Total recall
It is every manufacturer’s worst nightmare – the product that the company has spent millions developing, producing, marketing and shipping all around the world may have a fault. There is a risk that some of the products – maybe a few, perhaps many – could be harmful. The company faces a stark choice: voluntarily pull […]
Japan signals tax reform, seeks to avoid deadlock
Japan’s government has announced it will press on with tax reforms to cut a huge public debt despite a stunning election setback, and was looking to two opposition parties to help drive policy change. Prime Minister Naoto Kan’s ruling coalition lost its upper house majority in a weekend election, putting his policies to deal with […]
Santander to buy SEB’s German retail banking unit
Spain’s largest bank Santander moved one step closer to its goal to be a full service retail bank in Germany with the acquisition of Sweden’s SEB retail banking division, the bank has announced. The Ä555m ($699.1m) deal comes as Santander attempts to increase its footprint in both Europe, particularly Germany and Britain, as well as […]
ECB’s Trichet: budget cuts won’t lead to new slump
ECB President Jean-Claude Trichet dismissed warnings that drastic and simultaneous spending cuts planned by eurozone governments could send the 16-country bloc back into recession. US policymakers have called for continued stimulus to keep momentum in the global recovery, while many economists and academics have raised fears that austerity measures on the cards in Athens and […]
Japan machinery orders slide on economy doubts
Japanese machinery orders tumbled by the most in almost two years in May as companies grew more cautious about the business outlook due to a rising yen and signs of a global economic slowdown. Bank lending in June also fell, matching the biggest annual decline in almost five years, as demand from companies for funds […]
Germany drafts Ä9bn defence savings plan
German defence ministry experts have drawn up a list of potential savings in weapons and equipment worth Ä9.3bn in the long-term, according to newspaper reports. German daily Bild reported the number of A400M military transport aircraft would be reduced and 15 Transall transport planes taken out of service immediately. Under the proposal, Germany would buy […]
Spyker avoids more debt in final Saab payment
Dutch carmaker Spyker Cars used internal funding rather than external debt to pay General Motors the final $24m purchase price for Sweden’s Saab, ending concern over how it would foot the bill. Niche carmaker Spyker, which has never made a profit, took over the larger Saab from GM earlier this year and is now working […]
Japan business mood best in two years
Japanese business confidence was at its best in two years in the three months to June and big firms revised up capital spending plans, a Bank of Japan survey showed, in a sign the export-driven economic recovery is taking hold. The tankan survey showed Europe’s sovereign debt woes and the sharp appreciation in the yen […]
StanChart stumps up $500m for AgBank IPO
Asia-focused bank Standard Chartered Plc said it will invest $500m as a cornerstone investor in Agricultural Bank of China’s IPO in Hong Kong. AgBank is seeking to raise more than $20bn in a Hong Kong and Shanghai IPO, and sources had previously told reporters that Standard Chartered would invest $500m. The listing is expected to […]
