Deutsche’s ‘conflict’ fine
DEUTSCHE BANK has been fined $750,000 (£472,000) after its Deutsche Asset Management unit failed to register a conflict of interest in the merger vote of Hewlett-Packard and Compaq. The Securities and Exchange Commission said the unit reversed its vote on learning that HP was a client of the bank.
Merck in $2bn disposal
MERCK, the world’s third-biggest drug company, is set to dispose of its Medco Health pharmacy benefits subsidiary, allowing it to concentrate on its core pharmaceuticals business. Medco will be spun-off to Merck shareholders in a deal that will see Medco pay its parent $2 billion (£1.3 billion).
Staples earnings leap
STAPLES, the office supplies retailer, attributed an admirable 47 per cent surge in earnings to “better execution” in its