DaimlerChrysler Names New Mercedes Head
DaimlerChrysler said Eckhard Cordes, the head of its Mercedes Car Group unit would leave the automaker at the end of this month. DaimlerChrylser also said Chrysler chief Dieter Zetsche, set to take over as chief executive when Juergen E. Schrempp departs at the end of this year, would take charge of Mercedes starting Sept. 1.
Also, a German regulator said it was examining if the automaker followed rules obliging it to release market-sensitive information quickly when it announced Schrempp's resignation in July.
RBS Leads Bank of China Investment
Royal Bank of Scotland made a major move into the Chinese market, heading a $3.1 billion investment in Bank of China that effectively will give the British bank a 10 percent stake. RBS will have a direct stake of just over 5 percent, with its $1.6 billion commitment. But it will take control of the full 10 percent on behalf of co-investors Merrill Lynch and Li Ka-shing, the Hong Kong-based tycoon who controls the Hutchison Whampoa conglomerate.
British Airways to Offer Extra Miles
British Airways will offer as many as 50,000 extra air miles each to frequent fliers whose plans were disrupted by a strike last week. Commercial Director Martin George said in an e-mail to Executive Club members that the additional miles are "in recognition" of the airline's poor service during the walkout.
U.S. Orange Juice Duties to Be Challenged
Brazil will fight a U.S. decision to impose tariffs of up to 60 percent on $158 million of orange juice imports, said Keneth Nobrega, the Foreign Ministry's chief of commercial defense and safeguards.
Compiled from news service reports.