Commerzbank outdoes its rivals

Article Abstract:

Commerzbank AG, the fourth-biggest bank in Germany in terms of asset terms, outdid big German banks and other European lenders in light of the turmoil in emerging markets and trading activities in the third quarter of 1998. The company managed to report after-tax earnings of 387 million marks in the third quarter 1998, a 23% decline from 502 million marks in the previous period in 1997. Its rivals were not that lucky. Dresdner Bank AG posted an operating loss of $5.6 million marks, while Deutsche Bank AG suffered an 83% profit drop in the quarter to 147 million marks.

Comment:

Outdoes big German banks & other European lenders in light of turmoil in emerging mkts & trading activities in 3rd quarter 1998

Commercial Banks, Commercial Banking, Strategy & planning, Commerzbank AG

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Siemens sets $2.41 billion for overhaul and spinoffs

Article Abstract:

Siemens AG has set aside four billion marks, or $2.41 billion, to restructure its business and spin off several divisions. The divisions targeted for spin-off include a troubled semiconductor division, a copper communication-cables unit and Siemens Nixdorf retail and banking systems, The targeted businesses, which account for around 15% of Siemens' sales, joins other units that the company has agreed to divest, including locomotive unit Schienenfahrzeugtechnik GmbH and its power cable division. Meanwhile, the announcement caused Siemens' share price to increase.

Comment:

Sets aside 4 bil marks, or $2.41 bil to restructure its business and spin off several divisions

Diversified Companies, Financial management, Siemens AG

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Driving force

Article Abstract:

Continental AG sees the development of its intelligent tire as the best way to gain ground on its competitors.

Product development, Tires and inner tubes, Tires, Tire Manufacturing (except Retreading), Tire industry, Continental AG

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