(Updates to add item on “Wal-Mart”)
Dec 11 (Reuters) - The following corporate finance-related stories were reported by media:
* The New York banking regulator is investigating if Deutsche Bank and Barclays Plc used algorithms on their trading platforms to manipulate foreign exchange rates, a source with direct knowledge of the matter told Reuters.
* Cracks in the foundation of Wal-Mart's retail business in China have been developing for years, hidden by questionable accounting and unauthorized sales practices, according to employees and internal documents reviewed by Bloomberg. (bloom.bg/1um3AjR)
* Starboard Value LP has built a roughly 6 percent stake in Staples Inc and increased its position in Office Depot Inc to about 10 percent, according to people familiar with the matter, moves that could increase pressure for a combination of the office-supply retailers. (on.wsj.com/1un4jRL)
* A group of telecommunications companies led by Oi SA looking to break up a rival in Brazil are still negotiating with each other and no bid for the target is imminent, a source with knowledge of the situation said on Wednesday.
* Troubled British outsourcer Serco is in talks to sell its environmental services arm to turnaround specialist Rutland Partners for around 75 million pounds ($118 million), a source close to the situation said on Wednesday.
* British bank HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa, Stuart Scott, a source with knowledge of the decision said on Wednesday.
* The biggest U.S. private mortgage insurer, Radian Group Inc, is close to a sale of its financial guaranty business to Assured Guaranty Ltd for around $800 million, according to people familiar with the matter.
* French food group Danone will hold a board meeting on Thursday to discuss whether to keep or sell its medical nutrition business, a person familiar with the matter said.
For the deals of the day click on
For the Morning News Call-EMEA newsletter click on (Compiled by Rishika Sadam in Bengaluru)