Japan Airlines will slash 6,800 jobs and suspend a number of overseas routes in an attempt to cut cost.
UK daily Financial Times, quoting people close to the development, said, "Citigroup is to revamp its board with the departure of long-standing members Kenneth Derr and Franklin Thomas following criticism of its ability to supervise the troubled company's executives and strategy".
The judge overseeing GM's Chapter 11 case has set Friday as the deadline for objections to its restructuring plan. The report noted that GM and its advisers are confident that none of the roughly 500 objections submitted so far would derail the timetable, under which the court is due to consider the sale of most of its assets to a new entity on June 30.
Citigroup and the International Finance Corporation will be launching a funding tie-up worth $1.25 billion, aimed at boosting global trade flows, says a media report. As per the deal, Citi would provide $750 million to banks in Asia, the Middle East, Africa and Latin America over a three-year period, it added.
And what happens next?
Growth in the east Asia region would be dragged down by the poor performance of countries like Thailand, Singapore and Malaysia.
The 62-year-old Fuld, who run Lehman for nearly 15 years, is considering to launch a firm to advise small companies on financial and strategic issues. British daily the Financial Times has reported that Fuld plans a comeback and has told friends that he might launch a small advisory firm to harness his contacts in US companies.
China poses the biggest challenge to India's IT outsourcing industry, which is expected to grow by an average 15 per cent over the next two years, according to the chief executive of India's biggest business processing outsourcer.
Formula One could live without Ferrari if they were to walk away in protest at the introduction of a budget cap, according to International Automobile Federation (FIA) president Max Mosley. He made clear that he would not be backing down over allowing teams to compete with a voluntary 40 million pound ($59.56 million) cap in 2010 in exchange for greater technical freedom than others remaining with unrestricted budgets.
The head of the World Health Organisation hit back at critics who have accused it of over-reaction to the swine flu crisis, warning it may return "with a vengeance" in the months ahead.
Quoting Tata Steel managing director B Muthuraman, the daily said the target could be reached partly by improving manufacturing procedures at the Corus plants spread across Europe. The Indian conglomerate Tatas had acquired the Anglo-Dutch steel maker Corus for about $13 billion last year.
The Financial Times quoted senior officials as saying that Chinese hackers had penetrated the White House computer network on multiple occasions and obtained e-mails between government officials. They, however, conceded that it was extremely difficult to trace the exact source of an attack beyond a server in a particular country, the Times said.
Pakistan is taking India's dossier on the Mumbai terror attacks "extremely seriously" and will "have to act fast" to complete its probe, Premier Yousuf Raza Gilani has said. "The dossier passed on to the government of Pakistan, we are taking it extremely seriously, and we have already started (an) investigation and the results will come soon," he told the Financial Times daily in an interview.
Goldman Sach's chief Lloyd Blankfein had called up his Citigroup counterpart Vikram Pandit to discuss a merger but the proposal was rejected by the India-origin chief executive officer, The Financial Times has reported.
Financial services major Barclays is to reduce its headcount by about 2,100 in investment banking and money management, as part of its cost cutting measures.The company is cutting 1,300 people from Barclays Capital, the debt-focused investment banking business, 500 from the Barclays Wealth private banking arm, and 330 in asset management business Barclays Global Investors. Overall, the cuts amount to 7 per cent of the three divisions' staff.
With global trade expected to shrink drastically in 2009, the issue of increasing protectionism is expected to come up for an intense discussion at the summit in London among the leaders of the advanced and developing economies which account for over 80 per cent of the multilateral trade.
Troubled financial services firm Citigroup is inviting bids for selling its Japanese brokerage unit, Nikko Cordial, in an effort to raise over $5 billion, a media report says.
The need for larger investment in infrastructure that is the biggest shortcoming, says A V Rajwade.
The top executives of American entities Merrill Lynch and Morgan Stanley will forego their yearly bonuses amid the Wall Street executives coming under fire for the ongoing financial turmoil, say media reports.
US government on late Sunday announced plans to remove billions of dollars of 'toxic assets' from the balance sheet of crisis-ridden banking giant Citigroup
Corus plans to spend about $140 million for opening two mines in South Africa and Canada, which could produce 10 million tonnes of iron-ore a year by early next decade, while it is also mulling another mining project in Ivory Coast, the report said. The captive mines insulate the company from the steep rises in iron ore prices and give it a similar position as the Jamshedpur plant, it added.
In what could raise questions about his ability to rule Pakistan, a newspaper has claimed that Asif Ali Zardari, the country's leading contender for presidency, was suffering from severe mental problems as recently as last year.
The buying of the aircraft was 'seen as a misuse of money at a time when the bank is reliant on public support'. The report said that Citi, which earlier insisted that it would go ahead with the purchase of the jet, backed out after officials acting for Treasury Secretary Tim Geithner, expressed strong opposition to the move.
The troubled financial services major Citigroup's deal to sell its brokerage unit to Morgan Stanley is expected to bring about $4 billion tax revenue to the US government.
President Barack Obama is voicing optimism that this week's crucial G20 summit will set the framework for recovery, saying that world leaders know they must 'deliver a strong message of unity' for the sake of the global economy.
The cutback in production has been announced on top of three days' production halt this month and would impact most of Toyota's models made in Japan, excluding those outsourced to subcontractors, the report revealed. Further, sales of new vehicles in Japan slumped to the lowest level in three decades in 2008 as recession hit Asia's biggest economy, piling pressure on its auto giants, an industry group had said.
With no signs of financial aid coming from the UK government, Indian conglomerate Tatas have agreed to inject "tens of millions of pounds" into its British car company Jaguar Land Rover, says a media report.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
Citi CEO Vikram Pandit in an internal memo to the staff tried to allay fears over debt and its share price, which is hovering around $1. Pandit said in the memo that 'we were profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.' He added that in January and February, the bank generated revenues of $19 billion before markdowns.
News of all that's transpired on and off the football field
Arun Sarin, the former chief executive of telecom giant Vodafone, who was reportedly in the race for the CEO post at Internet major Yahoo has decided not to accept the offer, says a media report.
India-born Vikram Pandit led world's biggest bank Citigroup is planning to overhaul its bonus system, aimed to increase co-operation and minimise in-fighting among disparate parts of the conglomerate, a media report said.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
The head of Pantaloon, India 's leading retailer, has warned that high property prices in big Indian cities are threatening the country's burgeoning retail industry and adding to the pressures brought on by soaring construction and labour costs
According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs. Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland's second-largest bank this year, the report said.
According to the newspaper, Lakshmi Mittal said large parts of manufacturing industry would not suffer the same problems as those parts of the world economy more closely linked to banking and finance such as housing and consumer goods. The India-origin billionaire indicated that substantial parts of the broad industrial sector across the world would perform in a satisfactory way in the next one to two years.
NRI steel tycoon Lakshmi Mittal has suffered a $50 billion decline in the value of shares he holds in the ArcelorMittal following the global financial meltdown, a leading economic daily has claimed.
Prime Minister Narendra Modi on Monday told developed countries which powered their way to prosperity on fossil fuels that it would be "morally wrong" if they shift the burden of reducing emissions on developing countries like India.
While noting few top persons have dared to question the ambitions of the country's MNCs, the daily quoted Kotak as saying that he was worried about corporate India's over-reach amid a period of global financial turmoil. Indian companies announced an estimated 240 outbound M&A deals in 2007 worth more than 32 billion dollars, up from less than 200 deals worth less than $10 billion in 2006 and not even $5 billion in 2005.
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