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Business

Business Briefs

ThyssenKrupp swings back into the profit zone; German hotel and restaurant industry suffers high losses; Deutsche Bank to sell shares.

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Ekkehard Schulz, chairman of the board of the ThyssenKrupp company

ThyssenKrupp Reverses Losses

German steel and heavy industry giant ThyssenKrupp said Friday that it moved back into the black in the first quarter of its business year thanks to improved performance by most of its divisions in a difficult economic environment. ThyssenKrupp said it had a net profit of €81 million ($87.5 million) in the first three months, compared with a net loss of €320 million a year earlier. Looking ahead, ThyssenKrupp said that despite the continuing economic slump in Germany, the company expected a significant increase in earnings before taxes in the second quarter.

German Hotels, Restaurants Suffer Losses

German hotels, restaurants and caterers piled up their worst losses since German reunification in 1990, the Federal Statistics Office said on Friday. In 2002, sales in hotel, restaurant and catering businesses shrank 7.3 percent, the Wiesbaden-based agency said. It was the second yearly loss in a row. In 2001, sales fell 0.7 percent.

Deutsche Bank To Sell Shares

Deutsche Bank, the biggest bank in Germany, will announce next week the sale of large parts of its private equity portfolio to the management of its private equity arm DB Capital Partners, the business daily Handelsblatt reported on Friday. DB Capital Partners is a New York-based company in charge of managing Deutsche Bank's shareholdings in non-listed companies. Handelsblatt quoted sources as saying the shareholdings would be sold to the management of DB Capital Partners for around €1.5 billion ($1.6 billion).

Compiled from wire reports