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Global business news at a glance

  • Global business news at a glance

    Global business news at a glance

  • A man looks from behind a glass door at the Google Inc Shanghai office in Shanghai March 23, 2010. Two days after shutting its Chinese portal over censorship, Google said it plans to phase out deals to provide filtered search services to other online or mobile firms in China. It has already been shunned by at least one of those partner firms and was attacked by a state newspaper after pulling the plug on its mainland Chinese language portal Google.cn. It now reroutes searches to an unfiltered Hong Kong site.
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<b>Courtesy: Reuters</b>
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    A man looks from behind a glass door at the Google Inc Shanghai office in Shanghai March 23, 2010. Two days after shutting its Chinese portal over censorship, Google said it plans to phase out deals to provide filtered search services to other online or mobile firms in China. It has already been shunned by at least one of those partner firms and was attacked by a state newspaper after pulling the plug on its mainland Chinese language portal Google.cn. It now reroutes searches to an unfiltered Hong Kong site.

    Courtesy: Reuters

  • An Opel car is reflected in a Fiat car at a car seller in Darmstadt in this May 2009 file photo. Fiat is seen cutting 5,000 jobs as part of its strategic plan due to be unveiled next month, while at the same time increasing Italian production by 50 per cent. The job cuts would affect three plants in Italy and represent 15 per cent of the 30,000 workers employed on assembly lines in the country, an Italian newspaper said.
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<b>Courtesy: Reuters</b>
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    An Opel car is reflected in a Fiat car at a car seller in Darmstadt in this May 2009 file photo. Fiat is seen cutting 5,000 jobs as part of its strategic plan due to be unveiled next month, while at the same time increasing Italian production by 50 per cent. The job cuts would affect three plants in Italy and represent 15 per cent of the 30,000 workers employed on assembly lines in the country, an Italian newspaper said.

    Courtesy: Reuters

  • A Bank of America branch is pictured in New York in this May 2009 file photo. 
The bank has announced plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 per cent of their home&#39;s value or are battling ever-expanding "negative amortisation" loans. According to a summary of the program, Bank of America pledged to offer an "earned principal forgiveness" of up to 30 per cent in two stages. The lender will first offer an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their payments. The forgiveness can allow a homeowner to bring the loan value back down to 100 per cent of the home&#39;s value over five years, according to the plan, confirmed by sources close to the matter.
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<b>Courtesy: Reuters</b>
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    A Bank of America branch is pictured in New York in this May 2009 file photo. The bank has announced plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 per cent of their home's value or are battling ever-expanding "negative amortisation" loans. According to a summary of the program, Bank of America pledged to offer an "earned principal forgiveness" of up to 30 per cent in two stages. The lender will first offer an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their payments. The forgiveness can allow a homeowner to bring the loan value back down to 100 per cent of the home's value over five years, according to the plan, confirmed by sources close to the matter.

    Courtesy: Reuters

  • Former Samsung Electronics Chairman Lee Kun-hee in Las Vegas, Nevada January 9, 2010. The man behind Samsung Group&#39;s rise to become the world&#39;s largest electronics powerhouse has returned to head its flagship unit, two years ago after being indicted over financial misdeeds. Lee Kun-hee, who was appointed chairman of South Korea&#39;s Samsung Electronics on Wednesday, said the company founded by his father faced a "crisis", and needed new ways to grow.
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<b>Courtesy: Reuters</b>
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    Former Samsung Electronics Chairman Lee Kun-hee in Las Vegas, Nevada January 9, 2010. The man behind Samsung Group's rise to become the world's largest electronics powerhouse has returned to head its flagship unit, two years ago after being indicted over financial misdeeds. Lee Kun-hee, who was appointed chairman of South Korea's Samsung Electronics on Wednesday, said the company founded by his father faced a "crisis", and needed new ways to grow.

    Courtesy: Reuters

  • A customer exchanges money at a currency exchange center in Dubai, in this May 2009 file photo. Dubai government assistance will feature in Dubai World&#39;s proposal to creditors on how to restructure its $26 billion debt, a newspaper reported on Wednesday, citing unnamed sources. Dubai World will discuss how it plans to repay its commitments this week with an informal bank panel, which represents 97 creditors to the state-owned conglomerate. Arabic language daily Al Ittihad said the conglomerate would receive aid from the Dubai Financial Support Fund (DFSF) for financing operating expenses and payments to contractors to ensure the continuation of projects. The fund would also support the restructuring process through financing Dubai World loans that are due in the short term, the sources said.
<P>
<b>Courtesy: Reuters</b>
</P>

    A customer exchanges money at a currency exchange center in Dubai, in this May 2009 file photo. Dubai government assistance will feature in Dubai World's proposal to creditors on how to restructure its $26 billion debt, a newspaper reported on Wednesday, citing unnamed sources. Dubai World will discuss how it plans to repay its commitments this week with an informal bank panel, which represents 97 creditors to the state-owned conglomerate. Arabic language daily Al Ittihad said the conglomerate would receive aid from the Dubai Financial Support Fund (DFSF) for financing operating expenses and payments to contractors to ensure the continuation of projects. The fund would also support the restructuring process through financing Dubai World loans that are due in the short term, the sources said.

    Courtesy: Reuters

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