Business News

UBS threatens to move HQ from Switzerland

Swiss bank UBS is threatening to move its headquarters out of Switzerland if the authorities impose too many new regulations in the wake of the global financial crisis, Swiss weekly paper Sonntag CH said.

UAE markets seen \'limit down\' on Monday open

UAE markets will face intense selling pressure when they reopen on Monday in the first postholiday trading after Dubai shocked global markets last week by seeking a debt standstill for two flagship firms.

Harel, Ashtrom to buy Deutsche Telekom property

Israel\'s Harel Insurance Investments and Financial Services and Ashtrom Properties agreed to acquire from Deutsche Telekom an office complex in the centre of Leipzig for 29 million euros (USD 43.29 million).

Nokia Siemens CEO says focus on mkt share

Ailing telecom equipment maker Nokia Siemens Networks has changed its business focus to increasing its market share, the new chief executive of the venture was quoted as saying on Sunday.

Report: Dubai World refused distressasset sale

Dubai World has refused to offload assets at firesale prices to repay obligations, forcing it to seek a debt standstill, a newspaper report on Sunday quoted an unnamed source at the governmentcontrolled firm as saying.

Euro zone sees no default spillover from Dubai woes

The euro zone does not risk the sort of debt problems plaguing Dubai, senior European Union officials said on Sunday.

IBM to buy startup Guardium for $225mn

IBM, the world\'s biggest technology services company, is expected to announce this week the acquisition of database security startup Guardium for USD 225 million, Israeli financial newspaper TheMarker reported.

WockhardtDBS reach out of court settlement in CDR case

Pharmaceutical major Wockhardt, which has been fighting a legal battle with Singapore’s DBS Bank has finally sort for an outofcourt settlement in the corporate debt restructuring (CDR) case.

LT ties up with NPCIL to make forgings for nplants

Larsen and Toubro is all set to ink a joint venture agreement with the Nuclear Power Corporation of India for setting up a Rs 2,000crore project to make forgings for nuclear power plants.

UTI to be first on NSE mutual fund platform

Around 30 of the 100 schemes of UTI Mutual Fund will be listed on the new NSE Mutual Fund platform, which is set for a Monday launch.

China to expand oldfornew car, appliance schemes

China will expand schemes that give consumers a discount if they trade in old cars and household appliances for new ones, Vice Commerce Minister Jiang Zengwei said.

Washington to press banks on mortgage relief

The Obama administration plans to announce on Monday a campaign to press mortgage companies to reduce payments for many more struggling homeowners, The New York Times reported in Sunday editions.

US Treasury wants more lender leeway on loans

The US Treasury Department wants lenders and companies that process monthly mortgage payments to do more to rework troubled home mortgage loans and will announce new measures on Monday aimed at achieving that goal, a department spokeswoman said on Saturday.

Dubai is setback but world economy can cope: UK\'s Brown

The spectre of a debt default in Dubai is a problem but the world economy is now strong enough to surmount it, British Prime Minister Gordon Brown said on Friday.

Canada\'s Flaherty says G7 monitoring Dubai fallout

The Group of Seven (G7) countries has discussed the potential fallout on the global financial system from Dubai\'s delayed debt payments, Canadian Finance Minister Jim Flaherty said on Friday.