01192017Thu
Last update: Thu, 19 Jan 2017 09pm

Business & Finance - Banking & Finance

Deutsche Bank agrees to pay $95mn to settle US tax fraud case NEW YORK: Deutsche Bank, Germany's biggest bank, has agreed to pay $95 million to settle a tax fraud case brought by the US Justice Department, the federal prosecutor in charge has announced.Preet Bharara, the US attorney for the Southern District of New York, said Deutsche Bank used a "web of shell companies and calculated transactions" to try to evade paying tens of millions of dollars in taxes.The US government "has made Deutsche Bank admit to its actions designed to avoid taxes and pay $95 million to the United States to account for this conduct," the prosecutor said in a statement Wednesday.The case dates back to 2000 with Deutsche Bank's acquisition of a US holding company, Charter, which had stock in Bristol-Myers Squibb, the pharmaceutical company. To avoid paying high taxes on the gain from the sale of the stock, Deutsche Bank is alleged to have arranged to sell it to ...


Business & Finance - Industries & Sectors

Volkswagen CEO to stay away from Detroit auto show BERLIN: Volkswagen chief executive Matthias Mueller will miss the Detroit auto show next week, the German carmaker said on Wednesday, amid uncertainty over its chances of settling a U.S. criminal investigation into its emissions scandal.Volkswagen (VW) reached an agreement before Christmas to compensate U.S. owners of about 80,000 polluting 3.0-litre diesel cars, pushing up the costs of its emissions test cheating in the world's No. 2 car market to $17.5 billion.But VW is still in ...

Business & Finance - Managed Funds

Euro zone yields steady after inflation-induced spike LONDON: Euro zone bond yields steadied after a recent increase on Wednesday as investors digested more data confirming rising inflation across the region. Yields jumped nearly 10 basis points on Tuesday after Germany reported consumer prices overall increased more than forecast in December and its Ifo economic institute called on the European Central Bank to end its bond-buying if inflation rose across the bloc. Data on Wednesday showed euro zone consumer prices rose more than ...

Business & Finance - Banking & Finance

UniCredit investor Cariverona still undecided on cash call MILAN: The Cariverona foundation has still not made up its mind whether it will underwrite the 13 billion euro rights issue of Italy's UniCredit, a foundation source said on Wednesday.Italian daily Il Sole 24 Ore said on Wednesday leading UniCredit shareholders, including CariVerona which owns 2.7 percent of the bank, were all inclined to buy into the share sale to avoid a dilution of their stakes."The governance structures of the Foundation are continuing to carefully ...

Business & Finance - Banking & Finance

JP Morgan tops investment banking for 8th straight year LONDON: JP Morgan kept its top spot for investment banking fees for the eighth year in a row in 2016, grabbing market share at the expense of rivals including Goldman Sachs, Bank of America Merrill Lynch and Deutsche Bank. New York-based JP Morgan took in US$5.8bn in fees from completed M&A advisory, capital markets underwriting and syndicated lending last year, down 5pc from 2015, according to Thomson Reuters data. Its market share rose to 6.8pc ...

Business & Finance - Industries & Sectors

German car sales rise the most since 2009, seen faltering in 2017 FRANKFURT/BERLIN: German car sales grew the most in seven years in 2016, the VDA industry association said, but analysts expect the expansion to grind to a halt this year amid a weakening economy and rising petrol prices. Registrations of new passenger cars in Europe's largest auto market rose 5 percent last year to 3.35 million vehicles, the highest level since 2009 when deliveries were fuelled by state-backed scrapping premiums, the VDA said on Wednesday. But ...

Business & Finance - Industries & Sectors

BMW, Intel, Mobileye to test 40 driverless cars in H2 2017 BERLIN: BMW's alliance with Intel and Mobileye aims to put a fleet of around 40 self-driving test vehicles on the road in the second half of this year, the companies said. The premium carmaker announced its partnership with the two technology firms in July with the goal of developing the capability of introducing autonomous vehicles to the market by 2021. BMW's 7-Series test vehicles will be fitted with the latest technology from Intel and Mobileye ...