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Takata files for bankruptcy protection
TOKYO: Japan’s Takata Corp, the firm at the centre of the auto industry’s biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by US-based rival Key Safety Systems. In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls and lawsuits. Its
 
 
German shoppers drive business morale to record high
BERLIN: German business confidence unexpectedly rose in June to a record high, as strong domestic consumption and robust exports combined to make company executives increasingly upbeat about the growth outlook for Europe’s largest economy. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 115.1 from 114.6 in May. The reading compared with a Reuters
   
Markets rebound on Italian banking rescue deal
London: European stock markets fizzed higher on Monday as investors toasted news of a 17-billion-euro ($19-billion) rescue deal in Italy’s long-troubled bank sector. The Italian government has stepped in to liquidate two insolvent banks, Veneto Banca and Banca Popolare di Vicenza, averting a threat to the country’s fragile banking system. The two failing lenders’ healthy assets are being sold to Intesa Sanpaolo, one of Italy’
 
 
Baker McKenzie relocates partner to Abu Dhabi
DUBAI: The UAE is a key regional and global hub for trade and commerce, with leading global law firm Baker McKenzie further re-affirming its commitment to the UAE market. Baker McKenzie will be relocating partner Borys Dackiw from Dubai to Abu Dhabi effective 1 July 2017 to head up the Abu Dhabi Practice and enhance the service to local and global clients on the ground, at a time when other law firms are retrenching from the
   
India postpones TDS, TCS provision for e-commerce operators
New Delhi: With just five days to go for the roll-out, the government has postponed the provision relating to one per cent Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) for two categories of deductors - government, including local authorities, and e-commerce companies and their suppliers. In a press note, the government said the postponement of the provision relating to TDS (Section 51) and TCS (Section 52) of
 
 


 
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31,159.40
50.12
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51,453.16
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4.27
 

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