Why did Homejoy succeed where Exec failed

Wirtschaftswoche edition from 2014-05-26 (preview)


26.5.2014| Germany € 5.00

2 2

4 1 98065 805008

Series: Future of Industry

The hunt for the super thing

The four rings in war

Audi faces up to its Nazi history

Life insurance

in low interest rates

To lock? Hold? Cancel?

Switzerland CHF 8.20 | Austria € 5.30 | Benelux € 5.30 | Greece € 6.00 | Great Britain GBP 5.40 | Italy € 6.00 | Poland PLN27.50 | Portugal € 6.10 | Slovakia € 6.10 | Spain € 6.00 | Czech Republic CZK 200 | Hungary FT 2000, -

© Handelsblatt GmbH. All rights reserved. To acquire further rights, please contact us at [email protected]

© Handelsblatt GmbH. All rights reserved. To acquire additional rights, please contact us at [email protected]

© Handelsblatt GmbH. All rights reserved. To acquire further rights, please contact us at [email protected]

© Handelsblatt GmbH. All rights reserved. To acquire additional rights, please contact us at [email protected]


What creates inflation? How is the currency soft?

The European Central Bank is looking for new ones

Miracle weapons for the euro victory. By Roland Tichy

The zero-interest wizardry


The newest magic formula of the

Money magician Mario Draghi is called

"Negative interest rate". Simplified:

Who will save money in the future

or investing, is no longer with interest

rewarded, but with a penalty fee,

the negative interest rate. At

one needs such devil's work

a strong magic potion that makes people

seduced to participate. Because

Nobody voluntarily contributes their savings

Bank, so that there is less. Therefore

swear Draghi and his money wizards

from the European Central Bank

(ECB) the professional world on one for months

a more refined plan that is likely

at the next meeting of the

Central Bank Council on June 5 - apt

after the European elections - is presented.

Then the key rate is expected

reduced from the current 0.25 percent to 0.1 percent.

Then interest rates slide; for savings book

or there is only daily allowance

just a few cents just above the zero line

- no zero interest rate yet, but neither

More incentive to save. The hard negative interest rate

is earmarked for those 100 billion

that the banks park at the ECB,

because they temporarily have no customers for it

Find. For that, a

Penalty fee of 0.1 percent will be collected.

This is officially justified by

that the banks will eventually offer loans

the economy should be forgiven instead of entirely

risk-free investing money with the ECB.

The secret hope of the ECB money artists

but is a different one - the banks

instead, about Italian government bonds

or buy their money in New York,

Invest in South America or anywhere else. If

they government bonds of southern European

Buy bankrupt states, help their governments,

which is constantly growing

Finance national debt. As well

It is chic when they are in dollars or euros

Exchange real: That depresses the exchange rate

of the euro, and that's what they want

Economic politicians across Europe. Because

a low euro exchange rate makes exports cheaper

and makes imports more expensive. That supports the European

Export economy - and imports

Inflation when commodities, energy and

Consumer goods need to be paid for.

And that's exactly what Draghi is aiming at:

He fears nothing more than stable prices.

The ECB has a two percent currency devaluation

defined as normal case; currently

the purchasing power of money is shrinking in

Germany, however, only by 1.3 percent. The

Prices are currently only rising for real estate;

a huge real estate bubble is expanding here

on. Stable prices are the enemy of finance ministers,

which their enormous debt iceberg

Push in front of you: A strong one

Shot inflation, and the equivalent

the national debt is melting away.

But the whole ECB magic can be over

do not hide one fact: the

Economy in the southern European crisis countries

does not need loans: because they are too

has little business and business ideas,

and that can do so much more monetary policy

Magic doesn't change. The ECB is trying about it

hide that the

bad shape and absent

Reforms the economy in Italy and

Forcing France to its knees - not one

a few tenths of a percent in interest. His magic tricks

but whip the monetary system

further into the dubious, with his

cheap money cheat them

Governments in Rome and Paris on reforms

past. The former fought as early as 1967

Minister of Economy of the Grand Coalition,

Karl Schiller, for the interest rate cut

with the argument: “The horses have to

drinking. "Whether it is a" tailor-made inflation "

can give, headline dubiously at the time “Der

Mirror". Soon inflation galloped.

Not the horses.


In the fall, Miriam Meckel becomes the editor-in-chief

of WirtschaftsWoche.

Meckel is the director of the institute

for media and communication management

from the University of St. Gallen and as an earlier one

Spokeswoman for the Prime Minister

made famous by North Rhine-Westphalia

(see page 16). Please transfer that

trust placed in me in mine



WirtschaftsWoche 26.5.2014 No. 22 5

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Business people

8 Sideways glance Netflix - the enemy of fear

10 Siemens: Thousands of jobs will be lost

11 Mobile communications: fourth provider for Germany

wanted | IBM: Secret job cuts

12 Interview: Hong Kong Vice Carrie Lam over

a start-up initiative of the special zone

13 Strenesse: rescue in sight | Beuys Collection:

Power struggle for art treasure | Three

Questions about immigration

14 Cold progression: more transparency

required | Taxi I: Means against minimum wage |

Taxi II: day of protest against Uber

16 executive chairs | Start-up Marita Huurinainen

18 Norbert Walter-Borjans head office,

Finance Minister of North Rhine-Westphalia

Politics & World Economy

20 Foreign trade Why the TTIP

Agreement creates jobs and wealth

28 Interview: Barbara Hendricks The environmental

and building minister about affordable

Housing and the search for a repository

32 Russia Gas deliveries to China

are bad business for Moscow

33 Saudi Arabia The royal family is in charge

an ordeal

36 Forum Rafael Seligmann on weakness

Of the West

37 Global Briefing | Berlin intern

Title What to do with the policy?

Threaten with life insurance

hard cuts from summer,

the low interest rates are demanding theirs

Tribute. High time for a contract check: finalize it?


Cancel? We'll show you what

brings the most. Page 78

The legacy of Auto Union

The VW subsidiary Audi has dealt with the Nazi past. The

Research proves: Former CEO Richard Bruhn (2nd from right)

ruthlessly used concentration camp prisoners as forced laborers. Page 44

The economist

38 Comment | New Economics

39 Germany economy

40 Inquiry: Axel Honneth, the director

of the Frankfurt Institute for Social Research

about the consequences of inequality

42 Think tank Rolf Langhammer on the consequences

an interest rate release for China's economy

Companies & Markets

44 Audi The carmaker's new look at

his dark Nazi past

50 Deutsche Bank Who is Colin Fan, the boss

the controversial investment division?

52 Interview: Stephanie Mair-Huydts The Boss

of the largest German travel book publisher

MairDuMont discovers Chinese tourists

54 ThyssenKrupp If the sale of the

Submarine daughters in a Franco-German


55 Burger King The controversial franchisee

Ergün Yildiz is threatened with expulsion

56 Veolia The French supplier is suffering

among his problems in Germany

58 Series Future of Industry (III) Corporations

seek great success with start-ups

Technology & knowledge

64 Space Travel The Days of the International

Space stations are counted. Companies

all over the world are working

To make research in space cheaper

On the brink

The transatlantic

Free trade agreement TTIP

is in disrepute as an eco-killer

devices. Now politicians want

and entrepreneurs - like

Evelyn Dornseif - the advantages

for jobs and

Highlight prosperity.

Page 20


6 No. 22 26.5.2014 WirtschaftsWoche

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No. 22, 26.5.2014

Expensive trip into space

This week a German astronaut is flying to

International Space Station. It could be

Research in space is much cheaper. Page 64

68 stem cells A child died from a

dubious cell therapy. But the masterminds


69 Valley Talk

Management & Success

70 top managers like the new business elite

ticking. A psychogram

76 China Why German leadership methods

not work with Chinese


WiWo Green

The value of nature

Economists are working flat out

the formula for green growth | Plus:

Exclusive ranking of the most sustainable

Brands | What about green insurance

good | Award-winning eco pioneers

(Start on the back)

Healthy paranoia

Startled by the successes of young people

Companies in the United States

Managers like Stefan Jaroch from Bayer

breeding grounds in German corporations

for founders - in the hope of finding one

Land billions coup. Page 58


78 Life insurance at the end of the contract or

premature exit threatens losses. The

Contract check shows what is most important now

brings: close, hold or terminate

86 Public Procurement Lawyers Ranking

400 billion euros are awarded annually

- a rich field for public procurement lawyers

88 US stock investors are betting on a comeback

from ex-stock market star Cisco. Right?

90 Taxes and law Deadline tax return |

Refund interest | Advertising expenses

Vacancy | Imprisonment for course spasher | Vacation entitlement

in nursing leave | Parental allowance

92 Geldwoche Comment: Investor protection in

Gray market | Trend of the week: gold | Dax-

Shares: ThyssenKrupp | Hit list: Internet

Company | Shares: Nestlé, Gazprom |

Bond: Poland | Certificate: Banks Short |

Investment fund: DWS Global Value |

Chart signal: Internet stocks | Relative strength:

Defensive stocks are advancing

Perspectives & Debate

98 Garden The new generation of garden furniture

looks like it was made for the living room

102 food bar


5 Insight, 104 Readers' Forum,

105 Company index | Imprint, 106 Outlook

n Read your WirtschaftsWoche

worldwide on iPad or iPhone:

This week with, among other things

a video from the international

Space station. A

interactive test shows you

whether you are out of your life insurance


should rather get out.


n European elections The 28 EU states

elect a new parliament,

Germany's turn on Sunday.

Find results and analyzes

at wiwo.de/europawahlen


business week




+ business week

WirtschaftsWoche 26.5.2014 No. 22 7

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Sideways glance


The feared opponent

The world's largest video-on-demand provider

Netflix starts in Germany at the end of the year.

The company rushes from success to success, comes across

but recently also to criticism.

First America, now Europe

Countries in which Netflix is ​​available (orange) or starts in autumn (yellow)

48 million

They are 2.2 billion hours long

Movies and series overall that the American

Internet giant Netflix serves customers in 41 countries every month

broadcasts for month. This makes it the largest video-on-demand company

of the world. It will be in autumn

even more, then Netflix will also start in Germany,

Austria, France, Luxembourg, Belgium and the

Switzerland. As in Holland, the monthly subscription should be 8.99 euros

costs. In Germany, Netflix meets providers like

Maxdome, a subsidiary of the TV group ProSiebenSat.1.

60,000 employees, 9,000

Stores and six billion euros in sales

the US company Blockbuster Video in 2004

to the world's largest video rental chain - until Netflix began

To offer videos over the Internet. 2010 reported

Blockbuster bankruptcy. Netflix, on the other hand, is growing

and meanwhile produces films and series himself.

“The Square” was even nominated for an Oscar.

The "House of Cards" series with a Hollywood star

Kevin Spacey (photo) as unscrupulous politician Frank

Underwood won three Emmys and one Golden

Globe. The German rights for this are currently in place

however, with the pay TV broadcaster Sky.

Max cathedrals



(including Unitymedia and

Kabel Deutschland)

Watchever (Vivendi)


Videoload (Telekom)

Netflix has users worldwide

Already fought over

Market shares of online video stores in Germany (2013)











Lovefilm / Prime


28 percent of US Internet traffic will

caused by Netflix. The company recently closed

a controversial deal with the US cable operator

Comcast: He's hunting for a million dollar amount

Netflix's video data is preferred over the Internet.

Critics see this as the first major violation of

net neutrality, according to which all data have equal rights

should be routed through the network. [email protected]

time beam

Subline blue blub

Founding as an online

Video library with

Mailing of DVDs


First time subscription

for unlimited

Video rental

Source: xxxThomson Reuters, GfK, Sandvine, Netflix, own research

initial public offering

1998 1999 2000 2001 2002

8 No. 22 26.5.2014 WirtschaftsWoche

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$ 3 billion

On all screens

These devices allow viewers to use Netflix

gives Netflix 2014 for production

or content licensing



Game consoles


Blu-ray player

Set top


Internet enabled

TV sets

Netflix sales

in millions of dollars


2001 2013






Biggest source of data

Share of Internet traffic in

North America

28 %

17 %

3 % 1 %

Netflix YouTube iTunes Facebook

Today a stock market star

The Netflix course in comparison

Indexed: for 2 years

(= 100)


Nasdaq 100

2012 2013 2014










Million $

cost the production of the

"House of Cards" series with

Hollywood star Kevin Spacey

(Photo). Also produced

Netflix also the series "Lilyhammer",

"Orange is the new

Black "and" Hemlock Grove "

Introduction of video


Offer on game consoles

and TV

Set-top boxes

Start on iPhone and

iPad, Canada will

first foreign market

"House of Cards" series

is the first in-house production

in program

Netflix pays provider

for high-speed


2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014


WirtschaftsWoche 26.5.2014 No. 22 9

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Business people

Dark prospects

for employees

Siemens boss Kaeser


Job cuts after job cuts

According to insiders, there are around around the IT group

10,000 jobs at risk. One episode

of the planned renovation. Particularly hard

it hits Erlangen.

Siemens boss had only just under a year ago

Joe Kaeser a “commitment to the location

Erlangen ”. For around 500 million euros

wanted the group in the Franconian city

build a campus. After all, that's what concerns

Company there 25,000 employees, more

20,000 in the region, more than any other

other place. But now Erlangen should be from

planned job cuts in the group in particular

to be affected.

He wanted Siemens from within the next few months

Free the bureaucratic fetters, announced Kaeser

two weeks ago. Through this liberation

10,000 jobs are lost, like an insider of the

Munich technology giant says. Union representatives

fear that Siemens especially in the

Administration cuts. Is particularly affected

therefore attainment. Siemens controls from here

currently still his industrial and energy business

as well as the medical technology division.

The Siemens boss wants the company too

old strength and around a billion

Save euros. He replaces the four sectors with

nine business divisions. The energy business

the group will be controlled from the USA in future. There sees

Kaeser's greatest business opportunities. The high-yielding

Medical technology division gives the manager

more freedom. You should be a company within the company

- later IPO not

locked out.

IG Metall is also expecting job cuts

at the corporate headquarters in Munich. In the Bavarian

Around 8,000 people work in the capital.

In the golden age of the mid-1980s

it was 50,000.

The cuts in staff are likely to affect the working atmosphere

heavily burden, especially since Kaesers

Predecessor Peter Löscher launched an austerity program

would have. This alone lost 15,000 jobs.

Should Siemens in the takeover poker

for French rival Alstom

received, threaten further prank actions,

especially in the transport division, which is the high-speed trains

how the ICE builds.

The discussions between the group management and the representatives

the employee about the upcoming

Job cuts in the group have already started.

Siemens wanted to get the details on request

do not express.

[email protected] | Munich


Sales and employees

in global comparison

Europe, Africa, Middle East


Share in

(in billions of €) total sales

(in percent)

39,9 53



Asia, Australia






Share in

Total staff


15,1 20



Source: Siemens


20,9 28


proportion of

proportion of

10 No. 22 26.5.2014 WirtschaftsWoche

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New mobile operator wanted

Actually, the tasks are

clearly distributed: the competition guardians

the EU check whether a

Megafusion a dominant one

Market position arises. The

Federal Network Agency sets the

Rules of the game in the markets

fixed and assigns frequencies.

But when considering the merger

between cellular operators

Telefónica and

E-Plus is designed by the EU Commission

a completely new set of rules,

without the Federal Network Agency

intervenes. stone

the offense are the conditions,

No connection to the network agency

EU Commissioner Almunia

with those of the EU Competition Commissioner

Joaquín Almunia

the market power of the remaining

three major cellular operators

want to restrict.

So he plans start-up help for one

new, fourth mobile operator,

thus the one with cheap tariffs

the established providers

can attack. In addition to frequencies

is supposed to be the newcomer to

a merged Telefónica

E-Plus Group also has locations

for radio masts, around 200

Shops and a call center for

Get customer service. To

as of December 31 2014 Has

Telefónica time, contracts with

to submit to a newbie.

But there is still no interested party

known. If no one shows up,

are supposed to be a plan B mobile operator

like United Internet

and Freenet, which do not have their own

Own network, others

Get access rights.

Bump into the competition

the EU plans to resist.

They fear regulation

through the back door. "The

Conditions damage all network operators ",

is it [called. Stick with it

the conditions, one wants legally

take action against it.

[email protected]

Picked up

Resurrected in 1953

them for the first time on: Fix

and Foxi - the German answer

on Mickey Mouse. The last comic book

appeared in 2010. Now

wants Stefan Piëch, nephew of the VW

Patriarch Ferdinand Piëch

and head of the Munich company

YFE, the two foxes

to be resurrected. YFE has

by Alexandra Kauka, the widow

of the Fix and Foxi inventor Rolf

Kauka, bought all rights and

plans Fix-and-Foxi films.

Cover instead of uncover New

York's cops have to go with them

Armed spray cans and should

the graffiti in the city unrecognizable

do. "Spray around

Graffiti a square and fill it

then off ", reads the order.

Critics complain: The

Cops should do crime





The American

IT giants IBM in

Germany creeping jobs

reduced. Between

In 2007 and 2013, 3700 jobs were lost

gone, that's around 18 percent

in seven years. Employees

IBM 2007 in this country

still around 20,600 employees,

in 2013 it was only 16,900.

The numbers result from

the commercial register and apply

for the 17 IBM companies

in Germany. From the

Germany headquarters of the group

it says on request

only: “We publish

no employment figures

Country level. "

End of May 2012, before exactly

two years ago, rumors popped up

up, IBM wants to go to Germany

up to 40 percent of his then

allegedly 20,000 employees

dismantle. IBM Germany

Boss Martina Koederitz

denied the claim

only a month later. Meanwhile

one thing is clear: even then

employed the IT giant in

Germany not even anymore

20,000 employees.

[email protected]

Sunday shopping

Germans order online at weekends, preferring to check e-mails during the week

Easter Monday


Holiday Sunday

Sunday sunday








* Search queries in relation to the maximum value of Ebay (= 100); Source: Google

Search queries on Google *

April 21st April 27th May 1st May 4th

May 11th May 18th







WirtschaftsWoche 26.5.2014 No. 22 11

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Business people



at 63

Hurray, hurray, it's a ...

Pension package. A heavy one

Birth. 170 billion euros

heavy. A real chunk,

that of midwife

Andrea Nahles proud and with

presented a lot of noise

has been. Like a car mechanic

who says: “I'll get

your brake is not repaired,

then I'll do you

at least the horn louder. "

Federal Minister of Finance Wolfgang

Schäuble, on the other hand, stands

the light remaining hair closes

Mountains. After all, that is

“Retire at 63” is a dead end

on the way to

Reorganization of public finances.

"Pension at 93"

would be more like a

Step in the right one

Direction. And finally

there are enough jobs that you can get

can do until you get up

the cemetery lies: President

of the world football association

Fifa or Pope - although:

Now even go

the retired.


Hans Gerzig, 47, graduate

Economist, former marketing consultant

and today

Business cabaret artist and

Office comedian.


»Funding for

foreign founders "

Hong Kong's vice head of government wants start-ups

attract, plans a tax treaty with

Germany and is considering entry restrictions.

Ms. Lam, grew up in Hong Kong

the economy in the first

Quarter as weak as since

not for two years. To lose

Your competitive advantage

towards China?

How so? We expect for this

Year a plus of three to four

Percent, that's not it

bad. We hang of course

strong in exports due to

low demand

the USA and Europe last

are weak. Of

the proximity to China, however

we have benefited since reunification

1997 very strong: we

use the mainland for production,

and mainland companies

go over hong kong

on the world market.

Investors leave in the cheaper

China produce. Why

should they over hong kong

export or your

Set up Asia headquarters?

You are right, we are one

Service economy and no

Production site. But we

are number one in the world

Air transport and have one

efficient logistics industry.

And we help companies

with legal services.

Legal security in China

got better. And who

a problem with chinese

Has plagiarists, she has to

sue the mainland.

In Hong Kong we speak

of course English,

what is not so on the mainland

is common. We have to

Tokyo’s largest financial center

in Asia and lead on IPOs

On the continent. In addition

we benefit from the opening

of the Chinese market:

For one, enjoy products

Hong Kong preferential access

to the Chinese market.

On the other hand, many tourists travel

from China to us.

China's tourists see Hong Kong

as an outlet store and

invade in armies.

Sure it's not easy, though

50 million tourists in one

City with 7.2 million inhabitants

come. We understand


Lam, 57, has been there since 2012

Chief Secretary and so

Number two in the

Government of china

Special Administrative Region

Hong Kong.

the difficulties and think

about adjustments.

You want the entries out

Limit China?

We are thinking about that in the government,

a decision is made

still out.

Hong Kong wants to become an oasis for

Startups will be the Asia

want to conquer. What are you planning?

It starts with the education system,

that we are strongly internationalized

to have. Up to one

Fifth of the students in

state-sponsored bachelor's

Subjects come from abroad,

for master’s degrees

there are no more quotas. Graduates

we allow the stay

for twelve months, too