Business News Archive - August 02, 2009
Earnings for major Japanese companies returned to the black in the latest quarter, suggesting a rebound, a securities firm said. For April to June, the combined pretax profits for the 410 companies totaled 1.03 trillion yen, a turnaround from a loss of 2.19 trillion yen the previous quarter, Kyodo News Service reported. The companies represent about 30 percent of those listed in the First Section of the Tokyo Stock Exchange that close their books at the end of March, Nikko Cordial Securities Inc.
Hundreds of thousands of laid-off U.S.
Investments in Africa are drying up because global economic woes have hit the continent hard, economists say. In one example, plans announced last year by Dubai World to invest $230 million in Rwandan tourism have been scaled back to include only two of eight proposed projects, with a luxury hotel in Kigali hotel and an ecolodge in Akagera among the portions being dropped, The New York Times reported Sunday. The scaling back of foreign investments like Dubai World certainly impacts the things that the government of Rwanda wants to do in terms of raising the standards of living for all Rwandans, Clare Akamanzi, an executive with the Rwanda Development Board, told the newspaper. The crisis could not have come at a worse time, added Jose Gijon, chief Africa economist at the Organization of Economic Cooperation and Development.
The owners of the British Sunday newspaper The Observer are considering closing it and replacing it with a magazine, company sources say. The Observer, the world's oldest Sunday newspaper, would be turned into a news magazine under one scenario being discussed, while another option would be to keep publishing the newspaper but in a drastically slimmed-down fashion after instituting a round of layoffs, The Sunday Times of London reported unnamed sources at the newspaper as saying. A drastic plunge in advertising revenues has triggered a dispute among members of the Scott Trust, the charitable foundation that owns The Observer's publisher, Guardian Media Group, the sources said. At the moment, I would say it is 50-50 whether we are headed for the magazine, or for job losses and cost-cuts but keeping the paper, an unnamed senior source told The Sunday Times. GMG executives have reportedly agreed to put the proposed changes on hold after opposition from some trust members, including Larry
Flat or much slower population growth and higher-than-average unemployment faces Las Vegas unless its economy is broadened, experts say. Local economists say the good old days of explosive growth in the gaming industry and new residents flocking to the city from across the country are over and won't be coming back, the Las Vegas Sun reported Sunday. We will lag the national economy instead of leading it, University of Nevada-Las Vegas economist Bill Robinson told the newspaper. National recessions in the past two decades had been softened in Las Vegas by the opening of tourist-magnet resorts such as the Mirage in 1989 and the Palms after the Sept.
A German Catholic bank will immediately sell its shares in a contraception producer, its director said in Cologne Sunday. Winifried Hinzen apologized to customers of Pax Bank and said the shares would be sold Monday morning, Sunday's Frankfurter Allgemeine Zeitung reported. The bank invested $220,459 in the U.S.
A new electric vehicle by Nissan Motor Co.