Germany denies preparing Deutsche Bank rescue plan
FRANKFURT The German government denied it was working on a rescue of Deutsche Bank as Germany's biggest lender boosted its balance sheet by selling its British insurance business on Wednesday.
LONDON Tesco, the world's third biggest retailer by revenue, defended its investment in a UK coffee chain on Tuesday following criticism from shoppers who said they had felt lied to after visiting what they thought was an independent business.
Harris+Hoole, which operates 10 coffee shops across London and southeast England, is 49 percent owned by Tesco. The Guardian newspaper reported this month that customers had felt duped after finding out about its investment.
"We invested in Harris+Hoole after meeting entrepreneur Nick Tolley and his siblings Andrew and Laura, who are passionate about great coffee," Tesco's chief executive Phil Clarke said in a blog post on the company's website.
"We like backing great brands, helping them to grow and to realise their potential," he said. "Some people have asked why it's not branded Tesco. The H+H brand is part of its value - its distinctiveness and appeal."
Clarke said that Tesco had previously invested in other small businesses, and would look at putting Harris+Hoole branches in its stores once the Tolleys were ready.
Artisan coffee shops, which tend to be small, independent businesses, are becoming increasing popular in the UK as alternative drink spots to cafes managed by larger, corporate rivals such as Starbucks and Costa Coffee.
(Reporting by Brenda Goh; Editing by Kevin Liffey)
BRUSSELS/FRANKFURT EU antitrust regulators warned on Wednesday that Deutsche Boerse's proposed $28 billion (£21.56 billion) merger with the London Stock Exchange could hinder competition in key financial market activities.
LONDON/BRUSSELS SABMiller shareholders overwhelmingly backed the brewer's $100 billion-plus takeover by Anheuser-Busch InBev on Wednesday, clearing the last big hurdle for one of the largest corporate mergers in history.