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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.

Mar 10, 2014

Bayern boss Hoeness goes on trial for tax evasion

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.

Feb 20, 2014

World economic recovery struggling to gain traction

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.

Feb 11, 2014

Fitch third agency to cut Puerto Rico to junk

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
markets.

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.

Feb 7, 2014

Moody’s cuts Puerto Rico’s credit rating to junk

NEW YORK, Feb 7 (Reuters) – Moody’s on Friday cut Puerto
Rico’s credit rating to junk status, citing concerns about the
cash-strapped U.S. territory’s weak growth and ability to access
capital markets.

The agency, which placed Puerto Rico’s rating on notice for
a downgrade late last year, said it now rates the commonwealth’s
general obligation bonds at Ba2, two notches below investment
grade status.

Feb 6, 2014

ECB, U.S. data help buoy euro, global stocks

NEW YORK, Feb 6 (Reuters) – The euro rose against the dollar
on Thursday after the European Central Bank gave no sign of an
imminent rate cut and stocks on Wall Street had their best day
this year as strong jobless data boosted confidence in the
economy.

Relative calm in vulnerable emerging markets such as Turkey
and South Africa also supported riskier assets and drew
investors away from safe-haven U.S. and German government bonds.
Major U.S. and European stock indexes rose more than 1 percent,
as did a measure of world stock markets..