September 29th, 2016
Episode 843 of 999 episodes
Commerzbank is cutting 9,000 jobs and fears are growing for the stability of Deutsche Bank, which is facing a $14 billion fine in the US for misleading investors over mortgage assets. Deutsche Bank has denied seeking a state bailout and Commerzbank has earmarked at least $1 billion to cover the cost of restructuring. Madeleine Nissan, from the Wall Street Journal in Frankfurt, tells us what has gone wrong for banks in Europe's biggest economy. The chief executive of the American banking giant Wells Fargo has faced a second grilling in the US Congress over the scandal of staff opening millions of unauthorised accounts. Last week John Stumpf was said to be visibly shaken after politicians castigated his weak defence of fraud. We find out from the BBC's Samira Hussein in Washington how Mr Stumpf reacted to another political grilling. Some of the world's biggest carmakers have been talking about the UK's future relationship with the European Union at the Paris Motor Show. The head of Renault-Nissan, Carlos Ghosn, wants guarantees from the UK before making any future investment in a Nissan plant in England. Our Business Reporter Theo Leggett is at the event in Paris and he brings us the latest on the automotive industry's fears about Brexit. Hewlett Packard has reversed a controversial decision to stop owners of its printers using ink cartridges made by other companies. HP justified the move by saying it was protecting its innovations and intellectual property. However many customers were unhappy and the Electronic Frontier Foundation, a campaign group, accused the firm of betraying the public's trust to make more money. Technology expert Rupert Goodwins gives us his analysis of the reasons behind Hewlett Packard's change of strategy. The American jeans maker Levi Strauss has cemented its place in the history of denim, but the material actually originated in France. The city of Nimes is trying to revive this once thriving nineteenth century industry and our reporter Joshua Thorpe has been to southern France to see how a local company is trying to resurrect production of the textile, originally known locally as Serge de Nimes.