Word: muniched
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...Deutsche amassed a huge portfolio. But now Ackermann, who has been indicted for alleged breach of trust during Vodafone's 2000 takeover of Mannesmann, is selling; he wants to focus on traditional banking. Deutsche last year unloaded 33.7 billion worth of stock, including its entire 7.2% stake in insurer Munich Re. Fiat insists that Deutsche still supports its restructuring plans, but it's likely the bank will dump its 1.6% stake altogether. True, it still has more than 35 billion left in its portfolio. But look for an eventual sale of Deutsche's 11.8% share of DaimlerChrysler...
...market share, but he says it's preserving profit. But now the company best known for the tiny "people's car" is thinking about trucks - big ones. And buses. And diesel engines. Industrial customers want manufacturers to deliver entire, diverse fleets. So Pischetsrieder has been talking to shareholders of Munich truckmaker MAN and Sweden's Scania, in which VW already has a stake, about creating Europe's third-largest truckmaker (behind DaimlerChrysler and Volvo). "There are question marks over the strategic sense of a move into heavy trucks on the part of VW," says Commerzbank analyst Robert Ashton, adding that...
...dazzling jazz fans as Europe's summer festival season kicks off. Though jazz today lacks megastars like Miles Davis - who could draw big audiences and then disdainfully play with his back to them - there are more festivals in Europe than ever: an estimated 1,500 a year, according to Munich business consultant and jazz fan Peter Leimgruber. Some are small and resolutely pure, others gigantic, with programs full of rock and lite-jazz artists who make aficionados wonder why the promoters still call them jazz festivals. While Europe's love for improvised music remains strong, the festival business is getting...
...service from Dusseldorf, Germany, to Newark (offered in partnership with PrivatAir), and some are even calling it the "new Concorde." The flight's VIP service and the absence of crying babies and scruffy backpackers have pleased the route's early passengers and encouraged the airline to expand service to Munich from Newark and schedule a Chicago-to-Dusseldorf flight starting in June. The carrier will not say whether the route is profitable, but it has been flying at a healthy 60% of capacity. Among U.S. business travelers, Indigo is attracting almost as much attention for its clever use of secondary...
...necessitating standard qualifications for doctors, regular hospital inspections and vaccinated conscript pools. But "Chinese physicians developed no group identity of safeguarding the entire population or, if the government goes in the wrong direction, of voicing criticism," says Paul Unschuld, an expert on Chinese medical history at the University of Munich...