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.
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.
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.
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.
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.
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.
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
MUNICH (Reuters) – Bayern Munich president Uli Hoeness, once one of Germany’s most admired soccer managers, heads to court on Monday to face charges that he dodged taxes in a case that shocked the German public and spurred others to turn themselves in.
Hoeness, who as a player won the World Cup with West Germany in 1974 and has been credited with turning Bayern Munich into one of the world’s most respected clubs, has said he told tax authorities about his Swiss bank account and undeclared income of his own accord in January 2013.
LONDON/NEW YORK (Reuters) – Another month of slower factory activity in China and a sharp decline in a closely-watched gauge of U.S. manufacturing on Thursday added to concern about the state of the global economy.
Surveys also showed business activity across the 18-country euro zone slowed this month, confounding expectations of an acceleration. The data weighed on global stock prices.
NEW YORK, Feb 11 (Reuters) – Fitch on Tuesday became the
third credit rating agency in a week to downgrade Puerto Rico to
junk, citing worries about the cash-strapped U.S. territory’s
weak economy and reduced ability to finance itself in capital
The move was not a surprise coming as it did after last
week’s downgrades by Standard & Poor’s and Moody’s Investors
Service left the U.S. territory struggling to avoid default.