PRESS DIGEST - Financial Times - April 18
April 18 (Reuters) - Headlines
Deutsche Bank plans cap on pay of co-chiefs ()
EU steps up single telecoms market plan ()
BofA struggles to recover from bad loans ()
Fears over weak earnings hit Apple ()
Commerzbank nears 4-billion-pound Eurohypo UK deal ()
ING files for $1.4 billion flotation of U.S. arms ()
IMF warns on risks of excessive easing ()
France relaxes deficit targets ()
Tesco profits plunge on 2.4-billion-pound writedown ()
SFO demands law firm's ENRC documents ()
Germany's Deutsche Bank AG is capping the 2013 salaries of Co-chief Executives Anshu Jain and Jurgen Fitschen, as it tries to fend off criticism of excessive corporate paychecks.
The European Union is going to speed up its plans to create a single European telecoms market, hoping to implement new regulations before the end of 2013. Bank of America's reported lower-than-expected earnings as revenue at its core divisions fell, stalling the bank's recovery from the bad loans and lawsuits of the financial crisis. Concerns about Apple reporting weak results next week, exacerbated by criticism from the Chinese media and weak results from one of the company's suppliers, sent the iPhone maker's shares to a 12-month low.
Commerzbank is in talks with private equity firm Lone Star and U.S. bank Wells Fargo about the 4-billion-pound ($6.09 billion) sale of Eurohypo, its UK property bank.
ING Groep is expected raise about $1.4 billion when it floats the initial public offering of its U.S. retirement, investment and insurance arms next month.
The International Monetary Fund warned that loose monetary policy could lead to new credit bubbles and another global financial crisis.
France has decided to hold off on imposing this year's new austerity regulations, and has delayed targets for cutting its budget deficit.
In the wake of Tesco's decision to quit the U.S. market - Britain's biggest retailer has taken a 2.4-billion-pound haircut and seen its full-year pretax profit more than halved. The Serious Fraud Office has asked to see documents from a law firm that was investigating corporate governance issues at ENRC , a move that could possibly result in the launch of a formal inquiry against the FTSE-100 miner.