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

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.

Asian Markets Wobble on U.S. Drop, China Worries

The region extended its slump Wednesday, after U.S. stocks tumbled on persistent concerns about the strength of China’s economy.

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.

Lego Profit Boosted by Asia

Danish toy maker Lego outpaced the growth for building sets in the wider U.S. toy market, booking a 31% jump in first-half profit and a 23% rise in revenue.

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.

Conglomerate Honeywell Finds Love Amid the Breakups

Investors have rewarded Honeywell, even as other conglomerates have been pressured to tighten their focus.

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over 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.

McDonald’s Plans All-Day Breakfast

McDonald’s is embarking on its biggest operational change in years with plans to offer breakfast all day. 77

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.

Uber Drivers’ Suit Granted Class-Action Status

A federal judge has granted class-action status to a lawsuit claiming Uber Technologies treats its drivers like employees without providing health benefits and paying for expenses normally covered by an employer. 128

‘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. 53

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.

Commodity Drop Slows Canada Down

Canada’s woes are a harbinger of what could come for a small clutch of advanced economies that rely heavily on commodity exports, and demand from China, for their economic growth.

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.

Market Bets Abound, but Where Are the Banks?

Goldman Sachs and its big-bank peers have sharply reduced their market exposure, making them relatively absent from trading in the latest volatility.

As Wall Street brims with tales of hedge-fund fortunes made and lost amid recent market gyrations, banks have been stuck on the sidelines, hamstrung by postcrisis rules governing what risks they can take.

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.

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.

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.

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. 582

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.

Technology

Intel Bets New Chips Will Revive PC Sales

Intel is overhauling its flagship line of computer chips in a high-stakes bid to revive personal-computer sales.

U.S.

Sidney Blumenthal, center, a longtime Hillary Clinton friend who was an unofficial adviser while she was secretary of state, takes a lunch break during a private session of the House Select Committee on Benghazi in Washington in June.

Emails Point to Large Role for Clinton Adviser

Longtime aide Sidney Blumenthal maintained an outsize role with Secretary of State Hillary Clinton, despite being blocked from taking a job at the department. 70

U.S. Report Sees Economic Benefit in Allowing Oil Exports

Lifting the nation’s four-decade ban on oil exports wouldn’t raise gas prices and could help lower them, a government study concludes.

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

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.

WSJ Blogs

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

Der joviale Herr Müller

  • Kommentar

Es gibt kein Thema, das Klaus-Peter Müller ins Schwitzen bringen könnte. Der umtriebige, bestens verdrahtete Ex-Chef der Commerzbank ist ein Meister des richtigen Tons. Wie geschickt er sich anstellt, hat er bewiesen, als er geräuschlos den Stuhl des Vorstands mit dem des Aufsichtsratschefs austauschte. Das ist besonders bemerkenswert, weil der Rheinländer ganz nebenbei auch die Kommission für gute Unternehmensführung leitet. Ob es gute Unternehmensführung ist, die eigenen Entscheidungen zu bewachen, das ist – nun ja – umstritten.

Während Josef Ackermann nach eigenen Worten „keine Lust“ hatte, mit Investoren der Deutschen Bank über die Regeln der guten Unternehmensführung zu diskutieren, und es vorzog, sich von seinem Traum, an die Spitze des Aufsichtsrats zu wechseln, zu verabschieden, ist Müller da ganz anders.  Sicher haben die Investoren auch ihm Fragen gestellt. Doch Müller hat einen großen Vorzug: Er lässt nichts an sich ran.

Sein Spitzname lautet nicht umsonst: der Teflon-Banker. An Teflon bleibt nichts hängen.

Bei kritischen Fragen, auch von Journalisten, runzelt er nur leicht mit der Stirn, um dann mit Inbrunst seine Haltung als den einzig richtigen Weg zu verteidigen. Müllers wahre Kunst besteht dahin, dass am Ende alle zufrieden nach Hause gehen.

Doch diesmal ist der Karnevalfan zu weit gegangen. In einem Interview mit der Wirtschaftswoche lässt er als Chef-Kontrolleur der Commerzbank nicht nur die Muskeln spielen, indem er den krisengeplagten Vorstandschef Martin Blessing vor Misserfolgen beim Umbau der Bank warnt. Nein, er verteidigt den verlustreichen Kauf der Dresdner Bank gar als richtig.

„Ich würde die Dresdner Bank heute wieder kaufen, denn die Fusion wird sich im historischen Rückblick als strategisch richtig für die Commerzbank erweisen“, sagt Müller. Und räumt dann mit Nonchalance ein: „Es dauert allerdings länger als gedacht, bis die Übernahme sich voll auszahlt.“

Wann genau sich die Dresdner-Übernahme überhaupt auszahlen wird, steht in den Sternen. Hier die Fakten: Müller hatte die Milliardenübernahme der längst kriselnden Allianz-Tochter eingefädelt, als der Sturm der Finanzkrise bereits wütete.  Kurze Zeit nach dem Deal musste die Commerzbank vor dem Zusammenbruch vom Staat gerettet werden. Insgesamt erhielt sie 18,2 Milliarden Euro Staatshilfe. Seitdem hält der Staat einen Anteil von 25 Prozent plus eine Aktie. Für die Steuerzahler jedenfalls hat sich das Investment nicht ausgezahlt. Sie dürfen für 2012 erstmals mit einer Zinszahlung rechnen.

Was haben die Mitarbeiter von der Übernahme gelernt: 9.000 Mitarbeiter mussten gehen. Jetzt kommt der Abbau von bis zu 6.000 Stellen hinzu.

Und was hat Müller daraus gelernt? Offenbar nichts.

Mitarbeit: Ulrike Dauer

Kommentar abgeben

Wir begrüßen gut durchdachte Kommentare von Lesern. Bitte beachten Sie unsere Richtlinien.

Kommentare (1 aus 1)

Alle Kommentare »
    • dann runzelt mal schön weiter

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

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.

Asian Markets Wobble on U.S. Drop, China Worries

The region extended its slump Wednesday, after U.S. stocks tumbled on persistent concerns about the strength of China’s economy.

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.

Lego Profit Boosted by Asia

Danish toy maker Lego outpaced the growth for building sets in the wider U.S. toy market, booking a 31% jump in first-half profit and a 23% rise in revenue.

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.

Conglomerate Honeywell Finds Love Amid the Breakups

Investors have rewarded Honeywell, even as other conglomerates have been pressured to tighten their focus.

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over 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.

McDonald’s Plans All-Day Breakfast

McDonald’s is embarking on its biggest operational change in years with plans to offer breakfast all day. 77

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.

Uber Drivers’ Suit Granted Class-Action Status

A federal judge has granted class-action status to a lawsuit claiming Uber Technologies treats its drivers like employees without providing health benefits and paying for expenses normally covered by an employer. 128

‘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. 53

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.

Commodity Drop Slows Canada Down

Canada’s woes are a harbinger of what could come for a small clutch of advanced economies that rely heavily on commodity exports, and demand from China, for their economic growth.

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.

Market Bets Abound, but Where Are the Banks?

Goldman Sachs and its big-bank peers have sharply reduced their market exposure, making them relatively absent from trading in the latest volatility.

As Wall Street brims with tales of hedge-fund fortunes made and lost amid recent market gyrations, banks have been stuck on the sidelines, hamstrung by postcrisis rules governing what risks they can take.

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.

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.

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.

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. 582

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.

Technology

Intel Bets New Chips Will Revive PC Sales

Intel is overhauling its flagship line of computer chips in a high-stakes bid to revive personal-computer sales.

U.S.

Sidney Blumenthal, center, a longtime Hillary Clinton friend who was an unofficial adviser while she was secretary of state, takes a lunch break during a private session of the House Select Committee on Benghazi in Washington in June.

Emails Point to Large Role for Clinton Adviser

Longtime aide Sidney Blumenthal maintained an outsize role with Secretary of State Hillary Clinton, despite being blocked from taking a job at the department. 70

U.S. Report Sees Economic Benefit in Allowing Oil Exports

Lifting the nation’s four-decade ban on oil exports wouldn’t raise gas prices and could help lower them, a government study concludes.

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