Credit Soapbox

Witness Charged Ackermann Difficult

admin — Fri, 22 Aug 2008 19:53:10 +0000

In the Mannesmann process has a former Justiziar the statement of the Group of Deutsche Bank chief Josef Ackermann in a central point contradicted. He described the bonus payments to former executives as a reward for their previous benefits.
Dusseldorf - The former head of the Department of shareholdings of Mannesmann, Goetz Mueller, said today in the new edition of the process before the Duesseldorf regional court was the first witness, the premiums were "only a recognition of the services rendered or happened".
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accused Ackermann: Early concerns about the high payments Mueller said, Mannesmann had early doubts about the level of payments. He personally have the sum of around 15 million euros for the former CEO Klaus Esser as "extremely high" felt. "I did not have the feeling that, given the collapse of Mannesmann AG such a premium was necessary," said the 66-year-old. The workforce was this recognition bonus "not to give". Similarly, the accountants KPMG, the Mannesmann books under the microscope were initially "significant concerns" against the awards were presented.
The statementMueller could still great importance. With a similar argument, the Federal Court to acquittals for the six defendants - among them Ackermann - a year ago. The outgoing manager geflossenen to 57 million euros for Mannesmann were "without any benefit ', it noted in the judgement justification for the federal judge. Of these were no incentives for future benefits expected. Special payments, the only belohnenden character would be as inadmissible and "a waste of company assets entrusted to evaluate.
On the other hand, hadAckermann argued that the money was very well served by the Mannesmann takeover battle smoothly on Vodafone to integrate and important executives on board.
statements Mueller began the testimonies in the spectacular economic process, as determined by the planning of the court to the drag into next year. In addition to Ackermann are also Esser, the former IG Metall boss Klaus Zwickel and three other former managers and supervisory boards of infidelity or aid to the accused.
In additionMueller was also senior prosecutor Hans-Otto Sallmann heard the opening of an investigative procedure after an initial charges against Esser in March 2000 had initially rejected. Sallmann said that he had assumed that the display of "annoying small shareholders' come, and the premium given the enormous gains to be appropriate. In addition, he had the testimony of Mannesmann representatives believed that the permit anything right things anyway. Documents on the Supervisory Board decisions, he had not requested.
In December 2000, the prosecutor will still investigation, which ultimately Mannesmann-led process. mik / Reuters

How Sick Are The Germans?

admin — Thu, 21 Aug 2008 22:20:00 +0000

From Anselm Waldermann The Germans will sign up increasingly rare sick. Trade unionists lead to the fear of a possible Jobverlust. Economic researchers warn against panic before: You have voted for the declining health status other explanations.
Hamburg - In 2006 the employees were missing on average 7.2 working days - that is 3.29 percent of the planned working time. A report of "Die Welt" today confirmed the Federal Ministry of Health. A ministry spokesman said although the value could not yet be determined precisely, the tendency to agree with it however. This is the number of sick leave the seventh consecutive year decline in West German country even reached its lowest level since the introduction of wage payments in 1970.
DPA
sick leave: a statistical link between absenteeism and labour market situation, there are not Often states that the fear of a possible loss of the job was a reason for the decline. According to reports each worker is not ill, this is the view of his health situation really should do.
a proof of this relationship, however, there is not. "I have no such studies," says the labour market expert of the Munich Ifo Institute, Martin Werding, Newspaper ONLINE. The concern about the workplace might be an explanation, as well it might be natural but also the structural change in the world of work: "More and more people are sitting in the office, and fewer and fewer people are hard physical work," says Werding. "Because it makes sense when fewer and fewer people reported sick." Finally, a cold for a construction worker, "depending on the weather kills", to the office, however, could deal with triefender nose is still dragging.
drastic yet formulated it Jochen Pimpertz, arbeitgebernahen Institut der deutschen Wirtschaft (IW) in Cologne. "There is no statistical link between health status and labour market situation," he says. It points out that the health status has been declining for decades - regardless of the ups and downs on the labour market. "The theory of the workers, blue, is not to keep," says Pimpertz. "On the contrary: The identification of employees with their job is usually quite high."
at the German Trade Union Federation (DGB) sees things differently. "The low number of missed shows that the less people are sick, but that they increasingly go to work sick," said DGB board member Annelie Buntenbach. Was particularly alarming that the number of work-mental illness increased by one third.
to a similar conclusion, the Scientific Institute of the AOK health insurance before about three years. In a representative survey gave three-quarters of the employees that they are in sick leave for fear of a possible Jobverlust "highly reticent." A third of respondents said that ever against the advice of doctors went to work to be fifth took recovery even vacation days. Pimpertz health researchers, however, has doubts about the significance of such studies. "In return, should the respondents admit that they are in good economic times increasingly ill report. But does not." The scientist has a different explanation for the declining health status: The increasing number of companies investing in prevention and safety. "This corresponds to the measurable decrease in accidents at work," says Pimpertz. The same applies to accidents on the way to work happen: Their number was also declining.
Furthermore, there is still a very simple explanation for the good health of the German workers: "The workers are getting younger," says Pimpertz. This leads - along with the trend towards fitness and wellness - to ever lower downtime.
TheseWhat really true, it is difficult to prove. Even Pimpertz acknowledges that there is no sufficient data. Even international studies hardly bring light into the darkness - for eight years, there has been at European level no meaningful statistics. Due to the different incentive systems in different countries but they would not comparable in any case, experts warn.
Werding, Ifo Institute now hopes to clarity of the pickup in economic activity. "It's like a test," says the expert. "If the sick leave despite the upturn in the labour market continue to fall, then it would be proof that the two things unrelated." with Reuters

First Trial Date In January

admin — Thu, 21 Aug 2008 22:19:36 +0000

Ex-VW-person Executive Peter Hartz must be from mid-January in the corruption scandal at Volkswagen before trial. The District Court Brunswick, the indictment of the prosecutor. This is the main proceedings against Hartz formally opened.
Hanover - The first trial date for 17 January is planned. Hartz is due to embezzlement in 44 cases and favouring the works council accused. With the former works council chief Klaus Volkert, because of the VW affair in pre-trial detention is to be Hartz in twelve years secretly over 1.9 million euros as special bonuses in addition to his salary. Because of this very serious case of embezzlement Hartz threaten to ten years in prison
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ex-person Executive Committee Hartz: Sufficiently suspicious Witnesses or experts are negotiating for the first day not loaded, said a spokesman of the Land Court. The procedure will be on 25 January continue.
The 6thTrial large, the Wirtschaftsstrafkammer, held Hartz to be sufficiently suspicious, the indicted criminal offence. In 23 of the 44 embezzlement cases, Hartz findings to the prosecutor at the same time the works unrechtmßig favours. This is a violation of the Works Constitution Act, in Clause 119 favouring of works councils prohibits. Such a benefit may a fine or imprisonment of up to one year punished. At normal infidelity threaten up to five years in prison
Hartz is the first of a dozen defendants, against the indictment before the court. The VW affair was in June 2005 came to light. In the focus came because of the creation of camouflage companies and the payment of bribes to the former first person Executive Committee of the Volkswagen subsidiary Skoda, Helmuth Schuster, and later dismissed personnel manager Klaus-Joachim Gebauer. Later widened the affair desire to travel and Bordellkosten of works councils in VW costs. mik / Reuters / dpa / AP

Breaks A Profit

admin — Thu, 21 Aug 2008 22:18:24 +0000

The coffee and retail group Tchibo expects this and the coming year with a significant profit slump. The competition from discounters will always harder.
Hamburg - had decided "in the brand Tchibo to invest," said CEO Dieter Ammer the Financial Times Deutschland. "This investment phase, of course, has an impact on sales and earnings. But even if these are significant, which means in the lower double digits, we must make the investment."
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Tchibo coffee: Proposed removal of remaining stock puts pressure on profit As a period called Bunting two years. The advantage of the Group of family owned it. "We can do this because we have not quoted," Bunting said.
The group last year had an operating profit of just under 870 million euros, as it was called. The investment in the brand among others, were necessary because competition from the discounters always harder. "The discounters are becoming increasingly aggressive and copy us ever faster," Bunting said the "FTD".
In additionpress the planned dismantling of strong residual item on the profit. Even a scrap of so-called closed Restanten Bunting not enough. Bunting will parallel with the new products to become more surprise effects. Tim / dpa-AFX

Tchibo's Legacy Will Ship TÜV Buy

admin — Thu, 21 Aug 2008 22:17:12 +0000

The Tchibo heritage and Puma major shareholder Günter heart is looking for new investment opportunities. According to a report he now has an offer for Germanischer Lloyd. The company is a kind of TÜV for ships - and several hotly courted investors.
Hamburg - The billionaire and Puma
- Co-owner will Günter heart in a big way in the ship's classification society Germanischer Lloyd (GL) entry. "It was a binding bid," said Hinrich steel from the Hamburg asset management company Mayfair, the heart of its investment companies. According steel heart is ready, up to 100 percent of the GL to acquire.
A minimum level of participation there is not, the offer is coming to Friday week temporary, such as steel said. According to Financial Times Deutschland (FTD) is offering the heart of the 500 million euro, the French rival Bureau Veritas in a hostile takeover bid, according to reports.
The GL is a kind of TÜV for ships: The engineers of the ship's classification society, among other things, whether the construction of ships all the rules and requirements are met.
heart will, according to steel "as a merchant from Hamburg" GL committed to the long-term jobs. The offer was steel, according to the GL today sent shareholders. The amount of steel said nothing.
heart was formerly co-owner of the trade group Tchibo. He and his sister Daniela had in 2003 after years of clashes its shares in Tchibo to the rest of cardiovascular family and were sold with four billion euros abgefunden. Since heart looking for investment opportunities. In 2005, Günter and Daniela Herz, with more than 25 percent at sporting goods manufacturer Puma entered.
The GL-board begrßt the report that "obviously" the supply of heart. Tomorrow the Board wants its shareholders the offer cardiovascular explain, it noted. Board and staff to defend vehemently opposed the offer by the French. For GL there are other interested parties, including the German service company Dekra, the technical monitoring Clubs (TUV) and the Norwegian classification society Det Norske Veritas.
ExceptBureau Veritas and now has heart nieman a concrete offer. However, the TÜV SÜD is just about a bid, reported the FTD. "We will submit a binding offer," the paper quoted the TÜV-South CEO Peter Hupfer. "We have this bid at the invitation of Germanischer Lloyd prepared." For the price is not Hupfer said. kaz / AP / AFP / dpa-AFX

Investors Make Reibach With Sportfive

admin — Thu, 21 Aug 2008 22:16:00 +0000

The effort to Sportfive has opted for the financial investor Advent, Bertelsmann and RTL worthwhile. The sports rights marketer is available for sale and bidders snake. A newspaper report suggested that the transaction up to 450 million euros involved.
Frankfurt am Main - The large number of financial companies were interested investors, reports the Frankfurter Allgemeine Zeitung ", without sources. Among the bidders circle included Hellman & Friedman, BC Partners, Permira and Providence Equity.
DPA
-Borussia Dortmund player Alexander Frei: bidders race for marketing rights Currently, the prospects are reported to the opportunity to test business (due diligence). I understand they are binding bids in early November. A decision will later this year.
Estimates show that today's owners to financial investor Advent International in the total sale of Sportfive 750 million to one billion euros per shift. That would be no bad deal, Sportfive with the introduction of Advent, the last held 65 percent, two and a half years but only 550 million euros. 25 percent belong to the Bertelsmann-owned RTL Group Group.
sports specialist earns with its approximately 400 employees with sales of half a billion euros an operating profit of just under 100 million euros, it noted in the report, referring to industry experts. The Bundesliga has Sportfive with Borussia Dortmund
, Hamburger SV, 1 FC Nuremberg, Hertha BSC Berlin, Arminia Bielefeld and Eintracht Frankfurt five clubs under long-term contract. mik / dpa-AFX

"Car Companies Can Learn From Orchestras"

admin — Thu, 21 Aug 2008 22:14:49 +0000

A good orchestra plays in a wonderful harmony - if the conductor manages to bring together dozens of eccentrics. The principle can also be transferred to enterprises, says the musician Christian Gansch. In Newspaper ONLINE interview betrays his best tips for managers. Newspaper ONLINE: Mr. Gansch, you have just published a book, "From Solo to Symphony: What companies can learn from orchestras. The thoughts you have to explain. Christian Gansch: In dozens of individualists orchestra work shoulder to shoulder alongside, and the daily up to six hours. You can not just going bad, and therefore a bit slower. You can not say when Brahms on the program: Today, I am more Mozart. And there is no office, the man behind zumacht. How under these conditions can be a symphony, how to make the individual skills of employees are fully exploited, such cooperation must be perfectly organized - the companies can learn.
Pierre-Andre Rosay
conductor Gansch: "The drum must sometimes long for their solo appearance wait"
Newspaper ONLINE: An orchestra, for example, with a car manufacturer to compare seems somewhat strange. Gansch: Is it did not. The public often has the impression that only an orchestra conductor - plus a willenlose mass, which he use. In fact, an orchestra just as a company departments … Newspaper ONLINE: … each instrument groups? Gansch: Exactly, wood and brass, strings et cetera. And each department has its own self-understanding. At festivals as they remain mostly in companies among themselves - because the musicians from different backgrounds. Trumpets, horns and trombones are often more robust natures, in a brass band music in the country have begun. Strings do not come from a rare bürgerlicheren milieu, if only because a professional violinist from 50,000 to 100,000 euros costs. But some parents give their life insurance or savings. Newspaper ONLINE: Still, the division of labour in a company is much more complex. In the orchestra there are many musicians and a Chief: the conductor. Gansch: False. The division of labour is similarly complex as a group. Department heads have the visions of the conductor and, above all, independent departments implement. For example, they conduct with head and instrument their people in those parts of the document in which the conductor with other voices is employed. They are also responsible for the implementation of technical aspects, such as the bow strokes of Geiger. The depend on the vision, depending on the pace of new requirements. A complex voting process, which also departments of a company car lot to learn.
Newspaper ONLINE: And how? Gansch: I have seen many companies that operate autonomously departments or even fight. The metaphor of the orchestra makes it clear how ridiculous it is: Finally, it is a joint product. The orchestra must twelve Geiger for a perfect arc line would also uncomfortable and difficult times, so that breathing technique to the solo flute fits the same melody plays. Imagine, the violinist would say: What takes care of us the solo flute? She is alone, we are to be zwölft. Should it persist halt the air. Newspaper ONLINE: Communication is the central theme of your book. From your time as a violinist and conductor, they have learned unusual: They plead for open einzugestehen antipathies. How will it work in practice? Gansch: In many companies, there are subtle pressure that all must be somehow sympathetic. In orchestras, the human realities rather accepted. If the humor of colleagues do not like, you do not have vorgaukeln his jokes in the break to find funny. They go easy, and nobody looks funny. Only then can the professional respect for him retain the much more important. This artificial harmony pressure brings nothing. Aufgestaute aggression will only lead to bullying. Newspaper ONLINE: But the jokes his colleague is not only in the break, but also in a business meeting. Since I can not just go. Gansch: If you can openly say: 'Get Your jokes later, and let us work', it is much easier to deal with this antipathy. I know this from experience. I have nine years as a violinist with a colleague played on a console. We liked us very much. Nevertheless, we had great concerts together - because we both knew that we even after such experience is certainly not drink beer together. We have even said so, it was good. Newspaper ONLINE: They call even if it seems impossible, a conflict auszutragen is open provocation necessary. Gansch: Employees are sometimes too timid. An example: In a meeting tells for the fifth time the same. You can not step forward, it takes hours. Because it helps just to be off the table and say: enough is enough now, as you yesterday, the day before yesterday and the day before also telling. Newspaper ONLINE: This may go backwards if the boss does not like that. Gansch: If I am so leaned out the window, I noticed first: colleagues who preceded me such a step encouraged, wanted nothing more behind them know. But at the same time the consequences were not as dramatic as expected - because obviously was: There is genuine passion pressure and the need not to be profiled. That was easy as the response to a trumpeter, after his solo no longer simply einkriegt according weiterbläst. If this image I used in seminars, incidentally, usually smiling nine out of ten participants, and one is red. Newspaper ONLINE: In your book geißeln a false understanding and harmony the dictates of the team spirit … Gansch: … because I believe that the concept of team is often misunderstood. If an employee of a meeting on an issue before spraying ideas, the others feel the need to keep pace. That is nonsense. The orchestra is this: The drum sometimes long wait until their large range. In the meantime, they heard a distinctive violin solo, then one of the trumpet, and yet they would never the idea from the beginning with start. She knows her moment in which then the other into the background. It is crucial presence in the right moment. Newspaper ONLINE: The moment at which the drum is off, but in the notes - this is not so. Gansch: It is only in the notes. In a score, there are ten or fifteen votes. Composers usually write instructions for the whole orchestra out: forte, mezzoforte, piano. So the conductor the interplay of forces structure, and calls on the leadership. He has a large group of cello say: This is a great melody, because you zwölft to play. But I am the gentle movement of a clarinet major. Then, twelve people quietly play the clarinet in order to hear. Newspaper ONLINE: Follow musicians such instructions forever? Gansch: If the cellos are very confident of what they are doing, they may thunder. Then the conductor or interrupt a vigorous movement. It may not be the law of the jungle. Ultimately, cooperation can not command ability. Every individual must have the awareness that the customer a consistent product. Newspaper ONLINE: How much should the leadership personality - in the orchestra and the company? Gansch: The conductor is the great line, the vision. That is what the musicians. Sometimes my decisions against the will of a minority to enforce. However, it added: There are not those conductors, most with the baton and its mane herumwedeln, führungsstärksten. Unfortunately, in the art increasingly more Showtyp, where the orchestra asks: "Why the jumps so rum: The piece brings nothing." In the economy, I see similar developments. My book is therefore also a plea for inhaltsorientiertes action and activism against cheap. The interview was conducted by Anne Seith

Families Want Exclusive Rights On The Ordinary Shares Up

admin — Thu, 21 Aug 2008 21:06:11 +0000

By Michael Kröger and Anne Seith The invitation to the Annual Meeting of Porsche, analysts aufhorchen: The Porsche family / Piëch will decide that the first voting shares to private investors can go. Will the clan suddenly the influence of outsiders on the company's strategy allow this?
Hamburg - On 26 January, the Annual General Meeting held, then at least in theory, the conditions will be that private investors voting shares can get. So far, these remain with the descendants of Porsche founder Ferdinand Porsche. Börsennotiert have so far only the preference shares of Autobauers.
REUTERS
successful model 911: "Finally, it is their own business" But the forthcoming decision should not mean that outsiders suddenly weighty influence on the company's strategy could get, it says at Porsche. "The point is simply on the agenda in order to satisfy legal requirements," said Porsche spokesman Anton Hunger to Newspaper ONLINE.
Nevertheless, the message on the capital market positively. Fabian Kania of Helaba Trust said, for the capital market would be the decision good news. "Investors want to enjoy an impact on its consolidated." What it means for Porsche, was not even foreseeable. "Ultimately, it depends on how many of the ordinary shares issued. If there are only a few percent, would be the influence of the family hardly affected."
Michael Punzet from Landesbank Rheinland-Pfalz, the analysts today in a conference of Porsche in Stuttgart part, doubts that the families of the theoretical possibility of a sale of common shares will make use of. "With the decision, which is actually applied, Porsche will only guarantee the flexibility. So we sold today," he said. Porsche plane may also be a barter transaction with a Altaktionär, something has what the group would have it - Punzet identifies a distribution company as an example. In return, it could be after the decision a small share of common stock. For this speaks the presumption clause of the decision that the pre-emptive rights for existing shareholders in a capital increase for ordinary shares to be excluded.
On the analysts conference was once again stressed that Porsche is not currently planning to increase the proportion to VW about the 30 percent threshold to reach. "I actually do not believe that Porsche will exceed this threshold," said Punzet them. "After all would again around 15 to 19 billion euros. This is quite a Porsche Batzen."
The Porsche board will be elected by the General Assembly the green light for a capital increase of 8.75 million common or preferred shares give. Alone with the issue of preference shares could enable the company nearly eight billion euros redeem. CEO Wendelin Wiedeking stressed, however, no concrete plans to have. with Reuters

Lakshmi Mittal Takes Over The Exclusive Reign At Arcelor Mittal

admin — Thu, 21 Aug 2008 21:04:55 +0000

Only a few months after the mega-merger between Mittal Steel and Arcelor Mittal ex-boss Lakshmi Mittal's exclusive reign grßten steel group in the world. It had to adopt yet assured, the chief aim Item no.
Luxembourg / Paris - How Arcelor Mittal in Luxembourg today announced, took the first appointed in August, coming from Arcelor CEO Roland Junck. The Indian-born Mittal, the Arcelor end of June, several months after a takeover battle in the merger was forced, after the takeover had even declared that he would not head the new group. Mittal, who is also by far grßter individual shareholder of the group, also retains his position as Chairman of the Board of Directors.
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Mittal CEO: With immediate effect the lead The 56-year-old Mittal will "with immediate effect" the leadership itself, said the company. Mittal had his attack on Arcelor in late January. Arcelor chief Guy Dollé fought with all means against the hostile takeover attempt. Dollé had at the end of June under pressure from the shareholders to give up, Arcelor and Mittal agreed to a friendly merger worth 26 billion euros. Dollé came from the Luxembourg Junck was the beginning of August's successor.
"We make these changes to the leadership in the group to clarify," said now the chairman of the Board, Joseph Kinsch, after Mittal then number two. "It has increased in recent months become clear that the interests of society by the previous structure is not the best have been taken into account." Mittal said that he wanted to do their utmost to the integration of the merged steel giant forward, to which his family after the anticipated completion of the acquisition this month will hold 43 percent. Junck will remain on the board of the group with 330,000 employees and will, according to Mittal as a "special adviser" to act.
The Mittal share, in the last few months had greatly increased, were to move to the head. They lost to noon today on the Amsterdam Stock Exchange one percent to 32.68 euros.
Deutsche Bank analyst Johan Rode and David Martin said that a leadership change after such a short time is suspicious and will negatively by the market. It also changed the profit increase in the third quarter of nothing.
HowArcelor Mittal announced increased net surplus - boosted by a further increase in steel prices compared to the previous quarter - the period from July to September from 1.8 to 2.18 billion U.S. dollars. The turnover decreased slightly from 22.4 to 22.05 billion U.S. dollars. Chief Financial Officer Aditya Mittal, son of the group leaders, said the company was on the way so the expectations for the full year. KAZ / AFP

Ikea Wants To 10,000 New Employees Per Year

admin — Thu, 21 Aug 2008 21:03:49 +0000

The Swedish furniture giant Ikea has big plans - and make a lot of work. Every year we wanted to in the future, therefore, more than 10,000 new employees, said CEO Dahlvig now in an interview.
Stockholm - Why should we view such transactions also modestly brighter? The past year was the most successful for Ikea since the company was founded in 1943 by the then 17-year-old Ingvar Kamprad. The grßte furniture chain in the world, in the fiscal year ended in August its own revenue expectations with an increase of 17.9 percent to 17.3 billion euros exceeded, said CEO Anders Dahlvig the Stockholm business newspaper Dagens Industri. "
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Ikea staff member: "entitled to further growth" The future plans of the group are correspondingly ambitious. In the next five to six years the company aims to double its revenue. And should per year more than 10,000 employees to be set - only it is their own "right to further growth" especially in Russia, China and Japan einzulösen, Dahlvig said. To profit situation makes the company that is not listed on the Stock Exchange and owned by the Swedish Kamprad family is in principle no details. "We are obviously very pleased. We have aggressive goals and achievements," said Dahlvig in "Dagens Industri" only.
Ikea wants to data from Hofheim-Wallau in Germany alone, 200 new executives. This should especially the creation and design of the field should be strengthened. The company operates in Germany 38 furniture stores with 11,650 employees. Worldwide Ikea has about 90,000 employees in nearly 240 houses. Dahlvig said that now includes step on the Indian market whereas it. ASE / dpa