Ex-Goldman Sachs banker jailed in UK in Nigerian corruption case
LONDON (Reuters) – Former Goldman Sachs banker Elias Preko was sentenced to 4-1/2 years in prison by a London court on Monday for laundering $5 million on behalf of James Ibori, the former governor of Nigeria’s oil-producing state of Delta.
Hologic names new CEO, adds two Icahn nominees to board
(Reuters) – Medical device maker Hologic Inc named a former Stryker Corp CEO as its chief executive, and said it appointed two directors backed by Carl Icahn to its board as part of a settlement with the activist investor.
Europe tries to cut deal to close failing banks
BRUSSELS (Reuters) – European countries are seeking to agree before year-end on how to close failing lenders, part of an ambitious plan to create a single banking framework and fix broken banks whose problems have festered since the financial crisis.
Creditors in Israel’s IDB approve Elsztain rescue plan
TEL AVIV (Reuters) – Creditors in debt-ridden Israeli holding company IDB Holding Corp approved a rescue plan submitted by Argentine businessman Eduardo Elsztain and his Israeli partner, rejecting a rival proposal from controlling shareholder Nochi Dan…
Abercrombie rejects shareholder call; extends CEO contract
(Reuters) – Struggling teen apparel retailer Abercrombie & Fitch Co said it will extend Chief Executive Mike Jeffries contract by a year, days after a shareholder urged the company to replace him.
Big banks see rich opportunities in world’s poorest
LONDON (Reuters) – When the Afghan government used mobile phones instead of cash to pay some of its policemen, the officers thought they’d just had a 30 percent pay rise. In truth, they had just been paid the full amount, with nothing skimmed off by mi…
China to judge local governments by their debt: Xinhua
BEIJING (Reuters) – China will soon rate the performance of local governments partly by how much debt they incur, as Beijing tries to wean the country off heavy government investment, state media said.
Deutsche Bank creates new post to tighten controls
FRANKFURT (Reuters) – Deutsche Bank created a new senior position to govern compliance and risk management throughout the group and named a top McKinsey consultant to fill it, less than a week after EU officials fined Deutsche and other banks for riggi…
Lufthansa plans to revamp frequent flyer program
FRANKFURT (Reuters) – Germany’s Lufthansa plans to reorganize its frequent flyer program Miles & More in a bid to boost growth at the business, joining a trend among airlines, some of which have spun off customer loyalty schemes.
China data boosts world shares, nerves hold over U.S. bond-buying taper
LONDON (Reuters) – Weaker stocks in parts of Europe were not enough to halt world shares on Monday, as upbeat Chinese trade data added to cautious optimism that the world’s economy and markets can cope with a gradual withdrawal of U.S. stimulus.
