Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

Continue Reading

Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

Continue Reading

Currencies

Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

Continue Reading

Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

Continue Reading

Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

Continue Reading

Categorized | Banks

Retail heiress in legal fight with bank


Posted on December 18, 2012

A retail heiress who lost billions of euros in an insolvency in the financial crisis on Tuesday began legal action against a Deutsche Bank unit for its role.

Madeleine Schickedanz, formerly one of the world’s wealthiest women, was the main shareholder in Arcandor, the retailer which filed for insolvency in 2009. She is suing Sal Oppenheim, the private bank that was bought by Deutsche in 2009, as well as Sal Oppenheim’s former partners and a German property financier with links to the bank.

Lawyers for Ms Schickedanz were asked by a judge in Cologne to do more to substantiate her €1.9bn claim for damages. The case will continue next year.

Sal Oppenheim – which also became a significant shareholder in Arcandor – and the others being sued should have given her better advice, Ms Schickedanz alleges. Sal Oppenheim and others being sued reject the claims made by Ms Schickedanz, who used loans from the bank to increase her stake in the retailer.

Prosecutors have also charged Sal Oppenheim’s former partners and the property financier with breach of trust in a separate case due to start next year.