High and rising oil prices are bad news for dollar

Oil is up, the dollar down; and if the petroleum part of the relationship doesn't change significantly, which looks unlikely, nor probably will the currency piece.

Is VW ready to seal deal with Proton?

Volkswagen boss Martin Winterkorn will visit Malaysia in the next few weeks to conclude a deal between the German auto giant and state-owned carmaker Proton, according to a newspaper report.

Deutsche Boerse to profit from turmoil

Deutsche Boerse AG Chief Financial Officer Thomas Eichelmann said that he expects a "good" third quarter as market volatility stemming from the global credit crunch and the US subprime fallout boosts trading.

Women absent from many boardrooms

A leading group of international businesswomen called on the world's 200 biggest male-dominated companies to step up efforts to give women more leadership roles in large corporations.

Biz people

Fiat boss warns on strong euro

IN BRIEF (Page 16)

Business International

Deutsche Bank admits to 'mistakes'

Deutsche Bank AG, Germany's biggest bank, will write down the value of leveraged loans and scale back hiring plans after making "mistakes" during the credit boom that ground to a halt in the past two months, Chief Executive Officer Josef Ackermann said.

European stocks fall on lender's announcement

European stocks fell after Deutsche Bank AG Chief Executive Officer Josef Ackermann said Germany's biggest bank "made mistakes" that will force it to write down the value of leveraged loans and scale back hiring.

Subprime may take toll on Commerzbank

Commerzbank may face a higher-than-expected loss from the US subprime crisis it said yesterday, a day after rival Deutsche Bank warned the global credit crunch was hitting its profits.

Major UK stores in fix over milk prices

The United Kingdom's largest supermarkets have artificially raised dairy product prices, ignoring a previous warning and increasing consumer costs by around 270 million pounds, the UK's consumer watchdog said yesterday.

FTSE grants Israel 'developed market' status

Israel won "developed" status from FTSE Group, enabling its stock market to attract more of the estimated $2 trillion in funds that track the index provider's global benchmarks.