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.
Legal & Regulatory
Japan decides not to lift the ban on GPIF investing directly in stocks
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.
A Startup Promising Wedding Loan Shifted to a Crowdfunding Platfrom, Disappoints Couples
A startup offering up to $10,000 loan to help couples fund their wedding had shifted its business concept to a crowdfunding platform. The move infuriates many couples expecting the loan, whereas the startup said that the couple wouldn’t have to pay it back as long as they stay together. The change of business plan was due to overwhelming demand and regulation challenges, stated the company.
Seed CX, Proposed Hemp Derivatives Trading Startup Raises $3.42 Million Fund
Kentucky and 26 other US states consider hemp cultivation and processing as legal. Industrial hemp and its derivatives are widely used in fabrics, shampoo, plastics, building materials etc. To avail the potential business opportunity, Seed CX has raised fund for $3.42 million aiming to run a platform for hemp and its derivatives.
Auto Worker Unions Seek Slimmer Pay Raises as Japan Economy Stagnates
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.
Latest News
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.
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.
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).
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.
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.
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.
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.
