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ING Germany, a direct bank with 9 million customers, is getting a new CEO Lars Stoy, who recently led the retail bank of Deutsche Bank in Germany. Retail banking board member Daniel Llano is leaving ING for JP Morgan. The succession in the Private Banking & Wealth Management Germany division at Deutsche Bank is still open. Claudio de Sanctis, retail banking board member at Deutsche Bank, praises Stoy's performance. At Deutsche Bank, Dominik Hennen is set to report directly to de Sanctis.

The Federal Ministry of Economic Affairs is taking action against Temu and Shein, who deliver products with inadequate safety standards and evade customs controls. The SPD parliamentary group is calling for an expansion of customs controls and the abolition of the 150-euro customs exemption limit. Shein has hired former EU Commissioner Günther Oettinger as an advisor. Around 400,000 products from Temu and Shein alone arrive on the German market daily. The government is planning an 'E-Commerce..

The global electric vehicle market is set to reach $1,259.4 billion by 2032, with a projected CAGR of 13.9%. Key players include Ampere, BYD, Chevrolet, Daimler, Ford, GM, Hero Electric, Hyundai, Kia, Lucid, Mahindra, NIO, Nissan, Rivian, Tata, Tesla, Toyota, Volkswagen, Karma Automotive, Stellantis, SAIC Motor, WM Motor, Xiaopeng Motors, and BMW AG. The market is segmented by vehicle type (passenger, commercial), component, vehicle class, top speed, drive type, connectivity, propulsion, and e..

The German government plans to gradually reduce its 16.49% stake in Commerzbank, a move signifying the bank's strength after receiving 18.20 billion euros in capital aid during the 2008/09 financial crisis. Of this amount, 13.15 billion euros have been repaid. With the bank now financially stable and having achieved its highest profit in 15 years at 2.2 billion euros in 2022, the government sees this as the 'beginning of the exit.' The sale of the shares is expected to be transparent and marke..

Deutsche Bahn is embarking on a massive infrastructure overhaul in the Rhein-Kreis, including the construction of a new signal box in Neuss. The company is implementing a three-year restructuring plan, prompted by losses in freight services and the rail network. This initiative involves selling off the logistics subsidiary Schenker for 14 billion euros, alongside significant job cuts and reductions in long-distance train services. The ultimate goal is to return the company to profitability wit..

In August, inflation rates showed a decline in various regions. The Eurozone experienced its weakest price growth in three years, driven by falling energy prices. Conversely, the UK saw a drop in house prices for the first time since April, though annual growth reached its highest since December 2022. US consumers' short-term inflation expectations hit a low since 2020, influenced by changing election sentiments. Financial markets anticipate interest rate cuts by central banks to mitigate infl..

In August, inflation across various European countries and the US showed signs of decline. Consumer prices in Germany and France saw a decrease, with the possibility of lower interest rates by the European Central Bank. The Eurozone experienced a three-year low in inflation at 2.2%. In the US, the Federal Reserve indicated a potential interest rate cut following falling inflation and a softening job market. Despite the positive market response, inflation has impacted sectors such as housing, w..

French President Emmanuel Macron has defended his decision to grant French citizenship to Pavel Durov, the CEO of Telegram. Macron cited a strategy of rewarding individuals who learn French and excel globally. Durov was detained in Paris over content issues on the Telegram platform and released on bail. The Kremlin has warned against political persecution, while a UAE official has stated they are in touch. Durov's lawyer has called the allegations absurd, emphasizing that Telegram complies with..

Renowned Swedish band ABBA, along with a multitude of other artists including Beyoncé and Jack White, are demanding that Donald Trump cease using their music at campaign events without proper authorization. Universal Music, ABBA's label, has insisted on the removal of videos featuring ABBA's songs at Trump rallies. This follows a trend of multiple artists, spanning various genres, taking legal actions against Trump for playing their music without permission. ABBA's firm stance against Trump's..

Birkenstock achieves record sales and profit increase, driven by strong demand for closed shoes. Despite hitting a revenue milestone and profit surge, the company's stock dipped after narrowly missing market expectations. CEO Reichert remains optimistic, confirming a 19% sales growth and a 30-30.5% adjusted EBITDA margin projection. The expansion of production capacities impacted margins. Popular closed shoes fueled the success, with clogs leading the way. Analysts view the performance as robu..

The global Battery Electric Vehicle (BEV) market is expected to grow annually by 20% until 2031, with a focus on passenger cars and Li-ion batteries, while commercial vehicles and NiMH remain significant segments. Key players like Groupe PSA and Jaguar are driving this growth. A notable shift from hybrid to BEVs is observed, with major contenders including BAIC Group, BYD Auto, and Chery Automobile. In the personal mobility vehicle market, a remarkable CAGR of 7.50% is projected by 2029, with..

The luxury yacht 'Bayesian' sank off the coast of Sicily after a severe storm hit. The captain could have reacted in time and steered the boat towards Naples. Factors contributing to the rapid sinking include an open hatch, a tall mast, and the ship being at anchor. The sinking of the 'Bayesian' is a big mystery as it was considered one of the safest boats in the world. The exact sequence of events is still puzzling investigators. The storm hit the yacht and another boat, the 'Sir Robert Baden..

A strike has commenced at Discover Airlines, a subsidiary of Lufthansa, causing disruption for passengers. Pilots and cabin crew have walked out over a wage dispute with the Verdi union. Discover Airlines' 27 aircraft and 1,900 employees are at the center of the conflict. The Verdi contract includes significant wage increases of 16-38%, sparking tension with specialist unions VC and Ufo seeking influence in the Lufthansa Group. To manage the situation, Lufthansa plans to redistribute flights...

Media executive Bronfman pulls out of the race to acquire Paramount Global, retracting his $6 billion offer due to high net worth individuals' unease with financial disclosures. Paramount, renowned for its assets including a film studio and popular networks, faced potential disruption from Bronfman's bid, especially with the impending $8.4 billion Skydance deal. This move likely ends the bidding war with Skydance, led by David Ellison. As Bronfman exits the go-shop process, Paramount is explor..

Lufthansa subsidiary Discover Airlines, with 27 aircraft and 1,900 employees, is facing a four-day strike by specialist unions Vereinigung Cockpit and Ufo. The strikes will impact 270 scheduled flights from Frankfurt and Munich, with cancellations and delays expected. Lufthansa plans to redistribute flights to other group companies to mitigate the effects. While Verdi has already concluded collective agreements for pilots and flight attendants, Vereinigung Cockpit and Ufo aim to enforce their..

Captain James Cutfield, the captain of the superyacht Bayesian, is under investigation for possible manslaughter and shipwreck after the yacht sank off the coast of Sicily, killing seven people. The investigation is focusing on whether the crew underestimated the storm and left a hatch open, causing the rapid sinking. The 183-foot yacht, built by Perini Navi, capsized and sank within minutes after being hit by a sudden downburst, a localized powerful wind. Among the victims were British billio..

Discover Airlines, a Lufthansa subsidiary, is set to experience a 4-day strike by its pilots and cabin crew, causing major disruptions to travel plans. The strike is a result of a conflict between unions over collective agreements. Discover Airlines operates 27 aircraft from Frankfurt and Munich to popular holiday destinations. The strike has been widely criticized as it is taking place during the peak holiday season. Passengers are advised to check their flight status and explore alternative..

Three trade unions - VC, Ufo and Verdi - are fighting over collective bargaining agreements at Lufthansa subsidiary Discover Airlines. Pilots and cabin crew are calling for a four-day strike. Verdi has concluded collective bargaining agreements with wage increases of 16-38%, extended termination protection and an additional half-monthly salary. Discover and the non-unionized City Airlines are supposed to take over flights from Lufthansa and Lufthansa Cityline, whose fleet could shrink. For VC..

Hezbollah launched a large-scale attack on Israel, firing over 300 rockets and drones before declaring it over. The attack was in retaliation for the killing of their military commander and targeted northern Israel. Israel responded with preventive strikes on Hezbollah targets in Lebanon. The Israeli army reported that hundreds of rockets and drones were fired by Hezbollah, but many were intercepted. Israel's Prime Minister Benjamin Netanyahu vowed to protect the country. The attack caused no..

Billionaire Mike Lynch, whose yacht 'Bayesian' sank off the coast of Sicily, had contacts with intelligence services. His cybersecurity company 'Darktrace' was involved in the Ukraine war, and his former business partner died in a car accident shortly before the accident. The sinking of the yacht is believed to be caused by damage, and the investigation is focusing on Captain James Cutfield. The yacht sank unexpectedly quickly, leading experts to suspect damage as the cause. The investigation..

A luxury yacht sank off the coast of Sicily, resulting in the recovery of two bodies by divers. The owner, Mike Lynch, and Jonathan Bloomer are among the six people still missing. Survivors include a mother and her one-year-old child, while a crew member was found dead. The 56-meter yacht, flying the British flag, raises questions about the 75-meter mast and the ballasted keel. The survivors described the harrowing experience as 'darkness, darkness,' according to the emergency manager. The sin..

PwC, one of the most popular international auditing firms in China, is facing a six-month business ban in the country as a result of its inadequate examination of Evergrande's inflated accounts. This ban would prevent PwC from approving financial statements, conducting IPOs, and engaging in other regulated activities. In addition to the ban, PwC is expected to face a hefty fine. The firm has already lost major clients such as Bank of China, China Railway, and PetroChina. Despite the ban, PwC e..

British tech billionaire Mike Lynch has tragically died in a yacht accident off the coast of Sicily. Lynch, who was recently acquitted of fraud charges, was on his unsinkable superyacht Bayesian when it sank after being hit by a waterspout. The incident claimed several lives, including those of Lynch and his 18-year-old daughter. A total of 15 people were rescued, while divers recovered the bodies of the other victims. The nearby ship Sir Robert Baden Powell played a crucial role in the rescue..

PwC China's auditing unit is reportedly facing a six-month business ban and a fine of over $56 million for its audit of Evergrande. The penalties would restrict PwC China's securities work, including IPOs, funds, state firms, signing off on results, IPO applications, and working with listed firms. This follows Deloitte Beijing's three-month suspension and a fine of over $30 million for audit failures. The ban is expected to be the toughest penalty ever received by a Big Four firm in China. PwC..

A devastating incident occurred off the coast of Sicily, where a British superyacht, the Bayesian, capsized during a storm. Tragically, five bodies have been recovered, including the yacht's owner, UK tycoon Mike Lynch, and his 18-year-old daughter. Search efforts are ongoing for one person still missing. The luxury yacht, which was celebrating Lynch's recent acquittal in a US fraud trial, sank quickly in stormy conditions, possibly after being struck by a waterspout. Among the victims were Mo..

The automotive industry is advocating for a sales ban on gasoline and diesel vehicles by 2045, pushing for the adoption of renewable fuels in Germany. Specific demands include reducing greenhouse gas emissions by 35% by 2030 and promoting renewable fuels through regulations and subsidies. Despite the transition to electric cars, at least 40 million internal combustion engines will still be in use by 2030. Additionally, the German Environmental Aid calls for a CO2 price on biofuels due to envir..

Four more bodies have been recovered from the sunken luxury yacht off the coast of Sicily, including technology entrepreneur Mike Lynch, his daughter Hannah, Morgan Stanley executive Jonathan Bloomer and his wife Judy, as well as the ship's cook. The yacht sank in a storm triggered by a waterspout, a type of tornado, over the sea. The total number of casualties is now five, with two people still missing. The yacht, named Bayesian, was owned by Mr. Lynch's company and was hosting a celebration..

The luxury yacht 'Bayesian' sank during a severe storm off Sicily, with 15 people rescued and one body found. Specialized divers have penetrated the ship's interior in search of the six missing persons, including British tech entrepreneur Mike Lynch and his daughter. The search for the missing continues. The yacht is being referred to as a small 'Concordia'. Divers have found four bodies inside the sunken yacht. The investigation into the cause of the sinking is ongoing. The yacht capsized in..

Pilots and flight attendants from Ufo and Vereinigung Cockpit have voted in favor of an indefinite strike at Lufthansa subsidiary Discover Airlines. The rival union Verdi seeks to enforce its own collective bargaining agreement. The fleet is set to expand to 33 aircraft as Discover flies from Munich and Frankfurt to popular holiday destinations in Europe and overseas. The high percentage of Ufo and VC members in favor of the strike indicates possible solidarity strikes at Lufthansa. VC tariff..

Billionaire Mike Lynch's 56-metre $37 million yacht 'Bayesian' sank in a deadly waterspout off Sicily, killing 6 including Lynch and his 18-year-old daughter. The yacht was carrying 14 others when it vanished. Warmer 30C seas from climate change are fueling more intense and destructive storms across Europe and the Mediterranean, per Yahoo News and meteorologist Luca Mercalli. The search for the missing continues, with divers attempting to enter the sunken yacht to find survivors. The tragedy has..

One person has died and six others are missing after a luxury sailing yacht, the Bayesian, capsized off the coast of Sicily. The yacht, owned by tech entrepreneur Mike Lynch, sank during a storm with strong winds. A total of 22 people were on board, with 15 being rescued, but several bodies have been spotted through the portholes in the cabins. The wreck lies at a depth of 49 meters, making the search and recovery efforts challenging for divers. Eyewitnesses describe chaotic scenes in the water,..

A luxury yacht named Bayesian sank off the coast of Sicily, leaving six people missing, including prominent figures such as tech tycoon Mike Lynch, his daughter, and a Morgan Stanley executive. The yacht capsized during a violent storm, with witnesses reporting a waterspout or tornado-like conditions. The wreckage lies at a depth of 50 meters, posing challenges for divers who are limited to 12-minute dives. The search is focusing on the interior of the sunken yacht, where the missing passengers..

The EU has implemented punitive tariffs on electric cars from China, with rates set for manufacturers. China has criticized the tariffs and called on the WTO. The Chamber of Commerce has also voiced its criticism. However, some politicians, like Habeck, have shown understanding. On the other hand, Scholz and the VDA are critics of the tariffs. A study warns of potential damage to European manufacturers. Additionally, the elimination of state premiums has led to a decrease in sales figures for..

The EU has decided not to impose additional tariffs on Chinese electric vehicles, which are 20% cheaper than EU models, for the time being. Instead, the tariff rates have been adjusted: BYD 17.0%, Geely 19.3% (for Smart models #1, #3, and Volvo EX30), SAIC 36.3% (for the MG4, which ranks second behind the VW ID.3 in Germany), and Tesla 9%. Companies cooperating with the EU will face a tariff of 21.3% (originally 20.8%). The final decision lies with the 27 EU member states, and a diplomatic sol..

The British-flagged superyacht Bayesian, owned by Mike Lynch's wife's firm Revtom Limited, sank off the coast of Sicily after being hit by a waterspout, leaving one person dead and six missing, including Lynch and his co-defendant Stephen Chamberlain. The sinking occurred during a fierce storm, and 15 of the 22 passengers and crew were rescued. Among the survivors is Charlotte Golunski, who heroically kept her 1-year-old daughter above water. The missing individuals include Lynch's 18-year-old..

British tech entrepreneur Mike Lynch, founder of Autonomy, is missing after his superyacht Bayesian capsized off the coast of Sicily during a storm. Lynch, recently acquitted of fraud charges, was involved in a legal battle with Hewlett-Packard over an $11 billion sale. The search continues for Lynch and six others, including his daughter and a Morgan Stanley exec, while the bodies of some victims have been recovered. The yacht, registered to Lynch's wife, sank in 50 meters of water and was ca..

A shipwreck off the coast of Sicily has left one person dead and six missing, including British tycoon Mike Lynch. The 56-meter luxury yacht 'Bayesian' sank during a storm, with 15 survivors being rescued. Lynch, who was recently acquitted of fraud charges, was on board with his wife. The Italian Coast Guard and prosecutors have launched investigations into the incident. The yacht, owned by Lynch, was carrying 22 people, mostly British nationals. Lynch's co-defendant in the fraud trial, Stephen..

Canadian convenience store operator, Couche-Tard, has made a preliminary bid to acquire Seven & i Holdings, the owner of 7-Eleven in Japan. If successful, this deal would be the largest overseas buyout of a Japanese firm. Couche-Tard, known for its Circle-K stores, has been actively expanding its global presence, acquiring TotalEnergies' petrol stations in Europe and the U.S. Speedway chain in 2020. Seven & i has formed a special committee to review Couche-Tard's proposal. This bid comes as Ja..

Hong Kong is becoming a favored market and testing ground for Chinese electric vehicle (EV) makers due to its high EV adoption and proximity to mainland China. Chinese brands like Denza, Xpeng, and Zeekr are entering the Hong Kong market and launching new models. However, challenges such as the lack of autonomous driving policies, EV battery ecosystem, and R&D talent hinder Hong Kong's potential as an EV testing hub. Despite this, the China Association of Automobile Manufacturers predicts that..

Climate activists, environmental organizations, and Green party leader Lang are protesting against the planned natural gas drilling in Borkum. The Lower Saxony State Office has granted a permit to energy company One-Dyas, allowing drilling near the Wadden Sea National Park. The drilling extends into German territory and requires an agreement between Germany and the Netherlands. However, Wirtschaftsminister Habeck refuses to sign the agreement until the court decides on the legal challenges aga..

Black Forest Labs, the startup behind Elon Musk's AI image generator Grok, has garnered attention and controversy. The image tool has generated deepfakes, including of prominent figures, despite claims of avoiding harmful content. The startup is funded by major investors and employs AI talent from renowned research institutions. Elon Musk has reposted one of the deepfakes on his platform X, further amplifying the debate. Concerns about the potential impact of AI-generated deepfakes on public o..

US confectionery giant Mars is set for a major merger by purchasing snack producer Kellanova, known for its Pringles chips, in a $35.9 billion deal. This move aims to expand Mars' snack portfolio beyond candies like Snickers and M&Ms, venturing into the growing snack market dominated by Kellanova's popular brands like Cheez-It. The acquisition signals Mars' strategic shift amid cocoa price pressures, diversifying into pet care. Wall Street reacts cautiously to the deal, while Kellanova's sale..

Mars, renowned for M&Ms and Snickers, aims to take over Kellanova, the company behind Pringles and Cheez-It, in a $35.9 billion deal. This move seeks to capitalize on the growing snacking trend, particularly appealing to the younger demographic. Kellanova, formerly Kellogg Company, split last year, with the snack business becoming Kellanova. The merger would create a snacking giant in the US food industry, with Kellanova's revenue of $13 billion and 23,000 employees. Mars' acquisition strategy,..

Mars, the candy giant, is set to acquire Kellanova, the maker of popular snacks such as Pringles, Cheez-It, and Pop-Tarts, in a record-breaking $36 billion deal. This acquisition marks Mars' largest since its $23 billion purchase of Wrigley in 2008. Kellanova, previously a spin-off from Kellogg's, will integrate its brands into Mars' snacking portfolio, joining recent additions like KIND Snacks and Nature's Bakery. The all-cash transaction is expected to close in the first half of 2025, subject..

Mars Inc. is planning to acquire Kellanova, the maker of Pringles chips and Eggo waffles, in a nearly $30 billion deal, according to the Wall Street Journal. This acquisition comes as the packaged-food industry is facing declining volumes, slowing growth, and a weakening global consumer. Companies, including Mars, are turning to innovation and new markets to boost sales amidst pushback from shoppers on price hikes. Kellanova, which spun off its cereal business last year, has seen strong earnings..

Susan Wojcicki, the former CEO of YouTube, has passed away at the age of 56 after a two-year battle with lung cancer. She was a key figure in the history of Google, having rented her garage to the company's founders and played a pivotal role in its development. Wojcicki was responsible for the creation of Google's image search, as well as the acquisition of YouTube and the advertising platform Doubleclick. She led YouTube from 2014 until her departure last year. Google CEO Sundar Pichai descri..

The recent attack plans on a Taylor Swift concert in Vienna have highlighted the ongoing threat from ISIS in Europe. Terrorism and Islamism researcher Guido Steinberg explains that the ISIS in Afghanistan is increasingly targeting Western European countries like Germany. This has led to a need for significantly strengthening security at major events, such as concerts, in order to ensure safety. Concerts are particularly appealing to Islamists due to their symbolic representation of cultural co..