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.
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Brazil's Usiminas hires Credit Suisse for unit sale
Brazilian steelmaker Usiminas Siderurgicas de Minas Gerais SA, a Brazilian steel producer, is in the process of offloading its manufacturing unit. Usiminas has already hired Credit Suisse SA as its financial advisor for the unit sale. The sluggish global economy and China's economy slowdown are impacting the Brazilian steel industry in more negative way.
North Korea Will Begin to Export Giant Statue for National Income
North Korea has been using giant statues as propaganda tool for more than 50 years. Now, it has exported locally crafted giant statues to increase the country's income.
Iluka ceases production at Jacinth-Ambrosia project; to trim 33 jobs
Iluka Resources said it will cease production in zircon operation at Jacinth-Ambrosia project in South Australia following fall in zircon prices. The company's decision will positively impact the global market.
Foreign investors take US small biz route
The market volatility, rising dollar and sluggish global economy are forcing foreign investors towards the US small business credit market for growth opportunities. Foreign investors generally prefer to invest in US treasury bonds. But the prevailing global conditions are propelling them to park their funds in small business credit market.
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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.
The Philippines' largest company, San Miguel Corporation will sell bond to small investors. The company is aiming to cut dollar-denominated debt and protect its earnings.
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.
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).
R-Square Macro Management is increasing its exposure to Russian currency Ruble. It's hoping on rebound in Ruble as it fell 37 percent from the recent high in 2015. Some asset managers scaled back their wagers on Ruble amid high volatility in the Russian currency.
The recent market crash in Indian stock markets is driving funds from equities to mutual funds (MFs). As a result, fixed income mutual funds are witnessing increased inflows of funds amid ongoing bear market.
Google made a big investment last year to SpaceX, as a mean to help the company build space-based internet communication system. Meanwhile, SpaceX is scheduled to launched by February 24.
Whole Foods Market Inc is in the process of cost reduction. To promote sales volume, it's offering discounts and building relations stronger with suppliers. Whole Foods is expecting a savings of $300 million annually.
The Southeast Asian air market has been occupied mostly by the budget carriers of this region. Ignoring the odd, Philippine Airlines has been rumored to announce for order for new planes. The carrier has designed a roadmap to elevate its status to five stars through the rumored expansion.
