Reuters Business Today: December 23, 2016

Click to View in Browser Friday, December 23, 2016 How Deutsche's big bet on Wall Street turned toxic FRANKFURT (Reuters) - Deutsche Bank's pursuit of success on Wall Street has come at a high price, a $7 billion plus penalty illustrating the extent of its decline since 2008 when its then chief executive claimed it was one of the "strongest banks in the world". Banks lift global stocks, dollar holds near 14-year peak LONDON (Reuters) - European stocks edged higher on Friday, helped by banks after two regional bellwethers settled investigations into U.S. mortgage securities, while oil and the dollar were on the back foot in light trading ahead of the Christmas break. Icahn regulatory role gives activist investors strong Washington voice NEW YORK/WASHINGTON/BOSTON (Reuters) - U.S. chief executives, already wrestling with a steady flow of activist investors in their board rooms, face a newly challenging landscape now that the loudest voice of the bunch will have the ear of the next president and his securities' rule makers. U.S. hits Credit Suisse, Deutsche Bank with toxic debt penalties ZURICH/FRANKFURT (Reuters) - Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe's leading investment banks as they struggle with weak earnings. Credit Suisse agrees $5.3 billion U.S. mortgage settlement ZURICH (Reuters) - Credit Suisse had agreed in principle to pay U.S. authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday. U.S. sues Barclays, ex-executives for mortgage securities fraud NEW YORK (Reuters) - The U.S. Department of Justice on Thursday sued Barclays Plc and two former executives on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis. China fines GM venture $29 million for monopolistic pricing: state TV BEIJING (Reuters) - China will fine U.S. automaker General Motors Co's joint venture 201 million yuan ($29 million) for monopolistic pricing, state television reported on Friday, ending speculation after an official warned of penalties against a U.S. carmaker. Putin says Russian economy is on the mend MOSCOW (Reuters) - Russia's economic contraction is slowing, capital flight is fading and real wages are starting to recover, President Vladimir Putin said on Friday. American Apparel closes 12 of its 13 British stores LONDON (Reuters) - Nearly all the UK stores of U.S.-based clothing brand American Apparel, which went into administration in Britain last month, have closed, with the loss of 147 jobs, administrators KPMG said on Friday. Volkswagen reaches deal with 80,000 U.S. 3.0-liter vehicle owners WASHINGTON (Reuters) - A federal judge said on Thursday that Volkswagen AG has reached an agreement in principle to provide "substantial compensation" to the owners of about 80,000 3.0-liter polluting diesel vehicles, a key hurdle to resolve the German automaker's emissions scandal. Related Video Wall Street dips as retail drags Weight Watchers stock: "dog with fleas," says Ross Gerber Counterparties is a curated snapshot of the best finance news and commentary around the web. Register Today News you can use with actionable, timely advice for managing your financial life, including retirement, taxes, real estate, education and more. Register Today » » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2016 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook