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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.

May 13, 2014

Jailed German banker tells court Ecclestone offered him bribe

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.

May 9, 2014

Banker fails to explain why F1 boss Ecclestone paid him millions

MUNICH, Germany, May 9 (Reuters) – A jailed German banker said on Friday he could not explain why Formula One boss Bernie Ecclestone made a multi-million dollar payment to him that is central to the prosecution case in the Briton’s bribery trial.

Ecclestone is accused of bribing banker 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.

May 8, 2014

Adidas CEO faces down investor unrest over Nike advance

FUERTH, Germany (Reuters) – The long-serving chief executive of German sportswear company Adidas sought to rebuff criticism of his leadership from shareholders on Thursday, as the firm struggles to stop the advance of market leader Nike (NKE.N: Quote, Profile, Research, Stock Buzz).

The world’s second-biggest sportswear firm has been losing market share in its home territory of western Europe to Nike, which is challenging the German company’s dominance in the soccer market ahead of the World Cup in Brazil next month.

Apr 24, 2014

Formula One boss Ecclestone denies bribery at German trial

MUNICH, Germany (Reuters) – Formula One boss Bernie Ecclestone denied bribery charges on Thursday at the start of a trial in Germany that threatens to break his decades-long dominance of motor racing.

Prosecutors accuse the 83-year-old Briton of bribing banker Gerhard Gribkowsky by channeling $44 million to him in return for smoothing the sale of a stake in Formula One to private equity firm CVC eight years ago.

Mar 25, 2014

Prosecutors add board member to Deutsche Bank probe

MUNICH (Reuters) – German prosecutors widened an investigation to include a second Deutsche Bank board member in another twist to the lender’s legal battle with heirs of late media mogul Leo Kirch that included a search of the bank’s headquarters on Tuesday.

Prosecutors said suspicions of attempted fraud by Deutsche Bank employees in the Kirch case now included Stephan Leithner, currently responsible for legal and regulatory affairs, compliance and human resources at Germany’s largest lender.

Mar 25, 2014

Prosecutors search Deutsche Bank offices in Kirch case

MUNICH, March 25 (Reuters) – German state prosecutors
conducted a fresh search of Deutsche Bank AG’s
headquarters on Tuesday in another twist to the lender’s 12-year
legal battle with the heirs of late media mogul Leo Kirch.

Munich prosecutors said they were investigating employees of
Germany’s biggest lender on suspicion of attempted fraud, as
well as lawyers who represented it in the case. They also
searched the home of an unnamed suspect in the state of Hesse,
home to Deutsche Bank’s Frankfurt headquarters.

Mar 10, 2014

Puerto Rico eyes 8 percent coupon on $3 billion bond sale: market source

By Steven C. Johnson and Hilary Russ

(Reuters) – Puerto Rico’s $3 billion in general obligation bonds will be offered with an 8 percent coupon, according to preliminary price talk wire obtained on Monday by Reuters, a lower rate than many thought the cash-strapped U.S. territory would have to pay.

All of the bonds, expected to price on Tuesday, will be offered in a single 2035 term maturity, and possible yields for the bonds ranged from 8.625 percent to 8.875 percent, the wire indicated.

Mar 10, 2014

Puerto Rico eyes 8 pct coupon on $3 bln bond sale -market source

March 10 (Reuters) – Puerto Rico’s $3 billion in general
obligation bonds will be offered with an 8 percent coupon,
according to preliminary price talk wire obtained on Monday by
Reuters, a lower rate than many thought the cash-strapped U.S.
territory would have to pay.

All of the bonds, expected to price on Tuesday, will be
offered in a single 2035 term maturity, and possible yields for
the bonds ranged from 8.625 percent to 8.875 percent, the wire
indicated.