Business Briefs – July 7, 2019

Trump Pick for Fed Says She Does Not Want to Harm Investors

WASHINGTON (AP) – Economist Judy Shelton, tapped by President Donald Trump for a seat on the Federal Reserve board, says she does not favor credit tightening by the Federal Reserve that would harm investors. In a CNBC interview on Friday, Shelton sought to align her past criticism of the Fed’s record-low interest rates during the Obama administration with the current attacks by Trump on Fed rate hikes.

Deutsche Bank to Slash 18,000 Jobs in Sweeping Restructuring

FRANKFURT, Germany (AP) – Germany’s struggling Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, downsizing its volatile investment banking division in a restructuring aimed at restoring consistent profitability and better returns to shareholders.

The Frankfurt-headquartered bank said it would cut roughly a quarter of its total annual costs, from 22.8 billion euros last year to 17 billion euros, through steps such as dropping the investment bank’s stock-trading business.

It also plans to slim the division focused on fixed-income investments.

For years, Deutsche Bank has struggled with regulatory penalties and fines, weak profits, high costs and a falling share price. &

Rich Father-In-Law Has Helped, Complicated O’rourke’s Career

EL PASO, Texas (AP) – Democratic presidential candidate Beto O’Rourke’s father-in-law, William Sanders, is a wealthy real estate investor and has helped make the former Texas congressman and his wife millionaires. Sanders also contributed to O’Rourke’s bids for El Paso City Council, Congress, Senate and now the presidency. O’Rourke’s campaign says Sanders plays no role. Still, O’Rourke, known as a champion of little-guy values, might never have made it on the national stage without the help of his father-in-law.

BMW CEO to Quit After Carmaker Loses Early Lead in Electrics

FRANKFURT, Germany (AP) – BMW CEO Harald Krueger is stepping down amid weakening profits at the luxury automaker and pressure to meet challenges from new technologies. The German company said Friday that Krueger, 53, would not seek an extension of his contract, which expires at the end of April 2020.

U.K. Investigation of Amazon Investment Shows Tougher Approach

LONDON (AP) – The U.K. competition watchdog is investigating Amazon’s purchase of a significant stake in food delivery service Deliveroo. The Competition and Markets Authority decision on Friday will put any merger plans on hold.

Burned Jim Beam Warehouse Was Insured; Sprinklers Deployed

LOUISVILLE, Ky. (AP) – Jim Beam says its warehouse that burned down in central Kentucky and destroyed 45,000 barrels of aging whiskey was equipped with sprinklers and was insured. The distiller is still assessing the value of the lost bourbon.

Bahamas Police Were Told Billionaire Cline Was on Helicopter

NASSAU, Bahamas (AP) – Police in the Bahamas worked Friday to identify the bodies of seven Americans killed in a helicopter crash after being told that billionaire coal tycoon and Republican donor Chris Cline was among those on board. Bahamas Police Supt. Shanta Knowles told The Associated Press on Friday that the search began off the islands of Big Grand Cay when police received a report from Florida that a group including Cline had failed to arrive as expected on Thursday in Fort Lauderdale.