Regulator sat in on Deutsche audits
German regulators were briefed about Deutsche Bank’s valuation of a clutch of complex derivatives now under investigation by the Securities and Exchange Commission.
The revelation potentially sets up a transatlantic regulatory conflict with US investigators. Deutsche reiterated a statement that the allegations were “wholly unfounded”. The bank’s supervisory board and BaFin, the German banks supervisor, both declined to comment.
Turkey’s Beko claims UK top spot
The financial crisis has been good to Beko, the Turkish-owned white goods company that boasts it is now the UK market leader. Beko has seen its market share in the country double over the past four years.
Rush for ultra-short bond funds
Fund management groups are stepping up their attempts to lure conservative investors away from the $2.7 trillion money market fund industry, offering a rash of new vehicles that will buy only short-maturity bonds.
Glasenberg to pay few coppers more
The chief executive of Glencore has offered the head of Xstrata’s biggest division a large bonus to stay on after the merger of the two companies.
B&Q to aid tradesmen with credit
B&Q is to become a bank for White Van Man as part of a government plan to increase credit for small businesses. Kingfisher, the owner of B&Q, is taking part in a pilot to provide credit for tradesmen
The Daily Telegraph
Discovery £1bn European TV deal
The Discovery Channel is closing in on a portfolio of private-equity owned European television companies in a €1.3bn deal. Permira and KKR have been working to sell off parts over the last year.
Guardian redundancy pressure
The publisher of the Guardian and Observer newspapers has stepped up pressure on staff to come forward for redundancy, by telling them where the axe is likely to fall if they do not volunteer.
THE WALL STREET JOURNAL
Walkout rattles Italian government
Italy’s technocratic government faced the prospect of an early demise on Thursday after Silvio Berlusconi’s centre-right party engineered a mass walkout during a Senate vote on government measures aimed at promoting growth.
Prada Confident of Coming Year
The company yesterday reported a leap in nine-month profit, highlighting unwavering demand for ultra high-end goods.