Handelsblatt - 30.08.2019 - 01.09.2019

(Jeff_L) #1
!!0 01( 0+(= +&+=.+;+!:=7 :0 :!+)
=!0 B+: ,!=E=7 !00 B+: ?;:!+(!0 )
=!0 ?; ?0;!:!0 D;=!/!0 E+!(!0 +!;!
A!:+0 !0 ?0 +0 !+0!0 =) -! :+0)
&!0 (!0 B+: !+0! ;!(: &?=! ;+; #@:
+! 0(;=!0 (:+==! B+! /;(+0!..!;
!:0!0 ?0 -@0;=.+(! 0=!..+&!0E7

(! 403!&!- :., (- 4!61 (! !$!$-!-
(! !- -$46!- :.- (63!(6!3- 44
!(-!4 $!4 !(-! (&3!- . 9!3-(,,62
?:( 1//?0+-=+107 !=E=.+( (= ,! !:
!;4!-= A1:7 0 B+: /(!0 !0
+=)
:!+=!:0 ?( -!+0! #.;(!0 !:;4:!)
(?0&!07 +: ;&!0 &0E -.:
! !: :)
!+=;4.=E B+: ;+( A!:0 !:0 1 +0 !:
:1 ?-=+10 1 !: +/ @:17 !: B+: B1..!0
?0 B!: !0 +! +&+=.+;+!:?0& 0+(= E?/
!:;10.? 0?=E!07 +!.!
+=:!+=!)
:+00!0 ?0
+=:!+=!: ;!(!0 ?( (0)
!0 :+0 ;; +! 0!?! !(0+- +(0!0
!+0=20+&! :!+=!0 0+//=7 .!+(E!+=+&
=:+0+!:!0 B+: ;+! +/ /&0& /+= 0!?!0
!(01.1&+!07
! !: !: 1##!0 +;= #@:
!?!; -00 ;+( .;1 ?( +0 !+=!0 !:
+&+=.+;+!:?0& !01:/ B!+=!:!0=B+-!.07

(- $3.%!4 ($(6+03.)!*6 :.- 

;3 (! 39- 8-$ !4 7'-+(-!'
3*60+6>!4 &!.- (4 !3 8& #93
- !3! -6!3-!&,!- .##!- (461 !- (!
*!(-! -$46 :.3 !3 .-*833!->2
!+0 B+: (!0 -!+0! 0&;= ;10 !:0 +!
=+!#! :-!00=0+; ;; !:
:-= ?0 +!
?0 !0 !0=;(!+ !07 ; (!0 B+: +0
!: >*!.= /+= /E10 D .+
?0 17 .0&;= &!.!:0=7 0 ;1 !=B; +/
>*!:!+( +;= +! !! (+0=!: (!
10)
+;7 =@:.+( +;= !; !:;= /. !+0 &:1'!:
(:+== +!;! .==#1:/ E? ?!0 ?0
00 #@: ..! E? 2##0!07 !: !; B@:!
;1B+!;1 4;;+!:!0 .;1 /(!0 B+: !;
.+!!: ;!.;=7 ?'!: !/ (.= (!
10 +;
 &?= !0 4+!&!. A1:7 +: ;+0
.0&;= 01( 0+(= @!:.. 4.==#1:/#(+&7
/ !; E? B!: !0 =:!+!0 B+: +! =0)
: +;+!:?0& A10 :1E!;;!0 ;1B+! +!
!:0!=E?0& ?0 :/10+;+!:?0& A10 D;)
=!/!0 B!+=!: A1:07

(;!0;
+0+;=!:)
4:;+ !0=(&!+
3!64&,!34. +!:=
#@: !+0! ;=:-! 1:)
;(?0&;#2: !:?0& +0
!?=;(.0 7

(! !$(.- 38- 8, 3!4 !- ;(3 8&
(+(.-<.-= $!---61 (! ;(&6($ 4(-

 ($ 6 8- .1 #93 !- (364&#64'
46- .362
+: /@;;!0 (!?=! :@!: 0( !0-!0
B1A10 B+: /1:&!0 .!!0 B1..!07 0;!:!0
1(.;=0 -200!0 B+: 0?: !:(.=!0 B!00
B+: +0 1:;(?0& ?0 0=B+-.?0& +0A!;)
=+!:!07 !0 &:1'!0 !:?;#1: !:?0&!0
0!:&+!B!0 ! .+/B0 !. ?0
1+.+)
== /@;;!0 B+: /+= 001A=+10 !&!&0!07
+;;!0;(#= ?0 +:=;(#= /@;;!0
#@: E?;//!0:!+=!0 ?0 +! 0=)
B+-.?0&!0 (+!: A1: := A1:0=:!+!07 +:
(!0 +0 (;!0 !+0! .0&! : +=+10 +/
!:!+( !: (+4+0 ?;=:+!7 +! ?-?0#=;)
=(!/!0 !: +&+=.+;+!:?0& ;+0 +0 ()
;!0 E? ?;!7

(! 8- ;. $!-8 !-646!&6 !864&+- 4
($(6+! 8*8-#6 (- &4!-2

!(: .; >7%FF 0=!:0!(/!0 +. !0 ;
@-&:= !: *:0(! +0 (;!07

! !: EB!+=! +0 ?:14 &!#!:=+&=!
+-)
:1(+4 -1//= ?; 8+.+10 C10D97 +!
+&+=.)?)=0 1:=! /+= /:= D;=!/;
+0 :!; !0 ?0 /:= 0#:;=:?=?:! +0
!+4E+& ;+0 +! !0=:!0 !: ;(;+;(!0
+&+=.B+:=;(#=7 0 !: !:&- !/+!
:!+!:& B+: :0 &!:!+=!= B+! ;
0=!:0!= !: +0&! ?( +0 -.!+0!0 ?0
/+==!.;=0 +;(!0 0=!:0!(/!0 !=.+!:=
B!: !0 -007 0 $F
(:! 0#1:/=+-
0 !: !(0+;(!0 0+A!:;+== :!; !0
E!+&!0 ;; +! 1:;(?0&;.0 ;(#= +0
(;!0 ?# !+0!/ (+;=1:+;( &!B(;!)
0!0 ?0 /!0= ;=!(=7 !: :!+;== ;4+!.=
#@: !+0! !?=;(! ?0 !?:14+;(! !()
01.1&+!;1?A!:0+== !+0! &:1'! 1..!7

-- !864&+- !( !3 ($(6+(4(!'
38-$+4. 8& (-6!3-6(.-+ !-
-4&+844 &+6!-2
; +;= !+0! !:?;#1: !:?0& !: B+:
(!0 +0 !?=;(.0 ;!(: &?=! :?0 )
.&!07 0 (;!0 A!:#@&!0 B+: @!: !+0!
!CE!..!0=! 1:;(?0&;.0 ;(#= /+= +0)
=!:0=+10.!: 4+=E!0#1:;(?0& +0 +!;!0
!:!+(!07 !?=;(.0 B: +//!: !+0
0 !: -.?&!0 24#! ?0 ; &+.= ?(
(!?=!7 ( +0 /+: ;+(!: ;; B+: +!
0=B+-.?0& !+ !: -=+A /+=&!;=.=!0
-200!0 ?0 ; ?( .0&;= =?07 #@:
/@;;!0 B+: !: 01( ;(0!..!: B!: !0
!+ !: /;!=E?0& ?0;!:!: 1:;(?0&;)
!:&!0+;;! +0 -10-:!=! :1 ?-=! ?0 !)
;(#=;4:1E!;;!7

 " ! 


"   



$#


$ 


  $


- 3!36(-5   
6 ?0
!- !--(511&.!6 +;-?)
=+!:=!0 @!: 0!?! )
;+!:=! !;(#=;/1 !..!7

" 6!(-*!351!06 (+!#
=:=!&D ##+!: !+  
/1 !:+!:=! +! 10#!:!0E7

    

‹+DQGHOVEODWW0HGLDURXSPE+ &R.*$OOH5HFKWHYRUEHKDOWHQ=XP(UZHUEZHLWHUJHKHQGHU5HFKWHZHQGHQ6LHVLFKELWWHQXW]XQJVUHFKWH#KDQGHOVEODWWJURXSFRP

Free download pdf