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Hungary Blinks as Migrants Flee

Hungary said Friday it would provide buses to take migrants to the Austrian border after a stream of people who have been stranded in the country for days set out for the border on foot. Austria and Germany agreed to allow in the refugees. 208

G-20 Increasingly Concerned About Slowing Chinese Economy

China’s market routs and a string of weak data are fueling concern among Group of 20 officials that a slowing Chinese economy could fuel further market instability and push global growth deeper into a long-term rut.

London Jewel Thieves Plead Guilty in Easter Heist

Four men pleaded guilty on Friday to conspiracy for a jewel heist in London’s Hatton Garden diamond district over the Easter weekend.

U.S. Veterans Who Fight ISIS

A former Army Ranger and a decorated Marine are among U.S. veterans volunteering to join Kurdish fighters against Islamic State in Syria. 64

Clashes in Tajikistan Leave 17 Dead

An outbreak of violence in Tajikistan left 17 people dead on Friday, raising fears of a return to unrest in a Central Asian nation still scarred by civil war.

Google Pursuing a Return to China

Google is in talks with the Chinese government and handset makers about launching a new Android app store there, a move that would mark the company’s return to China.

Blurry Job Picture Poses Test for Fed

U.S. employment growth slowed in August but the jobless rate fell to the lowest level since 2008, a mixed labor-market reading less than two weeks before a crucial Federal Reserve meeting. 225

Putin Pitches for Foreign Investment in Russia’s Far East

Russian President Vladimir Putin has made a pitch for greater investment in his country’s resource-rich Far East region, despite a slowdown in the Chinese economy that has shaken global markets.

Chinese Navy Ships Passed Through U.S. Waters

The Pentagon said five Chinese navy ships operating off Alaska in recent days had come within 12 nautical miles of the coast, entering U.S. territorial waters, but complying with international law. 347

From Piles of Trash Sprout Demands for Change in Lebanon

Protests demanding political reform bridge country’s longtime political, religious and ethnic divides.

Prominent Druse Cleric Killed in Syria Bombing

Two explosions went off Friday near a hospital in a province in southern Syria, killing a prominent antigovernment cleric and at least seven others.

Weekend Investor

No Emerging Markets in Your Portfolio? Look Again

Some foreign-stock mutual funds have 30% or 40% of assets in developing nations.

Heard on the Street

This Plastics IPO Is Timed Right – For the Seller

Bayer’s material science division, now called Covestro, had a strong first-half ahead of a planned initial public offering. That looks hard to keep up.

U.K. Regulator Warns Commodity Firms About Market Abuse

The U.K.’s financial regulator said firms that trade commodities have learned little from recent high-profile cases of market abuse and are failing to adequately monitor the risks of such abuse.

Stocks Drop After Jobs Report

U.S. stocks fell Friday, capping their second-worst weekly performance of the year, after a jobs report that failed to provide much clarity on when the U.S. Federal Reserve will raise short-term interest rates. 68

Brussels Beat

EU Displaces U.S. as Top Antitrust Cop

The European Union’s antitrust activism has put it in prime position to shape the Internet and is encouraging some U.S. technology executives to focus on Brussels.

Daimler, Renault Reboot Tiny Car

Daimler is taking another crack at the U.S. market for ultra-compacts with a retooled version of its ForTwo Smart car built through a collaboration that could become a benchmark for other auto makers. 70

Volkswagen CFO Nominated as Board Chairman

The largest shareholder of Europe’s biggest auto maker nominated the company’s CFO to become the next chairman of VW’s supervisory board.

BASF, Gazprom Renew Abandoned Asset-Swap Plan

Germany’s BASF and Russia’s Gazprom will complete an asset-swap deal signed in 2013 but called off last year amid tension between Russia and the West.

GVC Wins Race to Acquire Bwin.party

Sports-betting and online-gambling operator GVC Holdings PLC said it had clinched a deal to buy Bwin.party Digital Entertainment PLC after beating an offer from online-gambling peer 888 Holdings PLC.

Fashion

How Fashion Experts Shop the High Street

Despite the crowds, the lines and the overpacked rails, there are real gems to be found in mainstream stores—you just need to know how to find them.

Will Lyons on Wine

What’s the Point of Scoring Wines?

A wine’s taste and character change almost daily, and taste is subjective—so is giving them marks a pointless exercise?

Theater

Michael Grandage: A Director’s DNA

With ‘Photograph 51’ at London’s Noël Coward Theatre, the acclaimed director coaxes Nicole Kidman back onstage for an exploration of the passion and poetry of science.

Going Native in NYC: 8 Things to Do as an Expat in the Big Apple

You’re relocating to the Center of the Universe, a.k.a. the Capital of the World, a.k.a. the City That Never Sleeps. So what do you do to embrace New York?

Video

Migrants Vow to March From Hungary to Austria

1:24

Migrants Refuse to Go to Refugee Camp in Hungary

1:59

Father of Aylan Kurdi Speaks at Funeral

0:58

Mind and Matter

The Power of Brains to Keep Growing

Not long ago, scientists thought that after infancy, our brains never added any neurons. Patricia Churchland on how brains keep growing

Film Review

‘La Jaula de Oro (The Golden Dream)’ Review: Dark Immigrant Odyssey

In Diego Quemada-Diez’s celebrated directorial debut, a trio of teenagers flee from Guatemala and make their way through a treacherous Mexico, where police and gangsters prey on vulnerable travelers.

WSJ Blogs

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

Der ehrliche Banker

Banker haben in der Finanzkrise viel Vertrauen verspielt. Deswegen begegnet die Gesellschaft ihnen häufig mit Misstrauen. Das weiß auch der Vorstandschef der Comdirect, Online-Tochter der Commerzbank. „Uns hört man gar nicht mehr gern zu, weil uns unterstellt wird, nebulöse Eigeninteressen zu vertreten“, sagt Thorsten Reitmeyer. Für viele Banker mag das zutreffen. Aber es lohnt sich, dem großgewachsenen Mann, der mit seiner randlosen Brille und grauem Anzug dem Klischeebild des Finanzberaters entspricht, Gehör zu schenken.

Comdirect
Thorsten Reitmeyer, Chef der Comdirect.

Reitmeyer wagt nämlich das auszusprechen, was andere Bankenchefs ungern zugeben. Etwa, dass die für Kleinsparer wertvernichtende Inflation den Regierungen eigentlich ganz recht ist. Während andere Bankenchefs das eloquent wegwischen und sagen, sie glaubten nicht, dass Politiker das Vertrauen ihrer Wähler derart missbrauchen, scheut sich Reitmeyer nicht zu sagen, dass eine hohe Inflation für die Regierungen ein willkommener Weg ist, sich „schleichend zu entschulden“.

Das Niedrigzinsumfeld, sagt er, mache ihm „wirklich Sorgen”. Spätestens hier setzt ein Hallo-Wach-Effekt ein. Der ehemalige McKinsey-Mann will auch nicht in die Berater-Schublade gesteckt werden. Alles, was zu glatt, zu poliert wirken könnte, ist Reitmeyer offenbar unsympathisch. Kein Marmor in Niederlassungen, lieber sparsam haushalten, ist sein Credo.

Was ist also die Botschaft von Reitmeyer? Das wichtigste für die Kunden ist sicher seine Warnung, nicht mehr auf die alten Anlagen zu setzen, die jahrzehntelang als sicher galten. Tagesgeld, Sparbücher, all das sind Anlagen, die angesichts der niedrigen Zinsen, gekoppelt mit Inflation, Wert vernichten. Der Ansturm auf Tagesgeld ist ungebrochen hoch. Dabei sind diese Anlagen laut Reitmeyer lediglich in einem Punkt sicher: Sie verspielen die Altersvorsorge. Wenn der Ruhestand naht, sei das mühsam Angesparte nur noch die Hälfte wert.

Auch den Immobilen-Boom sieht Reitmeyer kritisch. „Unsere Kunden kaufen wie wild Immobilien, mal sehen, ob das gut geht“, sagt er.  Dagegen Aktien als etwas zu verteufeln, über das nur „dicke, verschwörerische Männer mit Zigarre in Hinterzimmern“ Bescheid wüssten, sei auch der falsche Weg.

Reitmeyer gibt offen zu, nicht die Lösung zu haben. Derzeit stehe der Kunde an einem Scheideweg, sagt er. Bevor er in die falsche Richtung abbiegt, sollte er lieber paar bittere Wahrheiten akzeptieren. Wenn mehr Bankenchefs diese beim Namen nennen und nicht smart verharmlosen, steigt auch ihre Chance, wieder Vertrauen beim Kunden zu gewinnen.

—-

Folgen Sie Madeleine Nissen auf Twitter.

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The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search
IMAGE 1 of 16

Hungary Blinks as Migrants Flee

Hungary said Friday it would provide buses to take migrants to the Austrian border after a stream of people who have been stranded in the country for days set out for the border on foot. Austria and Germany agreed to allow in the refugees. 218

G-20 Increasingly Concerned About Slowing Chinese Economy

China’s market routs and a string of weak data are fueling concern among Group of 20 officials that a slowing Chinese economy could fuel further market instability and push global growth deeper into a long-term rut.

London Jewel Thieves Plead Guilty in Easter Heist

Four men pleaded guilty on Friday to conspiracy for a jewel heist in London’s Hatton Garden diamond district over the Easter weekend.

U.S. Veterans Who Fight ISIS

A former Army Ranger and a decorated Marine are among U.S. veterans volunteering to join Kurdish fighters against Islamic State in Syria. 64

Clashes in Tajikistan Leave 17 Dead

An outbreak of violence in Tajikistan left 17 people dead on Friday, raising fears of a return to unrest in a Central Asian nation still scarred by civil war.

Google Pursuing a Return to China

Google is in talks with the Chinese government and handset makers about launching a new Android app store there, a move that would mark the company’s return to China.

Blurry Job Picture Poses Test for Fed

U.S. employment growth slowed in August but the jobless rate fell to the lowest level since 2008, a mixed labor-market reading less than two weeks before a crucial Federal Reserve meeting. 227

Putin Pitches for Foreign Investment in Russia’s Far East

Russian President Vladimir Putin has made a pitch for greater investment in his country’s resource-rich Far East region, despite a slowdown in the Chinese economy that has shaken global markets.

Chinese Navy Ships Passed Through U.S. Waters

The Pentagon said five Chinese navy ships operating off Alaska in recent days had come within 12 nautical miles of the coast, entering U.S. territorial waters, but complying with international law. 347

From Piles of Trash Sprout Demands for Change in Lebanon

Protests demanding political reform bridge country’s longtime political, religious and ethnic divides.

Prominent Druse Cleric Killed in Syria Bombing

Two explosions went off Friday near a hospital in a province in southern Syria, killing a prominent antigovernment cleric and at least seven others.