Galleon case talks are extended
Discussions between prosecutors and lawyers for four people accused of insider trading in the sprawling Galleon hedge fund probe were extended by one month yesterday. The extension came a day after Galleon founder Raj Rajaratnam – the most prominent among 21 people accused in the insider trading case, which involves employees of some of America’s best-known companies – was indicted along with former New Castle Funds employee Danielle Chiesi.
Deutsche in running for RBS unit
Deutsche Bank has emerged as a strong contender for RBS Sempra, commodities unit of the troubled UK bank rated at the $3bn (£1.8bn). The sale would mark the first of the RBS asset sales ordered by the European Commission under the terms of the state aid ruling imposed on the part-nationalised bank last month. Other banks believed to have shown an interest in the business include Barclays Capital, Goldman Sachs and Morgan Stanley. RBS paid $1.35bn for a 51 per cent in the Sempra joint venture in July 2007.