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Deutsche Bank first-quarter profit falls by half as legal charges bite Sunday, April 26, 2015 1:01 pm

The logo of Germany's largest business bank, Deutsche Bank, is seen at the bank's headquarters behind twigs in FrankfurtBy Thomas Atkins FRANKFURT (Reuters) - Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, the bank said on Sunday. Deutsche has so far positioned itself as Europe’s “last man standing” in investment banking, even though it has made cuts in certain business lines. Deutsche on Friday announced a new strategic plan including the sale of its Postbank retail chain and additional paring back in investment banking.


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More central banks meet, but ability to pilot economies in doubt Sunday, April 26, 2015 5:38 am

A man walks past the Bank of Japan building on a rainy day in TokyoMost central banks have been easing policy since the start of the year and are set to do more, but it still isn't clear whether that new activism, which has pushed stock markets to record highs, will help the global economy much. Several meet this week to set policy, including the U.S. Federal Reserve, the Bank of Japan and Sweden's Riksbank, which all have turned to government bond purchases as stimulus after running out of interest rates to cut. The Fed shut its quantitative easing (QE) program just over six months ago. Few expect the Fed to use its two-day meeting as a launching pad for what will eventually be the first interest rate hike in nearly a decade.


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SEC's stock market reform club locks out retail brokers Sunday, April 26, 2015 2:37 pm

To match Special Report SEC/INVESTIGATIONSBy John McCrank NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages. The SEC's 17-member Market Structure Advisory Committee includes representatives of fund companies, an exchange, off-exchange trading venues, dealers, and academia, among others. The group, which meets four times a year, will review old rules, and advise the SEC on a range of new regulations designed to make sure the market is as stable and fair as possible. Still, given that the SEC has said its main priority is to protect retail investors, the omission of retail brokers raises questions, because without their point of view the panel may recommend changes that favor institutional investors, analysts said.


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German Chancellor, Greek PM agree to stay in touch to reach debt deal Sunday, April 26, 2015 2:00 pm

German Chancellor Merkel and Greek Prime Minister Tsipras address news conference in BerlinGreek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel agreed in a phone conversation on Sunday to maintain contact during talks between Athens and its lenders to reach a debt deal, a Greek government official said. Shut out of international markets and locked in talks with its European Union and International Monetary Fund creditors over its proposed reform-for-cash deal, Greece risks running out of cash within weeks. Three months of fruitless negotiations have raised tensions between Greek Finance Minister Yanis Varoufakis and euro zone colleagues in Riga on Friday.


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Nokia denies return to phone manufacturing Sunday, April 26, 2015 5:34 am

The Nokia company logo is pictured at its headquarters in EspooFinland's Nokia denied reports in Chinese media that it planned to return to manufacturing phones. "Nokia notes recent news reports claiming the company communicated an intention to manufacture consumer handsets out of a R&D facility in China. These reports are false," Nokia said in a statement posted on its website. "Nokia reiterates it currently has no plans to manufacture or sell consumer handsets." However, Nokia has said it is looking into returning to the smartphones business by brand-licensing.


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