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Deutsche Bank announces overhaul; shares down 5%
Deutsche Bank announced a major overhaul in an effort to deliver savings Monday, which would cost a one-off $4 billion to achieve.
World shares hit new high but Europe rally fades on Greece
The dollar edged up but held close to Friday's 2 1/2-week lows, after weak U.S. data on Friday reinforced expectations the Federal Reserve would not raise interest rates any time soon. The dollar was up 0.2 percent at 119.18 yen and flat against the euro at $1.0872.
Oil Bears Routed by Spring Thaw in Prices
Speculators pulled bearish oil bets at the fastest pace on record as Saudi Arabia renewed strikes on Yemen and U.S. output slowed. Hedge funds reduced their short position in West Texas Intermediate crude ...
Clinton Foundation admits missteps in donor disclosure
The acting chief executive of the Clinton Foundation is acknowledging the global philanthropy made mistakes in how it disclosed its donors amid growing scrutiny as Hillary Rodham Clinton opens her presidential ...
China March industrial profits fall 0.4 percent, down 2.7...
Profits earned by Chinese industrial firms fell 0.4 percent in March from a year earlier to 508.61 billion yuan (54.01 billion pounds), the National Bureau of Statistics said on Monday. "Despite the narrowed decline in profits, the operational situation of industrial enterprises remained grave," He Ping, an official at the bureau said in a statement, adding that sluggish demand and falling product prices have pressured earnings. The NBS attributed the narrower decline in profits last month to a deeper fall in raw material prices and lower financing costs cost after the central bank cut interest rates. Prices of raw materials fell 5.7 percent from a year earlier in March, 0.2 percentage point more than in the first two months of this year, helping profit margins, the bureau said.
Brent crude falls below $65 as dollar strengthens
Brent crude reversed early gains to fall below $65 on Monday as the dollar strengthened, offsetting signs that U.S. shale output may have started to decline and concerns that fighting in Yemen could disrupt Middle East supplies. The dollar rose 0.22 percent against a basket of currencies (.DXY), making dollar-traded commodities such as crude oil more expensive for holders of other currencies. "It seems that crude oil prices have come under renewed pressure this morning as the U.S. dollar rebounded," said Myrto Sokou, senior analyst at London-based Sucden Financial. Fighting in Yemen raged on as Saudi Arabia continued its air strikes against Houthi militia forces in Aden.
Truckers could stay home from nation's biggest port complex
Truck drivers who haul goods from the nation's busiest port complex in Los Angeles and Long Beach could stay home Monday in a long-running labor dispute. The results of a weekend vote from Teamsters are ...
Deutsche Bank to streamline operations to return to profit
Deutsche Bank says its reorganization will mean spinning off its Postbank branches in Germany through a share offering, closing offices in some countries, and eliminating less profitable business at its ...
Deutsche Bank pledges overhaul, shares slide
Deutsche Bank (DBKGn.DE) will cut 200 billion euros ($217.5 billion) in investment bank assets and exit a tenth of the countries in which it operates as part of a restructuring program designed to boost earnings and cut risk. After sticking with its costly universal banking model in the aftermath of the financial crisis, Germany's largest bank is under pressure from investors to follow rivals such as UBS (UBSN.VX) and Credit Suisse (CSGN.VX) by culling unprofitable operations. Shares in the German lender dropped by more than 3 percent in early trade, the biggest faller among European banks (.SX7P), as investors doubted whether co-chief executives Anshu Jain and Juergen Fitschen would meet their new targets. The strategy announcement comes a day after Deutsche reported a 50 percent drop in first-quarter earnings, with hefty legal charges eroding gains in investment banking revenue.
More central banks meet, but ability to pilot economies...
Most central banks have been easing policy since the start of the year and are set to do more, but it still isn't clear whether that new activism, which has pushed stock markets to record highs, will help the global economy much. Several meet this week to set policy, including the U.S. Federal Reserve, the Bank of Japan and Sweden's Riksbank, which all have turned to government bond purchases as stimulus after running out of interest rates to cut. The Fed shut its quantitative easing (QE) program just over six months ago. Few expect the Fed to use its two-day meeting as a launching pad for what will eventually be the first interest rate hike in nearly a decade.
SEC's stock market reform club locks out retail brokers
The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages. The SEC's 17-member Market Structure Advisory Committee includes representatives of fund companies, an exchange, off-exchange trading venues, dealers, and academia, among others. The group, which meets four times a year, will review old rules, and advise the SEC on a range of new regulations designed to make sure the market is as stable and fair as possible. Still, given that the SEC has said its main priority is to protect retail investors, the omission of retail brokers raises questions, because without their point of view the panel may recommend changes that favor institutional investors, analysts said.
"Smaller and simpler" mantra rings through banking...
Deutsche Bank's plan to jettison much of its German retail bank and withdraw from one in ten countries sees it join a growing list of banks choosing to shrink and simplify to survive. The benefits of size and reach, for years considered the holy grail of global banking, are now viewed as being outweighed by the cost and complexity of running businesses across dozens of countries. "The underlying economics for banks ... means being all things to all people is too big a burden to sustain," said Bill Michael, head of financial services in Europe at consultancy KPMG. After missing financial targets and racking up a string of regulatory fines and problems, Deutsche Bank (DBKGn.DE) said on Monday that it would sell retail arm Postbank (DPBGn.DE), take a knife to its investment bank and exit seven of the 70 countries in which it operates.
Cap Gemini to buy U.S.-based IGATE for $4 billion, raises...
Cap Gemini plans to buy United States-based IGATE Corp for $4 billion cash to make North America its biggest market and is raising its sales outlook for 2015 after a solid first-quarter, the French IT services company said on Monday. IGATE, a technology and services company with strength in the financial services sector but also active in retail, manufacturing and healthcare, had 2014 revenue of $1.3 billion, with double-digit growth and a 19 percent operating margin. Cap Gemini, the market capitalization of which was about 13 billion euros ($14 billion) at the close of business on Friday, said it would pay $48 a share for IGATE. The deal will be financed through a combination of Cap Gemini's own cash, debt and an equity portion that will not exceed a 6 percent dilution of the French company's share capital.
German Chancellor, Greek PM agree to stay in touch to...
Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed in a phone conversation on Sunday to maintain contact during talks between Athens and its lenders to reach a debt deal, a Greek government official said. Shut out of international markets and locked in talks with its European Union and International Monetary Fund creditors over its proposed reform-for-cash deal, Greece risks running out of cash within weeks. Three months of fruitless negotiations have raised tensions between Greek Finance Minister Yanis Varoufakis and euro zone colleagues in Riga on Friday.
VW board members demanded Piech go after learning of...
BERLIN/FRANKFURT (Reuters) - Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board. When news leaked out last week that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the chief executive of Porsche, at the helm of VW, the company's powerful works council and its home state of Lower Saxony - a top shareholder - decided they had had enough. They demanded a meeting of senior board members - the second emergency VW summit in a little over a week. "It was one of the straws that broke the camel's back," a source close to one of the VW board's labor representatives, told Reuters, referring to a doomed attempt by Piech to convince fellow family members to dump Winterkorn and install Mueller.
China plans to cut number of big state firms to 40: state...
China will likely cut the number of its central government-owned conglomerates to 40 through massive mergers, as Beijing pushes forward a sweeping plan to overhaul the country's underperforming state sector, state media reported on Monday. "Resources will be increasingly concentrated on large enterprises to avoid cut-throat competition, like what CSR Corp Ltd and China CNR Corp Ltd did when competing against each other for projects overseas," the newspaper said. The restructuring plan is critical to President Xi Jinping's broader push to raise the performance of China's lumbering state sector, at a time when Beijing struggles to find the right policy mix to support the world's second-largest economy that grew in the first quarter at its slowest pace in six years.
Deutsche Bank first-quarter profit falls by half as legal...
Deutsche Bank's (DBKGn.DE) earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, the bank said on Sunday. Deutsche has so far positioned itself as Europe’s “last man standing” in investment banking, even though it has made cuts in certain business lines. Deutsche on Friday announced a new strategic plan including the sale of its Postbank (DPBGn.DE) retail chain and additional paring back in investment banking.
Nasdaq, S&P 500 end at record highs
The Nasdaq and S&P 500 ended at record highs on Friday, propelled by strong results from tech behemoths Google, Amazon and Microsoft. All three major indexes also posted gains for the week.
No more pay gaps when I'm done: Salesforce CEO
Marc Benioff said he is reviewing the company's payroll records and dishing out raises to women when necessary to ensure equal pay.
No U.S.-Japan trade breakthrough expected during Abe...
The White House on Friday dashed hopes of a breakthrough on U.S.-Japan trade when President Barack Obama and Prime Minister Shinzo Abe meet in Washington next week, further delaying a major 12-nation Pacific trade pact. "We're not there yet," said Caroline Atkinson, Obama's deputy national security adviser. A deal between Japan and the United States is vital to clinching a Trans-Pacific Partnership pact, as their economies account for 80 percent of the group.
Euro zone warns Greece no cash till full reform deal
Euro zone finance ministers warned Greece on Friday that its leftist government will get no more aid until it agrees a complete economic reform plan, as Athens lurches closer to bankruptcy. Greek Finance Minister Yanis Varoufakis faced a harsh morning in which euro zone ministers bemoaned talks they felt "were going nowhere" and one minister said that maybe it was time governments prepared for the plan B of a Greek default. Jeroen Dijsselbloem, the Dutch finance minister who chaired the meeting in the Latvian capital, slammed the door on Varoufakis' proposal for early cash after partial reforms.
Comparing Microsoft and Amazon’s cloud businesses
This is a comparison of Amazon's and Microsoft's cloud businesses over the five most recent quarters.
Sen. Franken to Yahoo: 'Would have to look at' a...
The deal is dead. The $45 billion merger between Comcast and Time Warner Cable, that is. But is a new deal in the offing?
America's most-loved brands in 2015
Harris Poll's EquiTrend survey asked 38,000 consumers about three factors of about 1,400 brands: familiarity, quality and consideration.
Comcast drops Time Warner Cable bid after antitrust pressure
The collapse of the deal opens the door for other possible offers for Time Warner Cable, but also casts heightened regulatory risk on merger activity in the U.S. cable industry, which has been rapidly consolidating in the face of competition from satellite TV and Web-based services. Comcast had argued the merger would bring faster service and better video services to more Americans. Charter Communications Inc lost out on a bid for Time Warner Cable last year, and Charter's controlling shareholder, Liberty Media Corp, had since indicated continuing interest. Time Warner Cable shares last traded at $152.52, up 2.5 percent on the day.
Here we go again: Charter reportedly prepares bid for...
Charter Communications is reportedly drawing up plans to potentially buy Time Warner Cable, just hours after Comcast dropped its bid for the firm.
Amazon shares are soaring ... but it may not be for the...
Amazon shares are rocketing up to fresh all-time highs. And while the e-commerce giant shocked the Street with profitability in its cloud unit, there's more driving the bulls.
Diet Pepsi drops Aspartame as consumer backlash bubbles
PepsiCo Inc. will start selling Diet Pepsi without aspartame later this year, the biggest change to the beverage in three decades, after a consumer backlash against the artificial sweetener crushed sales. The company will replace aspartame with a blend of sucralose and acesulfame potassium in Diet Pepsi, Caffeine Free Diet Pepsi and Wild Cherry Diet Pepsi sold in the U.S. beginning in August. The move follows a 5.2 percent decline in Diet Pepsi’s sales volume last year, according to Beverage-Digest. Sales of Coca-Cola’s Diet Coke, which also uses aspartame, dropped 6.6 percent.
Bulls in control: Wall Street climbs as high-profile tech...
Stocks advanced slightly Friday as investors cheered the quarterly results of three large technology companies: Google, Microsoft and Amazon. The modest gains helped close out a relatively strong week ...
Documents show flash crash trader's frenetic business...
The Briton blamed for contributing to the May 2010 flash crash maintained frenetic relationships with a series of brokers, banks and software firms that appear to mirror his rapid-fire trading activity.
Microsoft's $15B hedge against the dollar: Analyst
Microsoft engaged in about $15 billion in currency hedging in the latest quarter, analyst Rick Sherlund says.
Saudi Arabia has a solution to the global oil glut problem
Saudi Arabia has a response to the global surplus of oil: Raise output to near-record levels and then pump even more.
GM CEO Barra received $16.2 million in 2014 compensation
General Motors Co (GM.N) Chief Executive Officer Mary Barra, who last year became the first woman to lead a major U.S. automaker, received $16.2 million in 2014 compensation, up 78 percent from her predecessor's total the previous year. Most of Barra's compensation is tied to stock awards that she cannot cash in yet. She received $4.55 million in salary and other liquid compensation for 2014, GM said in a proxy filed on Friday with the U.S. Securities and Exchange Commission. Barra, 53, replaced Dan Akerson, now 66, as CEO in January 2014.
Nasdaq all-time high comes with lack of resolve
The key thing to watch today is how the markets deal with a lack of resolution, across several fronts.
The collapse of the deal opens the door for other possible offers for Time Warner Cable, but also casts heightened regulatory risk on merger activity in the U.S. cable industry, which has been rapidly consolidating in the face of competition from satellite TV and Web-based services. Comcast had argued the merger would bring faster service and better video services to more Americans. Charter Communications Inc (CHTR.O) lost out on a bid for Time Warner Cable last year, and Charter's controlling shareholder, Liberty Media Corp (LMCA.O), had since indicated continuing interest. Time Warner Cable shares last traded at $152.52, up 2.5 percent on the day.
Apple aims to ship more than 20 million smartwatches in 2015
Apple aims to ship at least 20 million Apple Watches this year, well above many analysts' forecasts, according to supply chain sources.
Bulls are backing oil price breakthrough
After a period of relative stability in oil prices, a slew of market participants are growing increasingly upbeat on a turnaround for the commodity.
The Fracklog's Looming Tide of Oil
Dipping into this “fracklog” would add an extra 500,000 barrels a day of oil into the market by the end of next year, Bloomberg Intelligence said in an analysis on Thursday. Producers in oil and gas fields from Texas to Pennsylvania have 4,731 idled wells at their disposal. “Once service costs come down and drillers begin to work through their higher-than-normal backlog, the market should start to price in that supply coming online,” Andrew Cosgrove, an energy analyst for Bloomberg Intelligence in Princeton, New Jersey, said by phone. West Texas Intermediate for June delivery fell $1.16 to $56.58 a barrel at 11 a.m. on the New York Mercantile Exchange.