MONEY (MSM)
Germany’s biggest lender Deutsche Bank appointed John Cryan as its new CEO on Sunday after co-chief executives Anshu Jain and Juergen Fitschen resigned following criticism from investors. Cryan, 54, has been on the bank’s supervisory board since 2013 and was a former chief financial officer of UBS. Deutsche Bank has struggled to restore an image tarnished by a raft of regulatory and legal problems which include probes into alleged manipulation
Greece’s finance minister called on German Chancellor Angela Merkel to give his country a “Speech of Hope”, to signal Europe was ready to end its demands for austerity, similar to that given to Germany at the end of World War Two. In an entry on his blog on Sunday, Yanis Varoufakis compared Greece’s situation with that of post-war Germany, when former U.S. Secretary of State James F. Byrnes traveled to
European Parliament President Martin Schulz urged Greece in a newspaper interview to accept a proposal by its international lenders for a cash-for-reforms deal, warning Athens that failing to reach an agreement would have “dramatic” consequences. The European Union is willing to compromise with the Greek government, Schulz told German newspaper Welt am Sonntag in an interview published on Sunday, adding that the lenders had already made concessions in the debt
SAN FRANCISCO/NEW YORK (Reuters) – Stock investors are expected to tread carefully next week, as speculation about the timing of a U.S. Federal Reserve interest rate hike adds to concerns about valuations. Since hitting record levels two weeks ago, the U.S. stock market has struggled for direction, and investors said the next several sessions might prove no better. A run of better-than-expected economic figures failed to boost sentiment and instead
The chairman of a Chinese company that develops online games has agreed to pay $2,345,678 for a private lunch with billionaire investor Warren Buffett, winning a charity auction. This year’s auction was …
Wal-Mart Stores Inc (WMT.N) named the son-in-law of chairman Rob Walton as his successor on Friday, cementing the founding family’s influence over the retailer as shareholders defeated a measure calling for an independent director to lead the board. Some investors, including large pension funds, had been pushing for a chairman without ties to the Waltons, Wal-Mart’s founding family. Greg Penner, 45, took over as chairman from Rob Walton as of
Boeing Co (BA.N) said it expects airline passenger traffic to rise more than 6 percent in 2015, possibly close to 6.5 percent, above its long-range forecast of about 5 percent. “We’ve got work to do,” to hit the order target, Randy Tinseth, Boeing vice president of marketing, said in a series of briefings ahead of the Paris Airshow that starts June 15. Boeing’s forecast is in line with actual growth
Transactions conducted over a period of years are being investigated, and the sum could exceed $6 billion, the source said, adding that the internal probe of the possible abuse being conducted by Deutsche Bank is in its initial stages. Deutsche Bank repeated a statement from May 20, saying it had suspended a small number of traders in Moscow and was conducting an internal review, but gave no details of the
U.S. job growth accelerated sharply in May and wages picked up, signs of strong momentum in the economy that bolster prospects for a Federal Reserve interest rate hike in September. While the unemployment rate rose to 5.5 percent from a near seven-year low of 5.4 percent in April, that was because more people, including new college graduates, entered the labor force, indicating confidence in the jobs market. This leaves the
Greek Prime Minister Alexis Tsipras on Friday spurned “absurd” terms of proposed aid from lenders and delayed a debt payment to the International Monetary Fund, prolonging an impasse that threatens to push Greece into default and out of the euro zone. In a defiant speech aimed at winning parliament’s backing for his rejection of the austerity-for-aid package, Tsipras balanced indignation with confidence that a deal was “closer than ever before”
