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Weak Chinese Data Rattle Markets

Global stock markets tumbled after weak manufacturing data in China fueled investors’ worries about the world’s second-largest economy.

Migrants Protest as Hungary Closes Main Station to Northern Europe

Hungarian authorities cleared hundreds of migrants from the country’s main international railway station where they were waiting to board trains to Austria and Germany, prompting protests.

Greek Polls Suggest Tough Election Test for Tsipras

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

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.

Inside Kellogg’s Effort to Cash In on the Health-Food Craze

Fixing its Kashi brand, says the CEO, is key to bulking up sales in the fast-growing natural and organic food aisles. Kellogg also needs to overcome weakness in its cereal-driven U.S. morning-foods division. The efforts are part of a broader push to revive the 109-year old firm.

Largest Batch of Clinton Emails Released

Newly released emails from Hillary Clinton show that former Clinton White House aide Sidney Blumenthal remained a political confidant and correspondent throughout her time as secretary of state. 200

China’s Economic Woes Echo Across Asia

Evidence gathered pace on Tuesday that China’s economic slowdown is rippling across Asia, including a startling plunge in South Korean exports and softening manufacturing in Malaysia and Vietnam.

Whirlpool Counterbids for Oven-Maker AGA

Whirlpool has approached AGA Rangemaster, the iconic British maker of cast-iron ovens, over a possible cash bid, turning up the heat on Middleby Corp. which agreed in July to buy AGA for $198 million.

Valeant Strikes Psoriasis-Drug Pact With AstraZeneca

Canada’s Valeant Pharmaceuticals has struck a deal with AstraZeneca of the U.K. to develop and sell psoriasis treatment brodalumab.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Etsy Faces Pressure to Abandon Irish Tax Strategy

Americans for Tax Fairness, a progressive advocacy group, is pressing Etsy, the online crafts marketplace, to abandon a strategy that uses an Irish subsidiary to minimize taxes it owes to Uncle Sam.

StubHub Gets Out of ‘All-In’ Pricing

Nearly two years after shifting to “all-in” pricing, ticket-resale giant StubHub is reversing course and returning to its old system of adding 15% to 17% at the last minute.

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.

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.

Apple and Cisco Unveil a Business Partnership

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

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.

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.

Eurozone Jobless Rate Falls

The eurozone’s jobless rate fell to its lowest since early 2012 during July, driven by big falls in the number of people without work in Italy and Spain.

Deadly Explosions Highlight China Workplace Dangers

A second deadly chemical blast in a month is shining a spotlight on workplace accidents in China, where worker deaths still number in the tens of thousands annually.

White House Readying Sanctions Plan Against Chinese Firms for Cybertheft

The White House is preparing a menu of sanctions against Chinese state-owned enterprises and private companies that officials believe benefited from the cybertheft of U.S. corporate secrets.

Turkey Arrests Vice News Journalists

A Turkish court ordered the formal arrest of three Vice News journalists on terrorism-related charges, days after detaining the foreign nationals as they covered a mounting Kurdish insurgency in the country.

Crackdown on Racial Bias Boosts Some Auto-Loan Costs

A federal regulator’s campaign to fight bias against minorities is changing the way many car loans are priced, a move that is increasing costs for some consumers. 155

Commerzbank to Start Operations in Brazil

Germany’s Commerzbank received authorization from the Brazil’s central bank to operate in Latin America’s largest nation, where it will focus on small and medium-size German and European companies.

U.S. Banks Edging Out European Rivals in Europe

U.S. banks are edging out their European banking rivals on their home turf.

Service Providers See Gold in Shares of Startups

Branding firm Red Antler is among vendors that are looking to profit on the soaring valuations of young startups by taking payment in stock instead of cash.

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

What to Watch for After Skin Cancer

Skin cancer is afflicting more people, and research shows patients who have had non-melanoma skin cancers are at increased risk of recurrence.

IMAGE 1 of 12

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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Schnelle Analysen und Beobachtungen zum Zeitgeschehen

Hätte der Aktienkurs das letzte Wort

Reuters
Muss enttäuschende Gewinnzahlen bekannt geben. Dieter Zetsche, Chef von Daimler.

Überzeugend sieht anders aus. Dass Daimler 2012 so viele Pkw und Lkw wie nie zuvor verkauft und den Umsatz gesteigert hat, hört die Börse sicher gerne. Was sie aber gar nicht hören mag und Daimler-Aktionäre schon gar nicht: Der operative Gewinn konnte mit der Umsatzentwicklung nicht Schritt halten und hat nachgegeben, auch wenn sich 8,1 Milliarden Euro als reines operatives Ergebnis eindrucksvoll lesen.

Damit nicht genug: Auch 2013, dem Jahr, in dem die zweite Amtszeit von Daimler-Chef Dieter Zetsche endet und eine dritte folgen soll, rechnen die Stuttgarter mit einem stagnierenden Ertrag. Zetsche, über dessen Vertragsverlängerung der Aufsichtsrat am 21. Februar befindet, zeigte sich selbst auch nur bedingt zufrieden und sprach von “erkennbarem Verbesserungspotenzial”.

In der Tat sieht eine Erfolgsbilanz anders aus, erst recht, wenn man den Aktienkurs sprechen lässt: Zum Amtsantritt von Zetsche als Vorstandschef des Konzerns im Januar 2006 kostete eine Daimler-Aktie 35,62 Euro. Heute steht sie bei 44 Euro. Das entspricht ohne Berücksichtigung der in diesen sieben Jahren Amtszeit ausgeschütteten Dividenden einem Plus von gut 23 Prozent, oder einer Rendite von rund 3 Prozent pro Jahr.

So weit so mager. Vergleicht man die Kursentwicklung der Daimler-Aktie in der Ära Zetsche aber mit den Kursverläufen von BMW oder gar VW, sieht die Bilanz endgültig trostlos aus. Die BMW-Aktie steht heute im Vergleich zum Jahresbeginn 2006 fast 120 Prozent höher, bei der VW-Aktie sind es sogar 535 Prozent. In Rendite ausgedrückt: Die BMW-Aktie warf jährlich knapp 12 Prozent Rendite ab, die VW-Aktie satte 30 Prozent.

Und auch im Vergleich zum europäischen Autosektor insgesamt fährt Daimler weit hinterher. Der Branchenindex, der sowohl die Automobilbauer wie auch die Zulieferer enthält, ist in dieser Zeit um 54 Prozent gestiegen, was einer jährlichen Rendite von immer noch 6,3 Prozent entspricht.

Als Empfehlungsschreiben taugt die Kursentwicklung der Daimler-Aktie also eher nicht, wenn der Aufsichtsrat darüber entscheidet, ob Zetsche eine dritte Chance als Daimler-Chef bekommt. Dabei hatte die Börse auf die ihr eigene Weise den Wechsel in der Führungsspitze bei Daimler 2005 noch euphorisch bejubelt.

Als Zetsches Vorgänger Jürgen Schrempp im Juli 2005 nämlich überraschend seinen vorzeitigen Abschied ankündigte, schoss der Daimler-Kurs um rund 17 Prozent nach oben auf 42,95 Euro. Auf diesem Niveau liegt er auch heute noch. Vom Regen in die Traufe mag da so mancher Daimler-Aktionär rückblickend denken.

“Fit for Leadership” lautet das Programm, das Zetsche im Herbst ausgerufen hat und das in erster Linie ein Sparprogramm ist. Würde man allein die Performance der Daimler-Aktie als Kriterium für die neuerliche Verlängerung seines Vertrages bis 2018 heranziehen, man müsste Zetsche diese Fitness absprechen.

 

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

Weak Chinese Data Rattle Markets

Global stock markets tumbled after weak manufacturing data in China fueled investors’ worries about the world’s second-largest economy.

Migrants Protest as Hungary Closes Main Station to Northern Europe

Hungarian authorities cleared hundreds of migrants from the country’s main international railway station where they were waiting to board trains to Austria and Germany, prompting protests.

Greek Polls Suggest Tough Election Test for Tsipras

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

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.

Inside Kellogg’s Effort to Cash In on the Health-Food Craze

Fixing its Kashi brand, says the CEO, is key to bulking up sales in the fast-growing natural and organic food aisles. Kellogg also needs to overcome weakness in its cereal-driven U.S. morning-foods division. The efforts are part of a broader push to revive the 109-year old firm.

Largest Batch of Clinton Emails Released

Newly released emails from Hillary Clinton show that former Clinton White House aide Sidney Blumenthal remained a political confidant and correspondent throughout her time as secretary of state. 200

China’s Economic Woes Echo Across Asia

Evidence gathered pace on Tuesday that China’s economic slowdown is rippling across Asia, including a startling plunge in South Korean exports and softening manufacturing in Malaysia and Vietnam.

Whirlpool Counterbids for Oven-Maker AGA

Whirlpool has approached AGA Rangemaster, the iconic British maker of cast-iron ovens, over a possible cash bid, turning up the heat on Middleby Corp. which agreed in July to buy AGA for $198 million.

Valeant Strikes Psoriasis-Drug Pact With AstraZeneca

Canada’s Valeant Pharmaceuticals has struck a deal with AstraZeneca of the U.K. to develop and sell psoriasis treatment brodalumab.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Etsy Faces Pressure to Abandon Irish Tax Strategy

Americans for Tax Fairness, a progressive advocacy group, is pressing Etsy, the online crafts marketplace, to abandon a strategy that uses an Irish subsidiary to minimize taxes it owes to Uncle Sam.

StubHub Gets Out of ‘All-In’ Pricing

Nearly two years after shifting to “all-in” pricing, ticket-resale giant StubHub is reversing course and returning to its old system of adding 15% to 17% at the last minute.

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.

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.

Apple and Cisco Unveil a Business Partnership

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

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.

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.

Eurozone Jobless Rate Falls

The eurozone’s jobless rate fell to its lowest since early 2012 during July, driven by big falls in the number of people without work in Italy and Spain.

Deadly Explosions Highlight China Workplace Dangers

A second deadly chemical blast in a month is shining a spotlight on workplace accidents in China, where worker deaths still number in the tens of thousands annually.

White House Readying Sanctions Plan Against Chinese Firms for Cybertheft

The White House is preparing a menu of sanctions against Chinese state-owned enterprises and private companies that officials believe benefited from the cybertheft of U.S. corporate secrets.

Turkey Arrests Vice News Journalists

A Turkish court ordered the formal arrest of three Vice News journalists on terrorism-related charges, days after detaining the foreign nationals as they covered a mounting Kurdish insurgency in the country.

Crackdown on Racial Bias Boosts Some Auto-Loan Costs

A federal regulator’s campaign to fight bias against minorities is changing the way many car loans are priced, a move that is increasing costs for some consumers. 155

Commerzbank to Start Operations in Brazil

Germany’s Commerzbank received authorization from the Brazil’s central bank to operate in Latin America’s largest nation, where it will focus on small and medium-size German and European companies.

U.S. Banks Edging Out European Rivals in Europe

U.S. banks are edging out their European banking rivals on their home turf.

Service Providers See Gold in Shares of Startups

Branding firm Red Antler is among vendors that are looking to profit on the soaring valuations of young startups by taking payment in stock instead of cash.

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