India Budget 2025 Highlights Manufacturing Push but Falls Short of Market Expectations 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
Trump Threatens Aircraft Tariffs as U.S.-Canada Jet Certification Dispute Escalates 
Oil Prices Surge Toward Biggest Monthly Gains in Years Amid Middle East Tensions 
Wall Street Slips as Tech Stocks Slide on AI Spending Fears and Earnings Concerns 
Jensen Huang Urges Taiwan Suppliers to Boost AI Chip Production Amid Surging Demand 
Indonesia Stocks Face Fragile Sentiment After MSCI Warning and Market Rout 
Hyundai Motor Lets Russia Plant Buyback Option Expire Amid Ongoing Ukraine War 
Apple Forecasts Strong Revenue Growth as iPhone Demand Surges in China and India 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
U.S. Government Faces Brief Shutdown as Congress Delays Funding Deal 
Sandisk Stock Soars After Blowout Earnings and AI-Driven Outlook 
Nvidia Confirms Major OpenAI Investment Amid AI Funding Race 
American Airlines Plans Return to Venezuela Flights After U.S. Lifts Ban 
Gold Prices Pull Back After Record Highs as January Rally Remains Strong 
DWS Group, a German asset management company, confirmed on Wednesday, June 1, that its chief executive officer, Asoka Woehrmann, is stepping down from his post. The announcement of his departure comes a day after prosecutors carried out a raid for alleged greenwashing.
According to Reuters, the outgoing CEO of DWS is set to leave next week, and he will exit the company while it faces accusations that it has misled investors about "green" investments. As posted on Investopedia, greenwashing is an action of conveying a false impression or presenting misleading information on how a company's products are more eco-friendly.
The act is also considered an unconfirmed and unsupported claim designed to trick consumers into believing that a company's products are nature-friendly or green. With that explained, the reports stated that DWS had been bugged with greenwashing allegations for months, and this prompted the German prosecutors to raid DWS and Deutsche Bank's headquarters this week.
The Walls Street Journal reported that the Frankfurt public prosecutor's office sent out about 50 agents along with the German market regulator, the Federal Financial Supervisory Authority (BaFin), for the raid and probe. The federal criminal police office was also deployed on Tuesday, according to the prosecutor's office's spokeswoman.
The authorities are also investigating reports that DWS exaggerated its green credentials of investments it sold. This has also been alleged by a whistleblower, but DWS has been firmly denying the claims.
"We have continuously co-operated fully with all relevant regulators and authorities on this matter and will continue to do so," the asset management firm said in a statement.
Meanwhile, the prosecutors said that "sufficient factual evidence has emerged," and they show that environmental, social, and governance (ESG) factors were considered in a minority of investments but not at all in a large number of investments. This discovery is said to be contradictory to statements in DWS fund sales prospectuses.
With Asoka Woehrmann's departure, his CEO role will be taken over by Stefan Hoops, who has been managing Deutsche Bank's corporate banking unit since 2019. The outgoing chief's resignation will take effect on June 9, and Hoops will start working in a new role from June 10.
