Deutsche Bank’s Worst Week; China Looking Steady: Saturday Wrap
(Bloomberg) -- Here are highlights of Saturday’s top breaking stories from around the world:
A bad week for Deutsche Bank AG got worse when the bank, one employee and five former ones were criminally charged in Milan, along with former officials at Nomura Holdings Inc. and Banca Monte dei Paschi di Siena SpA, with helping to allegedly falsify the Italian bank’s accounts.
“When it rains, it pours,” said Marco Elser, a partner at Lonsin Capital Ltd., a London-based asset-management firm. “They have their hand caught in every single cookie jar. I think the market is seeing a wounded lion and will soon prey on it.”
China’s gauge of factory activity held at its highest level in two years, adding to signs of economic improvement that may influence policy makers to keep interest rates where they are.
Meanwhile, the yuan officially became one of five global reserve currencies, the culmination of several years of efforts by Chinese policy makers to gain such recognition.
Duke University joined other U.S. institutions of higher learning in reporting investment losses in their endowments. Duke’s fund also lost money the year before.
The U.S. Department of Homeland Security, acknowledging that hackers have been getting into state election systems, advised states to seek its help on cybersecurity before the November presidential election.
Mitsubishi Heavy Industries Ltd.’s efforts to re-enter the commercial jet market after an absence of more than 40 years may be delayed due to the possibility of some technical modifications to the aircraft.
Spain’s Socialist Party leader was forced out after a day of tempestuous talks, which may finally break the paralysis in Spanish politics over the past nine months.
Johnson & Johnson’s experimental drug for psoriasis hit its main goals and outperformed its main rival, AbbVie’s Humira, in a final-stage study, positioning the company to expand its arsenal of immune-disease treatments.