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Jul 24, 2014

BayernLB sells unit MKB to Hungary

MUNICH/BUDAPEST, July 24 (Reuters) – German state-backed
lender BayernLB is selling its Hungarian MKB unit to
that country’s government, ending an ill-fated investment that
has cost it a total of 2 billion euros ($2.7 billion) in losses
over the last 20 years.

BayernLB bought MKB in 1994 as a way to expand its banking
business in fast-growing Eastern Europe. But Hungary’s banks
were hit in 2010 by high taxes as the government sought to plug
a budget deficit. It also forced lenders to take losses on a
scheme allowing households to repay mortgages below market
rates. Budapest-based MKB lost 409 million euros in 2013 alone.

Jul 15, 2014

F1 boss Ecclestone explains “insurance policy” payment to German banker

MUNICH, Germany July 15 (Reuters) – Formula One boss Bernie Ecclestone told a court on Tuesday that a multi-million dollar payment to a jailed German banker was designed to buy the man’s silence and not linked to the sale of the motor sport business.

Given detailed evidence for the first time in his bribery trial, Ecclestone repeated earlier statements that the payment to former BayernLB chief risk officer Gerhard Gribkowsky was an insurance policy after the German put him under pressure over his tax affairs.

Jul 15, 2014

F1 boss Ecclestone explains payment to German banker

MUNICH Germany (Reuters) – Formula One boss Bernie Ecclestone told a court on Tuesday that a multi-million dollar payment to a jailed German banker was designed to buy the man’s silence.

Given detailed evidence for the first time in his bribery trial, Ecclestone repeated earlier statements that the payment to former BayernLB chief risk officer Gerhard Gribkowsky was an insurance policy after the German put him under pressure over his tax affairs.

Jul 9, 2014

Shareholder says Ecclestone drove hard bargain over F1 sale

MUNICH, Germany, July 9 (Reuters) – Formula One boss Bernie Ecclestone persuaded private equity fund CVC to double its initial valuation when it was buying a stake in the motor racing business, CVC’s co-chairman told a German court on Wednesday.

Ecclestone, 83, is on trial for bribery, accused of channelling $44 million to a German banker in return for smoothing the sale to CVC which became the largest shareholder in Formula One in 2006.

Jun 22, 2014

Algeria beat South Korea 4-2 to close in on last 16

PORTO ALEGRE Brazil (Reuters) – Algeria opened the goal scoring floodgates swamping South Korea 4-2 in a thrilling World Cup Group H clash on Sunday that kept hopes of securing a spot in the last 16 alive and triggered celebrations across the Arab nation.

Algeria’s first World Cup victory since 1982 moved them into second place in the group on three points behind Belgium, who beat Russia 1-0 earlier in the day to top the standings on six.

Jun 2, 2014

Russia says Ukraine situation worsening, submits U.N. resolution

BRUSSELS/MOSCOW (Reuters) – Russia on Monday circulated a draft U.N. Security Council resolution calling for humanitarian corridors in eastern Ukraine but said that Western council members raised so many questions about the text that Moscow would now contemplate what its next move would be.

The 15-member council met briefly behind closed doors to discuss the one-and-a-half page draft resolution, which calls for an end to the worsening violence in southeastern Ukraine and for safe and unhindered humanitarian aid.

May 22, 2014

Adidas sees boost to sales from World Cup

MUNICH, May 22 (Reuters) – German sportswear company Adidas
has given a more precise sales growth target for
2014, amounting to a rise of up to 8 percent, as it gets a lift
from the soccer World Cup that starts in Brazil next month.

As a World Cup sponsor, Adidas provides the official match
ball and is kitting out nine teams of the 32 finalists,
including former world champions Spain, Germany and Argentina.

May 17, 2014

California Chrome easily wins Preakness

BALTIMORE (Reuters) – California Chrome drew away from the field in the stretch and easily won the $1.5 million Preakness Stakes on Saturday to remain in the hunt to claim the elusive Tripe Crown.

The Kentucky Derby champion, ridden by Victor Espinoza, settled in nicely in third place before making his move on the far turn and grabbing the lead at the top of the stretch.

May 14, 2014

Ecclestone lawyers face wait to question key prosecution witness

MUNICH Germany (Reuters) – Lawyers for Formula One boss Bernie Ecclestone will have to wait until late July for their chance to cross-examine a jailed former banker who is the key prosecution witness in the billionaire Briton’s bribery trial.

Gerhard Gribkowsky, former chief risk officer at German state-owned bank BayernLB, has told a court in Munich that Ecclestone bribed him when they worked together in the motor sport.

May 13, 2014

Ecclestone offered me bribe, jailed banker tells court

MUNICH, Germany, May 13 (Reuters) – A jailed former German banker told a court on Tuesday that Formula One boss Bernie Ecclestone had bribed him when they worked together in the motor sport, supporting the prosecution case in the Briton’s trial.

Ecclestone is accused of bribing Gerhard Gribkowsky by channelling $44 million to him in return for smoothing the sale of a stake in Formula One held by bank BayernLB to the private equity firm CVC eight years ago.