Deutsche Bank agree to $7.2 bn settlement with US over risky mortgages
The Dollar Business Bureau Deutsche Bank agreed to a $7.2 billion settlement with the US Department of Justice over its sale of toxic mortgage-backed securities prior to the 2008 financial crisis. The department said, Deutsche's nod represents the largest such resolution for its conduct in misleading investors in residential mortgage-backed securities. This settlement is also higher than the Citigroup’s $7 billion paid to federal and state authorities in 2014. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said. Deutsche's chief executive John Cryan termed the bank's conduct between 2005 and 2007 as "unacceptable." “The bank had exited many of the underlying activities and improved standards,” he said. The Frankfurt-based bank had reached the settlement ...
Government clears 23 FDI proposals worth Rs.10, 378 crore, rejects six
The Dollar Business Bureau The government has cleared a total of 23 Foreign Direct Investment (FDI) proposals worth Rs.10,378.9 crore. The proposals recommended by the Foreign Investment Promotion Board (FIPB) were related to pharmaceutical, defence and financial services sectors. “The government has approved 23 proposals of FDI amounting to Rs.10,378.92 crore,” the Finance Ministry said in an statement on Thursday. Of the total approved projects, 12 were related to pharmaceutical sectors including those from Glaxo, Novartis, Mylan and Natco, and two were linked to the banking sector from Bandhan Financial Services and Catholic Syrian bank worth Rs.1,049 crore and Rs.1,200 crore respectively. While the government deferred decision on 13 proposals including those related to telecom services and Reliance Globalcom, Bermuda,it rejected ...
