So few banks failed Europe’s long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when the markets reopen next week. Get the full story »
Filed under: International
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July 24, 2010 at 8:55 a.m.
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Filed under: Banking, Economy, International, Policy, Politics, Updated Stress tests: Focus is on banks that barely passed
July 22, 2010 at 5:51 a.m.
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Filed under: Cell phones, China, Litigation, Technology, Telecommunications, Trade Motorola sues Huawei for trade secret theft
U.S. mobile phone maker Motorola Inc. has sued China’s Huawei Technologies Co. for alleged theft of trade secrets, highlighting the fast-growing Chinese firm’s difficulty in shaking the nation’s reputation for piracy.
In the amended complaint, filed on July 16 in a federal court in Chicago, Motorola claimed an engineer shared information about a Motorola transceiver and other technology with Huawei’s founder, Ren Zhengfei, a former officer in China’s People’s Liberation Army. Get the full story »
July 21, 2010 at 5:40 a.m.
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Filed under: Defense, International, Litigation, Manufacturing, Policy EU appeals WTO ruling against Airbus
The European Union plans on Wednesday appealed a World Trade Organization ruling that Airbus SAS received $20 billion in illegal government subsidies that unfairly tilted the global aircraft market — to the detriment of Chicago-based Boeing Co. The appeal had been widely expected, and will likely prolong the already long-running dispute between the E.U. and U.S. over government funding to planemakers Airbus and Boeing. Get the full story »
German tax raid on Credit Suisse ‘a success’
Raids at Credit Suisse’s private banking offices in Germany have been a success and may help identify bank staff in Switzerland as part of a tax evasion clampdown, German prosecutors said Friday.
This week’s raids were the latest steps in an international crackdown on suspected tax cheats in offshore centers that saw Swiss wealth management giant UBS agree to an hefty settlement in a bitter U.S. tax probe last year. Get the full story »
Former Kellogg dean headed for Insead
From the Financial Times | Dipak Jain, the former dean of the Kellogg graduate school of business at Northwestern University, has been tapped to become the dean of Insead, an international business school with campuses in France, Singapore and Abu Dhabi. A vote on whether to approve his appointment by both the board of the school and the faculty on two campuses is expected to be completed in the next couple of weeks. Jain has been a consultant at the law firm DLA Piper since April.
More children’s jewelry recalled for cadmium
One of 19 styles of children's jewelry recalled. (CPSC)
Tween Brands Inc., owned by Dress Barn Inc., recalled some Chinese-made children’s metal jewelry on Tuesday, due to high levels of cadmium in them.
The U.S. Consumer Product Safety Commission said the company decided to pull out about 137,000 metal necklaces, bracelets and earrings priced between $7 and $16 and sold at Justice, Limited Too and an online store.
Cadmium is toxic if ingested by children.
Widening U.S. trade deficit raises double-dip fears
Don Lee | The U.S. trade deficit unexpectedly jumped in May, to the highest level since November 2008, prompting some analysts to sharply cut their economic growth forecasts for the just-completed second quarter and other economists to warn of rising risks of a double-dip recession.
The Commerce Department said Tuesday that the trade gap rose to $42.3 billion in May, up nearly 5 percent from April’s $40.3 billion. Economists had expected the May deficit to dip slightly to about $39 billion as oil prices were lower and retail sales fell that month. Get the full story »
Exelon unit pursues Saudi nuclear deal
From Bloomberg Businessweek | Shaw Group Inc., Toshiba Corp. and Exelon Nuclear Partners, a unit of Exelon Corp., will team up to pursue nuclear power contracts in Saudi Arabia as the kingdom invests to meet energy demand.
U.S. farmers can’t meet booming corn demands
Exporters, livestock feeders and ethanol makers are going through the U.S. corn stockpile faster than farmers can grow the crops, the government said on Friday. Despite record crops in two of the past three years and another record within reach this year, the Agriculture Department estimated the corn carryover will shrink to the lowest level since 2006/07. Get the full story »
U.S. unions urge Congress to pass currency bill
The largest U.S. labor group urged Congress on Friday to pass legislation to fight China’s currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator.
The United States should also keep other options on the table, including a possible challenge of China’s currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement. Get the full story »
Google says China has renewed its Web license
Google Inc. Chief Executive Eric Schmidt expressed confidence the company will secure a license to operate a website in China, confounding speculation Beijing may shut down its flagship site there.
Schmidt, addressing executives and financiers at an annual gathering of the industry’s movers and shakers in the Idaho mountain resort of Sun Valley, said he expected Beijing to renew its license to operate a website in the world’s largest Internet market, but offered no timeframe. Get the full story »
Sen. Baucus urges U.S. pressure on China yuan
China needs to take further “significant steps” to raise the value of its currency, Senate Finance Committee Chairman Max Baucus said on Thursday in reaction to the Obama administration’s decision not to label China a currency manipulator. Baucus, however, stopped short of threatening to move legislation on the issue. Get the full story »
Morton’s to open steakhouse in China
Morton’s Restaurant Group Inc. said Thursday it will open a new steakhouse in Shanghai, China, in a joint venture with a local investor group. The restaurant expands Morton’s presence in Asia and will be the sixth Morton’s steakhouse outside the U.S.
July 8, 2010 at 3:20 p.m.
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Filed under: Airlines, Defense, International, Manufacturing, Policy, Politics Boeing a front-runner again for tanker contract
Boeing Co. once again finds itself as the front-runner as Friday’s deadline approaches for submitting proposals for aerial refueling tankers, one of the largest and most controversial contests overseen by the Pentagon.
Although the latest contest hasn’t formally begun, Boeing and its primary competitor, EADS North America Inc., are jockeying for position and exchanging shots over which company’s tanker is the superior entry for the initial $35-billion contract. Their supporters, meanwhile, are wrangling over whether a long-running trade dispute between the U.S. and European Union should also influence the contest’s outcome.
Getting an early jump into the race, EADS submitted its 8,000-page tanker proposal on Thursday. Boeing intends to follow suit early Friday morning, said Boeing spokesman William Barksdale. Get the full story »
BP push for Mideast investors may be issue in U.S.
BP’s recent attempts to get Middle Eastern investors to help plug the leak in its blown-out balance sheet could cause more problems for the embattled British oil company. Increased investments in BP from the Middle East could trigger reviews in Washington, given the company’s U.S. subsidiary, BP America, which drills for oil and natural gas through government leases and sells gasoline and other products to consumers and businesses.
