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Ex-Head of Bank of Italy to Go on Trial
Source:NYT > World Business 20 November 2008, 12:08 am
Two years after his stint at the helm of the central bank ended in scandal, Antonio Fazio goes on trial in Milan, accused of rigging markets to keep Italian banks in Italian hands.
Chemical Maker Cuts Output Amid Downturn
Source:NYT > World Business 20 November 2008, 12:07 am
BASF said that it would temporarily halt or slow production at 180 plants around the world as it adjusted to a “massive decline in demand” brought on by the current economic turmoil.
Asian Markets Reflect Wall Street’s Drop
Source:NYT > World Business 20 November 2008, 12:04 am
Asian stock markets opened sharply lower on Thursday, reflecting an equally strong sell-off on Wall Street and in Europe overnight.
Entrepreneurial Edge: An Eye on Growth, Deals Stretch Across the Pacific
Source:NYT > World Business 20 November 2008, 12:03 am
Despite the worldwide downturn, the ties between small businesses in China and Southern California should continue to grow.
France Dominates Europe’s Digital Library
Source:NYT > World Business 19 November 2008, 11:57 pm
A new digital library, called Europeana, intends to showcase Europe’s history, literature, arts and science.
Nordic Countries to Lend Iceland $2.5 Billion
Source:NYT > World Business 19 November 2008, 11:42 pm
Finland’s Finance Ministry said that four Nordic countries would lend Iceland $2.5 billion to help the country recover from its economic meltdown.
Emerging Powers Seen Taking Lead in Recovery
Source:NYT > World Business 19 November 2008, 10:08 pm
It will take the efforts of China and other emerging nations to lead the global economy out of what is likely to be a long and painful recession, according to a gathering of economic experts.
Sarkozy’s Fiscal Meeting Raises Diplomatic Hackles
Source:NYT > World Business 19 November 2008, 9:46 pm
Some American officials are on edge following French President Nicolas Sarkozy’s aggressive statements about American capitalism, and his decision to hold his own financial summit meeting.
F.D.A. Opens Office in Beijing to Screen Food and Drug Exports
Source:NYT > World Business 19 November 2008, 9:09 pm
The U.S. opened a branch of the Food and Drug Administration in the Chinese capital, the first of several overseas offices aimed at regulating the safety of imported food and medicine.
Facing a Slowdown, China’s Auto Industry Presses for a Bailout From Beijing
Source:NYT > World Business 19 November 2008, 12:51 pm
China’s car industry is quietly pressing Beijing for government help as it copes with a jarring slowdown, top Chinese auto executives said.
Carrefour Replaces Its Chief Executive
Source:NYT > World Business 19 November 2008, 2:12 am
The French retail giant Carrefour said it would replace José Luis Durán as its chief executive to try to end shareholder tension over its performance and strategy.
Pepsi Bottling Cuts 3,150 Jobs, Mostly in Mexico
Source:NYT > World Business 19 November 2008, 2:12 am
The cuts are part of a restructuring plan at Pepsi Bottling Group, which cut its forecast for full-year earnings, citing weaker foreign currencies.
Asian Banks, Once Thought Safe From Crisis, Are Now Hurting
Source:NYT > World Business 19 November 2008, 12:57 am
HSBC announced that it would cut 500 jobs in Asia. And Citigroup’s roughly 50,000 employees were faced with the reality that some of job cuts announced Monday could hit them.
Dutch Insurer May Tap Fund
Source:NYT > World Business 18 November 2008, 11:30 pm
Aegon, the Dutch owner of the American insurer Transamerica, said it had signed up with the United States’ financial rescue program but added it did not yet plan to ask for aid.
Ford, Trying to Raise Cash, Sells Stake in Mazda
Source:NYT > World Business 18 November 2008, 11:26 pm
The U.S. automaker, scrambling for cash as it struggles to stay alive, has agreed to sell about two-thirds of its Mazda stake for about $538 million.
Barclays Amends Plan for Equity Stake Sale
Source:NYT > World Business 18 November 2008, 11:20 pm
The British banking giant bowed to protest over its equity stake sale by offering the same terms to institutional investors that it gave to its largest Middle Eastern shareholders.
Canadian Insurer Revises Its Stance on Auto Suppliers
Source:NYT > World Business 18 November 2008, 6:00 pm
Export Development Canada has stopped writing new polices to protect Canadian auto parts makers in the event of a bankruptcy filing by Chrysler.
Privacy Laws Trip Up Google’s Expansion in Parts of Europe
Source:NYT > World Business 18 November 2008, 10:17 am
Google is getting caught in a web of privacy laws that threaten its growth and the positive image it has cultivated as a company dedicated to doing good.
Computing From Weather to Warcraft
Source:NYT > World Business 18 November 2008, 9:15 am
Price drops are allowing more corporations to buy supercomputers for everything from processing movie graphics to searching for oil.
Samsung Is Hit With Patent Suits
Source:NYT > World Business 18 November 2008, 8:37 am
A struggling Silicon Valley maker of flash memory chips filed a pair of sweeping patent infringement suits against Samsung.
G.M. Sells Suzuki Stake in Its Effort to Raise Cash
Source:NYT > World Business 18 November 2008, 1:55 am
Cash-strapped General Motors will sell its entire stake in the Japanese automaker for $230 million.
No Bonuses for Top Executives at UBS
Source:NYT > World Business 18 November 2008, 1:54 am
The Swiss banking giant joined Goldman Sachs in saying that its top executives would get no bonus this year as public scrutiny of bankers’ compensation intensified.
Bank to Add to Chinese Investment
Source:NYT > World Business 17 November 2008, 10:44 pm
Bank of America said it would nearly double its stake in China Construction Bank, in spite of the spreading global financial crisis.
Japan’s Economy, World’s Second Largest, Is in Recession
Source:NYT > World Business 17 November 2008, 1:25 pm
Japan’s economy has been hurt by weak export growth and steep cuts in corporate spending amid the worsening global slowdown.
As Leaders Wrestle With Economy, Developing Nations Get Ringside Seats
Source:NYT > World Business 17 November 2008, 12:39 pm
By insisting that developing nations be included in the economic summit meeting, President Bush gave fresh clout to their leaders.
Russia’s High-Tech Sector Reels
Source:NYT > World Business 17 November 2008, 10:59 am
The travails of a young company in Moscow offer a glimpse into the toll that the global financial crisis is taking on the budding entrepreneurial culture in Russia.
Concession by Iceland Clears Path for I.M.F. Aid
Source:NYT > World Business 16 November 2008, 10:01 pm
Iceland said that it had agreed to cover European depositors at failed banks, breaking an impasse that had held up the dispersal of billions of dollars in international aid.
World Leaders Vow Joint Push to Aid Economy
Source:NYT > World Business 16 November 2008, 8:08 am
The leaders of 20 countries agreed to work more closely, but put off thornier questions until next year in an early challenge for the Obama administration.