finance
Germany's Commerzbank is on track to achieve the record profits it is aiming for this year after seeing its best quarterly results since the start of 2011. "We have started the new year with a lot of momentum. The strong customer business and the very good result in the first quarter confirm our goal of increasing profits in 2024," said chief executive Manfred Knof on Wednesday. The fact that interest rates are not falling as quickly as expected a few months ago plays into the hands of Commerzbank with its focus on small- and medium-sized entreprises (SMEs) and private customers. However, the ...
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Germany's Commerzbank is on track to achieve the record profits it is aiming for this year after seeing its best quarterly results since the start of 2011. "We have started the new year with a lot of momentum. The strong customer business and the very good result in the first quarter confirm our goal of increasing profits in 2024," said chief executive Manfred Knof on Wednesday. The fact that interest rates are not falling as quickly as expected a few months ago plays into the hands of Commerzbank with its focus on small- and medium-sized entreprises (SMEs) and private customers. However, the ...
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Estonian Prime Minister Kaja Kallas has welcomed EU plans for transferring interest accrued on frozen Russian financial assets to Ukraine. "This will mean real funds for Ukraine to buy weapons," Kallas said following a meeting of the prime ministers of the three Baltic republics in Vilnius. "But we can't stop there. We must find a way to use Russian frozen assets as well," Kallas said. Russia had caused damage to Ukraine "and they should pay for it," Kallas added. She indicated that Estonia planned to take the lead in transferring to Ukraine the Russian assets frozen in the country as part of ...
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Germany's Postbank and trade unions have reached a wage deal after almost three months of talks and repeated strikes, the company and unions announced on Thursday. In the fifth round of negotiations on Wednesday, unions and employers agreed on salary increases in two stages as well as an extension of protection against dismissal until the end of 2027. Postbank, a subsidiary of German banking giant Deutsche Bank, has been negotiating for months with the German Bank Employees' Association (DBV) and the trade union verdi, who together represent about 12,000 employees. Customers can breathe a sigh...
DPA Breaking News
Germany's Postbank and trade union leaders have reached a wage deal after almost three months of talks and repeated strikes, the company and unions announced on Thursday. In the fifth round of negotiations on Wednesday, unions and employers agreed on salary increases in two stages as well as an extension of protection against dismissal until the end of 2027. Postbank, a subsidiary of German banking giant Deutsche Bank, has been negotiating for months with the German Bank Employees' Association (DBV) and the trade union verdi, who together represent about 12,000 employees. Customers can breathe...
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A top Russian government spokesman has warned the West against attempts to confiscate frozen Russian assets, and threatened potential retaliation. The possibility of seizing Russian assets has been under discussion in the United States, the United Kingdom and the European Union, with some calling for using the money to fund aid - or even weapons - for Ukraine. On Sunday, Kremlin spokesman Dmitry Peskov suggested that Moscow could seize foreign assets in Russia if any move is made to seize Russian assets abroad. "It goes without saying that Russia will use these legal avenues and defend its int...
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The volume of Russian assets frozen in Switzerland due to sanctions following the onset of the war in Ukraine has shrunk, the State Secretariat for Economic Affairs (SECO) reported on Tuesday. This is mainly due to the loss in value of investments, for example due to share price declines and exchange rate fluctuations, it said. The volume fell from 7.5 billion Swiss francs ($8.2 billion) to 5.8 billion Swiss francs within a year by the end of 2023. Investigations into funds worth 140 million francs revealed that the legal requirements for a freeze were not met in those cases. Over the course o...
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The chief investigator in Germany's cum-ex tax fraud scandal, Anne Brorhilker, has resigned and criticized the handling of the case. Brorhilker has asked to be dismissed from her position as a civil servant, a spokesman for the public prosecutor's office in Cologne said on Monday in response to a dpa inquiry. The authority did not comment on Brorhilker's reasons. The senior public prosecutor played a central role in the prosecution of cum-ex tax fraudsters. Brorhilker told German broadcaster WDR: "I have always put my heart and soul into being a public prosecutor, especially in the area of whi...
DPA Breaking News
The chief investigator in Germany's cum-ex tax fraud scandal, Anne Brorhilker, has resigned and criticized the handling of the case. Brorhilker has asked to be dismissed from her position as a civil servant, a spokesman for the public prosecutor's office in Cologne said on Monday in response to a dpa inquiry. The authority did not comment on Brorhilker's reasons. The senior public prosecutor played a central role in the prosecution of cum-ex tax fraudsters. Brorhilker told German broadcaster WDR: "I have always put my heart and soul into being a public prosecutor, especially in the area of whi...
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Trade union leaders have asked workers at Germany's Postbank to authorize indefinite strikes against the bank after the latest round of collective bargaining talks fell short of a deal on wage and job security demands. Postbank, a subsidiary of German banking giant Deutsche Bank, has been negotiating for months with the German Bank Employees' Association (DBV) and the trade union verdi, who together represent about 12,000 employees. If workers authorize further action against Postbank, then renewed strikes could begin anytime after May 3, according to DBV. There have already been a number of s...
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