Indian car sales dip 7.4%
India’s car sales slid by more than 7 percent last month, marking a record ninth straight month of decline, industry data showed yesterday, as an economic slump and high borrowing costs discouraged buyers. Carmakers sold 131,163 cars last month, down 7.4 percent from the same month last year, the Society of Indian Automobile Manufacturers said. Meanwhile, sales of motorcycles — a popular means of personal transport — slipped by 1.5 percent to 809,312 units.
UK policy confusing: Deloitte
Deloitte UK has called for more consistency from Britain on taxes, the Daily Telegraph said yesterday, quoting the head of the accounting firm. Chief executive and senior partner David Sproul told the daily that a number of companies have put their plans to move to the UK on hold as a result of the mixed messages on taxes from the Treasury and the House of Commons Public Accounts Committee. Britain is initiating proposals aimed at discouraging companies and individuals from using complex schemes — some of which drift over into illegality — to reduce their tax payments, after several multinational firms were shown to be paying little or no taxes in Britain.
Deutsche may face caution
Deutsche Bank AG may be told as soon as this month by the German Federal Financial Supervisory Authority (BaFin) to improve its controls to prevent a repeat of attempts to manipulate benchmark interest rates, a person familiar with the matter said. The financial regulator is finalizing its first report into the rigging of Libor and similar benchmarks and will submit it to the Frankfurt-based lender as soon as this month, said the person, who asked not to be identified. BaFin will present its findings to Deutsche Bank management, telling them to adhere to standards set by the regulator, the person said. Barclays PLC, UBS AG and Royal Bank of Scotland Group PLC have paid a total of about US$2.5 billion in fines for colluding to rig benchmark interest rates for profit or to mask their true cost of borrowing.
Hirayama joins Yahoo Japan
Yahoo Japan Corp said Ryu Hirayama, a former banker at Goldman Sachs Group Inc in Tokyo, joined the country’s most-visited Web portal on Aug. 1. The company has not decided on his position, said Junji Miyahara, a spokesman for Yahoo Japan. Hirayama advised on mergers and acquisitions while at Goldman. Yahoo Japan, whose largest shareholder is billionaire Masayoshi Son of Softbank Corp, has announced at least eight mergers and acquisitions worth about US$670 million since April last year, data compiled by Bloomberg showed.
Massmart eyes Kenya
Massmart Holdings Ltd, South Africa’s biggest food and household-goods wholesaler, said it has met “several important players” in Kenya’s retail industry as the unit of Wal-Mart Stores Inc seeks expansion abroad. “Massmart’s interest in investing in Kenya is well-known,” chief executive Grant Pattison said in an e-mailed response to questions. “We don’t, however, comment on acquisitions, potential, speculative or otherwise.” Business Daily, a Nairobi-based newspaper, reported yesterday that among possible targets in Kenya, Massmart’s potential interest triggered a dispute about whether to sell among investors at family-controlled Naivas Supermarket Ltd.