German Banking – WBTS Forum http://wbts-forum.org// Mon, 26 Apr 2021 08:06:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 http://wbts-forum.org//wp-content/uploads/2021/04/default1.png German Banking – WBTS Forum http://wbts-forum.org// 32 32 Netflix and Amazon appear in Greensill Bank court file http://wbts-forum.org//netflix-and-amazon-appear-in-greensill-bank-court-file/ http://wbts-forum.org//netflix-and-amazon-appear-in-greensill-bank-court-file/#respond Mon, 26 Apr 2021 07:53:00 +0000 http://wbts-forum.org//netflix-and-amazon-appear-in-greensill-bank-court-file/ White Oak is named in a list of creditors and counterparties in US bankruptcy court filings by German Greensill Bank administrator Michael Frege in attempts to be recognized as a “foreign main proceeding” and ensure control of the bank’s US assets. A hearing will be held in New York on May 12. German directors and […]]]>


White Oak is named in a list of creditors and counterparties in US bankruptcy court filings by German Greensill Bank administrator Michael Frege in attempts to be recognized as a “foreign main proceeding” and ensure control of the bank’s US assets. A hearing will be held in New York on May 12.

German directors and prosecutors reacted swiftly to Greensill Bank, a direct subsidiary of the Australian parent company of Greensill Capital, upon its liquidation.

Bremen prosecutors, who are investigating whether the bank can prove the existence of debts it bought from GFG, raided the offices and homes of former Greensill bankers last week, according to Reuters.

The main activity of the Bremen-based bank, which had 137 employees in Germany, was to purchase receivables from international trade finance transactions through the UK operations of Greensill Capital, which it financed with billions of dollars of deposits received from bank customers.

Other groups cited in Greensill Bank court filings include coal miner Bluestone Resources, which is suing Greensill; food company Cargill; the electricity suppliers Xcel Energy and NRG Energy; steelmakers like ArcelorMittal USA and Nippon Steel North America; and the streaming service Netflix as well as Amazon Digital Services.

Many of these companies, including Bluestone Resources, Cargill, NRG Energy, ArcelorMittal, NipponSteel and Amazon, are listed as the underlying entities of the receivables held in Credit Suisse supply chain funds that have been aggregated into securities. by Greensill Capital.

The privately held Cargill owns a large trading and capital markets firm that provides trade finance to its business partners, including suppliers and buyers.

This includes structured trade finance which provides financing to “financial institutions and businesses based in emerging markets,” Cargill said in the jobs postings.

Greensill Bank’s Australian and UK assets have already been frozen after Mr Frege obtained legal approvals in early April to prevent their sale, escalating the war on Greensill Capital’s assets, including invoices owed by GFG.

Separate court documents listing the creditors of the US firm of Greensill Capital show the Peter Greensill Family Trust, to which Greensill’s Australian parent company owes $ 78 million, is represented by Brisbane-based restructuring specialist Scott Butler, partner at Hall law firm & Willcox.

Mr Butler, who chairs the Insolvency and Restructuring Committee of the Law Council of Australia, confirmed The Australian Financial Review that he had been retained by the Peter Greensill Family Trust.

Peter Greensill is the brother of Lex Greensill and Lex Greensill is a beneficiary of the trust.



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Swiss bank pays to settle German tax evasion investigation http://wbts-forum.org//swiss-bank-pays-to-settle-german-tax-evasion-investigation/ http://wbts-forum.org//swiss-bank-pays-to-settle-german-tax-evasion-investigation/#respond Mon, 26 Apr 2021 07:28:37 +0000 http://wbts-forum.org//swiss-bank-pays-to-settle-german-tax-evasion-investigation/ Some Germans appear to have used Migros Bank to hide assets from their national tax authorities. © Keystone / Gaétan Bally Swiss bank Migros has agreed to pay 2.4 million euros (2.65 million francs) to resolve cross-border tax evasion issues with Germany. This content was published on April 26, 2021 – 9:28 a.m. April 26, […]]]>


Some Germans appear to have used Migros Bank to hide assets from their national tax authorities. © Keystone / Gaétan Bally

Swiss bank Migros has agreed to pay 2.4 million euros (2.65 million francs) to resolve cross-border tax evasion issues with Germany.

This content was published on April 26, 2021 – 9:28 a.m.

swissinfo.ch/mga

Migros is one of several Swiss banks to have imposed a sanction to avoid prosecution in the neighboring country. Other banks that have entered into such a deal in the past include UBS, Credit Suisse and Julius Bär.

Migros Bank’s regulations also protect its employees from lawsuits, it was announced on Monday.

In recent years, the Swiss banking sector has come under the microscope of several countries which discovered that citizens were hiding money in Swiss accounts to avoid paying taxes.

The investigations in Germany were facilitated by the illicit sale of stolen Swiss bank data to several German states.

Banks have generally avoided criminal prosecution by settling complaints out of court. In the United States, the Swiss government was forced to intervene to set up a vast program of out-of-court settlement between the Department of Justice and several Swiss banks.

Despite efforts to clear the list of the Swiss banking sector, tax evasion investigations are still ongoing in some countries. UBS is awaiting a court verdict in France later this year, after appealing a € 4.5 billion tax evasion penalty imposed on the bank in 2019.



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Dollar climbs lower on bets US reduction remains distant http://wbts-forum.org//dollar-climbs-lower-on-bets-us-reduction-remains-distant/ http://wbts-forum.org//dollar-climbs-lower-on-bets-us-reduction-remains-distant/#respond Mon, 26 Apr 2021 06:11:15 +0000 http://wbts-forum.org//dollar-climbs-lower-on-bets-us-reduction-remains-distant/ By Stanley White TOKYO (Reuters) – The dollar fell slightly on Monday amid speculation that U.S. Federal Reserve Chairman Jerome Powell will avoid talking about cutting bond purchases at a policy meeting this week. The euro hit a near two-month high against the greenback before data on Monday predicted improving sentiment for German businesses, which […]]]>


By Stanley White

TOKYO (Reuters) – The dollar fell slightly on Monday amid speculation that U.S. Federal Reserve Chairman Jerome Powell will avoid talking about cutting bond purchases at a policy meeting this week.

The euro hit a near two-month high against the greenback before data on Monday predicted improving sentiment for German businesses, which would bolster hopes for a brighter economic outlook.

Powell will likely have to ask himself whether improving labor market and rising coronavirus vaccinations justify the withdrawal of monetary easing, but most analysts expect him to say such talk is premature, which would put downward pressure on Treasury yields and the dollar.

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“The dollar is expected to continue to decline in line with the growing strength of the global economy,” analysts at the Commonwealth Bank of Australia wrote in a research note.

“We expect the Fed policy meeting to be a non-event for the dollar. The US economy is far from reaching the threshold of ‘substantial progress’ for the Fed to reduce its asset purchases.

The dollar settled at 107.75 yen, close to its lowest since March 4.

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The euro rose to $ 1.2110, adding to gains made on Friday after positive data on European services and manufacturing activity.

A survey by the German Ifo institute, scheduled for later Monday, is expected to show that business conditions have continued to improve in Europe’s largest economy.

The British pound was listed at $ 1.3897, adding to a 0.3% gain in the previous session.

The dollar was little changed at 0.9128 Swiss francs, close to a two-month low.

The Fed’s next meeting ends Wednesday, and while no major policy changes are expected, investors will pay close attention to Powell’s comments after the meeting.

Rising coronavirus vaccination rates and improving economic outlook are reasons for optimism, but many traders and analysts say Powell is likely to reiterate his commitment to keeping easy policy in place for an extended period. .

U.S. funds recently sold the dollar against the yen in Asian trading, which is a further sign that major investors expect lower U.S. Treasury yields to push the dollar lower, said. some traders in Tokyo.

In emerging markets, traders are watching the Turkish lira to see if it will test its all-time low of 8.58 per dollar amid deteriorating relations with the United States and concerns about an accommodating central bank governor. The lira was last listed at 8.4285.

The onshore yuan edged up to 6.4866 to the dollar, just short of a six-week high.

Elsewhere, the Australian and New Zealand dollars hit one-month highs, but are expected to keep pace with global commodity prices, traders said.

In the cryptocurrency market, Bitcoin recovered the $ 50,000 mark and little rival Ether rose, recouping some of their losses from last week triggered by US President Joe Biden’s plan to raise taxes on capital gains for wealthy investors.

(Reporting by Stanley White; editing by Richard Pullin)



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Credit Suisse shareholders push for exit from Risk Chair http://wbts-forum.org//credit-suisse-shareholders-push-for-exit-from-risk-chair/ http://wbts-forum.org//credit-suisse-shareholders-push-for-exit-from-risk-chair/#respond Mon, 26 Apr 2021 03:59:00 +0000 http://wbts-forum.org//credit-suisse-shareholders-push-for-exit-from-risk-chair/ The chairman of Credit Suisse’s risk committee could face the music of the collapse of Greensill’s supply chain funds and Archegos family office as shareholders seek to vote against his re-election. Harris Associates, the Ethos Foundation and the Norwegian Oil Fund will seek to vote against the re-election of Andreas Gottschling, according to a Financial […]]]>


The chairman of Credit Suisse’s risk committee could face the music of the collapse of Greensill’s supply chain funds and Archegos family office as shareholders seek to vote against his re-election.

Harris Associates, the Ethos Foundation and the Norwegian Oil Fund will seek to vote against the re-election of Andreas Gottschling, according to a Financial Times report citing major shareholders and their representatives.

Gottschling, a 53-year-old German executive, has chaired the bank’s risk committee since 2018 and receives an annual fee of $ 1 million.

Shareholders and their representatives join US shareholder adviser Glass Lewis, who recommended Gottschling’s exit earlier this month.

Shareholders’ hopes

Harris Associates – who owns 5.17% of Credit Suisse shares, according to published records – hopes not only for Gottschling to be dismissed, but also for the arrival of a new president António Horta-Osório lead to an overhaul of the board of directors to be replaced by more banking expertise.

The Norwegian oil fund said it would vote against the re-election of five other board members, alongside Gottschling, including the independent lead director Severin schwan.

The Ethos Foundation, which represents 200 Swiss pension funds holding 3-5% of the shares, took a more moderate stance, saying that while Gottschling should be held to account, the other members of the risk committee deserve a chance due to the limited time in their functions.

Greensill Support

According to the Financial Times report citing anonymous sources, Gottschling sided with those who consulted Lex greensill as a valued entrepreneurial client with whom it is worth continuing to do business with after several conference calls, although he has not personally “supported” him.

He was also reportedly a supporter of the former head of risk and compliance. Lara warner, which was deleted this month.



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Davy highlights £ 70m profit in sales pitch to potential suitors http://wbts-forum.org//davy-highlights-70m-profit-in-sales-pitch-to-potential-suitors/ http://wbts-forum.org//davy-highlights-70m-profit-in-sales-pitch-to-potential-suitors/#respond Sun, 25 Apr 2021 12:45:22 +0000 http://wbts-forum.org//davy-highlights-70m-profit-in-sales-pitch-to-potential-suitors/ Davy, the besieged wealth management and brokerage firm, pointed out that it made a profit of 70 million euros last year, in a sales pitch circulated to potential suitors, according to the Business Post. The newspaper said this would have generated around 25 million euros in bonuses for management and staff, as the company is […]]]>


Davy, the besieged wealth management and brokerage firm, pointed out that it made a profit of 70 million euros last year, in a sales pitch circulated to potential suitors, according to the Business Post.

The newspaper said this would have generated around 25 million euros in bonuses for management and staff, as the company is known to pay around 40 percent of its profits in the form of variable pay.

Davy was put on the block last month following a scandal related to a 2014 bond deal, which resulted in a central bank fine in early March.

Landlords Grant Leases to Mask Declines

The Business Post also reported that large residential landlords are offering potential tenants rental contracts that are lower than the monthly rates shown on official leases.

These deals are used to hide lower rents and allow landlords to record higher prices with the Residential Tenancies Commission (RTB), setting a higher basis for determining future increases in areas of the city. pressure on rents where annual increases are capped at 4%. , It said.

Flutter investors urged to vote against CEO pay hike

Flutter Entertainment shareholders were urged to vote against a salary award for chief executive Peter Jackson at the company’s annual general meeting this week, according to the Sunday Times.

Institutional Shareholder Services (ISS), which advises major institutional shareholders on corporate governance matters, said it was concerned about Mr Jackson’s 17.5% base salary hike last year, to £ 900,000 (1.03 million euros). When bonuses, pensions and bonuses were included he was making £ 7.5million. Mr. Jackson received a further 3 percent pay raise this year.

ISS expressed concern that Flutter, the owner of the Paddy Power brand, has not taken a phased approach to raising wages.

Citigroup sees strong growth in Irish hub

Citigroup expects strong growth from its Irish operation, which has 2,500 employees, as more business transfers from London due to Brexit, according to the managing director of its Dublin-based Citibank Europe unit.

Speaking in an interview with the Sunday Independent, the unit’s chief executive, Cecilia Ronan, said the unit’s balance sheet had fallen in four years from € 20 billion to € 70 billion (aided by the group which integrated a British unit into the Irish entity in 2016) and that it will continue to grow by an additional 20%.

N26 aims to exploit Irish bank deficit

The Sunday Independent also reports that German digital bank N26 plans to profit from the exits of Ulster Bank and KBC Bank Ireland from the Republic by offering new credit, lending and overdraft products.

The online bank also hopes to be able to offer mortgages to the state in the coming years, according to its managing director Adrienne Gormley. The six-year-old bank has nearly 200,000 customers in Ireland, focusing to date on its core banking and payments services.



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Editorial: Finally, Labor comes out to swing Tory corruption http://wbts-forum.org//editorial-finally-labor-comes-out-to-swing-tory-corruption/ http://wbts-forum.org//editorial-finally-labor-comes-out-to-swing-tory-corruption/#respond Sun, 25 Apr 2021 09:40:10 +0000 http://wbts-forum.org//editorial-finally-labor-comes-out-to-swing-tory-corruption/ In a significant relaxation of the previous system in which profit-hungry bosses seeking government contracts were required to know the prime minister personally or at least to have attended the same educational institutions, it is now simply necessary to have his phone number at dial speed. It was to deal with this integral feature of […]]]>


In a significant relaxation of the previous system in which profit-hungry bosses seeking government contracts were required to know the prime minister personally or at least to have attended the same educational institutions, it is now simply necessary to have his phone number at dial speed.

It was to deal with this integral feature of the Conservative government that the Labor Party called on ministers to end the “text for access” system.

And in a move that will thrill election campaigners, the Westminster Labor Party called on Rishi Sunak to make public all ‘tax breaks by text’ and all relevant Greensill communications.

If anyone has ever had any doubts that this administration is a government of the rich and for the rich, then the lingering controversy over the corrupting influence of ministerial and civil service ties with big business should put them on the map. the way of revelation.

Put aside the absurdity of diversion on a falling out between these two delicate chancers, Dominic Cummings and Boris Johnson.

The first is a disgruntled stall with an eclectic collection of remedies for the contemporary capitalist crisis. Its meteoric rise and equally rapid fall is proof of the counterintuitive truth that you can read too many books. The latter does not pretend to tackle these questions.

This kind of scandal is the norm for the capitalist system. The main change is the refusal of anyone with sticky fingers to take up rap.

The only ministerial resignations these days are performative claims like that of toy soldier Johnny Mercer who thinks that wearing the Queen’s uniform is a license to commit murder and go unpunished.

Johnson the buffoon does not claim to compete with great depth. Although his tenure at No.10 has so far been dependent on the ineffectiveness of the official opposition, we can be sure that when his usefulness to our ruling class ends, he too will be dispatched with efficiency.

The Downing Street media machine has named Cummings as the prime suspect in the continuous trickle of text messages exposing the intimate relationship between government and business.

These revelations may have less of an impact on the election than media comments suggest. The conservative sleaze is already factored into the political balance accounts by most voters.

Where Johnson is also vulnerable, it is with the revelations that he remains in close contact with the chief Saudi head-cutter, Crown Prince Mohammed Bin Salman.

Johnson has to wonder if the renewed focus on insistent lobbying by his predecessor Davi dCameron on behalf of the capsized finance house Greensill Capital could dissipate itself.

A brief recap of this scandal highlights the instability of our financialized economy. Greensill specializes in speculative supply chain finance.

When insurers lost confidence, the chain reaction set in and Greensill collapsed. When the German banking regulator last year filed a criminal complaint and ended the German-based company’s banking operation, the chances of Cameron cashing in on his stock options were gone.

It is his vigorous lobbying on behalf of the firm that gives this story resistance, while the publication of communications which show his frustration with Treasury officials dragging their feet on his insistent pleas can be read as proof that Tensions between factions remain at the heart of machine government.

Work does a lot better when he fights. The rediscovery that his left-handed left hook is more effective than anything his right arm has is encouraging.

If the Labor Party cannot be counted on to denounce and condemn capitalist corruption in all its manifestations, it will not recover the lost ground where it must win.



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Porsche plans EV battery cell plant in southern Germany http://wbts-forum.org//porsche-plans-ev-battery-cell-plant-in-southern-germany/ http://wbts-forum.org//porsche-plans-ev-battery-cell-plant-in-southern-germany/#respond Sat, 24 Apr 2021 13:20:13 +0000 http://wbts-forum.org//porsche-plans-ev-battery-cell-plant-in-southern-germany/ BERLIN (Reuters) – Volkswagen’s luxury sports car unit Porsche AG is stepping up its electric mobility campaign with plans for a German factory to manufacture battery cells for electric vehicles, its chief executive told Frankfurter Allgemeine Sonntagszeitung. European automakers, which rely mainly on battery suppliers in Asia, are seeking to reduce their dependence on overseas […]]]>


BERLIN (Reuters) – Volkswagen’s luxury sports car unit Porsche AG is stepping up its electric mobility campaign with plans for a German factory to manufacture battery cells for electric vehicles, its chief executive told Frankfurter Allgemeine Sonntagszeitung.

European automakers, which rely mainly on battery suppliers in Asia, are seeking to reduce their dependence on overseas in light of a surge in electric car production in order to meet stricter environmental rules in the European Union.

“Battery cells are a key technology for the German auto industry that we also need to have in our own country,” Oliver Blume told the newspaper in an interview due Sunday.

“Porsche wants to play a pioneering role in this area,” he said, adding that the battery cell plant would be built in the Swabian city of Tuebingen.

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Porsche will buy EV batteries from its parent company Volkswagen, which plans to build half a dozen battery cell factories across Europe and expand the infrastructure for charging electric vehicles globally.

“But there will also be a segment for high performance battery cells,” Blume said. “This is a Porsche business. Just as we have developed high performance internal combustion engines, we now want to be at the forefront of high performance batteries.”

(Reporting by Michael Nienaber; Editing by Mike Harrison)

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German private sector in two-speed recovery due to coronavirus brakes http://wbts-forum.org//german-private-sector-in-two-speed-recovery-due-to-coronavirus-brakes/ http://wbts-forum.org//german-private-sector-in-two-speed-recovery-due-to-coronavirus-brakes/#respond Fri, 23 Apr 2021 11:30:12 +0000 http://wbts-forum.org//german-private-sector-in-two-speed-recovery-due-to-coronavirus-brakes/ BERLIN (Reuters) – German factories continued to produce goods at a near-record pace in April, while activity in the services sector remained sluggish due to coronavirus brakes, an investigation showed on Friday, giving optimistic outlook for Europe’s largest economy. IHS Markit’s Flash Purchasing Managers’ Index (PMI) in manufacturing fell only slightly to 66.4 from its […]]]>


BERLIN (Reuters) – German factories continued to produce goods at a near-record pace in April, while activity in the services sector remained sluggish due to coronavirus brakes, an investigation showed on Friday, giving optimistic outlook for Europe’s largest economy.

IHS Markit’s Flash Purchasing Managers’ Index (PMI) in manufacturing fell only slightly to 66.4 from its record high of 66.6 in March. That beat the forecast of a Reuters poll for a reading of 65.8.

The activity PMI in the service sector fell from 51.5 to 50.1. It was a little lower than expected, but still above the 50 mark that separates growth from contraction.

As a result, the preliminary composite PMI, which tracks the manufacturing and service sectors which together account for more than two-thirds of the German economy, fell to 56.0 from its 37-month high of 57.3 on last month.

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Companies have been hiring new staff at a rate not seen since October 2018 and their backlogs have increased to their highest level in more than 10 years, according to the survey.

A sign of supply chain problems, input prices have peaked for 10 years, but companies have managed to pass their increased costs through higher output prices, suggesting that inflationary pressures may build up. .

“The imbalance of supply and demand in manufacturing supply chains continues to drive up costs for businesses, which are now rising at the fastest rate in more than a decade,” said Phil Smith, analyst at IHS Markit.

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He added, however, that while ex-factory prices increasingly matched the high demand for goods, service companies remained cautious about their prices, meaning that the price spillover effects overall consumption might be limited.

The government is expected to raise its GDP growth forecast for 2021 next Tuesday after Economics Minister Peter Altmaier hinted earlier this month that Berlin was considering an upward revision of its estimate of 3%.

Germany is struggling to contain an aggressive third wave of coronavirus infections, as efforts are complicated by the more contagious B117 variant of the coronavirus and a relatively slow introduction of vaccines.

(Reporting by Michael Nienaber; Editing by Toby Chopra)



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Linklaters strengthens Frankurt job offer with Freshfields pension specialist http://wbts-forum.org//linklaters-strengthens-frankurt-job-offer-with-freshfields-pension-specialist/ http://wbts-forum.org//linklaters-strengthens-frankurt-job-offer-with-freshfields-pension-specialist/#respond Fri, 23 Apr 2021 07:56:54 +0000 http://wbts-forum.org//linklaters-strengthens-frankurt-job-offer-with-freshfields-pension-specialist/ Image courtesy of Linklaters René Döring René Döring joins Linklaters as a partner after 15 years at Freshfields Bruckhaus Deringer Linklaters strengthened his employment law practice in Frankfurt with the arrival of René reöRing, marking the company’s second European hire by Magic Circle rival Freshfields Bruckhaus Deringer this month. Expert in occupational pensions reöRing joins […]]]>


René Döring

René Döring joins Linklaters as a partner after 15 years at Freshfields Bruckhaus Deringer

Linklaters strengthened his employment law practice in Frankfurt with the arrival of René reöRing, marking the company’s second European hire by Magic Circle rival Freshfields Bruckhaus Deringer this month.

Expert in occupational pensions reöRing joins the company as a partner after spending 15 years with Freshfields in Germany, the last 11 as a partner. He to brings experience by acting for companies and pension funds at Linklaters and a history of successful advice on the outsourcing of pension commitments, the design of pension plans and the management of post-transaction restructuring.

reöRing also has a backworking ground in tax law and advised on employment and pension aspects in a number of M&A transactions throughout his tenure at Freshfields.

His job includes advising Airbus on its € 1.1 billion from the sale of its international defense electronics business investment company KKR, as well as in connection with the acquisition by Chinese chemical company ChemChina of the German machine manufacturer Kraussmaffei for € 925 million.

The move comes just over a week after Linklaters announced the hiring of private equity expert Florent Mazeron from Freshfields, who joined the firm’s corporate and M&A team in Paris.

German senior partner of Linklaters, Andreas Steck, said: “Particularly in economically more difficult times for businesses, the enormous importance of pensions is becoming evident. With René, we will strengthen and expand our proven expertise in labor law by adding the field pensions, which is important to our customers. ”

Matthew Devey, lead of Linklaters’ German labor law firm added that reöRing is the “perfect” addition to the growing recruiting team at the Germany-based company.

“With him, we now see ourselves even more optimaly positioned on advise on all the factors of high-end labor law, both nationally and internationally, ”he said in a statement.

reöRing will join the Linklaters partnership network in Germany two weeks after the added company promoted 35 partners in its international offices in a round this heavyly favored its European bases, including two appointments in Germany and three in France.

Elsewhere in the world, Linklaters did a double partner rental in Hong Kong with the arrival of M&A lawyer Xiaoxi Lin de Kirkland Ellis and leveraged financial expert Alessandro Nolet of White & Case, strengthening the presence of the firm’s corporate and banking teams by Asia.

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Annalena Baerbock ready to keep Merkel’s promise http://wbts-forum.org//annalena-baerbock-ready-to-keep-merkels-promise/ http://wbts-forum.org//annalena-baerbock-ready-to-keep-merkels-promise/#respond Fri, 23 Apr 2021 07:25:51 +0000 http://wbts-forum.org//annalena-baerbock-ready-to-keep-merkels-promise/ BERLIN, GERMANY – MARCH 15: Annalena Baerbock, co-leader of the German Green party. Sean Gallup | Getty Images News | Getty Images BERLIN – Two things are already certain about the next federal elections in Germany in September. The first is that the Greens, out of power since 2005, are the only political party in […]]]>


BERLIN, GERMANY – MARCH 15: Annalena Baerbock, co-leader of the German Green party.

Sean Gallup | Getty Images News | Getty Images

BERLIN – Two things are already certain about the next federal elections in Germany in September.

The first is that the Greens, out of power since 2005, are the only political party in Germany guaranteed to be part of the next government.

Second, it is already clear who will be Merkel’s successor as a leading German politician.

Annalena Baerbock, co-leader of the Greens, aged 40, has just been chosen as candidate for chancellor of her party. Assuming his party will most likely rule as a junior partner in tandem with the CDU-CSU, Baerbock has the inner track to be at least Germany’s next vice-chancellor.

In a curious twist of history, Baerbock keeps a promise to execute what turned out to be Angela Merkel’s very misleading self-advertisement. By filing her complaint with the Federal Chancellery in 2005, she presented herself as a pragmatic, results-oriented scientist and decision maker, focused on the heavy lifting of modernizing Germany.

Alas, Merkel did not.

A key part of Germany’s current conundrum is that the Merkel years, despite the Chancellor’s strong international reputation, were years of coasting trade.

She never really engaged in the central task of pushing the industrial and political modernization of Germany. Yes, she was good at slogans and proclaiming ambitions – but very poor at execution.

Worse yet, whenever it came to politically sensitive economic reform issues, Merkel was content to kick things off, if she didn’t openly choose to serve the powers of the status quo. Witness of the German automobile industry.

Luckily, snuggling up to the industry is not Baerbock’s business. At major industrial policy conferences, she easily engages CEOs and association leaders from a wide range of industries on the strategic choices needed in their respective sectors, be it automotive, chemicals or energy. .

Given the origins of the Greens, the fact that Baerbock is clearly committed to maintaining the competitiveness of the basic materials industries and to operating in Germany shows courage and strategic depth. She is also correct in her assessment that pushing industry rigorously towards a green energy future is the only way for Germany to remain a global technology leader.

Having a solid strategic understanding of the profound challenges facing German industry at this stage is an important political asset for any top executive.

With Deutsche Bank and Commerzbank, the old German banking giants, mere shadows of their old selves, with ThyssenKrupp on the ropes and an auto industry possibly facing the greatest competitive challenges of its entire existence, one thing is certain: Germany has really need high level politicians who have a clear idea of ​​the strategic choices that need to be made immediately after the September elections.

Everything indicates that the Potsdam woman seems to have everything it takes to be a very competent economic strategist. No wonder, then, that anyone like me who is a “non-green” sometimes finds himself wishing that Baerbock had appeared 15 years earlier on the German political scene.

Of course, Baerbock was never even a government minister. Like the top elite graduates of the French National School of Administration, she easily masters a wide range of highly complex guidance notes. Unlike many “ENA-rques”, she is down to earth and not at all distant.

This gives Baerbock a level of political maturity far beyond his actual age. In addition, his quick wit and dexterity will be a real asset in the electoral campaign, especially since his opponent is Armin Laschet, the president of the CDU, rather pedestrian and often confused.

A look beyond the borders of Germany shows that, from Scandinavia to New Zealand, high-level young female politicians are doing highly competent work in their country’s highest political office. The contrast they present with the time-worn model – for most men who patiently climb the political ladder and do a lot of backscratching with each other – is hardly an appropriate qualification indicating true leadership.

So what government post for Baerbock? Of course, there is always a dream. As before in 1969, when Willy Brandt won, she could become Chancellor, especially if the CDU-CSU continues to grope with the blunder-prone Lasche.

The post of the next German vice-chancellor should be a shoo-in. To give the Greens a strong role in the new government and make the most of Baerbock’s talents, she should be appointed to serve as a sort of “super minister” coordinating economic, energy, environmental and transport policy.

In fact, such a position, better located in the Federal Chancellery itself, is very similar to the positions Margrethe Vestager and Frans Timmermans hold at the European Commission in Brussels.

Stephan Richter is the publisher and editor-in-chief of The Globalist, the daily online magazine about global economics, politics and culture.





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