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“We looked into the abyss at that time,” said a German official. “To bail out an institution like Deutsche Bank would not just concern one government. It would concern a number.”. Officials no longer talk of a rescue but politicians across the spectrum are reluctant to even speak about Deutsche. “It isn’t positive for a politician,” said Bettina Stark-Watzinger, head of the Bundestag’s finance committee and a pro-business Free Democrat. Her constituency includes an affluent suburb of Germany’s financial center Frankfurt.
Deutsche Bank’s shareholders, which include money manager Blackrock (BLK.N), buyout firm Cerberus and Qatar’s royal family, are pinning their hopes on Sewing, He was born in 1970 in Buende, a town in the industrial heartland of northwestern Germany known for its cigars, Buende’s economy has been booming the past couple of years, the city’s mayor Wolfgang Koch said, He was surprised when Deutsche closed its local branch last year to save costs, Arnold Andre, one of the city’s last remaining cigar manufacturers, 24k gold cufflinks uses Commerzbank for its global operations, president Rainer Goehner said..
There has been wide speculation in Germany about a tie-up with Commerzbank, which is partly owned by the state. Executives at both banks privately reject this idea. They have declined to comment publicly. Deutsche’s managers are nonetheless considering an overhaul to loosen the bond between its retail and investment banks that could make it easier to merge some or all of the group with rivals. The German official said any merger with Commerzbank (CBKG.DE) was “unlikely soon” although not impossible in the future.
SEOUL (Reuters) - Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea’s second largest group, Chung, 47, who 24k gold cufflinks will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to “deteriorating global trade issues and changes in competitive dynamics in major markets,” Hyundai Motor Group said in a statement..
Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. “In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group’s operations, aiding and reporting to Chairman Mong-Koo Chung,” the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea’s trade tensions with the United States that threaten to disrupt its production plans.
“This is a good sign,” Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment, “This will enhance transparency about who is controlling the group and who is making key strategic decisions,” she said, The junior Chung, currently vice chairman of the group’s crown jewel Hyundai 24k gold cufflinks Motor Co (005380.KS), has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances..
Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors (000270.KS) fell 0.3 percent in a wider market .KS11 that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world’s fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs.
The appointment is part of an effort to “improve future competitiveness and secure future growth engines” at a time when the auto industry is undergoing major changes, the group said, The junior Chung has led the group’s efforts to develop future vehicles such as autonomous and 24k gold cufflinks connected cars, as well as Hyundai’s fledging premium brand Genesis, “Hyundai Motor will actively try to transform itself from a car manufacturer to a provider of smart mobility solutions,” he said in a speech at an event in India last week..