Japan Airlines Corp is set to file for one of the country’s largest ever bankruptcies on Tuesday, marking the failure of the former state-owned carrier that once symbolised Japan Inc’s international aspirations. JAL, Asia’s largest airline by revenues, will remain in the skies under a state-backed restructuring plan as it tries to free itself from…
Uganda’s oil minister said Kampala was waiting for documents about the sale of Heritage Oil’s assets, and stressed that neither Heritage nor partner Tullow Oil had consulted the government on the deals. Tullow has exercised a right to buy Ugandan oil fields from Heritage, potentially derailing ambitions to expand in Africa by Italy’s Eni, which…
Thousands of people injured in Tuesday’s massive earthquake in the Caribbean country spent another night waiting for help, many lying on sidewalks, as their despair turned to anger. A spokeswoman for the UN Office for the Coordination of Humanitarian Affairs (OCHA) said 17 search and rescue teams were deployed in the capital Port-au-Prince, with six…
The 27-country bloc has set manufacturers a goal of cutting emissions from new cars by around 15 percent by 2015, after a lengthy battle that pitted environmentalists against auto-making nations France, Germany and Italy. “It can be important to try and review – did we go far enough at the time? Because this is a…
Eritrea is seen on the threshold of a mining boom, with hopes it may boost an agriculture-based economy that has suffered from irregular rainfall. The UN voted last year to punish Eritrea for its alleged support of Islamist insurgents in Somalia. The decision initially weighed on Nevsun’s shares. Stanley Rogers, the head of the Bisha…
The value of Japanese trust funds aimed at retail investors rebounded 18 percent in 2009 as global share prices and economies recovered from the previous year’s financial crisis, an industry group announced recently. Japanese individuals, who hold $15trn in savings – with much of that parked in low-yielding accounts – shifted some of their savings…
February gasoline exports will likely remain steady versus January levels due to high refinery runs, though icy weather has disrupted some cargo flows at northeastern ports, they said. Other than this, the key refineries in the northeast have so far seen few disruptions to inbound crude cargoes or outbound fuel shipments, industry sources said, after…
Greece’s three-year fiscal consolidation plan targets a budget deficit of 2.8 percent of GDP in 2012, the finance minister has announced. Greece, whose fiscal ills have prompted ratings downgrades and higher borrowing costs, is under pressure from markets and EU peers to take drastic action to restore its public finances. “According to the plan, the…
The Philippines may raise up to $1bn from a planned Samurai bond issue, up from its previous plan of $500m, if it gets favourable pricing and good demand, a senior government official said recently. “If we can raise $1bn through samurai, we will do that,” Finance Undersecretary Rosalia de Leon told reporters. “We will try…
The nominee to be the European Union’s trade chief said this week that he supported Russia’s accession to the World Trade Organisation. Karel de Gucht told a hearing in the European Parliament that much now depended on Russia and whether it wants to join the WTO as part of a customs union with Belarus and…
