Germany’s biggest bank – Deutsche Bank – is being investigated on suspicion it may have manipulated its balance sheet.
The investigation is in connection to a long-running legal dispute with the now-defunct Kirch media group. Deutsche Bank is alleged not to have set aside provisions to cover damages and compensation that a court ordered it to pay to Kirch
Shares of Fannie Mae fell again on Friday, capping a three-day slide of more than 13 percent, as investor concerns widened after a government regulator accused top executives of the mortgage giant of mismanagement and serious accounting misdeeds.
Regulators at the Office of Federal Housing Enterprise Oversight who investigated Fannie Mae’s books said the problems they found, at least in a key area of accounting, were more serious, far more complex and wider in scope than previously thought.
The fallout could eventually reach millions of Americans if they have to pay higher rates for new mortgages for home purchases or refinancings, analysts say
US Airways Group will ask a bankruptcy court on Friday to impose emergency pay cuts of 23 percent on unionized workers if an agreement with the workers is not reached during the day.
In a letter to its unions, the No. 7 U
A landmark legal complaint against British drug maker GlaxoSmithKline (GSK) over its Aids drug pricing and policies in South Africa will proceed after GSK dropped its public and repeated vows to appeal a decision allowing the case to go forward, according to AidsHealthcare Foundation (AHF).
Instead, GSK simply filed a required legal response to the complaint, AHF said.
The complaint was filed with South Africa’s Competition Tribunal in August by AHF, the US’ largest Aids organisation and several other South African Aids advocates
Nigeria has placed an embargo on government contracts with a subsidiary of US oil services firm Halliburton.
It said it was taking action against Halliburton Energy Services Nigeria (HESN) as a result of negligence in security and safety matters.
In 2002, radiation emitting devices used by the firm to make measurements in oil wells were reported missing in Nigeria’s oil-rich Delta region
Japan’s market watchdog has ordered US banking giant Citigroup to shut down its private banking operations there.
Regulators said they found a list of problems at Citigroup’s private banking arm, from improper trading practices to lax anti-money laundering procedures. The regulator said Citigroup must cease operations at four branches that conduct private banking in Japan
German car maker Volkswagen has warned that 30,000 jobs could be lost at its six German plants unless staff accept a two year pay freeze.
Unions argue a freeze is unacceptable, demanding instead a 4% annual rise.
Volkswagen says it needs to save 500m euros in costs to guarantee the future of its 176,000 strong German workforce in the face of growing competition from rivals operating out of low cost eastern European markets
Budget airline Ryanair is obliged to be taken to court under EU law if it fails to pay back illegal state aid for flying to Belgium’s Charleroi airport.
In February, EU competition officials ordered Ryanair to repay several million euros in subsidies to the southern Belgian Walloon region.
Ryanair has appealed the ruling but in the meantime it still has to pay up
GlaxoSmithKline (GSK) is facing a US lawsuit alleging that it covered up negative research findings on its anti-depressant drug Paxil.
The lawsuits were filed on behalf of children and teenagers who were prescribed Paxil, known as Seroxat in the UK and Europe.
They claim GSK suppressed data showing that Paxil increased suicidal tendencies in young people
The US army has said it has suspended for now a decision to withhold some payments to Halliburton, its biggest contractor in Iraq.
The army had earlier said it would be withholding 15% of payments on future bills to Halliburton, once run by US Vice-President Dick Cheney.
One of its subsidiaries has featured in auditing disputes with the Pentagon