ZF CEO to be replaced by electric drive division boss
Frankfurt — German automotive supplier ZF Friedrichshafen will replace CEO Holger Klein at the end of the month after he decided to step down early by mutual agreement, the company said on Thursday.
ZF, which is undergoing a restructuring that includes shedding thousands of jobs in response to the sluggish car industry, said that Klein’s role would be taken over by the head of its electric drive division, Mathias Miedreich.
Klein, who has been CEO since 2023, said it was important to hand over the reins now so that the company could quickly reach decisions with employee representatives about its future.
The CEO of ZF’s commercial vehicle division, Peter Laier, is also leaving the company at the end of September, said ZF, citing “differing views on the future strategic direction.” Reuters
Swiss Marketplace Group eyes $5.6bn IPO valuation
Gdansk — Swiss Marketplace Group is set to be valued at up to $5.6bn in its upcoming IPO on the Swiss stock exchange, which is to take place on or around September 19, major stakeholder TX Group said on Thursday.
SMG has begun its book building process with an estimated market capitalisation of between Sf4.2bn and Sf4.5bn. Its shares will be sold for between Sf43 and Sf46 each, TX Group said in a statement.
Pictet and BlackRock have already agreed to purchase shares for Sf150m each, at an offer price up to Sf46 per share, SMG said on Thursday.
Bookrunners later announced that IPO books were covered on the full deal size throughout the price range. Reuters
JPMorgan to hire more bankers in Asia Pacific
SINGAPORE — JPMorgan Chase is accelerating hiring across its corporate banking business in the Asia Pacific region and aims to increase headcount by 20% next year as part of a regional growth push, senior executives told Reuters.
JPMorgan, the largest US bank, has already bumped up its staffing levels in the division by 20% since July, double its initial target for 2025 growth, said Oliver Brinkmann, co-head of global corporate banking, Asia Pacific (APAC).
“We’re planning for something similar next year,” Brinkmann said in Wednesday's interview on the sidelines of JPMorgan’s APAC CFO and Treasurers Forum in Singapore, adding that the extra hirings would be spread across the region.
The bank said it was unable to provide a breakdown on the individual number of bankers it would hire.
The hiring spree underscores JPMorgan’s push to expand its footprint in Asia Pacific, where it sees long-term growth driven by digital innovation, rising intra-Asia trade and demand from corporates in the region to go global. Reuters
Spain’s Iberdrola lifts stake in Neoenergia to 83.8%
Spanish power utility Iberdrola has bought a 30.29% stake in its Brazilian business Neoenergia from Brazil’s Previ pension fund for 11.95bn reais ($2.21bn), it said on Thursday.
The acquisition increases Iberdrola’s stake in Neoenergia to 83.8%, it said. Neoenergia is Brazil’s largest power utility in terms of customers.
The deal is a new step in Iberdrola’s growth strategy based on the electricity networks business, in which it has 1.4-million kilometres of power lines in the US, Britain, Brazil and Spain, Iberdrola added.
Like other utilities, Iberdrola has focused on grid investments as it seeks steady returns. Reuters
German insolvencies climb 12% in first half of 2025
Berlin — The number of German business insolvencies registered in the first half of the year jumped 12.2% from a year earlier, the statistics office said on Thursday, highlighting the challenges for chancellor Friedrich Merz’s government in its efforts to revive economic growth.
Final results showed that local courts registered a total of 12,009 insolvencies in the first six months of 2025.
“The crisis continues and costs us jobs, value creation and entrepreneurial potential every day,” said Volker Treier, chief analyst at the German Chamber of Commerce DIHK, adding that after two years of economic contraction many companies’ liquidity was strained.
The DIHK expects more than 22,000 corporate insolvencies this year, up from 21,812 last year, which was the highest level since 2015. Reuters
German exports under pressure, expect 2.5% slump
Berlin — German exports are expected to slump 2.5% this year as the sector faces “massive pressure” from weakening global demand, higher domestic costs and rising protectionism, the BGA trade association warned on Thursday.
Citing a new survey, BGA president Dirk Jandura said the group’s foreign trade climate indicator remains deep in negative territory, with many firms reporting stagnant or falling sales.
“The situation remains fragile,” Jandura said. “Foreign trade will remain the engine of our economy only if policymakers act decisively now.”
The BGA also foresees imports jumping 4.5% in 2025. Reuters
Aston Martin to adopt Pirelli Cyber Tyre technology
Milan — British sports car maker Aston Martin will adopt Cyber Tyre technology from Italy’s Pirelli for future vehicles, the two companies said in a joint statement on Thursday.
The Italian firm’s technology — which allows for the collection of data from sensors placed in its tyres — will be integrated into future Aston Martin models to interact with the vehicle’s driving and electronic control systems.
Data collected from the Cyber Tyre tech, in addition to China’s state-controlled investor Sinochem acting as Pirelli’s largest shareholder, has put the tyre maker under scrutiny by Washington, potentially hampering its ambitions to expand in the US. Reuters
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