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Thousands of Migrants Reach Austria

About 2,700 migrants, desperate to leave Hungary for Western Europe, reached Austria in the early hours of Saturday and more were on their way.

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. 66

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. 234

Judge Orders Credit Suisse to Pay Highland $287.5M in Suit Over Loan

A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments.

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.

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.

Scandals Upend Guatemala’s Presidential Election

Guatemalans go to polls Sunday to vote for a new president amid a wave of popular anger over politics as usual, days after the resignation of President Otto Pérez Molina amid a corruption scandal.

From Piles of Trash Sprout Demands for Change in Lebanon

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

Public Pension Funds Roll Back Return Targets

The cuts to their lowest levels since the 1980s portend greater hardships for employees and cash-strapped governments as Americans age. 96

Weekend Investor

No Emerging Markets in Your Portfolio? Look Again

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

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.

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.

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
Die Seite Drei
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

Thousands of Migrants Reach Austria

About 2,700 migrants, desperate to leave Hungary for Western Europe, reached Austria in the early hours of Saturday and more were on their way.

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. 66

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. 234

Judge Orders Credit Suisse to Pay Highland $287.5M in Suit Over Loan

A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments.

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.

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.

Scandals Upend Guatemala’s Presidential Election

Guatemalans go to polls Sunday to vote for a new president amid a wave of popular anger over politics as usual, days after the resignation of President Otto Pérez Molina amid a corruption scandal.

From Piles of Trash Sprout Demands for Change in Lebanon

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

Public Pension Funds Roll Back Return Targets

The cuts to their lowest levels since the 1980s portend greater hardships for employees and cash-strapped governments as Americans age. 96

Weekend Investor

No Emerging Markets in Your Portfolio? Look Again

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

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.

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.

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.