The chief executive of Metro, the world's fourth largest retailer by sales, has decided not seek the extension of his contract beyond next year following media speculation that he had lost the confidence of some members of the group's supervisory board.
Global banking regulators will press ahead with the first worldwide effort to force banks to hold more liquid assets and cut back the industry's reliance on short-term funding, despite complaints that the rule changes could damage the broader economy, the new chairman of the Basel Committee on Banking Supervision has warned.
The Bank of England acted more swiftly and more decisively on Thursday than most economists had expected to inject a further round of stimulus into the economy, as its governor warned that the nation may be facing its "most serious financial crisis ever."
IFC Loan Creates Job Opportunities in Georgia, Boosts Agriculture and Exports
Tbilisi, Georgia, October 4, 2011-IFC, a member of the World Bank Group, signed a $1.5 million loan agreement with Georgian wine producer and exporter Tbilvino, creating employment opportunities in rural areas and benefitting small farmers.
Two weeks after moving into a skyscraper near Wall Street to start assembling a muscular new agency overseeing banks and insurers in New York, Benjamin M. Lawsky got a surprise during an introductory meeting with a midlevel manager: His power was even broader than he thought.
When Apple unveils its Newsstand application next week, many magazine publishers are hoping it will mark a turning point as they seek to increase digital sales through the new wave of tablet computers.
The German parliament has voted by an overwhelming majority in favour of measures bolster the EURO 440bn eurozone rescue fund, and give it new powers to buy bonds and recapitalise weak banks, in a move that lifted financial markets and boosted the euro.
Procter & Gamble, the world's biggest consumer products group by sales, has thinned the ranks of senior managers by 10-15 per cent and is considering ways to restructure further as investors press it to improve profitability.
Prime minister Manmohan Singh faces a growing political storm over how to measure poverty in India amid fears that new benchmarks proposed by a powerful policymaking body could see many of the country's poor lose their welfare benefits.