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  • HAMBURG/ FRANKFURT, April 25- Ferdinand Piech, a towering figure at Volkswagen for more than two decades, resigned as its chairman on Saturday after losing a showdown he had provoked with Chief Executive Martin Winterkorn, ending an era at the iconic German carmaker. Piech, the 78- year-old grandson of the inventor of the Volkswagen Beetle Ferdinand Porsche, had...

  • European authorities stop illegal horse meat network Saturday, 25 Apr 2015 | 1:20 PM ET

    PARIS— European authorities say police in several countries have detained 26 people in a crackdown on an organized crime network accused of trading in illegal horse meat. The operation involved authorities in France, Belgium, Britain, Germany, Ireland, Luxembourg and the Netherlands. European health authorities have been on alert for horse meat crime since...

  • Volkswagen chairman Piech resigns after dispute over CEO Saturday, 25 Apr 2015 | 12:38 PM ET

    FRANKFURT, Germany— Ferdinand Piech, chairman of the board of Volkswagen AG and a major figure in the German auto industry, has stepped down after clashing with other board members over his criticism of the company's CEO. Piech had said in an interview with Der Spiegel published earlier this month that he was distancing himself from CEO Martin Winterkorn.

  • HAMBURG, April 25- An international maritime tribunal on Saturday ruled that Ghana can continue production in a multi-billion dollar offshore oil development in an area caught up in a border dispute with Ivory Coast, but must not start new exploration. "The decision means that Ghana can continue production from existing oil fields in the disputed area but not...

  • Ghana can continue production in Ivory Coast oil dispute Saturday, 25 Apr 2015 | 11:02 AM ET

    Ivory Coast had made a request to the Hamburg- based International Tribunal of the Law of the Sea that Ghana suspend oil exploration and exploitation operations in the disputed area while legal hearings expected to take several years into the dispute are held.

  • Germany hints at preparations of a Plan B on Greece Saturday, 25 Apr 2015 | 8:37 AM ET

    *Greece under pressure to deliver reform list to creditors. At a briefing with reporters after a tense meeting of euro zone finance ministers on Greece on Friday, Schaeuble was asked if euro zone finance ministers were working on a "Plan B" in case negotiations on funding with cash-strapped Athens fail. At the ministers' meeting on Friday, Greece was sharply...

  • RIGA, April 25- European Union finance ministers gave strong support on Saturday to the European Commission's proposal of a capital markets union, which would boost economic growth by giving companies wider access to capital across the 28- nation bloc. Unlike in the United States, where companies rely mainly on shares or bonds to raise money for development, in...

  • ZURICH, April 25- UBS's chairman said a default by Greece is seen by the International Monetary Fund as "systemically controllable" and he believed it would have a negligible impact on the Swiss bank itself, according to a newspaper interview published on Saturday. In an interview with Neue Zuercher Zeitung, the chairman of Zurich- based UBS, Axel Weber, addressed...

  • Kotzias said Greece and its euro zone partners need to compromise on creating political policies that will foster growth and allow the country to pay its debts. Asked if he is simply asking the rest of Europe to trust Greece, he said: "No. "Do they want to support us to have growth... or do they decide to have Greece struggle, to punish Greece and to create an example of what...

  • FRANKFURT, April 24- Deutsche Bank will cut back investment banking, sell its Postbank retail chain via a public share offering and reduce costs, the group said late on Friday, in a restructuring plan designed to boost profits. Germany's largest bank is under pressure to revive its performance as new regulations, legal headaches and weak markets eat into returns...

  • Germany's Deutsche Bank changes tack on Postbank Friday, 24 Apr 2015 | 6:12 PM ET

    BERLIN— Germany's Deutsche Bank AG says it plans to "deconsolidate" its Postbank retail banking unit, in which it has held a majority since 2010.. Germany's biggest bank said after its supervisory board met Friday that it also envisions investing in its transaction banking, asset and wealth management and retail businesses. Deutsche Bank agreed this week to pay...

  • *Euro gains dwindle as Greece gets aid warning. NEW YORK, April 24- Data showing a seventh straight monthly decline in U.S. business spending plans knocked the dollar lower on Friday and gave Federal Reserve policymakers even less reason to raise near-zero interest rates any time soon. The euro backed away from a two-week high against the dollar after euro zone...

  • *Fifty line up at one Tokyo store, more in Berlin. NEW YORK/ TOKYO, April 24- The Apple Watch launched quietly around the world on Friday without the usual frenzy or fanfare for an Apple Inc rollout, as a handful of boutiques in major cities like Tokyo and Paris sold the timepiece- but not for purchase at its own stores. Shops included The Corner in Berlin, Colette in Paris,...

  • France's stake in Renault and influence over Nissan, which is 43.4 percent- owned by the French carmaker and where Ghosn is also chairman and chief executive, has long been a sensitive matter. Nissan holds a reciprocal 15 percent in Renault that is deprived of voting rights, another sore point in Tokyo, where Nissan is deemed to be under its alliance partner's...

  • Business events scheduled for the coming month Friday, 24 Apr 2015 | 1:33 PM ET

    WASHINGTON— Institute for Supply Management releases its manufacturing index for April, 10 a.m.; Commerce Department releases construction spending for March, 10 a.m.. WASHINGTON— Commerce Department releases international trade data for March, 8:30 a.m.; Institute for Supply Management releases its service sector index for April, 10 a.m..

  • ZURICH, April 24- Credit Suisse's outgoing chief executive said an ambitious expansion drive following the global financial crisis ranked among his mistakes as CEO, as he addressed shareholders for the last time on Friday. Expectations are high that the man who will replace Dougan in June, Tidjane Thiam, will scale back the investment bank and build up Credit...

  • *EU summit agreed to triple search and rescue mission off Libya. *Land routes into Europe also deadly; train kills 14 migrants. BRUSSELS/ SKOPJE, April 24- British and German warships made ready to sail for waters off Libya as Europe ramped up rescue operations in the Mediterranean after up to 900 desperate migrants drowned last weekend on a boat heading for Italy.

  • *Airbus not ready to decide whether to upgrade the A380. *Airbus, Rolls-Royce may seek European loans for project. PARIS, April 24- Europe's Airbus pledged on Friday to boost sales of its A380 superjumbo, as the world's largest passenger jet prepares to celebrate a bitter-sweet 10- year anniversary in the skies having booked no new airline orders since 2013..

  • *Euro trims gains as Greece gets aid warning. NEW YORK, April 24- Data showing a seventh straight monthly decline in U.S. business spending plans knocked the dollar lower on Friday and gave Federal Reserve policymakers even less reason to raise near-zero interest rates any time soon. The euro backed away from a two-week high against the dollar, however, after euro...

  • *Fifty line up at one Tokyo store, more in Berlin. TOKYO, April 24- A small group of Japanese tech-addicts lined up in Tokyo to become the first consumers to buy the Apple Watch from selected stores on Friday, but there was no sign of the frenzy that usually accompanies Apple Inc product rollouts. They include The Corner in Berlin, Colette in Paris, Maxfield in Los...