Europe’s largest technology services provider will pay $48 per share for its US counterpart, valuing Igate shares 4.7% higher than last week’s closing price. The US purchase is seen as complementary to the French company’s European operations, and could represent a challenge to IBM.
2 hours ago
Deutsche Bank cuts back.
Germany’s biggest lender said it would reduce its ownership in its Postbank consumer banking unit and shrink its securities business to achieve cost savings of €3.5 billion ($3.8 billion) annually. The bank will also close 200 branches as it tries to reassure investors worried about rising legal costs and a poor stock performance.
April 26, 2015
Ratan Tata invests in Xiaomi.
The Indian business leader and chairman emeritus to the Tata conglomerate became an advisor to the Chinese smartphone manufacturer after investing an undisclosed sum. Tata is expected to help the company localize its products; only a few days earlier, Xiaomi launched the Mi 4i especially for the Indian market.
8 hours ago
DBS beats expectations.
Southeast Asia’s largest lender reported a record first-quarter net income of S$1.3 billion ($953 million), 3% higher than a year earlier and far higher than expectations. Higher interest rates on loans offset a general slowdown in lending, and the sell-off of a Hong Kong property investment added S$136 million in revenue.
EU officials called Greek prime minister Alexis Tsipras from Riga, after their meeting with finance minister Yanis Varoufakis became unproductive, according to the Financial Times (paywall). Tsipras’ government, which is seeking €1 billion ($1.1 billion) to pay pensions this week, has signaled that Varoufakis could be sidelined.
8 hours ago
Chart of the Moment
America’s biggest radio broadcaster hopes podcasts can end its losses.