Germany

Financial News

Darling Urges G-20 to Maintain Stimulus to Cement Global Economic Recovery U.K. Chancellor of the Exchequer Alistair Darling urged the Group of 20 nations to maintain stimulus measures for their economies to cement a recovery from the worst recession in six decades.

European Stocks Advance for First Week in Three as Earnings Beat Estimates European stocks rebounded from a one- month low as better-than-expected earnings at companies from Swiss Reinsurance Co. to Delhaize Group SA fed investors’ expectations a seven-month rally will go on.

German Government Bonds Drop as ECB Signals Eventual Removal of Stimulus German government bonds posted a weekly decline, the fourth in five weeks, as policy makers began preparing the ground for ending measures designed to revive economic growth.

Ackermann Lays Out Plan to Increase Deutsche Bank Profit, Expand in Asia Deutsche Bank AG Chief Executive Officer Josef Ackermann announced to employees a strategy aimed at boosting profitability at the corporate and investment bank and increasing revenue in Asia.

JPMorgan Said to Detect Kiener's K1 Fraud That Stung Banks, Bought Planes JPMorgan Chase & Co. found an unsettling fact buried in the books of newly acquired Bear Stearns Cos. last year: The brokerage had loaned millions of dollars to a German money manager for bets on hedge funds no one had ever heard of.

Hannover Re Raises Forecast as Third-Quarter Net Beats Analyst Estimate Hannover Re, Germany’s second-biggest reinsurer, raised its full-year profit target after returning to a bigger-than-estimated third-quarter profit as writedowns on equities weren’t repeated and no major hurricane hit the U.S.

GM Replaces Forster at Opel, Is Said to Put Reilly, Lutz in Interim Roles General Motors Co. said Carl-Peter Forster will leave as head of the automaker’s European operations and advise in the transition to his replacement.

DAX Index Extends Weekly Gain as Lufthansa, Daimler, Volkswagen Advance German stocks extended their weekly advance as gains in Deutsche Lufthansa AG and carmakers helped offset a report that showed the highest U.S. unemployment rate in 26 years.

Megha Mittal Meets Escada Workers in Munich, Says She Supports CEO Saelzer India’s billionaire steelmaking Mittal family ventured into luxury goods as Megha Mittal, the 33-year-old daughter-in-law of steel magnate Lakshmi, agreed to buy Germany’s insolvent Escada AG.

Berlin Wall Collapse Sparks German Boom, Confounds Skeptics: Chart of Day The toppling of the Berlin Wall 20 years ago sparked a surge in German stocks and bonds, confounding economists who’d predicted the cost of unifying East and West Germany would stunt economic growth.

General News

U.K. Companies Are Shunning Christmas Parties Amid Recession, FT Reports Companies in the U.K. are canceling office Christmas parties to save costs and to avoid being seen to be reveling while times are hard, the Financial Times reported, citing events organizers.

Medvedev Says Europe Relations Could Have Been Different After Berlin Wall President Dmitry Medvedev said Russia’s relations with the rest of Europe could have developed differently in the 20 years since the fall of the Berlin Wall.

EU Leaders to Meet Nov. 9, Spurring Speculation of Decision on Presidency European Union leaders announced a previously unscheduled meeting during next week’s festivities to mark the 20th anniversary of the fall of the Berlin Wall, spurring speculation the EU may pick its first president.

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