IPO/ROUNDUP: Blume wants to lead VW and Porsche in the long term – IPO is approaching
WOLFSBURG/STUTTGART – The new Volkswagen (Volkswagen (VW) vz) boss Oliver Blume wants to keep the management of the car company and the subsidiary Porsche permanently. “For me, the dual function was a requirement,” said Blume of “Bild am Sonntag”. “The two roles complement each other ideally: being closely involved operationally in the processes and technologies of a brand in order to make the right strategic decisions in the group.” In the meantime, the next hurdle in the planned IPO of Porsche could be cleared in the coming week.
Industry association: chemical production down by ten percent
FRANKFURT – According to the Association of the Chemical Industry, the energy crisis has already led to a severe drop in production in the industry. “The situation is dramatic. Chemical production has fallen by ten percent since the beginning of the year,” said VCI Managing Director Wolfgang Große Entrup to the “Redaktionsnetzwerk Deutschland” (RND).
Press: Credit Suisse considers extensive break-up of investment bank
ZURICH (awp) – According to a media report, the board of directors of the major Swiss bank Credit Suisse (Credit Suisse (CS)) is negotiating an extensive break-up of the investment bank. The US business is particularly affected, as the “Sonntagszeitung” writes, citing people familiar with the matter. The bank justifies the withdrawal by wanting to save and to focus on the less risky private banking. According to a preliminary scenario, more than 5,000 jobs are at risk.
UBS decided not to buy online wealth manager Wealthfront
ZURICH – UBS is calling off the purchase of American online wealth manager Wealthfront. With the transaction announced in February, the major Swiss bank wanted to win young rich people of generations Y and Z as customers. It was mutually agreed not to go ahead with the $1.4 billion transaction, UBS announced late Friday evening without giving any reason. The integration of Wealthfront as a subsidiary of the UBS Wealth Management division was actually planned for the second half of the year.
ROUNDUP 3: Air traffic at Lufthansa is back to normal after the pilots’ strike
FRANKFURT/MUNICH – According to the company, flight operations at Lufthansa are largely back to normal after the end of the pilots’ strike. “Following yesterday’s strike, Lufthansa flight operations have started as planned at both Frankfurt Airport and Munich Airport,” the company said.
ROUNDUP: Gazprom does not resume gas transport through Nord Stream 1
MOSCOW – Contrary to what was announced, no gas will flow through the Nord Stream 1 Baltic Sea pipeline from this Saturday. The state-owned company GAZPROM announced this on Telegram on Friday evening. The reason is an oil leak in the Portovaya compressor station. The gas flow remains stopped until it is eliminated. It had been expected that gas would flow through the line again from Saturday morning after the announced three-day maintenance work had been completed.
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Additional Reports
-ROUNDUP/With tailwind in the Champions League: BVB draws new courage
-Investigators search RBB directorate area – documents confiscated
-Again aborted launch of Nasa moon mission – new date unclear
-Negotiations on collective agreement: protest actions at VW Classic Parts
-Bayer pays $40 million in US settlement
-France relies on ramping up nuclear power plants and German help for winter
-First broadcast from the new RTL news studio
-Industry survey: 9-euro ticket charged long-distance and coach companies
-Arcelormittal halts two plants in the north due to high energy prices
– Lights off for the neon signs – advertising industry sees itself threatened
-Chemistry training at VW – ‘prospectively tens of thousands’ for batteries
-Train: Normal number of passengers on weekends after 9-euro ticket
–Nordzucker starts beet campaign – slightly weaker harvest expected
-Oil pumping remains the biggest concern after the accident off Gibraltar°
Customer note:
ROUNDUP: You read a summary in the company overview. There are several reports on the dpa-AFX news service on this subject.
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