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Apple has been granted a temporary injunction preventing Samsung Electronics from selling iPad tablet computer rival Galaxy Tab 10.1 in the European Union, except the Netherlands. An Apple spokeswoman confirmed the ruling had been made by a court in Germany, after Apple argued the Korean firm had infringed its patents. It is the latest setback for Samsung's launch of the Galaxy. The Galaxy's Australian release has been delayed due to a similar lawsuit. Apple is also seeking a court order to temporarily block sales of the tablet computer in the US until patent claims are resolved. Analyst Tony Cripps said he expected the temporary injunction to have a short-term effect on sales of the Galaxy 10.1 Tab, which is "set to be among the strongest threats to the iPad's current dominance of the tablet market".
----------BBC ONLINE
China manufacturer China CNR recalls 54 bullet trains
Chinese state-owned train manufacturer, China CNR, will recall 54 bullet trains, as problems continue to plague the industry. The particular models were used on the Beijing-Shanghai high-speed rail line, the firm said in a statement. The announcement comes a day after officials placed a temporary halt on all new high-speed rail projects. The government continues to face public fury over a crash that killed 40 people last month. The incident, which took place on a separate high-speed rail line near Wenzhou, lead to allegation of mishandling on the part of authorities and has called the country's flagship project into question. This after the rail link between Shanghai and Beijing had already run into delays because of power cuts and technical reasons after it was launched in June. The State Council said on Thursday that safety checks would be carried out on existing lines, speed limits would be enforced and the safety of all new projects would be re-evaluated before being approved. "We will suspend for the time being the examination and approval of new railway construction projects," the council said in a statement. However, the council also said: "China will unswervingly continue its development of high-speed railways."
----------BBC ONLINE
----------BBC ONLINE
Four EU nations ban short-selling on banking stocks
France, Italy, Spain and Belgium have banned short-selling on the shares of banks and other financial companies. It follows sharp gains and losses in bank stocks in recent days, especially in France, on fears about their exposure to eurozone government debt. Societe Generale has been the worst affected by the volatility, being forced on Wednesday to deny that its financial stability was at risk. Short-selling is when traders profit from bets on the fall in a share price. It has been blamed for increasing recent market instability. Short-sellers usually borrow shares or bonds, sell them, then buy them back when the stock falls - pocketing the difference. "Naked" short-selling is when a trader sells financial instruments he has not yet borrowed. All forms of short-selling are included in the ban.
----------BBC ONLINE
----------BBC ONLINE
World oil prices turn higher
Crude prices turned higher in Asian trade Thursday on bargain-hunting following recent sharp falls due to worries about the state of the US and European economies, analysts said. New York’s main contract, light sweet crude for delivery in September, was up 46 cents to $83.35 per barrel in afternoon trade. Brent North Sea crude for September delivery advanced 53 cents to $107.21. Oil prices had tumbled in morning trade following a steep decline in global markets, prompting investors looking for cheaper prices to get into the fray. But analysts said the overall trend remained subdued because of the gloomy outlook for the world economy. ‘I think markets are being weighed down by global equities markets... market sentiment is still uncertain as to what’s going to happen in Europe and the US,’ said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. US stocks plummeted over four per cent Wednesday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous. The Dow Jones Industrial Average closed down 519.83 points (4.62 per cent) at 10,719.94, reversing its 430-point gain on Tuesday, and the broader S&P 500 fell 51.77 points (4.42 per cent) to 1,120.76. The tech-heavy Nasdaq lost 4.09 per cent, or 101.47 points, to 2,381.05. Asian stock markets mostly fell on Thursday but were off their earlier lows in the afternoon as traders went bargain-hunting.
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Bangladeshi PM disclose new currency notes in the market
Bangladesh Bank on Thursday released new currency notes of Tk 2, 5, 100, 500 and 1,000 denomination with the portrait of the country’s founding president Sheikh Mujibur Rahman. The new notes were formally released by prime minister Sheikh Hasina at a function at the prime minister’s office, marking the completion of 40 years of national independence. The new Tk 2 currency bears the signature of finance secretary Mohammad Tareq while the currencies of other denominations have the signature of Bangladesh Bank governor Atiur Rahman. Briefing newsmen after the function, prime minister’s press secretary Abul Kalam Azad said the existing paper currencies of the same denominations will also remain in circulation as usual. Speaking on the occasion, prime minister Sheikh Hasina described the introduction of the new paper currencies with the portrait of Sheikh Mujibur Rahman and depicting the national history and culture as a historic occasion. Appreciating the designs and contents of the currency notes, she said these currency notes will also be helpful for identification by the visually impaired people. Reiterating her government’s firm commitment to free people of poverty, Hasina vowed to expedite socioeconomic development across the country. ‘We all have to work hard unitedly so that people of villages enjoy the fruits of national development and can feel they are part of the development,’ she said. Finance minister Abul Maal Abdul Muhith, Atiur Rahman, and eminent artist Qaiyum Chowdhury also spoke on the occasion. Prime minister’s advisers H T Imam, Alauddin Ahmed, Mashiur Rahman, Gowher Rizvi and Syed Mudasser Ali, principal secretary MA Karim and prime minister’s office secretary Mollah Waheeduzzaman were, among others, present.
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Hong Kong co to invest $8.29m in Bangladesh Adamjee EPZ
JJ Garment Bangladesh Limited, a Hong Kong (China) company, will set
up a knit and woven garments manufacturing industry in the Adamjee
Export Processing Zone. This fully owned company will invest $8.286
million in setting up their unit and will manufacture all kinds of
knit and woven garments items. The company will also create employment
opportunity for 3,339 Bangladeshi nationals. An agreement to this
effect was signed between the Bangladesh Export Processing Zones
Authority and JJ Garment Bangladesh in BEPZA Complex in the city
Thursday. Md Moyjuddin Ahmed, member (investment promotion) of the
BEPZA and Jim Sun Yiu, chairman of the company, signed the agreement
on behalf of their respective organisations.
---------------NEWAGEBD ONLINE
up a knit and woven garments manufacturing industry in the Adamjee
Export Processing Zone. This fully owned company will invest $8.286
million in setting up their unit and will manufacture all kinds of
knit and woven garments items. The company will also create employment
opportunity for 3,339 Bangladeshi nationals. An agreement to this
effect was signed between the Bangladesh Export Processing Zones
Authority and JJ Garment Bangladesh in BEPZA Complex in the city
Thursday. Md Moyjuddin Ahmed, member (investment promotion) of the
BEPZA and Jim Sun Yiu, chairman of the company, signed the agreement
on behalf of their respective organisations.
---------------NEWAGEBD ONLINE
E. coli: Russia bans import of EU vegetables
Russia has banned the import of all fresh vegetables from the European
Union because of the E. coli outbreak centred on Germany. The
country's chief medical officer said EU-produced vegetables would be
seized across Russia. More than 1,500 people have been infected by
enterohaemorrhagic E. coli (EHEC), which can cause the deadly
haemolytic-uraemic syndrome (HUS). Seventeen people have died - 16 of
them in Germany and one in Sweden. The World Health Organization says
that the E. coli bacterium behind the outbreak is a new, mutant
strain. Earlier suggestions that infected Spanish cucumbers were the
source of the outbreak have now been discounted, with German health
officials admitting they do not know where this particularly virulent
strain of of E.coli has come from. The EU regarded the Russian ban as
"disproportionate" and would be lodging a protest, European Commission
spokesman Frederic Vincent said.He added that the total value of EU
exports of fresh vegetables to Russia was 600m euros a year, a quarter
of the total exported. Spain, France, Germany and Poland are the
biggest exporters. Russia banned vegetable imports from Germany and
Spain earlier this week.
---------------BBC ONLINE
Union because of the E. coli outbreak centred on Germany. The
country's chief medical officer said EU-produced vegetables would be
seized across Russia. More than 1,500 people have been infected by
enterohaemorrhagic E. coli (EHEC), which can cause the deadly
haemolytic-uraemic syndrome (HUS). Seventeen people have died - 16 of
them in Germany and one in Sweden. The World Health Organization says
that the E. coli bacterium behind the outbreak is a new, mutant
strain. Earlier suggestions that infected Spanish cucumbers were the
source of the outbreak have now been discounted, with German health
officials admitting they do not know where this particularly virulent
strain of of E.coli has come from. The EU regarded the Russian ban as
"disproportionate" and would be lodging a protest, European Commission
spokesman Frederic Vincent said.He added that the total value of EU
exports of fresh vegetables to Russia was 600m euros a year, a quarter
of the total exported. Spain, France, Germany and Poland are the
biggest exporters. Russia banned vegetable imports from Germany and
Spain earlier this week.
---------------BBC ONLINE
Toshiba prices its new tablet to undercut Apple's iPad2
Toshiba has announced its foray into the fast-growing tablet market
with its latest gadget called Thrive. The Japanese electronics maker
has priced its entry level model at $429 (£262), which is cheaper than
the base model of Apple's iPad2. The company said its base model comes
with wi-fi ability and is targeted at consumers who use tablets at
home. The tablet will go on sale in the US on 10 July. 'Non-Apple
products' The success of Apple's iPad has encouraged many computer and
electronics companies to enter the segment. Samsung has launched its
Galaxy tab, while Sony has also announced its entry with two new
models. While none of them have been able to make a significant dent
in Apple's market share, Toshiba said demand for other products was
increasing gradually. "There is a market out there of folks who want
to buy non-Apple products," said Jeff Barney of Toshiba America.
---------------BBC ONLINE
with its latest gadget called Thrive. The Japanese electronics maker
has priced its entry level model at $429 (£262), which is cheaper than
the base model of Apple's iPad2. The company said its base model comes
with wi-fi ability and is targeted at consumers who use tablets at
home. The tablet will go on sale in the US on 10 July. 'Non-Apple
products' The success of Apple's iPad has encouraged many computer and
electronics companies to enter the segment. Samsung has launched its
Galaxy tab, while Sony has also announced its entry with two new
models. While none of them have been able to make a significant dent
in Apple's market share, Toshiba said demand for other products was
increasing gradually. "There is a market out there of folks who want
to buy non-Apple products," said Jeff Barney of Toshiba America.
---------------BBC ONLINE
Groupon share offer to raise up to $750m
Daily discount website Groupon is seeking to raise up to $750m (£460m)
in an initial public offering (IPO). It is the latest move by an
internet company seeking to cash in on investor appetite for social
media firms. Last month, business networking site LinkedIn saw its
shares more than double in value on their first day of trading after
the company went public. IPOs are when companies list their shares on
the stock market for the first time. Groupon offers daily discounts to
members on items ranging from meals out and beauty treatments to
flying lessons. The offers are typically available for a set period
and for a limited number of buyers. Groupon then takes a commission of
30-50% from the merchants who provide the services. The company has 83
million members in 43 countries and employs more than 7,000 staff.
---------------BBC ONLINE
in an initial public offering (IPO). It is the latest move by an
internet company seeking to cash in on investor appetite for social
media firms. Last month, business networking site LinkedIn saw its
shares more than double in value on their first day of trading after
the company went public. IPOs are when companies list their shares on
the stock market for the first time. Groupon offers daily discounts to
members on items ranging from meals out and beauty treatments to
flying lessons. The offers are typically available for a set period
and for a limited number of buyers. Groupon then takes a commission of
30-50% from the merchants who provide the services. The company has 83
million members in 43 countries and employs more than 7,000 staff.
---------------BBC ONLINE
Sony network attacked again, hackers claim
A hacker group has claimed it has attacked the Sony network and stolen
more than one million passwords, e-mail addresses and other
information. Lulz Security said it had broken into servers that run
SonyPictures.com. The Japanese electronics giant said it was aware of
Lulz Security's statement and was investigating the claims. Sony had
to apologise in April after its PlayStation Network was attacked and
hackers stole data from more than 77 million accounts. That attack was
considered the biggest in internet history and led to Sony shutting
down the PlayStation Network and other services for almost a month.
The company has estimated the data breach will result in a $170m
(£104m) hit to its operating profit. Since then, Sony's networks have
become targets for hackers and the company has confirmed at least four
other break-ins prior to the claimed attack on Sony Pictures. Lulz
Security claims to be behind one of those attacks, an assault on Sony
Music Japan. The latest alleged attack will come as a blow to the
Japanese firm, 24 hours after it announced the PlayStation Network
would be fully restored in the US and Europe, and said it had beefed
up its security systems.
---------------BBC ONLINE
more than one million passwords, e-mail addresses and other
information. Lulz Security said it had broken into servers that run
SonyPictures.com. The Japanese electronics giant said it was aware of
Lulz Security's statement and was investigating the claims. Sony had
to apologise in April after its PlayStation Network was attacked and
hackers stole data from more than 77 million accounts. That attack was
considered the biggest in internet history and led to Sony shutting
down the PlayStation Network and other services for almost a month.
The company has estimated the data breach will result in a $170m
(£104m) hit to its operating profit. Since then, Sony's networks have
become targets for hackers and the company has confirmed at least four
other break-ins prior to the claimed attack on Sony Pictures. Lulz
Security claims to be behind one of those attacks, an assault on Sony
Music Japan. The latest alleged attack will come as a blow to the
Japanese firm, 24 hours after it announced the PlayStation Network
would be fully restored in the US and Europe, and said it had beefed
up its security systems.
---------------BBC ONLINE
Toyota, Honda global output halved after quake
Production at Toyota Motor Corp and Honda Motor Co is likely to
recover more quickly than initially feared after Japan's massive
earthquake wreaked havoc with their supply chains and halved output in
April. Japanese automakers have been plagued by shortages of hundreds
of components after a magnitude 9.0 earthquake and tsunami damaged
factories in Japan's northeast, and have said they expect to lose
significant share in some markets as a result. But their public
predictions of a recovery to pre-quake production levels late this
year are increasingly seen as conservative. 'April is likely to be the
bottom and we might see back-to-normal production levels in July or
August,' said Yoshihiko Tabei, chief analyst at Kazaka Securities.
'Some parts suppliers say they are resuming full production in June in
time for automakers' summer operations. And the widely anticipated
disruption in power supply during summer is not likely to have a big
impact on production,' he said. Toyota, which is this year set to lose
its crown as the world's biggest automaker, said its global output
tumbled 47.8 per cent in April versus a year ago to 3,08,555 vehicles.
Honda said its production fell by 52.9 per cent, while Nissan Motor Co
logged a 22.4 per cent decline. The Nikkei business daily said on
Friday that domestic output for Nissan is expected to return to normal
levels in June while Toyota's is likely to rise to 90 per cent of
normal levels. Officials at Toyota and Nissan said the report was not
based on company announcements and their plans have not changed.
Toyota has said it expects its production at home and overseas to be
around 70 per cent of normal levels in June while Nissan has said it
expects a recovery to full-capacity production globally in October.
Honda expects a recovery by the year end but has also said that this
was a worst-case scenario. It said on Thursday it said its North
American assembly plants will not reach full production until August
for most vehicles, and the high-volume Civic compact car will take
even longer.
---------------NEWAGEBD ONLINE
recover more quickly than initially feared after Japan's massive
earthquake wreaked havoc with their supply chains and halved output in
April. Japanese automakers have been plagued by shortages of hundreds
of components after a magnitude 9.0 earthquake and tsunami damaged
factories in Japan's northeast, and have said they expect to lose
significant share in some markets as a result. But their public
predictions of a recovery to pre-quake production levels late this
year are increasingly seen as conservative. 'April is likely to be the
bottom and we might see back-to-normal production levels in July or
August,' said Yoshihiko Tabei, chief analyst at Kazaka Securities.
'Some parts suppliers say they are resuming full production in June in
time for automakers' summer operations. And the widely anticipated
disruption in power supply during summer is not likely to have a big
impact on production,' he said. Toyota, which is this year set to lose
its crown as the world's biggest automaker, said its global output
tumbled 47.8 per cent in April versus a year ago to 3,08,555 vehicles.
Honda said its production fell by 52.9 per cent, while Nissan Motor Co
logged a 22.4 per cent decline. The Nikkei business daily said on
Friday that domestic output for Nissan is expected to return to normal
levels in June while Toyota's is likely to rise to 90 per cent of
normal levels. Officials at Toyota and Nissan said the report was not
based on company announcements and their plans have not changed.
Toyota has said it expects its production at home and overseas to be
around 70 per cent of normal levels in June while Nissan has said it
expects a recovery to full-capacity production globally in October.
Honda expects a recovery by the year end but has also said that this
was a worst-case scenario. It said on Thursday it said its North
American assembly plants will not reach full production until August
for most vehicles, and the high-volume Civic compact car will take
even longer.
---------------NEWAGEBD ONLINE
iPhone 4 launched in India
Apple's iPhone 4 hit store shelves in India on Friday, nearly a year
after the next-generation version of the popular smartphone was rolled
out worldwide. Mobile phone carrier Aircel launched the iPhone 4 with
a new pricing model, allowing customers to recover the upfront cost of
the smartphone on select plans over 24 months, the company said in a
press release. Aircel will charge 34,500 rupees for iPhones with a 16
GB capacity and 40,900 rupees for the 32 GB model, it said. Bharti
Airtel, India's top mobile phone carrier, also launched the phone. The
iPhone 4 boasts a higher-quality screen and longer battery life than
the previous model. With more than 800 million mobile subscribers,
India is the world's second-biggest market for mobile phone services
and is also the fastest-growing. But smartphones are estimated to
account for just over 5 per cent of the mobile handset sales. Indian
carriers have recently started rolling out high-speed third-generation
mobile networks, which is expected to boost sales of smartphones.
---------------NEWAGEBD ONLINE
after the next-generation version of the popular smartphone was rolled
out worldwide. Mobile phone carrier Aircel launched the iPhone 4 with
a new pricing model, allowing customers to recover the upfront cost of
the smartphone on select plans over 24 months, the company said in a
press release. Aircel will charge 34,500 rupees for iPhones with a 16
GB capacity and 40,900 rupees for the 32 GB model, it said. Bharti
Airtel, India's top mobile phone carrier, also launched the phone. The
iPhone 4 boasts a higher-quality screen and longer battery life than
the previous model. With more than 800 million mobile subscribers,
India is the world's second-biggest market for mobile phone services
and is also the fastest-growing. But smartphones are estimated to
account for just over 5 per cent of the mobile handset sales. Indian
carriers have recently started rolling out high-speed third-generation
mobile networks, which is expected to boost sales of smartphones.
---------------NEWAGEBD ONLINE
Indonesia eyes faster growth
Indonesian president Susilo Bambang Yudhoyono on Friday unveiled a
plan to boost economic growth to as high as 9.0 per cent a year
between 2015 and 2025, from the 6.1 per cent expansion last year.
Southeast Asia's biggest economy will focus on investments in six
designated growth centres in four provinces, while slashing inflation
to 3.0 per cent annually, he said. 'With strong economic growth, we
will reduce poverty and unemployment rates,' the ex-general said in a
speech that elaborated on an economic expansion plan unveiled last
year. The government is offering incentives to private investors to
increase the contribution of investment to economic growth after
decades of relying primarily on household consumption. Long-term
targets hinge on attracting private investment of $465 billion until
2025. Direct foreign investment last year was $24.4 billion, according
to official figures. Economists have said property ownership rules
will have to be liberalised for foreigners, infrastructure will have
to be overhauled, corruption tackled and red tape in the form of
levies and taxes slashed. 'The biggest hurdles for infrastructure
(investments) are regulatory in nature — land acquisition, competing
regulatory jurisdictions, cost recovery issues, corruption, and lack
of effective disbursal of public funds, among others,' Citigroup said
in a report Friday. 'Unfortunately, near-term prospects for resolving
these issues remain uninspiring,' it added. The World Bank said
earlier this month that Indonesia, along with Brazil, China, India,
South Korea and Russia, would account for more than half of global
growth by 2025. Among the projects planned for the growth centres, PT
Weda Bay Nickel will invest around $5.8 billion to develop a nickel
and cobalt mine and a hydrometallurgical processing plant in North
Maluku.
---------------NEWAGEBD ONLINE
plan to boost economic growth to as high as 9.0 per cent a year
between 2015 and 2025, from the 6.1 per cent expansion last year.
Southeast Asia's biggest economy will focus on investments in six
designated growth centres in four provinces, while slashing inflation
to 3.0 per cent annually, he said. 'With strong economic growth, we
will reduce poverty and unemployment rates,' the ex-general said in a
speech that elaborated on an economic expansion plan unveiled last
year. The government is offering incentives to private investors to
increase the contribution of investment to economic growth after
decades of relying primarily on household consumption. Long-term
targets hinge on attracting private investment of $465 billion until
2025. Direct foreign investment last year was $24.4 billion, according
to official figures. Economists have said property ownership rules
will have to be liberalised for foreigners, infrastructure will have
to be overhauled, corruption tackled and red tape in the form of
levies and taxes slashed. 'The biggest hurdles for infrastructure
(investments) are regulatory in nature — land acquisition, competing
regulatory jurisdictions, cost recovery issues, corruption, and lack
of effective disbursal of public funds, among others,' Citigroup said
in a report Friday. 'Unfortunately, near-term prospects for resolving
these issues remain uninspiring,' it added. The World Bank said
earlier this month that Indonesia, along with Brazil, China, India,
South Korea and Russia, would account for more than half of global
growth by 2025. Among the projects planned for the growth centres, PT
Weda Bay Nickel will invest around $5.8 billion to develop a nickel
and cobalt mine and a hydrometallurgical processing plant in North
Maluku.
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Chinese firm at centre of Yahoo dispute gets licence
Alipay, the firm at the centre of a dispute with Yahoo, has received a
licence from China's central bank. Alipay was spun off from China's
Alibaba Group, which is 43% owned by Yahoo, in order to apply for the
online payments licence. These are only available to wholly Chinese
firms. Earlier in May, Yahoo said Alibaba had spun off Alipay without
informing it, sending its shares down sharply. Investors are concerned
Yahoo may lose control over its Chinese investments. Yahoo and Chinese
partner Alibaba have said they are trying to resolve their
disagreement, presenting a united front after a public spat. In a
joint statement, the two companies said that they were "engaged in and
committed to productive negotiations", but provided no other details.
Shares in Yahoo continued to fall in New York on Thursday, closing
more than 1% lower.Alipay is an online payment system.
---------------BBC ONLINE
licence from China's central bank. Alipay was spun off from China's
Alibaba Group, which is 43% owned by Yahoo, in order to apply for the
online payments licence. These are only available to wholly Chinese
firms. Earlier in May, Yahoo said Alibaba had spun off Alipay without
informing it, sending its shares down sharply. Investors are concerned
Yahoo may lose control over its Chinese investments. Yahoo and Chinese
partner Alibaba have said they are trying to resolve their
disagreement, presenting a united front after a public spat. In a
joint statement, the two companies said that they were "engaged in and
committed to productive negotiations", but provided no other details.
Shares in Yahoo continued to fall in New York on Thursday, closing
more than 1% lower.Alipay is an online payment system.
---------------BBC ONLINE
Fiat to take majority stake in Chrysler
Fiat says it will buy the US government's 6% stake in Chrysler, which
will give the Italian carmaker a majority share in the US company.
After Chrysler emerged from bankruptcy protection in 2009, Fiat agreed
with the US government to share technology and management in return
for a 20% stake and has quickly built that up. Buying out the
government would give Fiat 52% ownership of Chrysler. The price will
be negotiated within 10 business days, Fiat said. In a statement, Fiat
notified the US Treasury that it was exercising its option to buy the
government's share. Its stake is likely to increase to 57% by the end
of the year, when it is expected to have met certain government
targets. On Tuesday, Chrysler said it had repaid $7.6bn (£4.7bn) in US
and Canadian government loans, six years ahead of schedule. Earlier
this month, it reported a profit of $116m (£69m) in the first three
months of the year, its first quarterly profit since it emerged from
bankruptcy protection.
---------------BBC ONLINE
will give the Italian carmaker a majority share in the US company.
After Chrysler emerged from bankruptcy protection in 2009, Fiat agreed
with the US government to share technology and management in return
for a 20% stake and has quickly built that up. Buying out the
government would give Fiat 52% ownership of Chrysler. The price will
be negotiated within 10 business days, Fiat said. In a statement, Fiat
notified the US Treasury that it was exercising its option to buy the
government's share. Its stake is likely to increase to 57% by the end
of the year, when it is expected to have met certain government
targets. On Tuesday, Chrysler said it had repaid $7.6bn (£4.7bn) in US
and Canadian government loans, six years ahead of schedule. Earlier
this month, it reported a profit of $116m (£69m) in the first three
months of the year, its first quarterly profit since it emerged from
bankruptcy protection.
---------------BBC ONLINE
HSBC faces investor anger on pay
HSBC bosses faced shareholder anger over lacklustre returns and high
executive pay, at the bank's annual general meeting. Chairman Douglas
Flint admitted that shareholder returns had been disappointing and
inadequate. A fifth of investors refused to back the bank's
remuneration plan, marking stronger opposition over pay than that
faced by other banks in the UK. Under the plan, chief executive Stuart
Gulliver could earn up to £12.5m. The remuneration report contained
new arrangements for paying board members in the wake of protests at
last year's shareholder meeting. But some investors at this year's
meeting were still unhappy. "How greedy is this board of directors?"
asked private shareholder Michael Mason-Mahon. Ahead of the AGM, both
share advisory group Pirc and the Association of British Insurers had
raised concerns about the scheme. But another institutional investor,
Standard Life - which had been one of the bank's fiercest critics over
executive pay last year - backed the plan.
---------------BBC ONLINE
executive pay, at the bank's annual general meeting. Chairman Douglas
Flint admitted that shareholder returns had been disappointing and
inadequate. A fifth of investors refused to back the bank's
remuneration plan, marking stronger opposition over pay than that
faced by other banks in the UK. Under the plan, chief executive Stuart
Gulliver could earn up to £12.5m. The remuneration report contained
new arrangements for paying board members in the wake of protests at
last year's shareholder meeting. But some investors at this year's
meeting were still unhappy. "How greedy is this board of directors?"
asked private shareholder Michael Mason-Mahon. Ahead of the AGM, both
share advisory group Pirc and the Association of British Insurers had
raised concerns about the scheme. But another institutional investor,
Standard Life - which had been one of the bank's fiercest critics over
executive pay last year - backed the plan.
---------------BBC ONLINE
Japan's car production plunges due to parts shortages
Japanese car production plunged in April as manufacturers continued to
face a shortfall in parts supply. Toyota, the world's biggest
carmaker, said its domestic production fell 74.5% compared with the
same month last year. Honda's Japanese output plummeted 81%, while
Nissan reported a 48.7% decline at its factories in Japan. Japan's
carmakers have been facing a shortage of parts as the 11 March
earthquake and tsunami disrupted the country's supply chain. As a
result, the country's top car manufacturers have been forced to
suspend or slow down production at their factories. Global impact The
effects of the disruption in Japan's supply chain have been felt well
beyond the country's shores. Leading Japanese carmakers have reported
a sharp drop in their global production numbers as well. Toyota
Motors, which has curbed production at its plants in various
countries, said its factories outside Japan produced 25% fewer
vehicles in April. Honda Motors has reported a decline of 43.5% in
output at its overseas factories, while Nissan Motors said its foreign
output dipped by 12.7%.
---------------BBC ONLINE
face a shortfall in parts supply. Toyota, the world's biggest
carmaker, said its domestic production fell 74.5% compared with the
same month last year. Honda's Japanese output plummeted 81%, while
Nissan reported a 48.7% decline at its factories in Japan. Japan's
carmakers have been facing a shortage of parts as the 11 March
earthquake and tsunami disrupted the country's supply chain. As a
result, the country's top car manufacturers have been forced to
suspend or slow down production at their factories. Global impact The
effects of the disruption in Japan's supply chain have been felt well
beyond the country's shores. Leading Japanese carmakers have reported
a sharp drop in their global production numbers as well. Toyota
Motors, which has curbed production at its plants in various
countries, said its factories outside Japan produced 25% fewer
vehicles in April. Honda Motors has reported a decline of 43.5% in
output at its overseas factories, while Nissan Motors said its foreign
output dipped by 12.7%.
---------------BBC ONLINE
Saab resumes car production after Pang Da deal
Saab has resumed car production after a layoff of nearly seven weeks
caused by financial problems. Last week, China's Pang Da Automobile
agreed to buy 24% of Saab's parent company Spyker Cars and make an
upfront payment for 1,300 Saab cars. Saab says it now had orders for
more than 8,000 cars. The shutdown began after several parts suppliers
stopped delivering to the Trollhattan factory, saying Saab had failed
to pay its bills. The deal with Pang Da still needs to be approved by
the Chinese government, the European Investment Bank, the Swedish
National Debt Office and Saab's former owner General Motors. "We have
gone through a rough patch in recent weeks but Saab is back in action
again," said Spyker chief executive Victor Muller. "We will work hard
in the coming period to regain confidence and show our ability to
become a successful carmaker." Pang Da's chief executive Pang Qinghua
visited the Trollhattan plant for the first time on Friday.He met
Sweden's industry minister and the Debt Office on Thursday.
---------------BBC ONLINE
caused by financial problems. Last week, China's Pang Da Automobile
agreed to buy 24% of Saab's parent company Spyker Cars and make an
upfront payment for 1,300 Saab cars. Saab says it now had orders for
more than 8,000 cars. The shutdown began after several parts suppliers
stopped delivering to the Trollhattan factory, saying Saab had failed
to pay its bills. The deal with Pang Da still needs to be approved by
the Chinese government, the European Investment Bank, the Swedish
National Debt Office and Saab's former owner General Motors. "We have
gone through a rough patch in recent weeks but Saab is back in action
again," said Spyker chief executive Victor Muller. "We will work hard
in the coming period to regain confidence and show our ability to
become a successful carmaker." Pang Da's chief executive Pang Qinghua
visited the Trollhattan plant for the first time on Friday.He met
Sweden's industry minister and the Debt Office on Thursday.
---------------BBC ONLINE
Cyber-attacks hit e-G8 web forum
French president Nicolas Sarkozy's 'e-G8' summit on the power of the
internet suffered a technical hiccup when cyber-attacks disrupted the
forum's wireless connection, organisers said Wednesday. Since Tuesday
'we have been undergoing a series of attacks and attempted attacks
from people outside' the wireless service providing internet access to
journalists and delegates, an e-G8 official who asked not to be named
told the AFP. The cyber-attacks failed to cut off access but caused
'disruption' of the wifi connection and the forum's video streaming in
the tent where politicians and the world's top media bosses were
meeting, the official added.
---------------NEWAGEBD ONLINE
internet suffered a technical hiccup when cyber-attacks disrupted the
forum's wireless connection, organisers said Wednesday. Since Tuesday
'we have been undergoing a series of attacks and attempted attacks
from people outside' the wireless service providing internet access to
journalists and delegates, an e-G8 official who asked not to be named
told the AFP. The cyber-attacks failed to cut off access but caused
'disruption' of the wifi connection and the forum's video streaming in
the tent where politicians and the world's top media bosses were
meeting, the official added.
---------------NEWAGEBD ONLINE
IMF race heats up
The United States was tight-lipped about its pick for the next head of
the International Monetary Fund after Europe threw its support behind
France's finance minister, Christine Lagarde. As the biggest IMF
shareholder, the US could cement Lagarde in the powerful global
finance post if it joins forces with the seven European IMF directors
on the IMF board. Yet, after Lagarde officially launched her candidacy
in Paris Wednesday, and Jose Manuel Barroso, head of the European
Commission, declared his support, the United States took the quiet
tack. By tradition at the 66-year-old institution, a European is the
IMF managing director, while an American holds the number-two IMF post
and the World Bank presidency. The resignation of Dominique
Strauss-Kahn a week ago, after he was charged with sexual assault and
attempted rape of a New York hotel maid, has focused the spotlight on
the developing world's drive to end the power-sharing agreement.
Lagarde, who announced her bid amid swelling support in European
capitals after Strauss-Kahn's May 14 arrest, has drawn backing outside
Europe from one country—Congo, on Sunday —but cautious comments
elsewhere, including the United States. US treasury secretary Timothy
Geithner on Wednesday called Lagarde and Agustin Carstens, the
governor of Mexico's central bank, 'very credible' candidates to lead
the International Monetary Fund, without endorsing either. The two are
the first declared candidates in the race to succeed Strauss-Kahn, who
denies the sex charges. 'Two very credible people now said they'd like
to run the institution,' Geithner said at a Politico news event in
Washington. 'There may be others that join them.' Nominations close
June 10 and the 24-member executive board is expected to select the
next managing director of the 187-nation IMF by the end of June.
Washington's North American neighbours, Mexico and Canada, praised the
qualifications of Lagarde and Carstens, but only Mexico has taken a
position, nominating Carstens.
---------------NEWAGEBD ONLINE
the International Monetary Fund after Europe threw its support behind
France's finance minister, Christine Lagarde. As the biggest IMF
shareholder, the US could cement Lagarde in the powerful global
finance post if it joins forces with the seven European IMF directors
on the IMF board. Yet, after Lagarde officially launched her candidacy
in Paris Wednesday, and Jose Manuel Barroso, head of the European
Commission, declared his support, the United States took the quiet
tack. By tradition at the 66-year-old institution, a European is the
IMF managing director, while an American holds the number-two IMF post
and the World Bank presidency. The resignation of Dominique
Strauss-Kahn a week ago, after he was charged with sexual assault and
attempted rape of a New York hotel maid, has focused the spotlight on
the developing world's drive to end the power-sharing agreement.
Lagarde, who announced her bid amid swelling support in European
capitals after Strauss-Kahn's May 14 arrest, has drawn backing outside
Europe from one country—Congo, on Sunday —but cautious comments
elsewhere, including the United States. US treasury secretary Timothy
Geithner on Wednesday called Lagarde and Agustin Carstens, the
governor of Mexico's central bank, 'very credible' candidates to lead
the International Monetary Fund, without endorsing either. The two are
the first declared candidates in the race to succeed Strauss-Kahn, who
denies the sex charges. 'Two very credible people now said they'd like
to run the institution,' Geithner said at a Politico news event in
Washington. 'There may be others that join them.' Nominations close
June 10 and the 24-member executive board is expected to select the
next managing director of the 187-nation IMF by the end of June.
Washington's North American neighbours, Mexico and Canada, praised the
qualifications of Lagarde and Carstens, but only Mexico has taken a
position, nominating Carstens.
---------------NEWAGEBD ONLINE
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