DEUTSCHE BANK TAPPED ECB FOR UP TO €10BN
Deutsche Bank took as much as €10bn of European Central Bank emergency funding last week, despite deep reservations over the programme voiced by outgoing chief Josef Ackermann. Investors briefed by Deutsche Bank’s finance director and investor relations executives say the bank was persuaded by the economics of the financing to abandon its concerns.
EMIRATES BERATES AIRBUS OVER SUPERJUMBO CRACKS
Emirates Airline, the world’s largest operator of Airbus’s A380 superjumbo, has lambasted the aircraft maker and plans to seek compensation after complaining of widespread disruption to the carrier following the discovery of wing cracks on the jet.
SANTANDER FACES LEGAL ACTION
Banco Santander is facing a cascade of legal cases for allegedly mis-selling €7bn of retail savings products in Spain used to finance its acquisition of part of ABN Amro after a court ruled that the bank had to return money to a client facing a loss on his investment.
CHINA’S BAD BANK CINDA IN TALKS WITH INVESTORS
Standard Chartered, UBS and Citic Capital are in discussions to invest in China Cinda Asset Management, a company created to clean up debt in China’s banking system, according to people familiar with the situation.
SMART MONEY IS ON CHIP PROVIDER
Shares in the company that supplies microchips to two thirds of the world’s smartphones have hit an all-time high. Imagination Technologies is expected to be one of the biggest beneficiaries in the supply chain for the new iPad, which relies on the processing power of the company’s chips to support its graphics capability.
LABOUR OF LOVE COMES TO AN END AS CUPID FOUNDER SPARKS SELL-OFF
Max Polyakov, the Ukrainian who helped set up dating website Cupid, sold 6m shares, about 7.4 per cent of the company. He said that he would step down from the board to build an internet social gaming business.
The Daily Telegraph
PLUMBERS TAP PAWNBROKER H&T
Pawnbroker H&T said it was seeing a surge in lending to small business owners as traditional sources of credit dried up. The company said it was seeing plumbers, electricians and other tradesmen looking for alternative sources of finance for their businesses.
RYANAIR COULD SUE OVER EC 'BIAS' AGAINST BUDGET AIRLINES
Ryanair boss Michael O’Leary has threatened to sue the European Commission for damages amid claims its official travel agency discriminates against low-cost carriers. Mr O’Leary has made an official complaint to the independent watchdog that oversees the EC’s spending.
THE WALL STREET JOURNAL
DKSH PLANS SWISS LISTING
Zurich-based trade and services firm DKSH said it plans to float its shares on the Swiss stock exchange this month. DKSH said it would offer around 30 per cent of its shares at a price of 42 to 48 francs a share, which could give it a market cap of 3bn Swiss francs, making the IPO one of the largest in recent years in Switzerland.
S&P REVAMPS TO REBUILD CREDIBILITY
Standard & Poor’s Ratings Services revamped its structured-finance team, a bid by the firm’s new president to rebuild the unit’s credibility with issuers and investors. S&P is reportedly set to appoint a new criteria officer for US structured finance.