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Summary

  1. Deutsche Bank fined £1.7bn 'for Libor and Euribor failings'
  2. Public sector net borrowing excluding public sector banks fell to £87.3bn
  3. WPP says first quarter sales up 5.2% to £2.78bn

Live Reporting

By Tom Espiner

All times stated are UK

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Tom Espiner

Business reporter

Another day, another dollar - or several billion, if we're talking about

Deutsche Bank's fine for attempted benchmark interest rate manipulation. We heard that in March UK government borrowing
fell to £7.4bn, and that average annual income from a standard pension annuity has
fallen to a record low. With that, farewell until tomorrow at 06:00.

Renault sales

Shanghai International Automobile Industry Exhibition 2015
AFP

French car maker Renault says its revenues rose 13.7% in the first quarter as Europe's recovering car market helped offset falls in registrations in Russia and Brazil. The firm reported revenue of €9.39bn euros (£6.75bn) for January to March.

Deutsche Bank fine

Deutsche Bank logo
Getty Images

The

rate rigging fine for Deutsche Bank is "a major blow... both financially and for its reputation" says Mark Taylor, dean of Warwick Business School. "But the size of the fine is an important step in shifting the culture of the financial sector," he adds. "The severity of the fine imposed shows the importance the regulatory authorities attach to restoring belief in the integrity of the City of London." The fine has definitely restored our belief in the City's integrity. Oh yes.

Tobacco firm's profits fall

Marlboro boxes of cigarettes
AP

Altria Group, one of the world's largest tobacco companies, has reported a fall in first quarter net income of 13.4% to just under $1.02bn (£680m). But the firm, which includes Marlboro maker Philip Morris, said Marlboro's share of the US cigarette retail market rose to 44% in the quarter.

Annuities

Annuity rates - the returns you will get on your pension pot if you chose to buy an annuity, or life-time income - have fallen to "all-time lows" says Moneyfacts. The financial comparison service blames this on "lower demand and a sharp fall in gilt yields".

Hero to zero to hero

Mark Savage

Entertainment reporter

Chris Evans (Captain America) and Chris Hemsworth (Thor) in Avengers: Age of Ultron
Avengers: Age of Ultron

"Fifteen years ago, Marvel had just escaped bankruptcy. This week, it could overtake Harry Potter as the biggest film franchise in history."

Read

Mark's full article.

Deutsche Bank culture

Headquarters of Deutsche Bank in Frankfurt
EPA

US regulator the CFTC said that "Deutsche Bank's culture allowed... egregious and pervasive misconduct to thrive". For example, on conflicts of interest in benchmark interest rate submissions, "certain managers encouraged continual information sharing between derivatives traders, money market traders, and submitters for the various benchmarks, even restructuring business lines such that derivatives traders and submitters sat together in the London office. In this environment, traders often shouted their requests for beneficial submissions across the trading floor to the submitters."

Piraeus Bank

As well as writing off debts on consumer loans and credit cards, the Greek Piraeus Bank will also freeze payments on mortgage loans for customers in a precarious financial situation,

it says.

Piraeus Bank

Piraeus Bank branch in Athens
Reuters

Piraeus Bank will write off credit card and retail loans up to €20,000 (£14,360) for Greeks who qualify for help under a law the Syriza government passed to provide relief to poverty-stricken borrowers, it has said. The austerity programme imposed as a condition of the Greek EU and IMF bailout has left one in four people out of work.

Google Fi 'repercussions'

Nexus 6
Getty Images

Tough talk from the EC on mobile roaming charges.

Google's plan to run a mobile phone network in the US where subscribers will be automatically switched between 4G signals from two different providers will have "repercussions" for the European mobile market, says EC digital commissioner Guenther Oettinger. "It shows that roaming costs have no future. It should also be a clear signal for the [European] Council to abolish roaming charges," he says.

Via Email

Biscuits

Dave Francis

live page reader

Don't food manufacturers and supermarkets realise the damage they are doing their brands through 1. Their Scrooge-like behaviour designed to deceive grannies (That's NOT nice, guys!), and 2. Their wild fluctuations in pricing from one week to the next on the same product - what sense does that make for manufacturing runs? Perhaps the UK productivity problem is down to manufacturing lines spending more time switching between products than making anything?

Deutsche Bank

People walk past a branch of Deutsche Bank
Getty Images

Strong stuff from the US Commodity Futures Trading Commission (CFTC),

which said Deutsche Bank "allowed submitters and traders to prioritise profit motives over appropriate submission considerations, permitted a culture of trader self-interest to exist, and created conflicts of interest, which allowed the misconduct to occur".

FCA fines

For those who are interested, here's a handy

list of FCA fines. The running total since the beginning of the year is just under £412m.

Parking charges

Barry Beavis of Chelmsford
Laurence__Cawley

Fancy going to court to challenge a parking penalty? You may like to consider the experience of Barry Beavis from Chelmsford who has

lost his High Court challenge to an £85 charge.

Deutsche Bank data

Headquarters of Deutsche Bank in Frankfurt
Reuters

The bank said its investigation into trader rate rigging was "the largest in its history". It involved the bank collecting "more than 150 million electronic documents and 850,000 audio files", and "the review of more than 21 million electronic documents and 320,000 audio files". But UK regulator the FCA was unhappy when the bank "failed to provide timely, accurate and complete information." In one instance, the bank destroyed 482 tapes of telephone calls in error, the FCA said.

Deutsche Bank

Clock with the logo of Deutsche Bank outside the bank"s branch in Wiesbaden
Reuters

In the words of FCA acting director of enforcement Georgina Philippou, Deutsche Bank "took far too long to produce vital documents and it moved far too slowly to fix relevant systems and controls." Deutsche Bank said it "recognises that there were defects and delays in collecting and producing documents and audio" and that it has "significantly increased the number of employees dedicated to electronic discovery to 200".

Deutsche Bank response

Deutsche Bank has

put out a statement regarding its rate rigging fine. Juergen Fitschen and Anshu Jain, co-chief executives of Deutsche Bank, said: "We deeply regret this matter but are pleased to have resolved it... We have disciplined or dismissed individuals involved in the trader misconduct; have substantially strengthened our control teams, procedures and record-keeping; and are conducting a thorough review of the bank's actions in addressing this matter."

Deutsche bank employees

Deutsche Bank in Frankfurt
Reuters

While a number of employees have been sacked or have left Deutsche Bank, the New York State Department of Financial Services (NYSDFS) has ordered the bank to sack seven more of the employees of the bank who are still in post. The regulator said they were all were involved in the attempted manipulation of benchmark interest rates. One London-based managing director, four London-based directors, one London-based vice president, and one Frankfurt-based vice president have to go, NYSDFS said.

Deutsche bank employees

A number of Deutsche Bank employees involved in attempts to manipulate benchmark interest rates have been sacked or have left, said the New York State Department of Financial Services (NYSDFS). "We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals," said NYSDFS superintendent of financial services Benjamin M. Lawsky.

Via Email

Biscuits

Dave Wesson

live page reader

Biscuits on sale in Tesco
BBC

"Surely there is no confusion here as both the offer tickets show how much per 100 grams and, yes, the single packet is cheaper than the two packet, but it is clear." Well, it is in small print. And how many people bother to check such things?

Deutsche bank

For those with the time, the New York Department for Financial Services, one of the US regulators to fine Deutsche,

publishes some of the transcripts from conversations between bankers. According to their evidence, one Deutsche Bank employee said the Tokyo Interbank Offered Rate "is a corrupt fixing and DB is part of it!" Another Deutsche Bank employee seeking to obtain a lower rate said "I'm begging u, don't forget me… pleassssssssssssssseeeeeeeeee… I'm on my knees…"

Deutsche Bank

deutsche
Reuters

Why the huge fines? The FCA says it was "repeatedly misled" by the bank. For instance: "Deutsche Bank failed to provide timely, accurate and complete information. In one instance, Deutsche Bank in error destroyed 482 tapes of telephone calls, which fell within the scope of an FCA notice requiring their preservation. Deutsche Bank also provided inaccurate information to the regulator about whether other records existed."

Deutsche Bank fined

The German bank has been fined even more by the US. Three regulators in the US have, between them, fined it $2.175bn. That's about £1.45bn.

BreakingBreaking News

Deutsche Bank fined

Deutsche Bank has been fined £227m by the Financial Conduct Authority "for Libor and Euribor failings and for misleading the regulator". "This case stands out for the seriousness and duration of the breaches by Deutsche Bank - something reflected in the size of today's fine," said Georgina Philippou, acting director of enforcement and market oversight.

Market update

Germany's DAX fell 1.3% to 11,710.91 and France's CAC 40 lost 0.9% to 5,164.04. Britain's FTSE 100 was the same at 7,030.32. On Wall Street, bets on the Dow Jones indicated a fall of 0.3% and for the S&P 0.2% lower.

Housing in England

The proportion of homes in England that are privately rented has now reached 20%, up from 19%. The figures have been published by the

Department for Communities & Local Government (DCLG). See table 3.

David Laws

BBC News Channel

Laws
BBC

"We've got more detail about our deficit reduction plans and tax plans than any other manifesto," said David Laws of the Liberal Democrats. "I think that enables us and gives us the credibility where we are investing more on things like education and the NHS to know we can deliver those pledges in government."

Ed Miliband

BBC News Channel

Miliband
BBC

"We are going to balance the books," says Labour leader Ed Miliband, on the News Channel. He won't give an "arbitrary timetable" though, he says. "What matters is fiscal credibility with clear rules you can meet."

George Osborne

BBC News Channel

Osborne
BBC

Chancellor George Osborne has been speaking ahead of the election. He says a secure economy is important to pay for public services for the NHS and said the UK's economy is growing "faster than any other major advanced economy in the last year". China,

with its 7% growth, may disagree.

Via Email

Retail sales

Keith Richardson

Managing Director Retail Sector at Lloyds Bank Commercial Banking

Even with continued falls in fuel and food prices, consumers are responding to this current period of uncertainty by being just as careful about their own spending as they have been for the past few years.

Beer sales in Germany

beer
Reuters

Sales of beer in Germany rose a shade last year, boosted in part by the country's run in the World Cup. The Federal Statistical Office said that Germans drank 22 million litres of beer per day in 2014 on average, up from 21.8 million litres in 2013. With Germany's population at about 81 million, that's about a quarter of a litre a day each. Or just under half a pint.

Left in the dark

Four of the major parties have not provided "anything like full details" on plans to cut the deficit, the

Institute for Fiscal Studies has said. It said voters could see the "broad outlines" of the choices on offer, but the electorate had been left "somewhere in the dark" over cuts planned by the Tories, Labour, Lib Dems and SNP.

Property sales

The CML's mortgage lending figures chime with the property sales figures published earlier this week by

HM Revenue & Customs (HMRC). These showed that in March sales in the UK bounced back to 93,000, a bit higher than in March last year. They had fallen to 78,000 and 80,000 in January and February respectively.

Mortgage lending

Sold sign
PA

So what is going on with mortgage lending? The CML's chief economist Bob Pannell says the underlying lending picture is stabilising. "Sentiment and activity are showing early signs of improvement, and should be further supported by the effects of stamp duty reform. We expect to see lending strengthen over the next few months, albeit from a relatively sluggish start in 2015."

Public sector finances

Do you ever get confused by politicians and journalists wittering on about deficits and debts? And sometimes confusing the two? The next time you hear anyone talking about government debt going down, remember these figures. According to the

ONS, the public sector net debt (roughly what we used to call the national debt) has gone up by £500bn in the past six years and now stands at £1.484 trillion.

Sainsbury's job cuts

Sainsbury's store
PA

Sainsbury's is planning to cut 800 jobs as it reorganises the management of its stores. The job loses will be mainly among departmental and deputy managers.

Your business in their hands.

Kamal Ahmed

BBC Business editor

Find out what the political parties are promising for the future of business. Join me, the BBC's business editor Kamal Ahmed, today from 11:00am for a live Q&A when I will be answering your questions. On Twitter, tweet your question to @BBCRealityCheck using the hashtag #AskBBCKamal. Or you can email me at haveyoursay@bbc.co.uk

Biscuit confusion

Anthony Reuben

Business reporter, BBC News

Biscuits on sale in Tesco
BBC

I spotted this gem in Tesco yesterday, on the day

we reported that Which? was calling on the regulator to do something about confusing prices in supermarkets. At first glance it looks simple: one packet of biscuits for 79p, two packets for £1.50. But it turns out that the single packet weighs 262g, while the bundled packets weigh 242g each - a difference of one biscuit per packet. That means you are paying slightly less per biscuit buying one packet than two. All clear?

Retail sales

Petrol pump
PA

Here is an interesting statistic. The ONS says that the biggest fall in retail sales volume during March was in petrol and diesel. Sales of the vehicle fuels dropped by a whopping 6.2%. Why was that?

Mortgage lending

Coins and Monopoly houses
PA

And how has mortgage lending been going? The

Council of Mortgage Lenders (CML) says total lending bounced back in March, after an apparent dip in January and February. Total lending went up to £16.5bn in March. That was is 21% up from February this year, and 7% up on March last year.