01252017Wed
Last update: Wed, 25 Jan 2017 04am

Business & Finance - Industries & Sectors

Toyota prices 'Model AA' shares at 30 pct premium as investors flock TOKYO: Toyota Motor Corp set the price for its "Model AA" class stock at about a 30 percent premium, a regulatory filing showed, as retail investors flocked to the no-risk shares that the automaker hopes will help it secure longer-term shareholders.Toyota, Japan's top automaker, set the issue price at 10,598 yen compared with the 8,153 yen close on Thursday, putting it the top of the range of 26 to 30 percent it had flagged.The offering, for which Nomura Securities is the sole underwriter, is set to raise up to 499.17 billion yen ($4.04 billion) from the issuance of 47.1 million shares, the filing showed.Model AA shares - named after Toyota's first passenger car - are unlisted but carry voting rights.Investors must hold the shares for five years, after which they can convert them to common stock or sell them back to Toyota at the issue price. The shares carry an ...


Business & Finance - Industries & Sectors

Google apologizes photo app tagged black couple 'gorillas' SAN FRANCISCO: Google apologized after an identification program in its new photo app put a "gorillas" label on a picture of a black couple."We're appalled and genuinely sorry that this happened," a Google representative said late Wednesday in an email to AFP."We are taking immediate action to prevent this type of result from appearing."Google apologized and went to work fixing the problem earlier in the week after the offensive blunder was pointed out in a ...

Business & Finance - Industries & Sectors

US auto sales maintain steady pace in June CHICAGO: US auto sales maintained a steady pace of growth in June and consumers were opening their wallets for more expensive models and upgrades, industry data showed Wednesday."We just wrapped up the US auto industry's best six months in a decade, driven by strong demand for pickups and crossovers," said Kurt McNeil, head of sales at General Motors."People feel good about their jobs and the direction the economy as a whole is taking, so the ...

Business & Finance - Banking & Finance

Romania central bank governor: continuing IMF aid deal is key to reforms BUCHAREST: Romania should continue to have some sort of aid agreement with the International Monetary Fund and the European Commission, as this is key to continuing economic reforms, Central Bank Governor Mugur Isarescu said on Wednesday. Romania has a standby aid deal with the IMF that expires in September and it is unclear whether it will be renewed. Romania has defied the lenders with a programme of sweeping tax cuts, despite warnings that these would ...

Business & Finance - Banking & Finance

ELA, the ECB's financial lifeline for Greek banks FRANKFURT: The European Central Bank meets again Wednesday to decide whether to keep open the Emergency Liquidity Assistance or ELA programme for Greece.ELA was originally intended as a lifeline for solvent lenders that get into a cash jam, but has become a tool to keep the entire Greek economy alive while Athens and its creditors try to find a way out of their current deadlock. With bailout talks having failed and Greece since defaulted on ...

Business & Finance - Banking & Finance

Deutsche Bank's new chief wants time to decide on strategy FRANKFURT: Deutsche Bank's new chief, John Cryan, said Wednesday that he intends to take until the autumn to consider how to tackle the current challenges facing Germany's biggest lender. Without calling into question his predecessors' strategy, which he himself approved as member of Deutsche Bank's supervisory board, the 54-year old Briton said he felt it "right to take the summer and early autumn to decide how to best execute those decisions. "We will therefore update ...

Business & Finance - Industries & Sectors

US Toyota exec in Japan resigns over drug arrest TOKYO: Japan's Toyota Motor said Wednesday that American Julie Hamp, its most senior female executive, has resigned after being arrested for suspected drug law violations."Toyota Motor Corp (TMC) received notification from Ms. Julie Hamp of her intent to resign her position of managing officer," the company said in a statement dated Tuesday."TMC has accepted her resignation after considering the concerns and inconvenience that recent events have caused our stakeholders."Hamp, who was recently appointed to head ...