Bundesbank in Deutsche probe
The Bundesbank has launched an investigation into claims that Deutsche Bank hid billions of dollars of losses on credit derivatives during the financial crisis, according to people familiar with the situation. Investigators from Germany’s central bank are scheduled to fly to New York next week as part of an inquiry into allegations that misvaluing credit derivatives allowed Deutsche to hide up to $12bn (£8bn) in losses, helping it avoid a government bailout. Deutsche denies the allegations.
RSA under pressure over audit fees
RSA is facing questions from some of its biggest shareholders after the insurer paid a high level of fees for non-audit work to the firm that scrutinises its accounts. The FTSE 100 firm paid £10m to Deloitte for management consulting as well as tax and other advice.
Hollande pledges to halt corruption
François Hollande, facing the worst political crisis of his presidency, promised to root out ministerial corruption, as he battled to stem a tax fraud scandal engulfing his Socialist administration.
Facebook to launch smartphone
Facebook is expected to launch a new smartphone that puts the social network front at its heart, as it looks for new ways to keep its billion users worldwide hooked on the service.
Firms must harness grey pound
A report by Capital Economics estimates that the spending power of over-65s will jump by £40bn in under two decades and warned firms that they could suffer if they fail to entice the growing grey market.
The Daily Telegraph
BA buys 18 more Dreamliners
International Airlines Group is to buy a further 18 Boeing 787 Dreamliners for British Airways in a boost for the problem hit aircraft. The $4bn (£2.6bn) deal is an attempt to upgrade BA’s fleet of planes.
Walt Disney to shut LucasArts
Walt Disney plans to shut the 30-year-old LucasArts videogame studio it inherited with the acquisition of George Lucas’ film company last year, and focus on licensing its Star Wars brand externally.
THE WALL STREET JOURNAL
Obama returns 5pc of salary
Barack Obama plans to return 5 per cent of his annual salary to the US Treasury Department, a gesture of solidarity with federal workers affected by the automatic spending cuts known as the sequester.
Lululemon’s product chief to exit
Lululemon that its top product executive will leave the company, just weeks after the apparel maker pulled some of its yoga pants from store shelves for being too see-through.