September, 2016

• 28 September

  Deutsche Bank rises as CEO sells Abbey Life for €1.1bn

  

    Bloomberg Deutsche Bank AG rose in Frankfurt trading after the German lender agreed to sell its U.K. insurance business for 935 million euros ($1.2 billion) and Chief Executive Officer John Cryan ruled out a capital increase. Responding to investor concerns that the bank may be forced to raise capital to meet mounting legal costs, Cryan told Germany’s Bild newspaper ...

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• 28 September

  Commerzbank could trim around 9,000 jobs

    AFP Germany’s second-largest lender Commerzbank could slash around a fifth of its staff in the coming years as part of a billion-euro restructuring programme, a German newspaper said. Chief executive Martin Zielke is to present his vision for the bank’s future up to 2020 — including some 9,000 job cuts — to fellow board members on Friday, according to ...

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• 28 September

  Wells Fargo CEO denied $41 million in compensation

  

    Bloomberg Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The bank has already apologized and said it fired 5,300 employees tied to the illegal conduct, which saw employees boost sales figures by opening unauthorized deposit and credit accounts ...

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• 28 September

  Power outage grips S Australia

  

    Agencies The entire state of South Australia lost electricity after severe winds and storms lashed the region, according to Adelaide-based SA Power Networks. The distributor, which services about 850,000 homes and businesses, said that Australia’s fourth-largest state by area is currently without power and there is “no upstream supply from the transmission network.” The state — about one and ...

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• 28 September

  India raises coal sale cap to clear glut

  

    Bloomberg India has more than doubled the amount of coal small and medium companies can buy as the country aims to boost domestic sales of the fuel to reduce a glut. The cap was raised to 10,000 metric tons a year, from 4,200 tons set almost nine years ago, the coal ministry said in a notice. The new guidelines ...

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• 28 September

  Takata airbag in deadly Malaysia crash was faulty, reveals Honda

  

    Kuala Lumpur / AFP An airbag made by Takata — the Japanese firm at the heart of the auto industry’s biggest-ever safety recall — ruptured after a crash in Malaysia which killed the driver, Honda said on Wednesday. “Honda has confirmed that the Takata single stage driver’s airbag inflator ruptured in a crash… in Malaysia” the carmaker said in ...

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• 28 September

  StanChart faces probe into ‘bribery’ in Indonesia

  

    JAKARTA / AFP An Indonesian power company said on Wednesday it had removed its founders last year and takes seriously allegations of “improper behaviour” after revelations US justice officials are probing Standard Chartered over suspected bribery at the firm. London-based, Asia-focused Standard Chartered, which controls the MAXpower Group, acknowledged it was being investigated by the US Department of Justice over ...

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• 28 September

  Uber starts food delivery in Japan after ride-share stumbles

  

    TOKYO / AFP Uber, which has struggled to win Japan over to its ride-sharing service, is hoping to fare better with takeout deliveries. UberEats opens Thursday, initially just in central Tokyo, ranging from simple dishes costing just hundreds of yen to Michelin-star dining at the equivalent of hundreds of dollars. Delivery is free at first, although fees are expected ...

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• 28 September

  Tourists flee volcano at popular Indonesia hiking spot

  

    Sembalun / AFP Hundreds of tourists have fled a volcanic eruption at a popular Indonesian hiking destination, an official said on Wednesday, expressing fears some may have stayed behind to document the natural wonder. Around 1,000 tourists, including about 600 foreigners, were believed to be in the area when Mount Barujari sent columns of ash and smoke shooting high ...

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• 28 September

  Two largest hospitals bombed in Aleppo

  

    Aleppo / AFP An air strike and artillery fire hit the two largest hospitals in rebel-held parts of Syria’s Aleppo on Wednesday, in what rights groups said was a deliberate strategy of targeting civilian infrastructure. President Bashar Al Assad’s forces and his ally Moscow have carried out a barrage of air strikes on opposition-controlled eastern Aleppo since Syria’s regime ...

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