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Thu, Oct 01, 2009 - Page 10 News List

World Business Quick Take



Deutsche Bank may cut jobs

The biggest German bank, Deutsche Bank, wants to eliminate or farm out 1,300 German jobs, but without resorting to outright redundancy, the daily Die Welt said yesterday. Late last year, Deutsche Bank employed 80,000 people worldwide, including almost 28,000 in Germany. It warned in March that some jobs might be cut. In both the first and second quarters of this year, the bank has posted net profit of more than 1 billion euros (US$1.46 billion).


Air India pilots end strike

Pilots at the ailing state-run carrier Air India ended a five-day strike yesterday, saying the government had provided assurances that their salaries would not be cut. Senior pilots representative V.K. Bhalla told reporters in New Delhi the stoppage was “immediately and absolutely called off” and that they would return to work at once. The airline has canceled hundreds of flights since Saturday, when non-unionized senior pilots called in sick to protest against a slash of between 25 percent to 50 percent in incentive-based pay for more than 7,000 employees.


Ernst & Young raided

The Hong Kong offices of accounting giant Ernst & Young were raided by police as part of a fraud investigation linked to the city’s biggest corporate collapse, media said yesterday. The search, which occurred on Tuesday, came after Ernst & Young was accused in court earlier this month of falsifying documents to shield itself from a negligence claim brought by the liquidators of electronics company Akai Holdings, the South China Morning Post reported. The lawsuit ended last week with an out-of-court settlement, with Ernst & Young paying the liquidators, Borrelli Walsh, hundreds of millions of Hong Kong dollars, the Post said.


Nike profits unchanged

Nike Inc said on Tuesday that as consumers around the globe limited their spending, its first-quarter profit was nearly unchanged from a year ago, but it beat expectations. The world’s largest athletic shoe and apparel company reported that it earned US$513 million, or US$1.04 per share, for the quarter that ended Aug. 31. In the same quarter last year, Nike earned US$510.5 million, or US$1.03 per share. Revenue fell 12 percent to US$4.8 billion from US$5.4 billion a year earlier, due in part to the negative impact of the stronger dollar.


Google Wave to be released

Google was to release a new product yesterday aimed at making e-mail obsolete, the company said in a blog posting on Tuesday. Google Wave combines the best features of e-mail, instant messaging, social networking and collaborative document editing and was to be released to 100,000 developers and corporate users, the company said. The application was developed by Jens and Lars Rasmussen, brothers who had a key role in developing Google Maps.


CNN iPhone App launched

US cable network CNN launched a news application for the Apple iPhone on Tuesday, which costs US$1.99 and includes advertising, features news headlines and stories, photos and live breaking news video. The CNN iPhone App is available through Apple’s App Store and can also run on the iPod Touch. The CNN App allows for personalization of weather, traffic and news.

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