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  • FRANKFURT, April 27- A radical plan for Deutsche Bank to become a pure investment bank and corporate lender was dropped after stress tests demanded by the European Central Bank concluded the model would not withstand a severe financial crisis, sources said. Deutsche Bank, Germany's biggest lender, has spent much of this year looking at ways of reconfiguring its...

  • The game of chicken between Greece and its international creditors is turning into a vicious blame game as Athens lurches closer to bankruptcy with no cash-for-reform agreement in sight. Europe's political leaders and central bankers and Greek politicians agree on only one thing: if Greece goes down, they don't want their fingerprints on the murder weapon.

  • VW chairman quits, but questions over future remain Monday, 27 Apr 2015 | 12:05 PM ET

    FRANKFURT, Germany— Volkswagen's patriarch has left the building. Ferdinand Piech shaped the company's destiny for more than 25 years. Piech had criticized CEO Martin Winterkorn in an interview with Germany's Der Spiegel magazine, saying he was "at a distance" from him.

  • The shock departure of Piech, a dominant figure at VW for over two decades, leaves IG Metall's former national leader Berthold Huber as acting chairman of Europe's biggest carmaker. At Deutsche Bank, opposition from the Verdi union to a wholesale disposal of the lender's retail operations helped convince co-CEOs Anshu Jain and Juergen Fitschen to ditch their...

  • *Yemen faces mounting humanitarian crisis. LONDON, April 27- Yemen is facing mounting problems bringing in food by sea as the danger from fighting between Houthis and government supporters is exacerbated by an arms blockade by Saudi-led coalition navies searching ships for weapons destined for the rebels. The Arabian peninsula's poorest country, Yemen...

  • BERLIN, April 27- Investors hope that Volkswagen will be able to revive profitability at its core division, cure underperformance overseas and bury lingering plans for acquisitions after the resignation of Chairman Ferdinand Piech. Piech, the mastermind of VW's global expansion and a towering figure at the German group for more than two decades, stepped down...

  • UPDATE 3-Investors question Deutsche Bank's overhaul Monday, 27 Apr 2015 | 6:10 AM ET

    *To exit 7-10 countries but invest in India, China. FRANKFURT, April 27- Deutsche Bank's biggest strategic overhaul under co-chief executives Anshu Jain and Juergen Fitschen got a thumbs down from investors on Monday who judged it too little too late. Germany's flagship lender has trailed rivals under the tenure of Jain and Fitschen who despite the...

  • ATHENS, Greece— Greece reshuffled its bailout negotiating team on Monday following fierce criticism of its finance minister, meeting with market applause as investors hoped it will facilitate a deal to save the country from bankruptcy. Tsakalotos is close to Prime Minister Alexis Tsipras and has often accompanied Varoufakis on trips to European capitals...

  • *Deutsche Bank down 4.9 percent. LONDON, April 27- European shares edged lower on Monday, with persistent concerns about Greece's debt situation prompting some investors to take profits after recent strong gains. Deutsche Bank fell 4.9 percent as investors doubted whether co-chief executives Anshu Jain and Juergen Fitschen would meet their new targets.

  • European shares fall, Greek concerns weigh Monday, 27 Apr 2015 | 3:29 AM ET

    LONDON, April 27- European shares edged lower in early trading on Monday, with lingering concerns over Greece's debt situation prompting investors to trade cautiously at the start of a new week. German Finance Minister Wolfgang Schaeuble hinted on Saturday that Berlin was preparing for a possible Greek default, drawing a parallel with the secrecy of German...

  • FRANKFURT, Germany— Deutsche Bank says its reorganization will mean spinning off its Postbank branches in Germany through a share offering, closing offices in some countries, and eliminating less profitable business at its investment banking division. Deutsche Bank has struggled to maintain the profits investors want to see while meeting regulatory...

  • *Eyes on Greece as talk of' plan B' swirls. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, led by solid gains in Greater China, with Hong Kong shares hitting a seven-year high and Taiwanese shares a 15- year high. European shares are seen mixed, with spreadbetters expecting 0.2 percent gains in Germany's DAX and largely flat openings...

  • BERLIN— Several hundred movie theaters in Germany have refused to screen the new "Avengers" film in a dispute over rental fees with Disney. News agency dpa reported that 686 theaters in 193 mostly small towns refused to show "Avengers: Age of Ultron," which opened on Thursday. Karl-Heinz Meier of I.G. Nord, a group representing cinema operators in northern Germany,...

  • TOKYO, April 27- Asian shares scaled seven-year highs following stellar earnings from a few U.S. hi-tech giants, but investors were cautious ahead of central bank meetings this week in the U.S. and Japan and on apparent deadlock in Greece's talks with creditors. MSCI's broadest index of Asia-Pacific shares outside Japan was rose 0.3 percent in early trade...

  • BERLIN/ FRANKFURT, April 27- Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board. When news leaked out last week that Piech had been lobbying family members behind the...

  • LONDON— There is still time to save lives— that's why governments and aid agencies Sunday rushed doctors, volunteers and equipment to Nepal without waiting for the dust to settle. U.N. spokeswoman Orla Fagan, who is heading to Nepal, said preventing the spread of disease is one of the most important tasks facing aid workers who are arriving. They will use military...

  • *Legal reserves at 4.8 bln euros, contingent liabilities up. FRANKFURT, April 26- 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. Deutsche has so far positioned itself as Europe's "last man...

  • FRANKFURT, Germany— Deutsche Bank says net profit fell to 559 million euros in the first quarter as legal penalties ate into stronger revenues from trading stocks and bonds. Last week the bank said that it had agreed to pay penalties of $2.175 billion to the U.S. Justice Department, the Commodity Futures Trading Commission and the New York Department of...

  • Like shale oil, solar power is shaking up global energy Saturday, 25 Apr 2015 | 9:00 PM ET

    SINGAPORE/ TOKYO, April 26- One by one, Japan is turning off the lights at the giant oil-fired power plants that propelled it to the ranks of the world's top industrialised nations. Solar power is set to become profitable in Japan as early as this quarter, according to the Japan Renewable Energy Foundation, freeing it from the need for government subsidies and...

  • HAMBURG, April 25- An international maritime tribunal on Saturday ruled that Ghana can continue developing a $4.9 billion dollar offshore oil project in an area caught up in a border dispute with Ivory Coast but must not start new drilling. Ivory Coast in February asked the Hamburg- based International Tribunal for the Law of the Sea to issue a moratorium on oil...