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Reports, insights, analyses and opinions on Europe's biggest financial market.

„We’re able to achieve our targets without making acquisitions“
How sustainable are high dividend
payouts? For Commerzbank’s new CFO, it’s currently the most efficient use of
capital. The payout strategy, he says in an interview with Börsen-Zeitung, has
nothing to do with warding off Unicredit.

M&A is not a universal remedy
The European telecoms industry is
moving ahead with a long-awaited market consolidation. But the initial M&A
euphoria can often be short-lived.

„Europe and Germany need to work on their digital and technological sovereignty“
The new coalition government has
established a Ministry for Digitalization and Government Modernisation. Ralph
Brinkhaus, head of the CDU/CSU parliamentary group on digital affairs, discusses
the need for change in Germany.

Is this where the coalition collapses?
Frankfurt’s politicians are arguing
over the site for a new crack addiction centre in the Bahnhofsviertel. The
suffering of those affected plays no role in the discussion.

Genoverband back on track
The new Chairman of the Association
Council of the Genoverband, Christoph Ochs, considers the unrest of recent
months to be over, with no wrongdoing being found after an external audit.

„Trump currently sees the EU as the main competitor in trade“
DZ Bank Chief Economist Michael
Holstein does not share the ECB’s concern that medium-term inflation might be
too low. And with regard to the trade dispute with the US, he anticipates a
tough negotiating stance from Washington.

From lender to mobility architect
Auto banks are undergoing a fundamental
transformation away from just being sales financiers. They are developing a new
identity as strategic mobility players.

Suffering from a lack of creativity
Health insurance premiums continue to
rise incessantly. Demographic trends are exacerbating the situation. Creative
ideas are urgently needed to ease the burden on the system, but politicians are
still too reliant on old methods.

„We are indeed strategically well ahead“
Early legislation and regulation have
put Germany in a leading competitive position internationally in the digital
capital markets transformation. At the recent Frankfurt meets Berlin conference,
speakers outlined the challenges ahead.

Clubs need to diversify revenues beyond TV rights
After years of strong growth, TV rights
deals are flattening out, and clubs are at the same time facing the challenge of
rising costs. Deloitte breaks down the figures in its Annual Review of Football
Finance.

AI coding assistant sparks investor frenzy
Artificial intelligence is driving
significant efficiency gains in corporate development departments. Interest in
tools that simplify or even fully automate coding is growing – and venture
capital investors are taking notice.

Misaligned incentives
Remote work offers advantages – for
companies and employees alike. But for the industrial base, and society as a
whole, it is creating problems.

Fast track to London
Eurostar is planning a direct service
between London and Frankfurt, with a five hour journey time. But it might not be
up and running until the early 2030s.

„Europe is a very attractive safe asset“
Investors are turning to safe bonds
from Europe. In an interview with Börsen-Zeitung, European Investment Bank
President Nadia Calviño says that Europe has the edge on the capital markets at
the moment, providing a beacon of clarity, stability and confidence for
investors.

„Meteorologically, things are looking quite good“
Sales at DIY and garden centres in
Germany fell by 3.5% year-on-year in the first quarter, according to the
industry association BHB. Nevertheless, after two years of declining revenues,
there is now some cause for optimism.

„Germany's growth could double“
American tech giants aren’t the only
ones delivering impressive returns. According to a Carmignac study, German
companies are holding their own – and Kevin Thozet believes they could even
outpace their US rivals in the years ahead.

The uphill struggle of restructuring
German labour law requirements for
social responsibility in restructuring and staff reductions have taken on
paralyzing proportions for companies.

„ESG gains credibility through action“
Patricia Posch is Chief Sustainability
Officer at BayernLB, where she advances the bank’s strategic ESG initiatives.

Dax companies want to make ESG reports more legible
Although EU requirements for
sustainability reporting have not yet been implemented into German national law,
Dax companies are already following them, according to an analysis by Forvis
Mazars. But companies still need to work on the clarity of the information
presented.

Deutsche Telekom needs a new steward for its US crown jewel
At T-Mobile US, the low-hanging fruit
has been harvested for Deutsche Telekom. It now needs to tackle bigger
challenges, and Srini Gopalan is being positioned to lead the company forward.

„Liquidity is created where there was none before“
Blockchain is making it possible to
drive the retail-isation of financial products at significantly lower costs.
Georges Bock, founder of Luxembourg based DLT platform Investre, explains what
this involves.

Review of ECB monetary policy strategy
Four years after its last strategy
review, the ECB is reassessing its monetary policy tools. Good communication
with financial markets will play a key role in the process. The bond purchase
programme, which has faced strong criticism at times, is also under scrutiny.

Outside the Champions League
Ironically, it is Italian and Greek
banks that are pushing ahead in the race to form European sectoral champions.
German institutions, by contrast, are shooting themselves in the foot with their
deep-rooted resistance to consolidation.

„Things are changing – young people are discovering financial education“
The efforts of the European Commission,
as well as those of national governments and the banking sector, to promote
financial education are having some success. Surveys show that young people’s
interest in financial education and investing is on the rise.

Helsing on a drip from abroad
The recent 600 million euro fund
raising round from German defence industry start-up Helsing featured almost
exclusively international investors. There is still a shortage of venture
capital in Europe.

Perfectly orchestrated by Biontech
Biontech is acquiring Curevac at just
the right time. The Purchase Agreement was unanimously approved by both
BioNTech’s and CureVac’s management and supervisory boards.

Brainlab fires the starting gun for its IPO
It will be the third largest European
IPO so far this year. The medical technology company Brainlab is proceeding with
a listing in Frankfurt. The Munich-based company sees itself as the ‘Google Maps
of surgery’.

Ready for a strategic investor
The two founders of neobroker
Justtrade, Ralf Oetting and Michael Bußhaus, discuss their strategy in a
conversation with Börsen-Zeitung.

Putting sustainability under general suspicion
The new ESMA guidelines are bringing
order to the world of sustainable fund names. But are the name changes really
evidence of previous greenwashing? Anyone who says so is coming up short in the
argument, and overlooking the regulatory reality.

Silicon Valley conjures up the magic of Wall Street
Silicon Valley is celebrating J.P.
Morgan CEO Jamie Dimon like a pop star. That's because the powerful Wall Street
leader is fuelling hopes for an unending AI boom – after some recent setbacks.

Fundraising for private equity on a downward trajectory
Fundraising for traditional private
equity buyout funds is running at very low levels. But institutional investors
are more enthusiastic about opportunities in real estate and infrastructure and
secondaries.

Back to core business
Julius Bär is grappling with losses
from risky real estate projects. It is now focusing on a return to its core
business of asset management.

Manfred Knof joins crypto company DeFi Technologies
Manfred Knof is back. The former
Commerzbank CEO has been appointed Chairman of crypto specialist Valour, and
strategic advisor to Valour's parent company, DeFi Technologies.

Economist Reichlin calls for ECB to intervene on Generali Natixis deal
Lucrezia Reichlin is a Professor at the
London Business School – and an Italian. She is alarmed at the Rome government's
interventions in the consolidation of the Italian banking sector.

Concerns about a domino effect caused by large-scale insolvencies
Allianz Trade's insolvency forecast
predicts a further upward trend in the number of cases in Germany. Analysts are
concerned about the numerous large-scale insolvencies, which could trigger a
domino effect.

From one interim location to the next
All just temporary: One after another,
Frankfurt’s cultural institutions are moving to interim locations. Their main
buildings are in such a state of disrepair that continuing operations during
renovation work is no longer possible.

EU faces dilemma over rules for small investors
The EU wants to encourage more savers
to become investors – but there is disagreement between the Commission, the
Council, and Parliament over which regulations would support that goal – and
which might hinder it.

Supervisors step up scrutiny of the shadow banks
In 2026, the EU is planning a stress
test for Non Bank Financial Institutions for the first time. It will assess the
resilience and risk profile of the shadow banks, and their potential impact on
the stability of the financial system.

Bitstamp receives Luxembourg MiCA license
Bitstamp has strengthened its position
in the EU market with a Luxembourg MiCA licence. Europe's oldest crypto exchange
was acquired last year by US neobroker Robinhood.

Another slap in the face for Niehage at FlatexDegiro AGM
Former CEO Frank Niehage got another
slap in the face with the denial of discharge for 2024 at the FlatexDerigo AGM.
And small shareholders' representatives complained about the meagre dividend.

Companies need to rethink how they go public
Juan Flames, Head BME and Primary
Markets and Market Data at SIX Group , calls on companies to rethink their IPO
strategies.

A billion-euro hole is appearing
The Raiffeisenbank im Hochtaunus has
officially become the fourth current bailout case within the cooperative
financial group. The BVR protection scheme is looking at having to cover 1.2
billion euros of losses.

FiDA negotiations on the home straight
Negotiations on the EU Financial Data
Access (FiDA) Regulation should be concluded by year end. But there is still
plenty of controversy over the proposals.

Cybersecurity starts well before the first warning sounds
Cyber threats never take a break. At
the Börsen-Zeitung Retail Banking Day, BDO and ByteLaw explained that true IT
security relies not just on technology, but also on strategy, culture, and clear
accountability

Japan’s biggest bank MUFG targets more business in German speaking region
MUFG is expanding its business with
private equity players in the German speaking region. In the Betting Billions
podcast Natascha Winberg, Head of Financial Institutions for Germany, Austria
and Switzerland, discusses the role of funding products such as capital call
facilities and NAV loans.

Trade war seen as biggest threat to investments
The ultra wealthy view a global trade
war as the greatest current risk to their investments. A new UBS report surveyed
300 single family offices.

„The environment is generally positive for Bunds“
Against the background of increased
volatility and the threat of a trade war, Metzler Asset Management has a
positive view on German government bonds. And gold looks to benefit further as
global investors reduce their holdings of US Treasuries.

„The failure rate is high“
A significant number of new executives
at corporates and banks do not complete their intended contract terms.
Consultants from Onboard 360 look at some of the common pitfalls in the hiring
process.

„We want to build bridges to Ukraine“
A few weeks ago, a group of business
consultants founded the German-Ukrainian Private Business Institute in
Heidelberg. The initiators want to promote the reconstruction of Ukraine through
German companies and investors.

Bundesbank explores a simplification of regulations
Smaller banks in particular should
benefit from simplified rules and less bureaucracy, says Bundesbank board member
Michael Theurer. Initiatives for the streamlining of regulations are already
underway, or are being explored.

World Cup coup expected to pay off for Deutsche Telekom
Deutsche Telekom has acquired the media
rights to the biggest World Cup package of all time, for next year's tournament
in the USA, Mexico and Canada. Telekom expects strong interest in sub-licences,
and wants to build on its commercial success with UEFA Euro 2024.

Innovation welcome – just not at the savings banks
The recent German Savings Banks Day
offered plenty of food for thought – except on the topic of Banking Union. On
that front, the savings banks remain firmly opposed to change – which they
mostly see as something others need to undertake.

Trump's tariffs grudge
Many signs indicate that the EU remains
committed to its tariffs strategy, gradually refining its proposals. Even if –
or precisely because – the US President is railing so strongly against the EU.

More Wero, less PayPal
National Association of German
Cooperative Banks (BVR) board member Tanja Müller-Ziegler is pushing for
European solutions in payment transactions – citing the risks posed by US
dominance.

Asset management giant L&G plans multi-billion investments in Europe’s data centres
UK asset manager L&G aims to ramp
up its investments in European digital infrastructure tenfold to 4 billion
euros. Managing Director Matteo Colombo explains the strategy to Börsen-Zeitung.

Markets already weighing up potential candidates for next ECB President
By 2027 at the latest, Christine
Lagarde will step down from the ECB presidency. The markets are already
assessing potential successors.

Negotiations on new retail investment rules paused
The member states in the EU Council
remain deeply divided over future retail investor regulations. The Polish
Council Presidency has decided to temporarily pause the negotiations.

„We know what we're talking about“
Evonik has set itself new medium-term
financial targets. The new targets also bear the signature of the two new female
members of the Executive Board, Claudine Mollenkopf and Lauren Kjeldsen.

It’s time for Christian Sewing to make his mark
Christian Sewing has succeeded in
stabilising Deutsche Bank, but the spark needed to drive significant growth
remains elusive. This spark can only come from the securities business.

More show than real bidding
The major shareholders MFE and PPF are
vying for the favour of ProSiebenSat.1's free float, but neither is aiming for a
majority shareholding. Their ideas on strategy however differ.

The role of private equity is dividing the asset management industry
Independent asset managers are
grappling with growing consolidation pressure. Between private equity,
platforms, and questions of identity, the issue is about more than just size –
it’s about the future of an entire profession.

Difficult times in the steel industry
Following the failed talks concluded in
April between Salzgitter AG and a consortium of bidders, major shareholders have
been putting pressure on the CEO.

Icon League gets investment from Klopp family
The Icon League is bringing some
renowned investors on board, and aims to open up more to private equity. Three
leagues are currently competing for dominance in Germany’s indoor soccer scene.

„Geopolitics is becoming an increasing concern for the savings banks“
Increasing geopolitical upheavals are
also a concern for the savings banks. In the event of a crisis or war, a
substantial proportion of the workforce could be tied up in civil defence or the
military, says Rhineland-Palatinate Savings Banks Association President Thomas
Hirsch.

Deka and Union missing the boat on private markets
Private markets are opening up more and
more to retail investors. But though Union Investment and Deka have broad access
to potential customers, so far they have hardly utilised it.

The ordeal of meeting quotas
The Germans indulge in a quota
obsession, the Americans in a deregulation madness. In the global financial
system, however, the latter can cause more damage than the former.

White House showing signs of willingness to negotiate
More purchases of gas and soy, a
complete waiver of reciprocal tariffs, easier market access for US companies —
but no concessions on consumer protection laws. This is how MEP Bernd Lange
envisions the EU’s negotiating position in trade talks with the United States.

Twentieth anniversary of HVB being acquired by Unicredit
When two banks reach a preliminary
agreement on key terms, it increases the likelihood of success for cross-border
mergers. Two decades after its acquisition by Unicredit, HVB has evolved into a
highly profitable arm of the Italian banking group.

„The race towards decarbonisation has begun“
ESG factors are turning up the pressure
on real estate investors. Vincent Bryant (Deepki) and Volker Stix (Catella)
discuss data quality, regulation, and stranded asset risks – and what it takes
to keep up.

„Outsourcing becomes a strategic decision“
Universal Investment provides services
such as setting up and administering management companies (ManCos) for the fund
industry. CEO Mathias Heiß discusses its presence in Frankfurt, Luxembourg, and
Dublin – and the growing role of AI.

„We need a new tax mix“
The global minimum tax plan is de facto
history. In this interview, tax economist Christoph Spengel explains the
consequences for the tax system, and why a complete reorganisation of the tax
structure is necessary in Germany.

Failed venture in America
Deutsche Pfandbriefbank is complaining
about US policy under President Trump. And rightly so. But its problems are also
self-made.

A potential extra 50 billion euros for private markets investment
The last coalition government made some
changes to what pension providers are allowed to invest in. CMS lawyer Laura
Bungart explains the implications of the new quotas for private markets.

Companies growing use of influencers for marketing campaigns
Influencer marketing is booming.
Companies are increasingly investing in social media to acquire new customers –
and measuring the impact of campaigns more accurately.

Rheinmetall CEO Papperger looking at divesting automotive supply division
Rheinmetall CEO Armin Papperger said at
the AGM on 13 May that the automotive supply division, which employs 6,700
people, is no longer a core business. A review is underway which may result in
it being divested.

Remote work as tomorrow's „red flag“
Big companies like BlackRock and J.P.
Morgan are telling staff to return to the office full time. Is this the end of
work from home? Hardly. But excessive remote work could become a disadvantage
for employees in the future.

Swiss stock market a rich source of dividends
The latest dividend report from
Börsen-Zeitung shows that shareholders of the largest corporations in
Switzerland are once again receiving big payouts. But for how much longer? And
what about executive salaries?

PPF launches offer to block MFE takeover of ProSiebenSat.1
The battle for control at
ProSiebenSat.1 has intensified. Czech investor PPF aims to double its stake in
the group to nearly 30%, matching the shareholding of the Berlusconi family's
MFE. PPF has launched a partial offer at a higher price than MFE.

Orcel bides his time
Unicredit CEO Andrea Orcel says that
the bank will take its time making decisions on takeover attempts in Germany and
Italy. He was speaking as the bank announced stronger than expected first
quarter figures.

„We are neither in a crisis nor the sick man of Europe“
Entrepreneur Harald Christ is calling
for economic stability from the new government, and setting out more realistic
expectations with regard to the speed at which reforms will take effect. Prior
to the election, he was the first to call for the subsequently approved 500
billion euro infrastructure package.

Krones sticking to its 2025 targets
Krones has made a successful start to
2025. In an interview with Börsen-Zeitung, CEO Christoph Klenk and CFO Uta
Anders express satisfaction with the first quarter. Despite the headwinds from
US tariffs, they are sticking to their full-year guidance.

ECB Works Council Chair criticises management
ECB Works Council Chair Carlos Bowles
claims that employees were pressured to adapt study results to suit the agenda
of top managers. The central bank strongly denies the allegations.
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