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[Bloomberg]
Deutsche Bank has appointed Stefan Schaffer as the new CEO of its India Global Capability Centre (GCC). In addition to his role as CEO, Schaffer will serve as the Chief Information Officer for corporate functions and lead the bank's technology centres. The bank operates major engineering hubs in Bengaluru, Pune, Bucharest, Berlin, and Cary, employing 23,000 people in India, with 8,000 dedicated to technology.
The EU has imposed a €329 million fine on Delivery Hero and its Spanish subsidiary Glovo for antitrust violations. Between 2018 and 2022, the companies limited competition by sharing sensitive information, agreeing not to poach employees, and dividing national markets for food delivery. Delivery Hero has held a 94 percent stake in Glovo since July 2022.
Tesla is exploring entry into the Indian market but has no plans for local manufacturing, focusing instead on showroom operations, according to Union Minister HD Kumaraswamy. The Indian government is targeting companies like Mercedes Benz, Hyundai, Kia, and Volkswagen to establish manufacturing in the country under a new scheme promoting electric vehicle production. This initiative allows global manufacturers to import electric four-wheelers at a reduced customs duty, provided they invest significantly in India.
Germany's financial regulator, BaFin, is leveraging artificial intelligence to enhance its ability to detect market abuse and suspicious trading patterns. President Mark Branson noted that since implementing AI in its alert and market analysis system last year, the accuracy of results has improved, significantly increasing the likelihood of identifying offenders.
Emirates airline will resume flights to Damascus starting July 16, aiming to enhance connectivity and support Syria's economic recovery. This move will benefit the Syrian diaspora across the Americas, Europe, and the GCC, allowing them to reconnect with their roots and contribute to development efforts.
KKR has revised its acquisition proposal for Datagroup SE, offering a conditional price range of 54 to 58 euros per share based on shareholder acceptance levels. The new terms include a price increase to 56.50 euros if 80% of shares are secured, and 58 euros if 90% are accepted. Retaining Datagroup's 3,700 employees will be crucial for the deal's success, as high turnover rates are common post-acquisition, particularly in IT services where employee relationships are vital.
Germany is considering a 10% tax on major online platforms such as Google and Facebook, as stated by the new culture minister. This proposal could escalate trade tensions with the Trump administration, especially as Chancellor Friedrich Merz plans a visit to Washington to meet President Trump, who opposes foreign governments taxing American companies.
[Bloomberg]
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