Some 500 German police officers have raided the headquarters of the Deutsche Bank in Frankfurt, arresting five employees. Officials say staff are suspected of involvement in tax evasion and money laundering.
The Federal Reserve Bank of New York has sharply criticized Deutsche Bank for "shoddy financial reporting." This assessment was first made public by the Wall Street Journal, which quoted a letter to the German lender.
The Australian government has voted to repeal a carbon tax and abandon the world's third-largest emissions trading scheme. The decision to scrap the latter is a major setback for global CO2 trading.
Germany’s environment ministry believes it’s unlikely Germany will meet its 2020 greenhouse gas reduction goals. They say the country will come up seven percent short, but critics say it could be even worse.
Swiss bank Credit Suisse has reported a huge second-quarter loss as it struggles to overcome a major fine from US tax authorities. But the bank said restructuring its investment arm would help get it back on track.
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