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 […]

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Banks

Carney: UK is ‘investment banker for Europe’

The governor of the Bank of England has repeated his calls for a “smooth and orderly” UK exit from the EU, saying that a transition out of the bloc will happen, it was just a case of “when and how”. Responding to the BoE’s latest bank stress tests, where lenders overall emerged with more resilient […]

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Currencies

China stock market unfazed by falling renminbi

China’s renminbi slump has companies and individuals alike scrambling to move capital overseas, but it has not damped the enthusiasm of China’s equity investors. The Shanghai Composite, which tracks stocks on the mainland’s biggest exchange, has been gradually rising since May. That is the opposite of what happened in August 2015 after China’s surprise renminbi […]

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Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Banks

Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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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.