HOT US NEWS: Business

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Toyota recalls 3.8m US vehicles

Carmaker Toyota has announced its biggest recall, saying it will call in 3.8 million vehicles in the US.

The problem is with loose floormats, which may cause the accelerator pedal to stick.

The problem affects eight models of Toyota and Lexus cars and trucks in the US, where owners have been told to remove floormats on the driver's side.

The US government said it had received reports of 100 related incidents that involved 17 crashes and five deaths. read more

Eurozone prices falling further

Prices in the eurozone fell in September at a faster rate than they had in August.

The inflation rate fell to -0.3% in the year to September, from -0.2% in the year to August, according to Eurostat.

It is the fourth consecutive month that the rate of inflation has been negative in the bloc of 16 European nations that use the euro as their currency.

Oil prices have fallen over the past month as concerns have grown about the state of the US economy.

Deflation is considered damaging to an economy because consumers tend to delay making major purchases until prices fall further. Without consumer spending to stimulate growth, economic output falls.

The European Central Bank's target rate for inflation is just below 2%.
THANK TO:news.bbc.co.uk

IMF cuts crisis losses prediction

The International Monetary Fund (IMF) has cut its forecast for the amount likely to be written off globally in bad loans and investments by 15%.

The total it expects financial bodies to write off between 2007 and 2010 has been cut to $3.4tn (£2.1tn) from $4tn.

The IMF said the change was made because the world economy was growing faster than had been expected.

But it has warned that the improvement should not be taken as an excuse to delay necessary financial reforms.

Its Global Financial Stability Report said that risks to the global financial system had subsided as a result of interventions by governments and central banks, as well as signs of a global recovery.
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BNP Paribas to repay state early

The French bank BNP Paribas has announced that it is to repay the emergency funding it received from the government earlier than expected.

The French state bought 5.1bn euros ($7.5bn; £4.7bn) in non-voting BNP shares on 31 March 2008.

The bank said it would pay that money back in October, together with 226m euros in accrued dividends.

It said state intervention had "fully achieved its objectives" and it would be raising its capital by 4.3bn euros.

Tax havens

"Thanks to the state's intervention, French banks have played an important role in helping the economy and their customers during the crisis," said chief executive Baudoin Prot.

The announcement came the day after Mr Prot announced that he would be closing down branches of the bank in countries that feature on the OECD's "grey list" of tax-havens.

A BNP spokesperson said that the only two such countries in which the bank operates are Panama and the Bahamas.

World leaders intensified their campaign against tax havens at the G20 summit in London earlier this year.
Thanks to:news.bbc.co.uk

Russia tycoon set to buy NBA team

Russia's richest man has reached a deal to buy the New Jersey Nets - one of America's elite basketball franchises.

Mikhail Prokhorov would become the first foreign NBA team owner if the deal - thought to be worth more than $200m (£124m) - goes through.

The 44-year-old billionaire wants to acquire 80% of the club and 45% of the club's new arena in Brooklyn, promising big investments.

The proposed deal has been welcomed by leading basketball officials in the US.

'Long-standing passion'

Mr Prokhorov, an avid basketball fan, reached a tentative agreement on Wednesday.read more

As G-20 opens, some Pittsburgh businesses close

To Marla Martinko, Wednesday felt like a holiday in downtown Pittsburgh.
Workers inside Galardi's Cleaners in Pittsburgh prepare to shut the business down on Wednesday night.

Workers inside Galardi's Cleaners in Pittsburgh prepare to shut the business down on Wednesday night.

"It's like Christmas Eve. There was no traffic," and few customers, she said as workers prepared to board up the windows of the dry cleaners she manages. Galardi's Cleaners will be closed the rest of the week -- one of dozens of downtown businesses shutting down as the G-20 economic summit comes to town.

"It's like a ghost town. I don't know why we opened today," Martinko said. "It's been hard. We have to close two days, and Friday is one of our best days."

The city of Pittsburgh left it up to individual businesses whether to remain open during the two-day summit, which begins Thursday. Mayor Luke Ravenstahl said officials are "doing our very best to try to ensure business as normal could go on."

Asian markets tumble

Monday despite recent news that two of the region's biggest economies, Hong Kong and Japan, have emerged from recession. The Nikkei fell 3.1 percent, to 10,268.61 despite Japan's announcement that its economy has enjoyed positive GDP growth for the first time in five quarters.

Hong Kong's Hang Seng ended the day at 20,137.65, clocking a 3.62 percent decline, and the S&P/ASX closed down 1.63 percent at 4,338.4. China's Shanghai Composite Index plummeted 5.8 percent – its biggest drop since November 18.read more

Chile Peso 1.4% Weaker On US Market Slump, Weak Copper Prices

SANTIAGO (Dow Jones)--The Chilean peso was trading 1.4% weaker against the U.S. dollar early Monday, tracking the U.S. market tumble and declining copper prices.

The peso is trading at CLP559.50 to the dollar, versus Friday's close at CLP551.70.

U.S. stocks dropped Monday in line with steep losses in Asian markets amid a backdrop of economic worries. Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 175 points.

Since the onset of the financial crisis, the peso has tended to move in line with U.S. markets.
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