BUSINESS October 13, 2011 | 2:45 PM
Honda has begun production on its new natural gas Civic in the United States, aiming to meet the rising demand for alternative fuel vehicles.
The Civic Natural Gas will be assembled at Honda’s Indiana plant, with engines supplied by the Anna, Ohio facility. The Japanese manufacturer has several environmental vehicle projects including two electric vehicles, the FCX Clarity and the Fit EV, as well as a new hybrid model scheduled to launch next year.Read more »
ECONOMY October 12, 2011 | 12:03 PM
Greece is shutting down with petroleum industry workers, who have declared a 10-day strike, the latest to join the list of protesters against Prime Minister George Papandreou’s €6.6 billion ($8.7 billion) austerity plan. In coming days, prison guards and hospital workers are expected to join the pack, with Greek tax inspectors set to strike next week.
The ongoing wave of protests follows the heated public-sector walk-out staged last week when ADEDY, Greece’s biggest public sector union, called to strike after European Union ministers hinted that they might renegotiate the terms of Greece’s most recent bailout. “They are not trying to save Greece. They are just killing workers,” ADEDY Vice President Ilias Vrettakos said in a rally speech. Some 20,000 supporters took part.Read more »
BUSINESS October 12, 2011 | 11:08 AM
The Australian government gave the go-ahead for BHP Billiton’s plans to expand its Olympic Dam mine in South Australia, opening the way forward for what could become the biggest mining operation in the world.
The expansion of the copper, uranium and gold mine in the southern Australian deserts will up copper output to 750,000 tons per year – almost four times current levels. The increased volume will help meet the needs of the developing Asian markets, most notably China, where the demand for copper is expected to jump 6% by the end of 2011.Read more »
BUSINESS October 12, 2011 | 10:25 AM
Starbucks is stepping up lobbying efforts with United States government officials as it eyes a breakthrough into the rapidly expanding Indian market.
The American coffee giant has tried to find a foothold in India for many years, but efforts until now have proven fruitless. Earlier this year, the Seattle-based company began lobbying with US policymakers to help boost its chances. The group has been lobbying with the government on a range of topics since 2004, though this year saw the first mention of market openings in India in its quarterly disclosure reports.Read more »
BUSINESS October 12, 2011 | 9:37 AM
After spending more than $40 billion over the past few years to acquire more than 70 companies, Oracle has now decided to focus on internal growth. While not completely ruling out any new large deals, Oracle co-President Safra Catz told analysts at a meeting in San Francisco that these would have to clear an “enormous hurdle” and that the Redwood City-based firm would instead be concentrating on increasing hardware sales and introducing a new cloud-computing service.
Starting with its purchase of the human-resources software company PeopleSoft in 2005, Oracle has acquired a string of companies as a strategy for boosting sales, which topped $35 billion for the fiscal year ending in May and are predicted to reach more than $38.5 billion this year, a rise of 8%.Read more »
FINANCE October 11, 2011 | 5:46 PM
The Belgian government has agreed to buy the local lending unit of Dexia for €4 billion ($5.4 billion) as part of a wider rescue package for the struggling Franco-Belgian bank. The bailout plan comes after an earlier rescue package for the bank during the financial crisis and includes plans for a €90 billion ($121 billion) guarantee for the next 10 years.
Belgium will put up 60.5% of the funds and France 36.5%, with Luxembourg providing the remaining 3%. Belgian Prime Minister Yves Leterme said these steps were necessary to protect the local retail arm and to reassure Dexia’s shareholders that that their money was fully secured.Read more »
WORLD October 11, 2011 | 5:23 PM
The United Nations is considering extending the Kyoto Protocol without Canada, Japan and Russia. UN talks are scheduled to take place in South Africa in November to determine how to replace or extend the treaty, which set greenhouse gas emissions limits to be respected by 2012.
Canada, Russia, and China have refused new Kyoto targets unless they apply to all major economic players; around 200 nations will still need to agree during the talks in Durban for the extension to go ahead. The EU will agree to the extension on the condition all major economies comply with a separate treaty that would be legally enforceable.Read more »
WORLD October 11, 2011 | 5:20 PM
US firm Odyssey Marine Exploration has discovered a UK shipwreck laden with 20 tons of silver worth around $18 million. A German submarine sank the steamship Mantola in the North Atlantic off the coast of Ireland in 1917.
Odyssey sighted the Mantola while using a tethered robot in its search for another ship, and is contracted by the British Department for Transport to recover the silver. Odyssey stands to gain 80% of the silver’s worth, with the remainder going to the UK government. As private companies come up with the capital to cover expensive sea exploration projects with no guarantee they will yield favorable results, it is customary practice to divvy up any eventual profits.Read more »
FINANCE October 11, 2011 | 10:47 AM
Top French bank BNP Paribas SA said the newspaper claim that it may look to generate $9.4 billion in capital is untrue. The Journal du Dimanche report had also stated that Societe Generale SA might similarly attempt to increase its capital by $5.5 billion as part of a joint move with Germany, which would see the banks in both countries seek to grow capital.
In September, both banks announced plans to avoid depending on US dollar capital and to boost investor confidence. BNP is aiming for a Tier 1 capital ratio of 9%, in accordance with Basel III rules, by 2013. Reaching this rate of financial stability would entail different moves, including reducing its corporate and investment banking segment by $82 billion.Read more »
FINANCE October 10, 2011 | 2:43 PM
Moody's Investors Service has reduced credit ratings for twelve British lenders due to fears that the British government may not provide support for the financial sector. Moody's cut five major banks including Royal Bank of Scotland, Lloyds TSB, Santander UK, Co-Operative Bank, Nationwide Building Society and seven smaller British banks.
The two other major lenders, Barclays and HSBC, were unharmed. RBS was cut two levels from Aa3 to A2, while Lloyds was cut by one notch from Aa3 to A1.Read more »
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