Deutsche Bank CEO John Cryan on Friday sought to calm staffers about the soundness of the bank, after shares fell to fresh record lows on reports of the departure of approximately 10 hedge fund clients. "Our bank has become subject to speculation," John Cryan said in a internal letter that outlined the bank's financial position and urged employees to not allow a "distorted perception" from interrupting its business.
Nissan may ask compensation for any tariffs imposed after Brexit deal. The japanese car manufacturer, which Sunderland's plant is active since 1986, warned that could scrap investment unless Britain promised to pay compensation for any tax barriers resulting from Brexit negotiations. At Paris Auto Show, Ghosn said to reporters: “If I need to make an investment in the next few months and I can’t wait until the end of Brexit, then I have to make a deal with the UK government. If there are tax barriers being established on cars, you have to have a commitment for carmakers who export to Europe that there is some kind of compensation.”
Dieter Behring was sentenced to 5 and half years in jail on Friday. The former Swiss fund manager was accused of cheating 2,000 investors out of around 800 million Swiss francs, between September 1998 and October 2004, by promising rich returns to investors via an automated trading system. Behring, originally having been arrested in October 2004, released in April 2005, and re-arrested in March 2007, was released upon payment of CHF1 million bail and confiscation of his passport.
Russia has no plan to change its current level of oil output, said Russian Energy Minister Alexander Novak, albeit he applauds OPEC oil cartel's agreement to curb production. "Russia will carefully consider those proposals which will be eventually drawn up. ... But our position is keeping the volume of production at the level that has been reached. These are the main principles that were earlier being considered,” said Novak. The comments came after OPEC reached a preliminary deal Wednesday on the sidelines of the International Energy Forum to cut current production to 32.5 - 33.0 million barrel per day (bpd), for the first time since 2008.
Deutsche Bank is putting a scare into the financial world Thursday as reports have surfaced of some fund managers cutting exposure to Europe’s largest investment bank. A Bloomberg report that about 10 hedge funds that clear derivatives trades with Deutsche, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had withdrawn some excess cash and adjusted positions held at the lender because of concerns over its problems, citing an internal document.
Overall consumer prices in Japan were down 0.5 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday. In a report, Statistics Bureau said that Japan’s National Core CPI remained unchanged at a seasonally adjusted -0.5%, from -0.5% in the preceding month. That matched expectations following the 0.4 percent decline in July. It currently sits at the equal lowest level seen since March 2013.
Donald Trump did business with Cuba, violating the US embargo during Fidel Castro's presidency, Newsweek reported in a story, titled "The Castro Connection". Trump Hotels & Casino Resorts paid at least $68,000 to a consulting firm, Seven Arrow, in late 1998 which went to Cuba and investigated possible business opportunities for Trump's company, according to the Newsweek report.
SIX Swiss Exchange is the home market for global corporations such as ABB, Credit Suisse, Nestlé, Novartis, Roche and UBS. They are also part of indices such as the SMI® that attract a lot of interest worldwide. However investors are able to trade more than just Swiss stocks on the Swiss exchange. In the Sponsored Foreign Shares segment, they have a choice that extends to over 500 shares from 26 countries! With over 150 securities each, the USA and Germany are the most represented markets in the segment.
Commerzbank plans to cut around 9,600 jobs in the next few years and scrap its dividend for the time being as it restructures to become profitable. The restructuring plan through 2020 will cost about €1.1 billion ($1.2 billion). Actually it employs about 45,000 full-time staff. "The focus on the core business, with some business activities being discontinued, and the digitalisation and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions," Commerzbank said.
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