General Motors is adding 824,000 more cars to an ongoing recall over defective ignition switches that have caused some engines to shut off and to disable airbags. The US car maker said it was recalling a variety of models made 2008-11, in addition to 1.6m cars made before 2007 that were recalled last month. GM said it was unaware of deaths caused by the flaw in the 2008-11 models. But the problem has been linked to between 12 and 303 deaths in crashes. Separately on Friday, GM halted sales of some
Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (£3.5bn) for its latest financial year. However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter. The company said it was pleased with its fourth quarter performance, and that it was on "a path to returning to growth and profitability". Boss John Chen said the firm was moving to a "sounder financial footing". Blackberry
Pilots at Lufthansa will hold a three-day strike from 2200 GMT on 1 April, their union has announced. The strike, over pay and working conditions, is likely to cause the cancellation of hundreds of flights. It will affect Lufthansa passenger services at all airports in Germany, as well as Lufthansa Cargo and low-cost carrier Germanwings. If it goes ahead, it will be the third strike to hit Frankfurt airport, Lufthansa's home base, in six weeks. The airline's management is urging the pilots'
Government on Friday nominated persons to serve on the Board of the Produce Buying Company (PBC). A statement from the Ministry of Finance named Capt. (Rtd) Kojo Buta, as Chairman of the board, while Dr. Basil Lokko and Abraham Amaliba were appointed members. Government has also appointed some officials to the management of the Cocoa Processing Company (CPC) and the Cocoa Marketing Company (CMC). The officials are Nana-Oduro Owusu, Managing Director, CPC, Jacob Ofosu-Koree, acting Managing Director,
Ghana's cedi could decline marginally next week on unmet dollar demand from local companies and moves by the central bank to correct its rates to reflect interbank price fluctuations, traders said. The cedi, which has depreciated by around 12 percent since January, was quoted at 2.6700/2.6800 to the dollar by 1250 GMT on Thursday, down from the previous day's close of 2.6550. Ghana's interbank market reopened active trading last week after more than six months of inactivity due to
Fitch Ratings has revised the Outlook on Ghana's Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the ratings at 'B'. The agency has also affirmed the Short-term foreign currency IDR at 'B' and Country Ceiling at 'B'. The issue ratings on Ghana's senior unsecured foreign and local currency bonds are also affirmed at 'B'. KEY RATING DRIVERS The Outlook revision reflects the following key rating
CAL Bank has recorded an 85 percent increase in profit after-tax in 2013, rising from GH¢49.5million in 2012 to GH¢92million. The Board Chairman of the bank, Paarock Van Percy, said the robust balance sheet built over the past few years was critical in achieving the sterling performance. The Chairman was addressing shareholders at the annual general meeting of the bank in Accra. He said the bank continued to steadily build a healthy balance sheet during the review period, with total assets increasing
Two new studies by the International Labour Organisation (ILO) have called for an urgent re-thinking of development and labour market policies. According to both publications, dubbed Beyond Macroeconomic Stability and Creative Labour Regulation, conventional macroeconomic and labour regulation policies are failing, and as a result global economic recovery had been much slower than expected. The publications, which were made available to the Ghana News Agency on Wednesday by the ILO, called for new
Mr. Fouad Idun-Ogde, Head of SBG Securities Ghana, the brokerage arm of Stanbic Bank, has called for an integrated drive to educate Ghanaians on investment and investing the right way. “A challenge we face as a people is that there is not enough local retail content when it comes to securities, investing and investment issues. Many investors thus choose to focus on relatively guaranteed Government bills and shy away from the securities market,†he said. Speaking in an interview with journalists
Newmont Ghana says an investigation into the causes of a fatal accident that occurred at its Akyem Mine, on March 26, is underway. This was contained in a statement issued by Newmont Ghana Gold Limited and copied to the Business and Financial Times signed by the company’s Director, External Affairs and Communications, Adiki O. Ayitevie, who expressed deep regret about the occurrence. “On behalf of all Newmont, we extend our deepest sympathies and heartfelt condolences to the family, and share
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