U.S. fines former Deutsche Bank subprime chief over alleged mortgage fraud

NEW YORK (Reuters) – A former head of subprime trading at Deutsche Bank AG (DBKGn.DE) will pay a $500,000 civil fine to resolve charges he misled investors about the quality of loans backing $1.42 billion of residential mortgage-backed securities (RMBS) issued before the 2008 financial crisis. The U.S. Department of Justice on Thursday announced the settlement with Paul Mangione, who […]

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U.S. companies facing worker shortage race to automate

NEW YORK (Reuters) – U.S. companies are responding to the lowest unemployment rate in almost 50 years by increasing their focus on automation in order to maintain healthy margins as labor costs tick higher, a Reuters analysis of corporate earnings transcripts shows. The attempt to save money through technology does not come down to just installing more robots in factories. […]

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EU gas industry warns curbs on lending may harm climate goals

BRUSSELS (Reuters) – Europe’s gas industry lobby warned on Monday that curbs on lending by the European Investment Bank (EIB) and others could slow the switch from coal-fired to less polluting gas-fired power plants and harm the bloc’s climate ambitions. The EIB’s board, made up mostly of European Union finance ministers, is expected to discuss a proposal this month to […]

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Deutsche Bank shares slide again on doubts about turnaround

LONDON/FRANKFURT (Reuters) – Deutsche Bank DKBGn.DE shares extended losses on Tuesday on investor doubts that the new chief executive can revive the lender by shrinking the investment bank and returning to its roots as banker to corporate Germany. Christian Sewing, CEO for just over a year, and his finance chief are on week-long roadshow to explain the restructuring. Sewing plans […]

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Trump's Mexican tariffs threat sends shudders through autos sector

TOKYO/MILAN (Reuters) – Shares of global automakers and suppliers tumbled on Friday after U.S. President Donald Trump threatened to impose tariffs on imports from Mexico, potentially upending a global manufacturing business model established decades ago. From Mazda in Japan to Volkswagen in Germany to General Motors in the United States, carmaker stocks took a hit as a new front opened […]

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Santander seeks full ownership of Mexican business with $2.9 billion deal

SANTANDER/MADRID (Reuters) – Santander has offered to take full control of its Mexican business through a 2.6 billion euro ($2.9 billion) all-share deal as the Spanish bank chases potentially higher returns available from Latin America. The deal proposed on Friday, which was broadly welcomed by analysts, will unwind Santander’s listing of 25 percent of the bank on the Mexican stock […]

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Santander offers $2.9 billion to take control of Mexico business

SANTANDER/MADRID (Reuters) – Santander on Friday made an offer to take full control of its business in Mexico via a deal worth 2.6 billion euros ($2.93 billion) to take advantage of higher returns available from Latin America. The proposed deal, which will unwind Santander’s listing of 25 percent of the bank on the Mexican stock exchange in 2012, shows how […]

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