Word: gumbel
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...through a law giving top government office holders immunity from prosecution, though last week Italy's high court deemed this move unconstitutional. Notes Guido Corbetta, a business professor at Milan's Bocconi University: "You can always improve the laws, but what's important is changing the culture." --By Peter Gumbel and Jeff Israely...
...including face-to-face meetings with President Jacques Chirac. Paris has now made a counter-offer that gives both men immunity; the Los Angeles prosecutor's office will decide this week whether to take the money - or start a spectacular trial of France Inc. on hostile turf. - By Peter Gumbel We Take Foreign Currency U.S. federal prosecutors charged 47 traders with fraud following an 18-month probe into the $1.2 trillion-a-day foreign exchange market. Authorities uncovered schemes allegedly bilking small investors and Wall Street banks out of millions of dollars...
...French government's stake in Air France to below 50%, ending decades of political meddling. That may be the biggest benefit of all. - By Peter Gumbel Putting Brakes On Carmakers Automakers have traditionally been in the driver's seat when selling cars in Europe. But that privilege expired last week with the introduction of E.U. regulations aimed at giving the consumer more options. Driving up competition and squeezing prices of cars, parts and services, the rules allow established dealers to open outlets anywhere in the E.U. from 2005, and manufacturers are no longer able to prevent several makes from being...
...Last week buzz spread that the end-2006 deadline for implementing the rules may be pushed back. That prospect worries European banks already changing over, which could cost up to $200 million per bank. Expect a showdown at next month's Basel reunion of central bank heads. - By Peter Gumbel One Down, So Many To Go Ben Glisan, former treasurer of Enron, became the first executive to be imprisoned over the accounting scandal at the bankrupt energy firm. Glisan was sentenced to five years in a U.S. prison after pleading guilty to securities and wire fraud...
...still supports its restructuring plans, but it's likely the bank will dump its 1.6% stake altogether. True, it still has more than 35 billion left in its portfolio. But look for an eventual sale of Deutsche's 11.8% share of DaimlerChrysler and 3.2% of insurer Allianz. - By Peter Gumbel No Light At The End Eurotunnel, the Anglo-French Channel Tunnel operator, announced a 7% drop in revenue for the first half of this year, leaving it unable to meet interest payments on debts of almost 39 billion. Price cuts prompted by fierce competition nulled an increase...