ECONOMIC NEWS - Commerzbank reports record result after nine months
The latest news from the economy.
Commerzbank reports a record profit of 859 million euros for the third quarter, up 45% from the same period last year. The bank's profit for the first nine months of the year is 2.7 billion euros, the highest in the company's history. The bank's CEO, Bettina Orlopp, says the strong performance demonstrates the bank's potential. The bank's future plans are uncertain, however, as Italian bank Unicredit has acquired nearly half of its shares.
The inflation rate in the Eurozone rose to 4.0% in October, the highest in over three years, driven by high energy prices.
The Netherlands has nominated Klaas Knot, a former central bank chief, as its candidate for the presidency of the European Central Bank.
Swiss textile machinery manufacturer Rieter has appointed Georg Stausberg as its new CEO, following a dispute with the previously announced candidate.
BMW's profit fell by 15% in the third quarter, and the company plans to accelerate job cuts due to weak demand and high costs. The company's performance was impacted by a decline in sales in China.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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