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Stocks Tumble on Weak Chinese Data

U.S. stocks tumbled Tuesday as fears about a slowdown in China’s economy deepened, illustrating how last week’s market volatility has not yet abated. 295

Investors Betting on More ECB Stimulus

Six months after the European Central Bank launched its blockbuster bond-buying program to rouse the region’s economy, some investors are betting that authorities will crank stimulus efforts even higher.

Analysis

Clashing Interests Hamstring EU Response to Crisis

Europe’s migrant struggle highlights the chasm between Europe’s principles and its ability to live up to them.

Greek Polls Suggest Tough Election Test for Tsipras

Opinion polls show declining support for Greece’s Syriza party and its leader, Alexis Tsipras. But Syriza retains a lead over its opponents and the Sept. 20 election could be tight.

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over until mid-March sanctions targeted against almost 200 Russian and Ukrainian-separatist individuals and firms to keep pressure on Moscow to fully implement the Minsk cease-fire terms by year end.

China Imposes New Controls to Keep Money From Leaving Country

China is imposing fresh controls to prevent too much money from leaving the country, in an effort to keep funds at home.

Pope to Make It Easier for Priests to Grant Pardons for Abortion

Pope Francis will make it easier for priests to forgive women for having had abortions, and those who assisted, during a “year of mercy” starting Dec. 8. 539

Russian Airline Aeroflot to Take Control of Carrier Transaero

Russia’s largest airline, state-controlled Aeroflot, will take control of the country’s No. 2 carrier Transaero in a government-brokered deal to stave off bankruptcy at the heavily indebted company.

IRobot CEO Fends Off Activist

IRobot, the maker of the Roomba robotic vacuum cleaner, is resisting an activist investor’s demand that the company focus on home-cleaning products and drop some of its riskier ambitions.

‘Super-Sizing’ Natural Gas Output

Applying newer fracking techniques to a prolific natural-gas region that straddles Louisiana and Texas could give the U.S. more—and much cheaper—supplies of the fuel for many years.

Amgen to Help Develop Novartis’s Pipeline of Alzheimer’s Drugs

Novartis AG will share the risks and rewards as Amgen Inc. will help develop its pipeline of experimental Alzheimer’s disease drugs.

Bayer Separates Material Science Business

German pharmaceuticals group Bayer has moved a step closer to floating its $12.38 billion specialty chemicals business by legally and economically separating the unit, now named Covestro.

Heard on the Street

In a World Awash with Gas, Why Finding More is Good for Eni

Italy’s Eni has found a big gas field in Egypt. That highlights its strengths as the company also gets its financial house in order.

Portuguese Central Bank Ends Talks With Anbang Over Novo Banco Sale

Portugal’s central bank will now enter talks with another bidder for the Portuguese bank created out of failed lender Banco Espírito Santo last year.

South African Gold Faces Uncertain Future

South Africa’s gold mining industry must undergo radical change to cope with falling prices, intensifying labor disputes and the surging cost of ever-deeper exploration.

FHA Offers Olive Branch to Hesitant Lenders

The government is trying to coax banks back to making mortgage loans to risky borrowers, after a string of expensive disputes over a federal loan program led some banks to conclude it wasn’t worth the headaches.

Main Suspect in Bangkok Bombing Arrested

Thailand’s prime minister said security forces arrested a man whom they believe to be the primary suspect in the bombing of a shrine in Bangkok last month.

China’s World

Flourishing Cities Offer Beijing a Lesson in Thinking Small

Fengdu on the Yangtze River is one of hundreds of smaller Chinese cities still bursting with consumer vitality. It’s if these striving cities lose momentum that China is in danger of failing, writes Andrew Browne.

Death Toll Rises After Ukraine Protest Blast

The death toll from Monday’s blast outside Ukraine’s parliament rose to three, and police said the man suspected of throwing a grenade was a volunteer fighter on leave from a unit fighting Russian-backed separatists.

CNN Changes Criteria for Deciding GOP Main Debate Lineup

CNN is changing its criteria for deciding the candidates who will participate in the main Republican debate later in this month, a shake-up that will likely allow Carly Fiorina to join the prime-time debate following her recent bump in the polls.

Lebanese ‘YouStink’ Activists Occupy Minister’s Offices

Members of a grass-roots antigovernment movement occupied the offices of the environment minister in Beirut to press their demands for his resignation.

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.

Personal Tech | DxO One Review

Finally, an iPhone Camera Good Enough for a Pro

The DxO One is a tiny attachment offering a big upgrade to your iPhone camera. Geoffrey A. Fowler reviews.

Review

Thermal Cameras Reveal an Unseen World

With the Seek Compact and Flir One cameras, little $250 accessories for iPhones and Android phones give you “Predator” vision.

Robin: An Inexpensive Android Phone With the Cloud at Its Core

Former Google and HTC employees have come up with a new take on Android smartphones. And they're calling it the Robin.

Video

Hungary Stops Migrants Boarding Trains To Germany

1:46

Ukraine Protest Blast Kills Officer, Injures Dozens

0:45

Body Count Rises in Migrant Effort to Reach Europe

1:38

Management

Dealing With ‘Daddy Track’: Men Face Challenges Going Part Time

As women make strides in the workplace and men shoulder more caregiving duties at home, few fathers have workplace flexibility figured out. 59

Art

New Facial Details Surface Beneath a Rembrandt

Conservators at the Getty shed new light on an image hidden under “An Old Man in Military Costume.”

WSJ Blogs

Real-time commentary and analysis from The Wall Street Journal
Die Seite Drei
Schnelle Analysen und Beobachtungen zum Zeitgeschehen

Breuer hätte schweigen müssen

Ein schwarzer Tag für die Deutsche Bank. Zehn Jahre lang streitet sie im Kirch-Prozess über die Frage: Ist der ehemalige Vorstandschef Rolf Breuer wegen eines allzu lockeren Interviews verantwortlich für den Untergang des Kirch-Konzerns? Oder hatte Rolf Breuer nur das gesagt, was ohnehin jeder wusste? Nun haben die Richter endlich entschieden, was eigentlich klar war: Breuer hätte schweigen müssen.

Lektion Nummer eins bei einer Bankenlehre: Das Institut darf nichts über ihre Kunden ausplaudern. Das nennt man auch Bankgeheimnis.

Lukas Barth/dapd
Rolf Breuers Plauderei kommt die Deutsche Bank teuer zu stehen.

Dieses hat Breuer nach Urteil der Richter verletzt, als er in einem Interview die Frage nach Kirchs Kreditwürdigkeit mit folgenden Worten beantwortete: „Was alles man darüber lesen und hören kann, ist ja, dass der Finanzsektor nicht bereit ist, auf unveränderter Basis noch weitere Fremd- oder gar Eigenmittel zur Verfügung zu stellen.“

Die Frage, ob Kirch damals ohnehin finanziell am Ende war oder ob Breuers Worte der finale Schuss waren, ist dabei sekundär.  Eine Bank darf sich zu ihren Kunden nicht äußern. Punkt. So wie ein Arzt auch nicht über seinen prominenten Patienten sagen darf: „Von dem was man liest und hört wird er es wohl nicht mehr schaffen.“

Denn diese Aussage beinhaltet sehr wohl eine eigene Wertung. Eine Bank oder ein Arzt wissen eben mehr als Dritte. Wenn sie das Gelesene oder Gehörte zitieren, dann nur, wenn sie die Einschätzung teilen. Genauso gut hätte Breuer damals sagen können: Der Finanzsektor ist nicht mehr bereit, Kirch Geld zu geben.

Jeder kann sich mal verplappern. Doch Breuer war nicht irgendwer. Er war Chef der Deutschen Bank, die einem Tochterunternehmen des in Not geratenen Kunden Leo Kirch einen Kredit gewährt hatte. Damit verletzte Breuer seine Schutzpflicht.

Es liegt eine gewisse Arroganz bei der Deutschen Bank, nicht frühzeitig alles dran gesetzt zu haben, diesen Fehler wieder gut zu machen. Möglichkeiten hatte sie genug.  Breuer und Kirch hatten sich geduzt. Es war also eine persönliche Ebene da, die eine Grundlage für Verhandlungen schaffte. Ein früher Vergleich wäre sicher der beste Weg gewesen. So aber ist auf beiden Seiten viel Porzellan zerbrochen.

Den inzwischen verstorbenen Medienunternehmer Kirch hat dieser Streit zerfressen. „Der Rolf hat mich erschossen“, waren seine Worte. Auch der 75-jährige Breuer hat sich selbst der Chance beraubt, nach diesem Patzer seinen Frieden zu finden. Er fehlte bei der Urteilsverkündung.

Der Deutschen Bank kam der zehn Jahre dauernde Prozess teuer zu stehen. Sie will weitermachen und erwägt eine Nicht-Zulassungsbeschwerde beim Bundesgerichtshof. Die Prozesskosten liegen inzwischen Schätzungen zufolge bei einem mittleren zweistelligen Millionenbetrag. Ganz zu schweigen von den Negativ-Schlagzeilen. Am Ende haben wohl alle verloren.

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Die Seite Drei – Über uns

  • Schnell und kurz bringt „Die Seite Drei“ Einschätzungen, Hintergründe und Ergänzungen zu den Berichten des Wall Street Journal Deutschland. Hier bloggt die ganze Redaktion.

    Hinweise zu Themen, Anregungen und Ihre Fragen nehmen wir unter redaktion@wallstreetjournal.de entgegen.

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

Stocks Tumble on Weak Chinese Data

U.S. stocks tumbled Tuesday as fears about a slowdown in China’s economy deepened, illustrating how last week’s market volatility has not yet abated. 292

Investors Betting on More ECB Stimulus

Six months after the European Central Bank launched its blockbuster bond-buying program to rouse the region’s economy, some investors are betting that authorities will crank stimulus efforts even higher.

Analysis

Clashing Interests Hamstring EU Response to Crisis

Europe’s migrant struggle highlights the chasm between Europe’s principles and its ability to live up to them.

Greek Polls Suggest Tough Election Test for Tsipras

Opinion polls show declining support for Greece’s Syriza party and its leader, Alexis Tsipras. But Syriza retains a lead over its opponents and the Sept. 20 election could be tight.

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over until mid-March sanctions targeted against almost 200 Russian and Ukrainian-separatist individuals and firms to keep pressure on Moscow to fully implement the Minsk cease-fire terms by year end.

China Imposes New Controls to Keep Money From Leaving Country

China is imposing fresh controls to prevent too much money from leaving the country, in an effort to keep funds at home.

Pope to Make It Easier for Priests to Grant Pardons for Abortion

Pope Francis will make it easier for priests to forgive women for having had abortions, and those who assisted, during a “year of mercy” starting Dec. 8. 537

Russian Airline Aeroflot to Take Control of Carrier Transaero

Russia’s largest airline, state-controlled Aeroflot, will take control of the country’s No. 2 carrier Transaero in a government-brokered deal to stave off bankruptcy at the heavily indebted company.

IRobot CEO Fends Off Activist

IRobot, the maker of the Roomba robotic vacuum cleaner, is resisting an activist investor’s demand that the company focus on home-cleaning products and drop some of its riskier ambitions.

‘Super-Sizing’ Natural Gas Output

Applying newer fracking techniques to a prolific natural-gas region that straddles Louisiana and Texas could give the U.S. more—and much cheaper—supplies of the fuel for many years.

Amgen to Help Develop Novartis’s Pipeline of Alzheimer’s Drugs

Novartis AG will share the risks and rewards as Amgen Inc. will help develop its pipeline of experimental Alzheimer’s disease drugs.

Bayer Separates Material Science Business

German pharmaceuticals group Bayer has moved a step closer to floating its $12.38 billion specialty chemicals business by legally and economically separating the unit, now named Covestro.

Heard on the Street

In a World Awash with Gas, Why Finding More is Good for Eni

Italy’s Eni has found a big gas field in Egypt. That highlights its strengths as the company also gets its financial house in order.

Portuguese Central Bank Ends Talks With Anbang Over Novo Banco Sale

Portugal’s central bank will now enter talks with another bidder for the Portuguese bank created out of failed lender Banco Espírito Santo last year.

South African Gold Faces Uncertain Future

South Africa’s gold mining industry must undergo radical change to cope with falling prices, intensifying labor disputes and the surging cost of ever-deeper exploration.

FHA Offers Olive Branch to Hesitant Lenders

The government is trying to coax banks back to making mortgage loans to risky borrowers, after a string of expensive disputes over a federal loan program led some banks to conclude it wasn’t worth the headaches.

Main Suspect in Bangkok Bombing Arrested

Thailand’s prime minister said security forces arrested a man whom they believe to be the primary suspect in the bombing of a shrine in Bangkok last month.

China’s World

Flourishing Cities Offer Beijing a Lesson in Thinking Small

Fengdu on the Yangtze River is one of hundreds of smaller Chinese cities still bursting with consumer vitality. It’s if these striving cities lose momentum that China is in danger of failing, writes Andrew Browne.

Death Toll Rises After Ukraine Protest Blast

The death toll from Monday’s blast outside Ukraine’s parliament rose to three, and police said the man suspected of throwing a grenade was a volunteer fighter on leave from a unit fighting Russian-backed separatists.

CNN Changes Criteria for Deciding GOP Main Debate Lineup

CNN is changing its criteria for deciding the candidates who will participate in the main Republican debate later in this month, a shake-up that will likely allow Carly Fiorina to join the prime-time debate following her recent bump in the polls.

Lebanese ‘YouStink’ Activists Occupy Minister’s Offices

Members of a grass-roots antigovernment movement occupied the offices of the environment minister in Beirut to press their demands for his resignation.

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.

Personal Tech | DxO One Review

Finally, an iPhone Camera Good Enough for a Pro

The DxO One is a tiny attachment offering a big upgrade to your iPhone camera. Geoffrey A. Fowler reviews.

Review

Thermal Cameras Reveal an Unseen World

With the Seek Compact and Flir One cameras, little $250 accessories for iPhones and Android phones give you “Predator” vision.

Robin: An Inexpensive Android Phone With the Cloud at Its Core

Former Google and HTC employees have come up with a new take on Android smartphones. And they're calling it the Robin.

Video

Hungary Stops Migrants Boarding Trains To Germany

1:46

Ukraine Protest Blast Kills Officer, Injures Dozens

0:45

Body Count Rises in Migrant Effort to Reach Europe

1:38