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Despite its new family president taking a pay cut, Toyota had its credit ratings cut today by Fitch Ratings as weak car demand, especially in the American markets, continues to impact earnings.

Dr Wolfgang Porsche, chairman of the supervisory board at Porsche, has fiercely rejected the ultimatum offered to him by VW at the end of last week.

Huntsman Corp, the family-owned chemical company, has agreed to a settlement worth $1.73 billion to end its compensation claims against Credit Suisse and Deutsche Bank.

The preliminary results of the Campden FB/Mishcon de Reya survey on the current economic climate confirm family businesses are not escaping the effects of the recession. Jonathan Berman, partner in the Families in Business Group at Mischon de Reya, believes this shows the recession is deeper and more biting than previously thought.

Ultra high net worth individuals have been the biggest losers as an unprecedented decline in the number and wealth of the world's richest people has wiped out much of the wealth gained in the past three years, according to the 2009 World Wealth Report.

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