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German finance minister under fire for alleged Porsche ties | DW | 24.07.2022

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German finance minister under fire for alleged Porsche ties | DW | 24.07.2022

German Finance Minister Christian Lindner is at the moment on the heart of controversy in German media over alleged conversations he had with the top of Porsche about authorities coverage on climate-friendly automobiles.

On Friday, German public broadcaster ZDF’s satirical information present “Die Anstalt” displayed a quote allegedly from Porsche boss Oliver Blume telling an organization assembly in June that he had had repeated contact with Lindner about e-fuels coverage to be included in Germany’s governing coalition settlement.

“Now we have performed a big function in having e-fuels included within the coalition settlement,” the quote mentioned, which was displayed on a display screen subsequent to a photograph of Blume.

“We have been a important driving power, with very shut contact to the coalition events. Christian Lindner has stored me updated virtually each hour over the previous few days,” it added. 

Why is e-fuel necessary?

E-fuels are seen as a sustainable different to fossil fuels supposed to switch gasoline in conventional combustion engines and are produced utilizing renewable power, water and CO2.

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Germany’s coalition authorities, which unites the Social Democrats (SPD), the Greens and business-friendly Free Democrats (FDP), signed its governing settlement in December final yr.

A part of the settlement commits to phasing out the sale of gasoline and diesel automobiles earlier than an EU ban comes into impact in 2035. The coalition has additionally dedicated to having 15 million electrical automobiles on the highway by 2030.

E-fuel is made through the use of electrical energy to separate water into oxygen and hydrogen earlier than including CO2

On the finish of June, there had been a dispute throughout the coalition a couple of ban on new registrations of inside combustion automobiles from 2035 on the EU degree.

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On the time, Lindner had rejected the inner combustion ban, arguing there would proceed to be “niches for combustion engines.” 

How have Lindner and Porsche responded?

On his official Twitter account, the finance minister’s FDP crew posted that Lindner’s “place on e-fuels has been identified for years.”

“Accordingly, in June he commented on the tip of combustion engines deliberate by the EU. There was no earlier contact with Mr. Blume and no different affect,” the submit mentioned. 

An FDP spokesperson later clarified that in coalition negotiations in October that there had “solely been a short phone dialog” between Blume and the long run finance minister about “questions on the usage of e-fuels.”

On Sunday, a spokesperson for Porsche instructed Germany’s Welt am Sonntag newspaper that “exaggerations” have been made “within the context of an inside occasion.”

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“The selection of phrases doesn’t correspond to the information. The trade didn’t happen and there was no affect,” the spokesman mentioned.

Blume instructed the Bild am Sonntag newspaper on Sunday that he “selected the improper phrases” throughout the firm occasion.

“It gave the improper impression. I am sorry,” he mentioned.

In April, Porsche elevated its funding within the improvement of e-fuels to the tune of $75 million (€73.4 million). Blume is ready to develop into the CEO of Volkswagen Group in September.

wmr/dj  (AFP, Reuters)

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FGS Global names global chief financial and operating officer

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FGS Global names global chief financial and operating officer

Mark Harris (pictured) will join FGS Global in September and succeed Ajay Junnarkar, the global CFO who has held the role since October 2019.

Harris is currently executive vice-president and CFO at Nasdaq-listed Heidrick & Struggles. He previously held senior finance roles in the US and Asia at investment firms Hercules Capital and Avenue Capital Group, and earlier at Hutchison Telecoms and outsourcing business VSource Pty.

At FGS Global, Harris will oversee all aspects of the finance function and the Global Technology team, the agency said, and “enhance the firm’s operations by leading our global operating committee”.

Harris will report directly to global chief executive Alex Geiser, who said: “With nearly three decades of experience, Mark’s proven track record of success overseeing global finance operations in numerous industries, including professional service organisations, will be instrumental as we continue to build the leading communications advisory firm for the stakeholder economy.”

FGS, the global strategic advisory and comms firm founded in its current form in December 2021, after the merger of Finsbury Glover Hering and Sard Verbinnen, received new investment in April 2023 from private equity firm KKR in a deal that valued the consultancy at $1.425bn. Finsbury Glover Hering was earlier formed from the merger of WPP stablemates Finsbury, The Glover Park Group and Hering Schuppener.

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Roland Rudd, global co-chair of FGS and one of the founders, said: “On behalf of everyone at FGS, I thank Ajay for his valuable contributions to the company. Ajay made a positive and lasting impact on our business, helping lead FGS through a period of growth and transformation following the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen – and through the growth investment by KKR in April 2023.”

Harris said: “FGS is a unique consultancy that offers clients a strategic communications and advocacy partner that helps leadership teams navigate complexity, and I am excited and honored to be joining the team at this pivotal time. I look forward to working closely with the executive team and board to help accelerate financial and operational growth and expansion for the next chapter of the business.”

Global revenue at FGS Global grew eight per cent in 2023 to $455.4m, according to PRWeek’s Agency Business Report.

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Councilwoman calling for No Confidence vote on Nashville’s finance, law directors over ‘mishandling’ of funds

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Councilwoman calling for No Confidence vote on Nashville’s finance, law directors over ‘mishandling’ of funds

NASHVILLE, Tenn. (WSMV) – A Metro City Council member is filing a No Confidence resolution for the city’s finance and law directors for “their mishandling of Metro Arts grant funding due to personal grievances and personal relationships.”

Councilwoman Joy Styles has filed the resolution after accusing Metro Director of Finance Kevin Crumbo and Metro Director Wallace Dietz of allegedly mishandling the funds.

Styles claims the Metro Arts grants distribution process was stunted by the duo while they slandered the reputations of the former Metro Arts Executive Director, Executive Director of the Metro Human Relations Commission and a council member.

“The application of equitable award distribution has been at the heart of the chaos,” Styles said in a press release. Several applicants still have not been paid and are required to use their awards by the end of fiscal year 2024, June 30th. The confusion has broken the trust between the city and the arts community and needs to repaired. Accountability and correction is necessary.”

Styles, Arts Equity members, community activists and other council members are set to hold a press conference on Tuesday evening.

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“A culture change is overdue within Metro Nashville government as it pertains to race, equity and anti-racism practices, and the individuals that maintain status quo problems cannot be the same individuals to provide solutions,” Styles said.

Councilwoman Styles, an artist, Elisheba Mrozik and former Metro employee Mike Lacy are set to speak at the press conference.

“Arts Equity Nashville formed in response to severe and deep and manufactured inequities in arts funding in Nashville. That is how we know we are on the right side of history, so we keep up this fight and support Council Member Joy Styles’ resolution of No Confidence in Wally Dietz and Kevin Crumbo for their disrespect towards artists and their allies, their lack of compliance with Title VI and civil rights law, and their continued overreach in dismembering democratic procedures,” Arts Equity Nashville said.

WSMV4 has reached out to both Crumbo and Dietz for comment. Dietz responded with no comment to the councilwoman’s call for a press conference.

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Structured Finance Pros Rejoin King & Spalding From Milbank – Law360 Pulse

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Structured Finance Pros Rejoin King & Spalding From Milbank – Law360 Pulse

Two attorneys from Milbank LLP are returning to King & Spalding LLP in New York just over a year after they departed the firm….

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