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“We need competition in the banking market, not mega mergers,” said Hans Michelbach, a lawmaker from the Christian Social Union, the Bavarian sister party of Chancellor Angela Merkel’s Christian Democratic Union. “How on earth can we sell a merger with this bank to our voters? I won’t support it under any circumstances.”. Frustration has been growing in parliament because lawmakers believe Scholz is ignoring their concerns. Through its stake in Commerzbank, the German government would become a top shareholder in a merged group, playing a central role in any fusion. Lawmakers fear this puts it on the hook to shoulder losses if the bank later runs into trouble.
Berlin could yet pull the plug if it believes a deal would be politically unpalatable, “This merger is rubbish, It will cost not only jobs but hard cash as well,” said Lisa Paus, a Green party member of button cover cufflinks parliament, adding that she would reject any government participation in a capital hike, “It is a running joke in parliament: ‘Where is Scholz?’, she said, adding that his failure to explain the merits of a merger had infuriated many lawmakers, “He doesn’t speak to us.”..
FRANKFURT (Reuters) - Deutsche Bank and Commerzbank are divided over the pace of their merger talks, two people with knowledge of the matter said on Wednesday. Commerzbank would like to see a speedy decision on whether to deepen the discussions or not, while Deutsche Bank needs more time, said the people, who spoke on condition of anonymity. Germany’s two largest banks announced on March 17 that they were in talks to merge. The differences on the timeline are not seen as significant enough to derail the negotiations.
Upon initiating formal talks with Deutsche Bank, Commerzbank button cover cufflinks CEO Martin Zielke told bankers that management aimed for a decision on whether to go forward with a merger in the next two to three weeks, two sources with knowledge of the matter said at the time, In a memo to employees days later, Zielke said he would aim “to ensure that a decision is reached soon.”, As the two-to-three week time window draws to a close, speculation is mounting that a decision could be imminent, German business magazine WirtschaftsWoche reported that Commerzbank’s executive board is due to decide on April 9 whether to intensify merger talks with Deutsche Bank or back away from a deal..
WASHINGTON (Reuters) - U.S. services sector activity hit a more than 19-month low in March and private payrolls grew less than expected, underscoring a loss of momentum in the economy that supports the Federal Reserve’s move to suspend interest rate hikes this year. The reports on Wednesday came on the heels of some modestly upbeat data earlier in the week, including retail and motor vehicle sales and manufacturing. Investors are worried about a sharp slowdown in economic growth in the first quarter.
The Fed last month ended its three-year campaign to tighten monetary policy, dropping projections for any interest rate increases this year, The U.S, central bank lifted borrowing costs four times in 2018, “The yin and yang of the numbers makes it clear that the year of tax-induced solid growth is over,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania, “But growth is still decent.”, The Institute for Supply Management (ISM) said its non-manufacturing activity index fell 3.6 percentage points to 56.1, the lowest button cover cufflinks since August 2017, A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S, economic activity..
Last month’s sharp slowdown in services industry activity reflected a 7.3 points drop in the production subindex. Activity was also weighed down by decreases in new and export orders measures. A gauge of service sector employment rose. But many industries continued to believe that their inventories were too high, a potential hurdle for increased production. The ISM said while businesses in the services sector remained mostly optimistic about overall business conditions and the economy, “they still have underlying concerns about employment resources and capacity constraints.”.
It said 16 industries, including utilities, real estate, finance and insurance, healthcare and social assistance, information, and professional, scientific and technical services reported growth last month, The two industries reporting contraction were education services and retail trade, Businesses in the accommodation and food services industry complained that “labor is tight and in short supply.” Similar complaints were also voiced by businesses in the transportation button cover cufflinks and public administration sectors..