From Fnno.com, This is the financial news network. Here’s what’s in the news for Wednesday August 8, 2012. The Wall Street Journal reports Deutsche Bank”s (NYSE:DB) attempt to sell its huge real-estate fund group–known as RREEF–is taking its toll on one of the world’s largest property investment businesses. The bank’s lack of clear direction is putting its real estate fund group at a competitive disadvantage, some investors and consultants say. The Wall Street Journal also reports Best Buy (NASDAQ:BBY) founder Richard Schulze sees a turnaround plan that involves cutting prices to better compete against Amazon.com (NASDAQ:AMZN) and other online retailers while ensuring that the in-store customer-service experience is as good as Apple’s (NASDAQ:AAPL). Reuters reports Morgan Stanley (NYSE:MS) may close brokerage offices, laying off support staff and requiring some branch managers also to generate revenue as advisers under a cost-cutting drive, sources say. Bloomberg reports stocks in the U.K. fell from a four month high before Bank of England Governor Mervyn King presents his outlook for the country’s economy today. King will cut forecasts for growth and inflation as policy makers stay open to adding more stimulus for the U.K. economy, economists say. The bank will predict inflation to slow further below its 2% target than previously projected and forecast lower growth this year and next. Finally, Bloomberg reports Cognizant Technology Solutions (NASDAQ:CTSH) is considering acquisitions in France and Germany as Europe”s debt crisis creates more demand for services that lower costs. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.
