Mazda recalls 215,000 vehicles in US for steering
Mazda Motor Corp will recall 215,000 Mazda 3 and Mazda 5 vehicles sold in the US because of the risk that they could lose power steering without warning. The Mazda recall of vehicles from the 2007 through 2009 model years was announced in a filing with the US National Highway Traffic Safety Administration. Mazda said […]
Australian central bank faces makeover after election
The winner of Australia’s election on Saturday will have the rare opportunity to re-shape the leadership of the central bank, with almost the entire board coming up for reappointment in the next three years. The terms of eight of the nine Reserve Bank of Australia (RBA) board members, including the governor, expire between December and […]
World Bank pledges $900m in flood aid to Pakistan
The World Bank will release $900m to help fund relief efforts for Pakistan’s flood disaster as international agencies warned millions of people were at risk from disease. The UN has warned that up to 3.5 million children could be in danger of contracting deadly diseases carried through contaminated water and insects in a crisis that […]
UK spending cuts risk turning into demolition job
The British government may find it hard to stick to a coherent strategy as ministries scramble to cut spending by up to 40 percent on Treasury orders. Prime Minister David Cameron, who took office in May, says shrinking the record peacetime deficit from 11 percent of GDP to almost nothing within five years is the […]
Asia, LatAm job market spurs Michael Page profit
Recruiter Michael Page posted a 42 percent rise in first-half pretax profit, boosted by growing demand in Asia and Latin America, defying concerns that a sluggish economic recovery would hit job turnover. Michael Page, which finds jobs for people in financial, accounting and legal services, announced pretax profit up to £61.4m in the six months […]
Credit Suisse axes 75
Credit Suisse said it was cutting around 75 jobs in its UK operations, becoming the second investment bank in as many days to slim down as economic fears hit the deal-making business. “We are currently reducing headcount by approximately 75 in the United Kingdom in the investment bank and certain support functions,” the bank has […]
RWE says German nuclear tax would hit dividends
Germany’s RWE, Europe’s fifth-largest utility, warned government plans to introduce a nuclear fuel tax in Germany would keep a lid on its earnings and dividends for years to come. The statement makes RWE the first utility to detail the effects of a tax on the fuels of nuclear power stations, which Berlin plans to claw […]
Bank of Ireland to shake off state support slowly
Bank of Ireland plans to move away cautiously from state support by showing it can raise debt outside a government guarantee and gradually repay taxpayers’ funds over several years, it has announced. Ireland’s biggest bank by market value has become the first major Irish bank to replenish its capital from partly private sources, an exercise […]
Dollar near 15 year low after Fed move
The dollar hovered close to 15-year lows versus the yen but rose against other currencies on August 10 as investors pared back risk exposure in the wake of steps announced by the Federal Reserve to boost the economy. In early European trade, the dollar was up around one percent against the euro and the Australian […]
Saudi Arabia unveils $385bn spending plan
Saudi Arabia plans to build schools, hospitals, housing and other infrastructure projects as part of a five-year plan budgeted at $385bn, the state-run Saudi Press Agency (SPA) has reported. Ageing King Abdullah is under pressure to create jobs and build housing as the population grows and unemployment rises, hitting 10.5 percent last year. Two-thirds of […]
