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Entries in Germany (5)

Friday
Sep142012

Martha Stewart, Emeril Lagasse in Fake Knives Suit

Donald Bowers/Getty Images for JCPENNEY(NEW YORK) -- Many consumers love the Solingen knives Martha Stewart sells under the Emeril Lagasse brand, but a city in Germany doesn’t.

According to a lawsuit filed in a U.S. District Court in Florida by Solingen, Germany’s Chamber of Commerce and Commerce Wuppertal-Solingen-Remscheid, a trade association that holds the rights to the Solingen name, the Solingen trade name was first used in 1853 and trademarked in the U.S. in 1974. In 1994, Germany protected the mark again with the “Solingen Decree,” which mandates that -- like Champagne -- Solingen products are not allowed to be produced outside the specified area.

With that in mind, the Chamber sued Martha Stewart, Martha Stewart Living Omnimedia, Emeril Lagasse, HSNI LLC dba Home Shopping Network, and SED International Holdings, which distributes the knives.  The  claim?  That the knives Lagasse hawks are “counterfeit” because they are marked with Emeril’s signature trademark and ‘Solingen, Germany’ “on one side of the blade, and ‘China’ -- where they are manufactured -- on the other side.

“Real” Solingen knives simply say Solingen on one side, which certifies that the products “are of a certain origin and comply with extremely high and specific standards of manufacture,” the lawsuit claims.

According to the complaint, which was reported in Courthouse News, Martha Stewart’s company “was and is responsible and in charge of the Emeril brand, which includes the licensing, advertising, promotion, distribution, and sales of the Counterfeit Products.”  Lagasse sells his knives on HSN.com.

The lawsuit cites one woman who said the only reason she bought the knives was because they were made in Germany, and that she was appalled to discover they were made in China. Another customer cited in the suit claimed the knives were “rusting and breaking in half.”

The Chamber is seeking $2 million in statutory damages for each trademark violation, or triple damages of “illicit profits,” triple damages for false advertising and unfair competition, plus reasonable attorney and investigative fees.

A spokesperson for Martha Stewart Living Omnimedia would not comment. Reps for HSN and SED International did not return phone calls from ABC News.

Copyright 2012 ABC News Radio

Tuesday
Sep062011

Following Court Order, Samsung Pulls New Tablet from Trade Show

PARK JI-HWAN/AFP/Getty Images(BERLIN) -- Samsung suffered a big setback over the weekend in its battle with Apple over tablet computers.

The company was forced on Sunday to pull its brand new Galaxy 7.7 Tab from one of the world's largest electronics shows in Berlin.  The move came after a German court banned all sales and marketing of the device following an injuction requested by Apple.

Apple claims that Samsung's new tablet computer is a copy of the iPad.

Copyright 2011 ABC News Radio

Tuesday
Feb152011

What's in a Name? It's an Issue in New York Stock Exchange Merger

Photo Courtesy - Getty Images(NEW YORK) -- The New York Stock Exchange and Deutsche Borse are both winners in the merger between the two large stock exchanges. Their costs will decrease as they share technology and resources to create the largest stock exchange in the world. And ideally, those cost savings will pass onto a larger pool of global investors.

As the 220-year-old NYSE and German stock exchange officially announced their merger Tuesday morning, Sen. Charles E. Schumer (D-N.Y.) said New York ought to come first in the new name.

"An outstanding issue that is important to me is the name of the new exchange," Schumer said in a statement. "NYSE is one of the most preeminent brands in the financial industry, and there is no reason it shouldn't come first in the new exchange's name."

During the press conference announcing the merger, Duncan Niederauer, CEO of the NYSE, said no decision has been made regarding a new name.

Sen. Schumer said if New York loses out, the merger process could be in jeopardy.

"If Deutsche Borse pushes any alternative name, it would be an indication that they are not viewing this deal as a merger of equals, and that could have negative consequences with regard to future decisions on the merger's implementations," said Schumer.

Reena Aggarwal, professor of business administration and finance at Georgetown University's McDonough School of Business in Washington, D.C., said many people like Schumer feel strongly regarding the name because of its symbolism.

"Countries see it as a prestige issue," said Aggarwal. "In the old days an exchange was a huge prestige issue for the country. And every country wanted to have an exchange."

But she said the NYSE has been facing business challenges. It has trouble attracting initial public offerings. She also said the merger will allow the NYSE to globalize. Even Schumer acknowledged that the merger was a positive business move.

"The New York Stock Exchange will be the crown jewel in this new operation, and the name of the new company should reflect that," said Schumer.

Schumer said he would keep an open mind until the name issue is settled.

Aggarwal said possible names under consideration have been rumored to be NYSE-DB or the Global Exchange.

"Certainly the NYSE has existed for a very long time and the name has been associated with American capitalism. So I can see that some people would have problems if that name goes away completely," Aggarwal said. "But from a business point of view, it doesn't matter so much, but countries see it as a prestige issue."

Copyright 2011 ABC News Radio 

Tuesday
Feb152011

German, New York Stock Exchanges Announce Merger

Photo Courtesy - Getty Images(NEW YORK) - The German stock exchange and the New York Stock Exchange officially announced their much-anticipated merger Tuesday, which results in the world's largest exchange operation.

In the deal, Deutsche Boerse will control 60 percent of the shares in the new company, with the NYSE becoming the minority shareholder at 40 percent.

In a joint press release, the two exchanges announced the formation of The Premier Global Exchange Group, which will have dual headquarters in New York and Frankfurt.

“This combination will create significant value for all stakeholders," Reto Francioni, chief executive officer of Deutsche Boerse, said in a joint press release. "This transaction brings together two of the most respected and successful exchange operators in the world to lead the way in global capital markets and set the standard for growth, quality and market reach."

NYSE Chief Executive Officer Duncan Niederauer said the company will become a global leader in the financial arena.

"This transaction is a catalyst for the development of a global capital markets community, delivering the best, most transparent, and innovative services for clients and issuers, wherever they are," said Niederauer. "Our respective shareholders will also benefit from a significantly enhanced growth profile, the opportunity to achieve substantial cost synergies, unparalleled cash flow generation, and very strong credit metrics.”

Combined, the companies brought in a net revenue of $5.4 billion in 2010 and a total EBITDA of $ 2.7 billion, the largest of any exchange in the world.

Copyright 2011 ABC News Radio

Thursday
Feb102011

Germans in Talks to Acquire New York Stock Exchange

Photo Courtesy - Getty Images(NEW YORK) -- One of the crown jewels of U.S. capitalism may soon fall into foreign hands.

The New York Stock Exchange is in negotiations to be acquired by German stock exchange Deutsche Borse AG.

While both companies suggest it is a merger of equals, Deutsche Borse shareholders would control about 60 percent of the combined company.

News of the planned merger comes after years of consolidation among stock markets around the world, but the thought of the storied Wall Street exchange falling under German control might rankle some people, including members of Congress.

The Wall Street Journal reports Thursday that the acquisition is symbolic of New York's "fading dominance" as a global financial center.  The NYSE traces its history on Wall Street to 1792. 

Copyright 2011 ABC News Radio







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