Japan’s auto workers unions had agreed on slimmer pay raise of 3,000 yen, only half the amount they demanded last year. That would hinder Prime Minister Abe’s determination to put an end to the country’s economy stagnation by boosting domestic growth and reviving exports.
Legal & Regulatory
Apple CEO Tim Cook made an official statement appealing the court order to provide assistance breaking into an iPhone owned by one of San Bernardino mass shooter. Cook argued that helping law enforcements creating a backdoor to bypass the device’s security is something the company cannot and will not do in order to protect its customers from a greater danger.
The Liberal Democratic Party has shot down the request put forth by the Government Pension Investment Fund to lift the ban imposed on it to make direct stock investments. The LDP made a final decision on Monday to keep the ban in place, fearing the government fund would gain direct control over private companies as well as bring down the pension benefits in cases of losses incurred on investments.
Recent statements and reports acknowledged that China is closing its technology gap with the United States, especially in air forces. Chinese governments have been using resources to support modernization on the military. However, the pilots' ability between the two countries is still facing a huge gap due to experience and training program.
Shareholders of the Italian tyre maker Pirelli has nodded in favor of the proposed merger with Marco Polo Industrial Holding. Marco Polo’s parent concern ChemChina has acquired Pirelli for $8.25 billion last year. The merging is scheduled to be completed by mid 2016.
BoK has decided to keep hold benchmark interest rates in place on Tuesday. To tackle the ongoing sluggish economic growth, South Korean government has unveiled a stimulus package on February 3. BoK is predicted to analyze the impact of the stimulus package and hence opts for keeping rates unchanged.
PROFEPA has fined Volkswagen México with $8.9 million for lacking two NOM environment compliance certificates. The 45,494 imported vehicles under penalty include Volkswagen's 2016 model vehicles. However, the fine is separate from the ongoing probe on defeat device installation on diesel powered vehicles.
Thai economy has reportedly grown 2.8% in 2015 while expected to grow by 2.8%-3.8% during 2016. The military ruler is about to loss support from the middle class segments due to sluggish economic growth. However, the growth in foreign investment portfolio brings some hope for the military ruler to boost up the economy.
A former Managing Director of CVC Capital Partners (US) Inc has moved court against the private equity (PE) firm over gender-discrimination. Lisa Lee, who complained against the company, has alleged that the firm was favoring male employees in more of unfair way.She criticized the company's measures in promoting less qualified male co-workers over her.
Auction For Marcos’ Jewelry Collection Appears To Be An Electoral Propaganda By Philippine President
The Philippine government has assigned the PCGG to recover ill-gotten wealth of former dictator President Marcos. The commission has announced on Friday exhibition and auction of a jewelry collection allegedly owned by Marcos and family. PCGG has revealed that the collection to be offered for auction has been appraised for at least ₱1 billion ($21 Million).
Green Party has accused IKEA for dodging tax up to €1 billion ($1.13 billion/ £776 million). MEP has taken the allegation into cognizance and pledged for studying the report and related findings. However, the Swedish furniture giant has rejected the tax evasion allegations and claims for no wrongdoings.
US-Cuba Bilateral Relations Expected To Boost Up With Resumption of Commercial Flights After 50 Years
Anthony Foxx is expected to sign a deal in Havana on Tuesday. The deal will allow resumption of commercial flights between the two countries. All the major airlines are expected to take part in the bidding of commercial flights towards different destinations of Cuba.
Walgreens has threatened to pull out of partnership with Theranos following the notice the latter received from the federal authorities regarding deficient medical practices. The drug retailer has given a 30-day ultimatum to its partner to clear their name, or their association gets terminated.
Facebook has introduced an app naming Free Basics in collaboration with Reliance group. Due to allegations for violating net neutrality, TRAI has instructed Reliance group to restrict access into Free Basics till completion of the investigation over its legal aspects. But industry insiders believe, Facebook may reappear with greater vicinity anytime soon.
Caterpillar has connected with its long-term partner, Rimco, to become the official dealer of CAT equipment to Cuba. Following loosening of some trade laws by Obama administration, Caterpillar has jumped into the scene instantly and is all poised to enter the Cuban market the moment the restrictions are off. The earth movers have been lobbying for lifting the Cuban trade embargo for a long time now.