Equity investment opened
The government will allow qualified foreign investors to invest directly in domestic equities as the country seeks to boost capital inflows and reduce stock market volatility. The central bank and market regulator are expected to announce the change that might take effect by Jan. 15, the government said in an e-mailed statement yesterday. The country’s benchmark stock index completed its second-worst yearly loss last year, with the BSE India Sensitive Index, or Sensex, slumping 25 percent. Foreign investors have pulled out US$380 million from the country’s equities last year, compared with a record inflow of US$29 billion in 2010.
Beijing adjusts vehicle taxes
The Beijing city government adjusted vehicle taxes yesterday to promote lower-emission cars, Xinhua news agency reported. Authorities raised taxes on vehicles with engine displacement of more than 2 liters and lowered taxes on vehicles with smaller engines, Xinhua said. The rates will result in lower taxes on 70 percent of vehicles.
GDP growth of 3.1% forecast
The country’s economic growth will average 3.1 percent this year, compared with 6.8 percent last year, as the kingdom cuts oil production, Jadwa Investment Co said. Production will fall to 8.8 million barrels a day on average from 9.3 million barrels a day as Saudi Arabia and other OPEC members cut output, while Libya and Iraq raise their production, the diversified investment business said.
Porsche sued for US$2.6bn
Porsche Automobil Holding SE faces a suit from a group of investment funds seeking about 2 billion euros (US$2.6 billion) in damages allegedly suffered from the carmaker’s failed takeover attempt of Volkswagen AG in 2008. The group, whose members were not identified, filed the lawsuit in the district court of Stuttgart, Germany, according to a statement released on the OTS newswire late on Friday. The plaintiffs also filed an arbitration application regarding Volkswagen, two members of the Volkswagen supervisory board and one member of the management board of Volkswagen.
Apple designer knighted
The British monarch has awarded a knighthood to Jonathan Paul Ive, a British citizen and head of Apple Inc’s design team since the mid-1990s. Ive received an Order of the British Empire for services to design and enterprise. Ive is credited with helping late Apple founder Steve Jobs bring the consumer-electronics company back from the brink of financial ruin in the late 1990s with his whimsical design for the iMac computer, which originally came in bright colors at a time bland shades dominated the PC world. He later helped transform Apple into the envy of Silicon Valley with the designs for the iPod, the iPhone and the iPad.
Kodak loses third director
Eastman Kodak Co says another member of its board of directors has resigned — the third director to exit the struggling company in the past two weeks. The latest director to relinquish the post is Laura Tyson, according to a company filing with the Securities and Exchange Commission on Friday. Kodak did not say why Tyson resigned. On Tuesday, Kodak disclosed that Adam Clammer and Herald Chen resigned from the board the previous week.