Deutsche Bank shares hit historic low

FRANKFURT: Shares in Deutsche Bank, Germany’s biggest lender, hit a record low on Monday after reports at the weekend that Berlin had refused state aid for the embattled lender.

The sell-off saw shares plunge by more than 6.6 per cent by around 1300 GMT to stand at 10.65 euros ($12), making it by far the DAX 30’s worst performer.

At one point in the session, Deutsche Bank shares stood at 10.63 euros, a historic low.

“Given the state of the news, people are selling almost in a panic,” said analyst Michael Seufert of NordLB bank.

Investors were blindsided by news earlier in September that US regulators were seeking a $14-billion fine from Deutsche Bank over its actions leading up to the subprime mortgage crisis in 2008.

German news weekly Focus at the weekend reported that Chancellor Angela Merkel had ruled out any chance of offering state aid or interceding with the US authorities.—AFP

Pfizer decides not to break up business

NEW YORK: Pfizer will not split into two publicly traded companies, a decision that, at least for now, ends Wall Street speculation over the drugmaker’s future.

The company said on Monday it believes it is best positioned to maximise shareholder value in its current form, but it reserves the right to split in the future if the situation changes.

The maker of Viagra and the pain treatment Lyrica has been talking about a split for several years, thinking that two companies might grow faster than one. It had said it would make a decision by the end of this year.

Chances of the breakup actually taking place began to fade over the summer due in part to rising sales for key new drugs from Pfizer and rising prospects for its drugs under development.—AP

Audi tech chief leaves after ‘dieselgate link’

FRANKFURT: Audi’s head of technical development stepped down “with immediate effect” on Monday, the luxury carmaker announced, after German media accused him of involvement in parent company Volkswagen’s “dieselgate” scandal.

Stefan Knirsch had held the position for barely 10 months, replacing another top engineer who left after being suspended as part of an inquiry into the emissions cheating saga.

Audi said Knirsch was “leaving in agreement with the supervisory board” but did not elaborate on his reason for quitting.—AFP

Published in Dawn, September 27th, 2016