Private banks in Switzerland are not allowing their top executives to travel abroad because of the apprehension that they would be detained, as the authorities are cracking the whip on banks over secrecy matters, says a media report.
Pakistan seems to have donned the role of a guinea pig-cum-promotion agent for China's arsenal experiments, as it is all set to buy at least 36 advanced fighter jets from China in a landmark deal for about $ 1.4 billion (RS 65,000 million), reported the Financial Times.
The fDi Personality of the Year awards recognise the political and business leaders around the world who have been the most proactive, dynamic and innovative in securing foreign investment and improving the business environments of their jurisdictions.
Ten Indian companies, including Mukesh Ambani-led Reliance Industries and telecom major Bharti Airtel, are among the 500 top global companies for 2009
The three bidders in the running are Italian carmaker Fiat, Canadian car parts group Magna and Belgium-based financial investor RHJ International, the report said. The report noted that German chancellor Angela Merkel would meet top officials from the US, General Motors and the bidders for GM's European units Opel and Vauxhall on Wednesday.
"Citigroup is ramping up efforts to slash its huge technology costs, with the bank's management believing it can save significantly more than $1 billion in 2009 by integrating hundreds of systems that have been separate for years," the Financial Times has reported.
The company is set to be India's first microlender to become a bank
'The three tycoons I deal with in the first chapter -- Ambani, Mallya and Adani -- in their own way represent the change that has come over India.' 'Of the three of them, Mallya is the most fun. He was terrific.' 'And I don't say that because I tell the story in the book of his golden toilet.'
With the financial turmoil causing pursue strings to be tightened worldwide, leading British daily Financial Times will not give salary hikes in the near term, in addition to introducing voluntary redundancy programmes.
In January-June, India attracted $31 billion (Rs 2.05 lakh crore) in capital expenditure (capex) from foreign companies.
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
The fate of Indian conglomerate Tata group-owned Jaguar Land Rover is uncertain as talks with the UK government over a financial support package has virtually failed, media reports say.
Manufacturers warned on Wednesday that limited stocks of a future swine flu vaccine could be distributed on a "first come, first served" basis, leaving hundreds of millions of people in poorer countries without protection.
Everthing about Transformers: Revenge of the Fallen, the sequel to Transformers, is louder and bigger.
Citigroup chief Vikram Pandit will try to convince investors that the financial services major is on a recovery path, following fresh concerns about his future in the company, a media report said.
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.
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.
And what happens next?
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.
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