Deutsche Bank is in exclusive talks with private equity group Permira to sell the lossmaking part of its UK wealth management business as part of a strategy to concentrate on ultra-rich clients, reports the Financial Times.
Germany’s largest lender was hoping to reach a deal to dispose of Tilney Investment Management to Permira before Christmas, three people familiar with the negotiations said.
OECD takes aim at Greek red tape to boost growth
Shops in Greece must be free to offer buy-one-get-one-free deals and determine their own product sell-by dates as part of wide ranging reforms to regulations that have prevented the debt-stricken country from recovering after the financial crash, according to a leading thinktank, reports the Guardian.
The Organisation of Economic Co-operation and Development (OECD) said a bonfire of harmful regulations restricting trade and investment in four key industries was needed to create a more vibrant economy and foster growth.
Brazil raises benchmark rate to double digits
Brazil has raised its benchmark interest rate by 50 basis points to 10 per cent, pushing it into double digits for the first time since March last year as the Latin American country grapples with stubbornly high inflation, reports the Financial Times.
The central bank hiked the Selic rate late on Wednesday for the sixth time in a row, extending what has become the world’s biggest tightening cycle.
Unions lash out at the new postal order
The Post Office said yesterday that the future of its network of 11,500 outlets had been secured after another £640 m injection of taxpayers’ money, reports the Times.
Consumer groups, however, claimed that modernisation plans would mean the end of the local post office. Unions also warned that 4,000 sub-postmasters would be out of a job unless they accepted unsustainable cuts in income.
Npower to cut 1,400 UK jobs in outsourcing to India
Npower is to close offices and outsource work to India in a move that will see 1,400 UK staff lose their jobs at the energy supplier, reports the Guardian.
The announcement is expected to intensify public anger around the activities of the Big Six power companies and raise the political heat in Westminster where energy has risen to the top of the political agenda.