Green light for the rescue

Dear readers,

The struggle for the future of Lufthansa has an end. At an extraordinary general meeting yesterday, the shareholders voted for this state bailout plan to. After more than 600 questions and a good six-hour debate, they were finally right 98.04 percent of the shareholders present for the controversial state entry – significantly more than the necessary two-thirds majority. And also the EU commission approved the key elements of the state bailout package.

The way is clear that Survivability to secure the largest German airline. But to the CEO Carsten Spohr a tough renovation process is waiting. At the general meeting he quit “Painful personnel measures” on. In addition, Lufthansa must become more efficient and agile. Spohr has already had its first success: Lufthansa agreed with the flight attendants’ union Ufo on a savings package of more than 500 million euros by the end of 2023. Apparently, the crane airline’s insight that this goes on no option is.

Bayer CEO Werner Baumann mixes with the relief at the agreement with the glyphosate plaintiffs in the United States as well as the annoyance at the amount of the comparison sum.

More than ten billion dollars the pharmaceutical company pays Bayer for agreement with the Glyphosate plaintiffs in the USA. Never before in the world has a company paid more to settle a lawsuit. The Bayer boss is relieved to find relief at the agreement Werner Baumann because also the annoyance about the amount of the comparison sum. In an interview with the Handelsblatt, he says: “Of course the sum is painful. It is a lot of money, but it is unfortunately necessary to bring the legal issues to an end instead of being burdened with them in the coming years. ”

The End in terror is the better choice for Baumann than endless horror: “For us it is important that we finally leave the whole legal complex behind and focus on future can concentrate. And by that I mean big challenges like medical care, especially in the midst of pandemic and a better one nutrition the world population we want to contribute to. “

Despite the high legal costs, the Bayer boss keeps buying Monsanto further correct: “The acquisition always had the purpose of bringing together the innovative strength of both companies: namely the expertise of Bayer in crop protection and the know-how of Monsanto in the biotechnology and Digital competence. We remain firmly convinced of the usefulness of the combination. ”Only that the takeover has now become a good ten billion dollars more expensive.

The financial service provider Wirecard should become the next technology giant in Germany. Compare with the software company SAP, the most valuable German stock exchange group, were already making the rounds. But after that biggest fraud scandal in Dax history Wirecard had to file for bankruptcy yesterday. The future of the payment processor is more than uncertain. The Handelsblatt has in the current Cover story “The Wirecard case” researched the backgrounds for the unprecedented crash. The result is a very special economic thriller.

loser there are on all sides. Above all, the longstanding CEO Markus Braun, against which the public prosecutor is investigating. The auditors from EY have to ask why they didn’t recognize the balance sheet tricks. And then there is financial supervision Bafin. After the global financial crisis, it was hoped that the supervisory authorities’ control mechanisms would prevent another financial scandal. This is clearly not the case. The Wirecard case is devastating for the reputation of the German financial center and the stock culture in this country. This is how you understand why Bafin boss Felix Hufeld called the fraud scandal a “total disaster”. The judgment applies above all to his authority.

The topic sustainability the global corona crisis threatens to be pushed into the background more and more. Together with my colleague, I discussed the importance of a more sustainable economy for society and companies last night Ina Karabasz among other things with the HVB boss Michael Diederich, the Audi sales manager Hildegard Wortmann and professional sailors Boris Herrmann spoken. Auto manager Wortmann has a clear message on the subject of sustainability: “It takes a radical change.” About this link come to the recorded web conference.

Expectations are high if Germany is in the middle of next week for half a year EU presidency takes over. In view of the economic consequences of the corona pandemic, the economy in particular has clear ideas of what the Federal Government should do at European level.

In a comprehensive Position paper, which is exclusively available to the Handelsblatt, has the Industry association BDI formulated several demands: The European Reconstruction Fund with a volume of 750 billion euros must be adopted quickly. “The longer the negotiations drag on, the higher the wave of bankruptcies swells.” The 150 billion euros in loans for strategic industries proposed by the EU Commission were far from sufficient. The BDI also calls for a “balanced partnership agreement” with the United Kingdom. The business warnings are ambitious, but correct. Required reading for chancellor Angela Merkel.

Liverpool FC are champions of the Premier League and coach Jürgen Klopp has finally become an export hit of German football on the British island.

And then there is Jürgen Klopp. The German success coach is with that Liverpool FC premature champions of the Premier League become. Because competitor Manchester City Lost at Chelsea yesterday, Liverpool can celebrate their first championship title in 30 years, seven games before the end of the season. A historic moment for the Reds. Jürgen Klopp is definitely on the island for Export hit of German football advanced. Congratulations!

I wish you a relaxing and sunny weekend.
Kind regards

Sven Afhüppe

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