Tokyo Electric Power Co., or Tepco, has requested for an additional 689.4 billion yen ($8.8 billion) in aid from the Japanese government to help the utility cover compensation payments to those affected by the twin Fukushima nuclear disasters.
The Nikkei news daily reported today that Japanese trade and industry minister Yukio Edano will urge the troubled company to accept a public fund injection and a de-facto nationalisation.
Malaysian automobile company Proton Holding Bhd., which bought control of British luxury auto manufacturer Lotus Group International in 1996, has been advised by its investors to finally cash in on the legendary sports-car maker, after news emerged that the Malaysian company itself could soon be divested by its state-run parent company, Khazanah Nasional Bhd.
U.S. firms are taking advantage of the European debt crisis to make loans and pick up assets owned by cash-strapped regional banks, according to a New York Times report on Monday. An estimate from Morgan Stanley expects European financial institutions, largely under pressure from regulators, to shed up to $3 trillion in assets over the next 18 months.
As Europe battles its financial crisis, U.S. businesses and financial firms are snapping up assets owned by European banks, as European regulators demand them to raise capital and shrink their balance sheets.
Shanghai has become the latest major Chinese city to enforce real-name registration laws for users of social media websites, following the example of the capital Beijing set earlier this month.
The new rules are “in line with Chinese laws and regulations to foster a healthy internet culture so as to better manage social networking websites and instant-messaging tools,” said a statement by Shanghai’s municipal authorities, as quoted by Xinhua, on Sunday.
The cost of living in China is rising, with inflation climbing every single month. In order to attract workers, the southwest Chinese province, Sichuan, has raised the minimum wage by a sharp 23 percent amid the rising cost of living.
China’s state media agency, Xinhua, reported yesterday that the province of Sichuan was raising the minimum monthly wage by 23.4 percent starting on the 1st of January.
The festive season is here: With Christmas and the New Year just around the corner, retailers have been reporting record-sales figures despite the fears over the economic outlook. Other than the retail front, how does the logistic market play a part in our festive season?
The UK government plans to ban the prevalence of “excessive” credit and debit card payment surcharges by the end of 2012, citing transparency concerns.
In June this year, the UK’s antitrust watchdog, the Office of Fair Trading, conducted a three-month investigation, which found evidence of “drip pricing.” According to the OFT, UK consumers were charged 300 million pounds in surcharges in the airline industry alone.
The European Central Bank yesterday pumped in €489 billion ($640 bn) into the Continent’s banking system, in hope the much-needed liquidity could alleviate the region’s credit squeeze.
The loans which were given to 523 banks revealed the difficulty of borrowing from other banks and money markets in the coming year, and will be lent at the average of its benchmark interest rate which currently stands at 1 percent.
Russian Prime Minister Vladimir Putin has kicked off his presidential campaign with a vow to end corruption and to create a pro-business, pro-growth economic environment. According to Putin himself, Russia will become one of the best countries for business within the next ten years.
The Russian government is looking to accelerate the country’s economic growth to 6-7 percent annually, with the aim of joining the list of the world’s top five economies in five years.
The Bank of America has reached a settlement with the U.S. Justice Department to pay $335 million over allegations that it engaged in minority lending discrimination against qualified African-Americans and Hispanic mortgage-borrowers.
According to Attorney General Eric Holder, the record settlement was “the largest fair-lending settlement in the history of our nation.”
[quote] These institutions should make judgements based on applicants’ creditworthiness, not on the colour of their skin, Holder added[/quote]
