Deutsche Bank set to shrink
Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve a minimum three per cent ratio of overall equity to loans by the end of 2015, people briefed on the plans said.
Jaguar bets future on sedan market
Jaguar Land Rover is betting the future of its Jaguar brand on a new family of entry-level luxury vehicles to challenge BMW, Audi and Mercedes-Benz, driving the storied but largely underperforming British marque into fast-growing, high-volume segments.
ABN Amro prepares for reprivatisation
ABN Amro, the Dutch bank that emerged phoenix-like – and nationalised – from the ashes of the financial crisis, will be ready for reprivatisation by next summer, according to its chief executive. Gerrit Zalm, the former Dutch finance minister who was appointed as chief executive in 2009, told the Financial Times he wanted to be ready for the government to start selling its 100 per cent stake in the bank “within a year or so”.
Yuan mistake means counting cost
British businesses trading with China could be missing out on the financial benefits of trading in the yuan, according to research. In a survey of international business decision-makers, HSBC found that only one in 10 UK companies had conducted cross-border transactions in the local Chinese currency.
Companies resist taxman’s £2bn call
More than £2bn in unpaid tax remains to be collected from offshore trusts that companies unlawfully used to allow high-earning employees to minimise income tax, according to HMRC.
The Daily Telegraph
John Lewis wants UK-made goods
High street giant John Lewis is looking to bring textile manufacturing back to the UK from foreign factories as part of its biggest ever campaign to sell more “British-made” goods. Chief Andy Street wants more sales of UK-made goods.
Vatican bank overhaul gathers pace
Investigators are systematically combing through the 19,000 accounts held by the Vatican’s bank in search of money laundering and other crimes, in an attempt to clean up its tarnished institution.
THE WALL STREET JOURNAL
German giant to get one chairman
Corporate software giant SAP said yesterday that Jim Hagemann Snabe, who has been co-chief executive since 2010, plans to transition out of his post next May, leaving American co-CEO Bill McDermott as sole chief of the German company.
RadioShack taps investment bank
RadioShack tapped investment bank Peter J. Solomon to raise financing as the unprofitable electronics chain strives to reverse falling sales and repair its image.