank This Hip-Hop Mogul Will Use

Low-profile Signature Bank has become one of the nation’s fastest-growing lenders, attracting a fan base ranging from hip-hop mogul Irv “Gotti” Lorenzo to former Congressman Barney Frank.

China ‘Punishes’ Nearly 200 People for Spreading Rumors

Sweep targets people who the government said spread false Internet rumors regarding the stock-market turmoil and deadly blasts in Tianjin. 66

U.A.E. Takes Lead in Southern Yemen

U.A.E. forces prevented Houthi rebels in Yemen from overrunning the Yemeni port city of Aden and now also reluctantly find themselves in the business of nation-building.

Biden Faces Narrow Path

As Vice President Joe Biden weighs a presidential bid, he must confront a number of fundamental questions. Among them: Does he have a viable path through an electoral map that is becoming more treacherous? 322

France to Finance Tax Cuts With Cost Savings

The French government says it can find $2.2 billion worth of savings in 2016 to pay for tax cuts for households without sacrificing France’s commitment to reduce the budget deficit.

Climate Change Builds as 2016 Issue

President Barack Obama’s trip to Alaska’s Arctic on Monday will likely reverberate much farther south, on the 2016 presidential campaign trail, where global warming is expected to emerge as a key issue. 676

Suppliers Feel Pain as Coal Miners Struggle

As big coal miners struggle, their equipment suppliers—thousands of businesses sprinkled throughout Pennsylvania, West Virginia, Ohio and Kentucky—are scrambling to find new customers anywhere they can. 129

Eni Reports Huge Natural-Gas Discovery off Egypt

Eni SpA said it made a massive natural-gas discovery off the coast of Egypt in what the Italian oil-and-gas company is calling the largest ever find in the Mediterranean Sea.

China Slowdown to Hit Asia Electronics Supply Chain

After several years of torrid expansion, the slowdown in smartphone sales in China is expected to hit Asian parts suppliers.

U.K. Approves Giant North Sea Gas Project

A.P. Møller-Maersk A/S said it has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the U.K. North Sea for a decade.

Startups Put Data in Farmers’ Hands

Farmers and startups like Farmobile and Granular are starting to compete with agribusiness giants over the newest commodity being harvested on U.S. farms—data.

Video

Ukraine Protest Blast Kills Officer, Injures Dozens

0:45

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11