Most Popular Videos
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Bankia to limit job cuts
Wed, Feb 6, 2013
0:26 | 3 views
Nationalised Spanish lender Bankia has agreed to lay off fewer staff. Talks with unions saw the total reduced by 400, to 4,500. Those who are leaving will get better than originally offered payoffs. The jobs cuts, together with the closure of around a third of its branches, were part of the deal reached in November with the European Commission with put up 18 billion euros to rescue Bankia, which was hammered by the collapse of the Spanish property market. The unions have also agreed to wage reduct
Dell goes private to aid restructuring
Tue, Feb 5, 2013
0:50 | 1 view
Personal computer maker Dell is no longer to be a publicly traded company. The world’s third-biggest maker of PCs plans to buy back all its shares, spending the equivalent of 18 billion euros. Founder and Chief Executive Michael Dell said by going private he will be able to press ahead with plans to turn the company around by diversifying away from personal computers. The money will come from Michael Dell himself, private equity firm Silver Lake, and a two billion dollar loan from Microsoft. Th
Toyota looks to profit boost
Tue, Feb 5, 2013
0:30 | 0 views
Toyota has raised its annual net profit forecast by more than 10 percent. It is now looking at the equivalent of 6.6 billion euros for the year. That is based on strong sales, particularly in its biggest market the United States, as it shipped a record number of vehicles last year. A fall in the value of the yen against other currencies is also helping. Among Japan’s big three automakers Toyota, Nissan and Honda, analysts see Toyota as the most likely to benefit from a weakening yen because it ha
Politics overshadow Monte Paschi bank probe
Mon, Feb 4, 2013
0:40 | 0 views
It is a crucial week for Italy’s Monte Paschi bank. As part of investigations into possible fraud magistrates are questioning key witnesses, including the former president and former director general of the world’s oldest bank. The probe is focused on complicated derivatives and other contracts that have left it facing losses of at least 720 million euros and needing a state bailout. It is also looking into whether bribes were paid when Monte Paschi bought another bank – Antonveneta – in 2007. Th
Politics overshadow Monte Paschi bank probe
Mon, Feb 4, 2013
0:40 | 0 views
It is a crucial week for Italy’s Monte Paschi bank As part of investigations into possible fraud magistrates are questioning key witnesses, including the former president and former director general of the world’s oldest bank. The probe is focused on complicated derivatives and other contracts that have left it facing losses of at least 720 million euros and needing a state bailout. It is also looking into whether bribes were paid when Monte Paschi bought another bank – Antonveneta – in 2007. Th
JAL seeks 787 grounding compensation
Mon, Feb 4, 2013
0:27 | 0 views
Japan Airlines is to ask for compensation from Boeing for the grounding of the 787 Dreamliner. Currently no 787s are flying as investigators in Japan and the United States look into problems with the plane’s batteries. JAL – which operates seven Dreamliners – said the fact it cannot use the jets will trim more than 5.5 million euros off its earnings through to the end of the current financial year in March. The carrier said robust demand on European, North American and Southeast Asian routes would h
Chinese buy black cab maker
Fri, Feb 1, 2013
1:00 | 3 views
Chinese car maker Geely has bought Manganese Bronze, the maker of London’s famous black taxis. The purchase – for the equivalent of 12.8 million euros – safeguards jobs and production of the vehicles in Britain. Manganese Bronze ran out of money last October and went into administration after the discovery of a safety defect which caused a recall of cabs and halted production. At that time about a third of its 300 workers were laid off. Geely, which already owned about a quarter of Manganese Bron
SNS Reaal rescued by Dutch government
Fri, Feb 1, 2013
0:25 | 0 views
The Dutch government has nationalised bank and insurance group SNS Reaal at a cost of 10 billion euros. It said that was to prevent the lender’s collapse from property loan losses and to shore up confidence in the financial system after a private investor-led rescue failed. The move highlights the fragility of European banks and the continued exposure of taxpayers five years after the financial crisis erupted. The move shows how, despite billions of euros of bailouts and regulators’ attempts to clean