Archive for June, 2009

FTSE 100 falls at open (AFP)

Tuesday, June 23rd, 2009 | Finance News

Stocks in London were in the red at the start of trade on Tuesday as economic concerns persisted among investors.

The FTSE 100 index of leading shares opened down 0.23 percent to 4,224.33 points.


Justice Deptartment may drop UBS tax evasion case: report (Reuters)

Monday, June 22nd, 2009 | Finance News

(Reuters) –
The U.S. Justice Department may drop a legal case aimed at forcing UBS AG (UBSN.VX) (UBS.N) to reveal the names of 52,000 wealthy American clients suspected of offshore tax evasion, the New York Times said, citing a United States official briefed on the matter.

The complaint could be dropped before July 13, when Judge Alan Gold of the United States District Court in Miami, is expected to hold a short trial on the issue, the paper said, adding that a deal could still collapse.

"The Swiss do not want this to be litigated, and it is possible it will settle before then," the official told the paper.

UBS agreed in February to pay a $780 million fine and disclose the identity of about 300 of its U.S. clients to avert criminal charges that Swiss regulators said would have put the bank's existence at risk.

U.S. authorities, fearing the agreement might yield very few names, then filed a civil lawsuit against UBS seeking information on as many as 52,000 undeclared accounts.

A UBS spokesman in Hong Kong declined to comment on the report, while the U.S. Justice Department could not be immediately reached for comment.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes)


Ford and Nissan to tap factory retool loans: report (Reuters)

Monday, June 22nd, 2009 | Finance News

(Reuters) –
The U.S. government plans to disclose that Ford Motor Co (F.N), Tesla Motors Inc and Nissan Motor Co (7201.T) will be among the beneficiaries of a $25 billion loan program created by Congress to help auto makers retool factories for advanced-technology vehicles, the Wall Street Journal said.

U.S. Energy Secretary Steven Chu is planning an announcement on Tuesday morning in Michigan, the paper said, citing government officials familiar with the matter.

A spokeswoman for Chu and spokesmen for Ford, Tesla and Nissan declined to comment in the report.

The U.S. Energy Department, Ford and Tesla could not be immediately reached for comment by Reuters.

Nissan said on Tuesday it expects its electric vehicle output in the United States to have an initial capacity of more than 100,000 vehicles a year.

Nissan had chosen a site in Tennessee to make electric vehicles and batteries, Carlos Ghosn, chief executive of Nissan and French partner Renault (RENA.PA) told reporters after Nissan' annual shareholders' meeting.

(Reporting by Ajay Kamalakaran in Bangalore and Chang-Ran Kim in Yokohoma, Japan; editing by Mike Nesbit)