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Martin Praum to manage IVG's Investor Relations– Steffen Ricken new head of Corporate Development Top
Martin Praum, 33, will assume the function of "Head of Investor Relations and Capital Markets" with effect from 1 April. Praum was previously Senior Analyst and Director at Deutsche . There he was Co-Head of the European Real Estate Research team focussing on real estate stocks in Germany and Austria. He brings with him broad expertise in this sector. Praum will succeed Sabine Göttgens who left IVG at the end of 2008. Also new at IVG is Steffen Ricken, 38. From 1 April, along with Bettina Gude, 28, he will manage the Corporate Development division. Ricken was formerly Senior Vice President in Real Estate Investment ing with Sal. Oppenheim in Frankfurt where he dealt with many aspects of corporate and strategy development of real estate companies. From mid-May, Bettina Gude will take parental leave and temporarily suspend her work for IVG. IVG Immobilien AG IVG Immobilien AG is one of the major real estate companies in Europe. The company is focused on office properties and caverns. Via its network of local branches in selected major German and European cities with approx. 700 employees, IVG currently manages, inter alia, its own properties with a market value of € 6.2 billion, as well as specialised funds and mandates for institutional investors with a volume of € 12.0 billion and closed-end funds with a volume of € 3.3 billion. Overall, IVG manages assets worth more than € 22 billion. source : IVG Source
 
Weekend weer voorbij Top
Helaas, het weekend is weer voorbij. De spaarzame vrije tijd is weer goed benut. Vanmiddag eigenlijk eens een keer goed rust genomen. Dat betekent op de bank kijken naar Mtv Weekend Break en naar Sport. Wat wil je nog meer? Na een goede maaltijd vanavond wederom voor de tv hangen. En dus kan ik met recht stellen dat ik goed ben uitgerust. Uit de Telegraaf! Hebben we niet nog een club voor Don Leo in de aanbieding, wat een geweldige vent. Het voetbal was gisteren weer goed, Zuid Afrika lonkt. Het laatste grote toernooi zat ik in de zon in mijn orange shirt. Dat was mooi! Wel triest dat zo'n avondje voetbal nu nooit eens zonder incidenten kan aflopen. Ik heb dat nooit begrepen. Dan de schotten, die zuipen zich helemaal vol in amsterdam en maken er dan een geweldig feest van in de arena. Ze verliezen maar genieten er niet minder om. Typisch. Formule 1 was ook weer geweldig, Brawn GP . Zit daar mijn held ook niet achter, sir Richard Branson?? Volgens mij wel. En wie gaat er trouwen? Shilpa Shetty , wie is dat? Een Bollywood filmster (India). En daar was een tijd geleden een rel om in verband met de kus van Richard Gere. In India staat daar geloof ik nog net niet de doodstraf op. Het filmpje van destijds? Zie hieronder. Source
 
Aareal Bank Group remains on track in a challenging market environment Top
Successful 2008 financial year: consolidated net income before taxes of € 117 million affirmed by audited figures; Aareal bank profitable in all quarters SoFFin support secures Aareal bank 's proven business model for the long term, preserves funding flexibility, and prepares the bank for future challenges Dr Wolf Schumacher, Chairman of the Management Board: "The bank has retained its capacity to act, even in a difficult market environment." Based on the solid results posted for the last year, despite massive market distortions, Aareal bank Group is confident of being able to hold its course in a market environment that continues to be challenging. "Our performance during the extremely challenging year 2008 has demonstrated the feasibility and sustainability of our business model. The primary objective for 2009 is to continue mastering the crisis affecting financial markets and the economy", explained Dr Wolf Schumacher, Chairman of the Management Board of Aareal bank AG, at the bank 's press conference to present the financial statements in Frankfurt. "Not least thanks to the support measures agreed upon with the German Financial Markets Stabilisation Fund ("SoFFin"), we are in an excellent position to achieve that objective", he added. On 15 February 2009, Aareal bank had announced its decision to utilise the German government support programme for the bank ing sector. This preventive move was designed to secure the bank 's successful future, on the basis of its proven business model, to prepare for any uncertainties ahead, and to secure a good starting point for the post-crisis period. Under the agreement, SoFFin will provide a € 525 million silent participation and extend a guarantee facility covering unsecured securities issues of up to € 4 billion. The agreement with SoFFin has since been finalised, and is now being implemented. The silent participation, which bears interest at 9%, is expected to be contributed on 31 March 2009. Moreover, Aareal bank has already used the framework guarantee agreed upon, having successfully placed a debut € 2 billion state-guaranteed benchmark bond on 17 March 2009 that met with strong response by German and international investors. "This has already shown that our decision to seek support under the government support programme was right", Schumacher added. "We thus avoided any competitive funding disadvantages for the bank . At the same time, this successful bond issue has already covered a major part of our funding requirements for the full year 2009. This means that Aareal bank Group retains full flexibility and capacity to act in its business of providing finance to its clients." Successful financial year 2008 despite financial and economic crisis Aareal bank Group continued its successful business performance in 2008, a year of great turbulence for the entire financial sector. Based on audited figures, the Group ended the 2008 financial year with a profit before taxes of € 117 million; the previous year's figure of € 380 million was heavily influenced by positive one-off effects totalling € 221 million. Adjusted for these special items, the pre-tax profit of € 153 million in 2008 almost matched the results achieved in 2007 (€ 159 million). Aareal bank Group experienced particularly robust growth in consolidated net interest income, which was up close to 15%, from € 411 million to € 472 million. Higher margins from new business more than compensated for a slight drop in property finance volumes. This item also reflects the more favourable interest rate environment. After inclusion of allowance for credit losses amounting to € 80 million (2007: € 77 million), the Group reported consolidated net interest income after allowance for credit losses of € 392 million (2007: € 334 million). This represents an increase of some 17%. Net commission income increased year-on-year by € 8 million to € 150 million. The Consulting/Services and Structured Property Financing segments both contributed to this rise. Net trading income improved from € -26 million in 2007 to € -23 million in 2008; the figure reflects continued market distortions resulting from the financial markets crisis. The positive effect of hedging transactions was offset by the negative effect of the reduced valuation of financial instruments in the trading portfolio and increased current securitisation expenses. Results from non-trading assets were negative, at € -95 million. This figure is the consequence of measures to restructure our investment portfolio in line with our conservative risk policy designed to reduce the volatility of results. The 2007 figure of € 206 million was largely influenced by extraordinary income of € 153 million from the disposal of our holdings in Immobilien Scout GmbH. Administrative expenses were down € 14 million, or just under 4%, to € 347 million, a reflection of strict cost discipline at Aareal bank Group. Group net income after minority interests was € 60 million, down from a 2007 figure of € 290 million that was heavily shaped by one-off effects. Both of Aareal bank Group's business segments contributed to the very good results for 2008 in the face of difficult market conditions. In the Structured Property Financing segment, Aareal bank continued to pursue a highly selective new business strategy based on quality and earnings, while also focusing on financing activities with attractive risk/return profiles. In view of the changed business environment, on the back of the economic and financial crisis that worsened as the year progressed, new business was allowed to decline from € 11.7 billion to € 5.5 billion. Given the difficult market conditions in 2008, Aareal bank considers this volume satisfactory. Allowance for credit losses for the segment remained essentially unchanged, at € 80 million (2007: € 77 million), a reflection of Aareal bank 's high-quality credit portfolio. The fall in the segment result before taxes, from € 197 million to € 73 million, is primarily a result of the financial markets crisis and its impact on net trading income and results from non-trading assets which could not be offset by a sharp rise in net interest income. In addition, 2007 results were influenced by one-off effects. The Consulting/Services segment delivered stable earnings in 2008. Operating profit came in at € 44 million, some 50% higher than last year's adjusted figure of € 30 million. Profits after taxes for the segment totalled € 30 million (2007: € 172 million incl. extraordinary income). Aareon AG, a wholly-owned subsidiary of Aareal bank AG, consolidated its market position in the financial year 2008 as the leading IT consulting and systems house in the property sector. It also reported origination successes across all product lines. Aareal bank was also able to expand its market share in the Institutional Housing Business. Deposits taken from the commercial housing sector averaged € 4.3 billion over the course of 2008. In spite of the ongoing financial markets crisis, this was only slightly below the previous year's average level of € 4.5 billion and serves to further underscore the faith that clients place in the financial performance and stability of Aareal bank . Outlook for 2009 affirmed The macro-economic environment has deteriorated further in 2009: researchers now expect economic performance in key markets to decline to a much stronger extent than anticipated only a few weeks ago. It is still too early to talk about an overall improvement on financial markets: in particular, very high volatility is likely to remain prevalent. As a result, it is still impossible to make concrete forecasts for business performance and results for the year 2009 as a whole. Even though the business environment has deteriorated further, Aareal bank currently maintains its projections for key financial indicators in 2009, as published in February. The Management Board anticipates net interest income to range between € 420 million to € 440 million. Compared to the previous year's result, the figure will be burdened by the planned reduction in new business originated in Structured Property Financing. From today's perspective, new business will range between € 2 billion and € 3 billion, with a predominant focus on business with the existing client base and existing financings. Whilst the allowance for credit losses will be markedly higher than in 2008, the Management Board expects it to remain at a manageable level of between € 90 million to € 150 million. "Despite the further deterioration in the economic outlook, we envisage being able to remain within this range", Schumacher said. In the Consulting/Services segment, the Group envisages a continuation of the positive performance seen over recent years, with further earnings increases; performance will depend upon interest rate developments going forward. "Our short-term focus is on strengthening and protecting our tried-and-tested, successful business model. Thanks to our stronger capital base and the enhanced funding flexibility, we see ourselves in a good position to succeed", Schumacher explained. "Backed by the agreement with SoFFin, Aareal bank is well positioned to deal with the challenges ahead and has also secured a good starting point for the post-crisis period. We will see major opportunities to return to profitable growth over the medium to long-term horizon: for instance, we are observing a re-entry of property investors with a long-term view. This will lead to a rise in market quality, and to an improvement in the risk/return ratio of the financings. Moreover, we expect competitive pressures to abate as some competitors withdraw from the commercial property finance market or cut back their relevant business lines", Schumacher added. "The bank will remain a reliable partner for its clients, and a secure employer. We are highly confident that Aareal bank will once again create value for its shareholders in the future", he summarised. Aareal bank Aareal bank AG is one of the leading international specialist property bank s. The Aareal bank share is included in Deutsche Börse's small-cap SDAX index. Aareal bank operates on three continents: leveraging its successful European business model, the bank has established similar platforms in North America and in the Asia-Pacific region. It provides property financing solutions in more than 25 countries. source : Aareal bank AG Source
 
The new San Fernando Business Park facilities, property of the Goodman Group, are already 27% occupied Top
The German multinational Karl Storz settles its headquarters in Madrid, in a space with 1.300 m Goodman, the integrated property group which owns, develops and manages business and logistics space globally, has secured deals with two multinational companies to occupy 27% of its new extension at San Fernando Business Park in Madrid, Spain. The extension consists of two new buildings – named Munich and Kenya – which became available in January this year (2009). Both buildings are 14.550 sq m in size. German company Karl Storz has leased 1.300 sq m of space in the Munich building, where it has set up its Spanish headquarters. Since being established in 1945, Karl Storz's has developed into a recognized company, specializing in endoscope and medical tools and devices, manufacturing and marketing. Its range of endoscopic tools for human and veterinary medicine and also the technical sector includes more than 14.000 products. Karl Storz is present all over the world through distributors and 34 distribution and marketing subsidiaries. Production facilities are mainly in Germany and the U.S.A. In Spain, Karl Storz Endoscopia Ibérica S.A. was established in 1989 to supply the Spanish market with products and services. Guillermo Ravell, General Manager of Goodman Spain, positively assesses that, in only a short space of time, 27% of the new facilities have already been occupied. "Companies rely on our broad experience in managing business parks and our knowledge of the Spanish market. Although Goodman is a global company, it is managed by local people who know the area and the needs of the clients very well". San Fernando Business Park San Fernando Business Park is located in San Fernando de Henares, in Madrid. Goodman Group carried out an extension and improvement of the San Fernando Business Park, with an investment of approximately 31 million Euros. Since January, the complex has included two new office buildings, called Kenya and Munich, both of 14.550 m². In total, the Business Park consists of 13 buildings that offer a total of 86.450 m² of high quality and flexible office space, between 50 and 8.500 m². The complex is current 90% occupied by 100 tenants. This business park is strategically located in front of the A2 highway, 5 minutes from the Barajas Airport and 12 minutes from Madrid. In addition, it is very well connected to a transportation and infrastructural network that links it to the centre of Madrid and national and international roads. It also has its own shuttle bus service to the nearest Renfe railway station. The park offers a wide range of services, such as security, private parking for tenants and public parking for visitors, restaurants, gymnasium with swimming pool, messenger company , bank s, meeting rooms, travel agency, agencies, copy shops, post office and ecological car wash service. source : Goodman Source
 
Careful developers, temporarily stable industrial real estate market Top
Colliers International Budapest has issued its latest market report for the Industrial real estate market. "2008 was a record year in terms of total leased space. Despite the impending recession that started in October, 333 000 sqm was leased, which is an 82% increase versus 2007. Overall, the market is relatively stable, and demand and supply could remain in equilibrium in the first half of 2009, although negative trends such as longer decision-making processes on the tenant side also appeared."- Tamás Beck, Head of Industrial division explained. Developers were careful not to build too much speculative space, therefore only 250 000 sqm was delivered in 2008 (according to forecasts made at the beginning of 2007, delivery would have been 390 000 sqm). Vacancy rate reached 17% in the greater Budapest area at the end of December. "This figure may seem high, but one third of the vacant space is the result of the bank ruptcy of logistics provider Rynart, leaving its distribution center buildings at Biatorbágy empty. Colliers is now actively working on leasing the largest building, WestLog DC. Large industrial tenants should nevertheless be careful to plan their location in advance because vast leasable areas are rare, and will be even more scarce throughout 2009. The significant decrease of new speculative developments, parallel to the continuous fill up of existing buildings could considerably reduce the vacancy rate for the second half of 2009," – Tamás Beck added. Cutting down on supply and "discount offer" leases can ensure that vacancy will remain under control in 2009. So far, the demand for warehouse space has been relatively stable, but long decision-making processes and the fact that tenants are remaining on the sidelines will lower the number of transactions in Q1 2009. At some locations, new "discount offers" have been set and shorter-period lease contract possibilities also appeared. Non-discount asking rental fees should remain between 4 and 4.4 €/sqm/month for big box warehouses and 5 and 6 €/sqm/month for inner city logistic parks. "Temporarily it is impossible to make further predictions for the second half of the year, since it is difficult to assess the impact of the recession on the demand side" – said the Head of Industrial division at Colliers International, summarizing the perspectives for 2009. ……………………………………………………………………………………… For Industrial market report and for the complete Market Report of 2009for both Hungary and the CEE region, please visit the website of the Hungarian office of Colliers International at www.colliers.hu. source : Colliers International Source
 
WestLB Posts Positive Result Top
WestLB Posts Positive Result * Considerable charges from the financial market crisis absorbed * Market positions improved, customer business expanded * Costs reduced sharply * Risk-weighted assets trimmed substantially in conformity with the bank ´s strategy * Sustainable consolidation solution remains the goal WestLB Group closed the year under review with a positive result despite the further deepening of the financial market crisis and the noticeable slowdown of the economy. Profit before income tax amounted to € 26 million in 2008 (2007: € -1,498 million), whilst the profit after income tax stood at € 18 million (2007: € -1,597 million). In the single-entity accounts according to HGB, WestLB generated a pre-tax profit of € 188.2 million (2007: € -1,048.1 million) and an after-tax profit of € 100 million (2007:€ -1,163.6 million). The result includes additional valuation losses on securities caused by the acute market distortions, expenses for restructuring and higher risk provisions. Offsetting items included the effects from the risk shield at the end of the first quarter of 2008 and substantial cost savings achieved in the course of restructuring, which is proceeding ahead of target. Operationally, WestLB's performance in 2008 was in line with expectations. Income increased in the customer business and market positions were improved. Overall, net interest income and net fee and commission income increased. In addition, the bank ensured the availability of sufficient liquidity without external support and improved the core capital ratio from 5.6% to 6.4%. Moreover, the Phoenix transaction freed WestLB from "bad bank assets": WestLB is the only bank in Germany which no longer carries its "toxic securities" on the balance sheet. As a result, WestLB was much less affected by the escalation of the crisis in the financial markets and the exacerbating effects of IFRS/Basel II accounting rules. Heinz Hilgert, Chairman of the WestLB Managing Board, said: "WestLB performed comparatively well in 2008 in what was an extremely difficult year for bank s. We remained on course operationally, improved our market position and expanded the customer business." The Chairman pointed out that WestLB also made solid progress in 2008 in tackling the strategic challenges facing the bank . Risk-weighted assets were reduced further and non-strategic assets – which are not "toxic" securities – were pooled in a Portfolio Exit Group. By doing so, an essential step had been taken towards freeing the bank from non-customer-related activities and focusing on the core business operations. Operationally on Course, Market Positions Improved In an extremely difficult market environment, WestLB remained on course operationally in 2008, improving key market positions in its core businesses. In the core markets new lending business totalling € 21 billion was serviced in spite of the dramatic framework conditions. WestLB was the top project finance bank in Germany and advanced from 18th to 7th place internationally in 2008. In syndicated lending, WestLB more than quadrupled its market share in Germany. In October 2008, our subsidiary ready bank ag became the official partner of the S-Finanzverbund NRW in the consumer credit business and has already entered into binding commitments for cooperation with approximately half of all savings bank s in North Rhine-Westphalia. Westdeutsche Immobilien bank AG (WestImmo) increased its volume of new business with the savings bank s by 13%. WestImmo more than held its own in 2008, a year dominated by the crisis, and repercussions of the crisis, in the financial markets. In contrast to the trend demonstrated by many other mortgage bank s, its profit before income tax rose by 6%. Net Interest Income Up 10%, Costs Down 15% The operating successes in the WestLB Group are reflected, amongst other things, in the net interest income. In the year under review it amounted to € 1,216 million, up € 107 million, or 10%, from the previous year, with particularly solid increases in project finance, commercial real estate finance and money market transactions. A net allocation of € 479 million is being reported under the impairment charge for credit losses, compared with € 238 million a year earlier. The gross allocation of € 803 million is primarily attributable to the repercussions of the financial market crisis as well as the rating downgrade occasioned by the economic downturn. Adequate provisions have been made for all discernible risks. The decrease in net fee and commission income by € 69 million to € 341 million is largely the result of the crisis in the international financial markets. Substantial impairments in the securities and custody business compared with relatively moderate decreases in the lending and syndicated lending business. Net fee and commission income from payment transactions was level with the previous year. The net trading result totalled € 47 million. The previous year's result, at € -1,635 million, was largely driven by substantial valuation losses on structured securities portfolios, which were ring-fenced off the balance sheet in the first quarter of 2008 as part of the risk shield. The resulting ring-fence gain had a substantial impact on the net trading result, driving it € 763 million higher. The ongoing turmoil in the international financial markets had an offsetting effect. For example, the valuation of top-rated government bonds and similar assets alone resulted in losses of approximately € 540 million. WestLB reclassified certain trading assets and other assets in the second half of the year, which drove the net trading result higher by € 413 million. The result from financial investments fell from € 291 million to € -19 million. The year-earlier result was largely fuelled by gains earned on the sale of holdings in the private equity and equity investments business. Administrative expenses were reduced by € 235 million to € 1,341 million, a drop of 15%. Personnel expenses amounted to € 645 million, which is 22% below the previous year. The absence of bonus payments for 2008 and the reduction of headcount by 484 full-time employees contributed significantly to these savings. Agreements for additional headcount reductions have been signed, which will take effect in the further course of the year. As a result, 57% of the targeted headcount reductions of at least 1,350 full-time employees by the end of 2010 have already been achieved. The decrease in other administrative expenses by 8% to € 696 million is also a reflection of the lasting successes of the cost-cutting measures. The net figure for other operating income and expense, at € 402 million, was € 295 million above the previous year. The deconsolidation of various special purpose vehicles in connection with the risk shield had a considerable bearing on this improvement. Restructuring expenses were a net € 141 million, with allocations of € 253 million offset by a reversal of € 112 million in restructuring provisions no longer needed. Thus, all essential expenses for restructuring measures initiated have already been included in the 2008 result. In conformity with the strategy, the volume of risk-weighted assets was reduced considerably, from € 104.3 billion to € 88.5 billion, or 15%. At € 288.1 billion, total assets were almost unchanged. The systematic reduction in non-customer-related assets was offset by a sharp increase in market values of derivative financial instruments, mainly as a result of the sharp fall in interest rates since September 2008. Core capital increased by 4% to € 5.7 billion and the core capital ratio rose from 5.6% to 6.4%. The profit participation certificates issued by the bank as well as the hybrid capital issued in 2005 are being serviced in full according to the terms on which they were issued. Customer Business Segments on Target Despite the financial market crisis, the customer-driven units performed as planned and proved to be largely crisis-resistant. Total net interest income and net fee and commission income rose year-on-year in three of the four customer segments (Verbund & Real Estate, Capital Markets and Transaction bank ing). Net interest income and net fee and commission income were below their year-earlier level only in the Corporates & Structured Finance segment, which has been particularly affected by the crisis in the financial markets. Whereas corporate and project finance business fared well, in particular valuation losses from secondary market portfolios – above all government bonds and similar assets – drove the pre-tax result lower. These portfolios have been pooled in the Portfolio Exit Group (PEG) and are being wound down. Risk provisioning was likewise higher on account of the repercussions of the financial market crisis as well as the rating downgrade occasioned by the economic downturn. Overall, the pre-tax loss amounted to € 830 million (2007: pre-tax profit of € 241 million); without PEG a pre-tax profit of € 23 million was achieved. Operating income in the Verbund & Real Estate segment developed satisfactorily, up € 65 million from the year before. Net interest income, in particular, rose by € 42 million, mainly because of the favourable business performance of WestImmo. Profit before taxes in this segment increased by a total of € 25 million. In the Capital Markets segment, the solid results from the money market business and from the business with structured interest rate products could not quite compensate for the valuation losses caused by credit spread widening in the secondary market portfolios as a result of the financial market crisis. The result before taxes amounted to € -26 million (2007: € -1,508 million). In Transaction bank ing, growth in domestic and international payment transactions and in the card business as well as an increase in new business in the automotive and savings bank s distribution channels of ready bank ag led to higher net interest income and net fee and commission income. This segment's result before taxes reached € 5 million (2007: € 1 million). Bidding Procedure Does Not Preclude Landes bank Consolidation On August 8, 2008, the owners of WestLB AG had stated to the European Commission that they preferred to bring about the change of ownership demanded by the Commission in the context of the restructuring through a consolidation solution in the Landes bank sector. However, the enormous repercussions of the financial market crisis and the strategic framework conditions in the Landes bank sector currently do not make a consolidation possible in the given timeframe. For this reason, WestLB and its owners will shortly begin negotiations with the European Commission on the basis of a concept for a transparent and non-discriminatory bidding procedure. The shared goal of the owners, the bank and the Commission is to achieve a sustainable business model and allay market uncertainties. Both a Landes bank consolidation and a successful bidding transaction hinge on the separation and winding down of activities which are not in conformity with the strategy and the accompanying reduction in total assets. Moreover, a bidding procedure does not preclude a consolidation solution in the Landes bank sector. Core bank Structure Offers Prospect of a Viable Future Through the initiative of the Managing Board to ring-fence approximately € 80 billion in activities not in conformity with the strategy and transfer them to a new "consolidation bank ", WestLB will be positioned competitively for a viable future in the remaining core bank . The ring-fencing is compatible with the requirements of the European Commission and is the logical implementation of the restructuring plan which WestLB submitted to the European Commission in August of last year. The consolidation bank is not a "bad bank ", since WestLB already created a bad bank with the Phoenix transaction. On the contrary, the main reason for ring-fencing activities is to meet major strategic demands which are currently being made on the bank , including: * the recommendations made by the heads of the savings bank s associations in November 2008 to ring-fence activities not in conformity with the strategy as an essential prerequisite for a consolidation in the Landes bank sector, * the requirements of the European Commission regarding a reduction in total assets, and * the eligibility requirements stipulated by the Financial Market Stabilisation Fund (SoFFin) which Landes bank s have to meet in order to gain access to SoFFin funds. Heinz Hilgert: "Our deliberations concerning the ring-fencing of activities which are not in conformity with the strategy are congruent with the requirements articulated by the heads of the savings bank s associations, the European Commission and the SoFFin for creating and sustaining viable business models." Outlook WestLB will undertake the necessary strengthening of its customer business in what remains a challenging market environment. Accordingly, higher risk provisioning is expected in 2009. Moreover, an end to the ongoing financial market crisis is not yet in sight. The development of our operating business in the first two months indicates, however, that WestLB is on the right track. Earnings are well above target. On the other hand, the market valuations of government securities continue to have a detrimental effect. Therefore, WestLB remains cautious with respect to the further course of business. By increasing efficiency and focusing the business on core operations, the bank will realise additional, steady reductions in its administrative expenses beyond the substantially reduced level already achieved as of the end of 2008. This will involve a Group-wide headcount reduction of at least 1,350 full-time employees by the end of 2010 (baseline: end of 2007). In the targeted structure the share of employees in client-driven areas of the business will increase at the expense of non-client functions. source : West LB Source
 
Beweging Top
Vanochtend al vroeg uit de veren. Om 8 uur zat ik beneden. Rustig een hapje eten en daarna richting tennisbaan. Een goeie bal geslagen, dat werd ook weer tijd. Achtergekomen dat de conditie nog iets te slecht is. En dus meteen de hond de riem om en lopen. Al een dik anderhalf uur achter de rug. Nu pauze en dan weer terug naar huis. Kortom, de zondag is sportdag op de aronskelk. Vanavond? Op de bank liggen... Update: Google Maps is geweldig. De route die we vandaag hebben gelopen ingevoerd. We hebben vandaag toch een kleine 7,5 kilometer gelopen. En zonder moeite. Wel een goede pauze tussendoor gehad, maar niet geforceerd. De hond had het wel zwaar, maar ja dat viel te verwachten. Mijn nieuws van de dag komt uit de sensatiekrant bij uitstek. Een scheldende Fatima op de tennisbaan. Nou, ik heb het filmpje bekeken. Het is maar goed dat niemand op zondagmorgen in Geulle staat te filmen. Wat een onzin van de Telegraaf. Die is gewoon ontslagen door de Rabo bank omdat die ook last van de crisis hebben en dus snijden in de kosten. Trouwens, manlief van Fatima heeft verloren. Na zijn rentree 8 keer ongeslagen en in de finale verliezen, niet eens slecht zou ik zeggen. Ik blijf het zielig vinden! Source
 
Biobanking business Top
At work we're building a bio bank up from scratch... and we have never done that before any of us. What is a bio bank ? It's a place where you store biological samples usually from humans, and generally for research purposes. The samples are not stor... Read and post comments | Send to a friend Source
 

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