'MM': Conti examines concentration on tires and plastics - partial sales possible

HANNOVER/HAMBURG - Continental Supervisory Board Chairman Wolfgang Reitzle is examining a concentration of the DAX-listed corporation on its tire and rubber businesses, according to a press report. In the long-standing discussion about the composition of the corporation, Reitzle is thus focusing on the core business of the Hanover-based automotive supplier and tire manufacturer, reported "Manager Magazin" on Monday, citing sources close to the corporation's top management. Thus, the future core components of the group should include the profitable tire division and the business of the plastics division Contitech, which is not focused on the automotive industry. Conti CEO Niko Setzer meanwhile supports the project, it was further reported. According to the report, the first step would be to sell Contitech's auto parts.

'FT': Goldman Sachs considers further withdrawal from business with normal customers

NEW YORK - Investment bank Goldman Sachs is considering divesting from its investment advisory business for ordinary retail clients, which was only launched in 2019, according to a press report. Goldman is currently examining "alternatives" for the division, the Financial Times reported Monday in its online edition, citing information from the bank itself. The bank is thus moving further away from its efforts to be a major bank for ordinary, i.e. not super-rich, private customers.

Covestro brings in new finance chief from Metro

LEVERKUSEN - After months of searching, plastics group Covestro has presented a successor to Chief Financial Officer Thomas Toepfer. Christian Baier, who heads finance at wholesaler Metro, will become Covestro's chief financial officer from Oct. 1, 2023, the DAX-listed group announced Monday. It had already become known in mid-February that Toepfer would leave the group early at the end of August and move to aircraft manufacturer Airbus in the same position. In September, Covestro CEO Markus Steilemann will also take over the finance department on a transitional basis.

ROUNDUP: Borussia Dortmund reports 9.5 million euros profit and record sales

DORTMUND - Bundesliga soccer club Borussia Dortmund has closed its first season after the Corona pandemic with a profit. At the end of the 2022/2023 fiscal year (June 30), the Borse-listed club made a profit of €9.5 million. In the comparable period of 2021/2022, there was still a loss of almost 31.9 million euros. The Corona pandemic has cost the club a total of 150 million euros, CEO Hans-Joachim Watzke said Monday at the annual press conference of Borussia Dortmund GmbH & Co. KGaA. "We have always said that when we have this behind us, we will find our way back to our old strength. We have delivered," Watzke said in Dortmund of the preliminary figures.

Real estate funds feel construction slump

MUNICH - The construction crisis is hitting real estate funds. The slump in orders and several insolvencies of real estate developers and builders are frightening investors, who have invested less than half as much new money in real estate funds so far this year as in the comparable period last year. The danger of a short-term investor flight does not exist according to estimate of the Ratingagentur Scope likewise like the industry federation BVI and the financial analyst Peter Barkow however. This is because a notice period of one year also applies to the so-called open-end funds.

Bayer partner Regeneron receives further U.S. approval for Eylea

TARRYTOWN/LEVERKUSEN - Bayer partner Regeneron has received approval in the United States for a higher-dose version of the eye drug "Eylea." The Food and Drug Administration approved the 8-milligram dose for use in wet age-related macular degeneration and diabetic macular edema, the company announced late Friday night (local time) in Tarrytown. So far, a 2-milligram version has been on the market, which must be given more often than the version now approved. As recently as June, the FDA had denied approval for the higher-dose version because of outstanding issues related to problems at a bottler.

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ROUNDUP: You are reading a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha