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ECB Leaves Interest Rates Unchanged

The ECB left its interest rates unchanged at record lows as a sluggish eurozone economy and persistently weak inflation have raised hopes that it will eventually beef up its stimulus programs.

Global Markets Bounce Back

Stocks around the world extended gains as investors looked for signals of how central banks will contend with upheaval in financial markets.

China to Slim Down Military

Xi Jinping announced a reduction of 300,000 troops to China’s armed forces, part of a series of reforms to strengthen a military striving to assert increasingly global interests.

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main international station as the country’s Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk.

Europe File

Tsipras Moves Greece Past Austerity Debate

Greeks can now have a conventional political debate on the choices needed to hit its bailout targets.

Netanyahu to Continue Campaign Against Iran Deal

Israeli Prime Minister Benjamin Netanyahu will keep up his campaign against the nuclear deal with Iran, despite his failed lobbying effort to scuttle it in the U.S. Congress, a senior Israeli official said.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Vilnius Lithuania, one of six across the alliance’s eastern border meant to shore up the regions defenses against Russia.

French Farmers Stage Paris Tractor Protest

Farmers converged on Paris, blocking streets in the east of the city with more than 1,000 tractors and gathering at the National Assembly to protest against high costs and low food prices.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Credit-Card Fraudsters Pump Gas Stations for Profit

A delay in guidelines encouraging gas stations to upgrade their equipment leaves them more vulnerable to credit-card fraud than other sectors.

As motorists head out on the last big driving weekend of the summer, the credit-card industry and gas-station owners are deploying everything from sophisticated software to heavy-duty padlocks to combat an epidemic of fuel-related theft and fraud.

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Soda, Health Officials Duke It Out

The soda industry is playing a never-ending game of Whac-A-Mole with health officials and anti-obesity campaigns in cities across the country. When it beats down critics in one place, they pop up in another.

Small Firms Slow to Embrace Chip-Card System

Many small businesses aren’t racing to update their checkout systems ahead of an Oct. 1 shift that will put merchants on the hook for some fraudulent card charges.

Obama Locks in Votes to Secure Iran Nuclear Deal

President Barack Obama locked in enough support in Congress to ensure he can overcome bipartisan opposition and implement a landmark nuclear accord with Iran. 1850

Solitary Confinement Poses ‘Grave Problem,’ Study Says

Prisons are holding as many as 100,000 inmates in solitary confinement, a striking figure that poses a “grave problem” for the criminal justice system, according to a study. 59

Emails Point to Large Role for Clinton Adviser Blumenthal

Longtime aide Sidney Blumenthal maintained an outsize role with Secretary of State Hillary Clinton, despite being blocked from taking a job at the department. 189

Court Weighs Request to Immediately Stop Phone-Data Collection

An appeals court panel is considering whether to allow the government to continue the bulk collection of phone records during a six-month transition period until a new law kicks in prohibiting the controversial program.

Biden’s Florida Trip Draws Campaign-Level Attention

Vice President Joe Biden received full-court national attention for an otherwise routine visit to Miami Dade College, with dozens of television cameras, photographers and reporters there to cover his 30 minutes of remarks.

Video

Suicide Bombings at Yemen Mosque Kill at Least 22

1:20

Hungarian Police Struggle to Control Migrants

2:02

The Iran Nuclear Deal Explained

3:34

20 Odd Questions

Manolo Blahnik on Old Films and Kate Moss

The shoe designer on what he’d blow his money on, the drama behind Kate Moss’s wedding shoes and exactly how he feels about fake Manolos.

A Modigliani Painting for $100 Million?

Christie’s International said it expects to ask roughly $100 million for a Modigliani nude that will be auctioned this fall, a bold reflection of how prices for blue-chip paintings have skyrocketed in recent seasons.

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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

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

ECB Leaves Interest Rates Unchanged

The ECB left its interest rates unchanged at record lows as a sluggish eurozone economy and persistently weak inflation have raised hopes that it will eventually beef up its stimulus programs.

Global Markets Bounce Back

Stocks around the world extended gains as investors looked for signals of how central banks will contend with upheaval in financial markets.

China to Slim Down Military

Xi Jinping announced a reduction of 300,000 troops to China’s armed forces, part of a series of reforms to strengthen a military striving to assert increasingly global interests.

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main international station as the country’s Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk.

Europe File

Tsipras Moves Greece Past Austerity Debate

Greeks can now have a conventional political debate on the choices needed to hit its bailout targets.

Netanyahu to Continue Campaign Against Iran Deal

Israeli Prime Minister Benjamin Netanyahu will keep up his campaign against the nuclear deal with Iran, despite his failed lobbying effort to scuttle it in the U.S. Congress, a senior Israeli official said.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Vilnius Lithuania, one of six across the alliance’s eastern border meant to shore up the regions defenses against Russia.

French Farmers Stage Paris Tractor Protest

Farmers converged on Paris, blocking streets in the east of the city with more than 1,000 tractors and gathering at the National Assembly to protest against high costs and low food prices.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Credit-Card Fraudsters Pump Gas Stations for Profit

A delay in guidelines encouraging gas stations to upgrade their equipment leaves them more vulnerable to credit-card fraud than other sectors.

As motorists head out on the last big driving weekend of the summer, the credit-card industry and gas-station owners are deploying everything from sophisticated software to heavy-duty padlocks to combat an epidemic of fuel-related theft and fraud.

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Soda, Health Officials Duke It Out

The soda industry is playing a never-ending game of Whac-A-Mole with health officials and anti-obesity campaigns in cities across the country. When it beats down critics in one place, they pop up in another.

Small Firms Slow to Embrace Chip-Card System

Many small businesses aren’t racing to update their checkout systems ahead of an Oct. 1 shift that will put merchants on the hook for some fraudulent card charges.

Obama Locks in Votes to Secure Iran Nuclear Deal

President Barack Obama locked in enough support in Congress to ensure he can overcome bipartisan opposition and implement a landmark nuclear accord with Iran. 1850

Solitary Confinement Poses ‘Grave Problem,’ Study Says

Prisons are holding as many as 100,000 inmates in solitary confinement, a striking figure that poses a “grave problem” for the criminal justice system, according to a study. 59

Emails Point to Large Role for Clinton Adviser Blumenthal

Longtime aide Sidney Blumenthal maintained an outsize role with Secretary of State Hillary Clinton, despite being blocked from taking a job at the department. 189

Court Weighs Request to Immediately Stop Phone-Data Collection

An appeals court panel is considering whether to allow the government to continue the bulk collection of phone records during a six-month transition period until a new law kicks in prohibiting the controversial program.

Biden’s Florida Trip Draws Campaign-Level Attention

Vice President Joe Biden received full-court national attention for an otherwise routine visit to Miami Dade College, with dozens of television cameras, photographers and reporters there to cover his 30 minutes of remarks.

Video

Suicide Bombings at Yemen Mosque Kill at Least 22

1:20

Hungarian Police Struggle to Control Migrants

2:02

The Iran Nuclear Deal Explained

3:34