Toyota Eyes Mass Production of Fuel Cell Car by 2015

Japanese carmaker Toyota has said it is looking to start commercial sales of fuel cell-powered cars by 2015. Toyota set the target as it unveiled a concept fuel cell powered car, called the FCV, at the Tokyo Motor Show. Its cells can be recharged within minutes and it can cover about 500km (300 miles) on a single charge, according to the firm. Earlier this week, rival Hyundai said it plans to start mass production of such cars as early as next year. The South Korean company has announced plans to start commercial sales of a fuel cell-powered version of its sports utility vehicle, the Tucson, in the US market. Honda Motor is also expected to unveil its latest concept version of a fuel cell-powered vehicle later this week.

 

Many carmakers have been looking to develop the fuel cell technology further and bring it to mass production. One of the main reasons is that it is emission-free. The technology uses hydrogen to generate electricity to power the engine and the waste products are heat and harmless water. At the same time, fuel cells charge much faster and travel a longer distance after being charged, compared with battery-operated electric cars.

 

India Tops US, China as Best Investment Destination 

India has spurted ahead of China and the US as the most attractive investment destination, a survey by global professional services firm Ernst & Young (EY) says.

 

EY’s ninth bi-annual capital confidence barometer, based on a survey of 1,600 senior executives across more than 70 countries, has ranked India as the most attractive investment destination followed by Brazil, while China is at third place. The top three investing countries into India are the US, France and Japan. Foreign Direct Investments (FDI) from the US, France and Japan during the period April 2000 to August 2013 amounted to Rs. 53,673 crore, Rs. 17,718 crore and Rs. 71,870 crore, respectively.

 

“With sharp currency depreciation and opening up of FDI in various sectors, India has become an attractive destination for foreign investors,” the EY report said. Sectors with the highest level of possible deals include Automotive, Technology, Life Sciences and Consumer Products.

 

 

JP Morgan Chase Agrees Record $13bn Settlement Charges 

JP Morgan Chase, the biggest bank in the United States, agreed a record $13bn (£8bn) settlement with regulators on Tuesday, ending months of tense negotiations with the Justice Department over a string of investigations into its risky mortgage deals.

 

The fine, the biggest civil settlement with any single company, ends several investigations and lawsuits brought by the US authorities related to the sale of home loan bonds between 2005 and 2008. It is more than three times the previous record $4bn fine the US levied against BP for the Deepwater Horizon oil spill.

 

Settlement talks have been fraught and lengthy. JP Morgan chief executive Jamie Dimon went to the US Justice Department to personally negotiate with attorney general Eric Holder in September, a personal summit that led some critics to claim that Holder was giving the bank special treatment. Tuesday’s agreement staves off a costly and potentially embarrassing trial.

 

As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities. The deals collapsed in 2008 when the housing market plunged and the scale of the risks was exposed, and the resulting financial tumult led to the biggest crisis since the Great Depression.

 

The admission was a major victory for the Justice Department. Banks have fought shy of such statements fearing yet more legal actions from investors. The settlement leaves open the possibility of potential criminal charges.

 

“Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown,” said Holder. “JP Morgan was not the only financial institution during this period to knowingly bundle toxic loans and sell them to unsuspecting investors, but that is no excuse for the firm’s behavior.”

 

The settlement was negotiated through the residential mortgage-backed securities (RMBS) working group, a joint state and federal initiative formed in 2012 to investigate wrongdoing in the mortgage-backed securities market prior to the financial crisis. Holder said the group’s investigations were “ongoing”. JP Morgan sailed through the financial crisis relatively unharmed, but has been beset by legal woes in the crisis's aftermath. The fine is the latest, and largest, in a series that has led for some shareholders to call for Dimon’s resignation despite the bank's financial success and its solid share price.

 

Switzerland: Best Country for Top Talent

Which country is the best at developing, attracting and retaining top talent? Switzerland comes out on top, according to the Global Talent Competitiveness Index, launched on 26th November by European business school Insead. The new index rates 103 countries on 48 factors including education, government policy and quality of life. The U.S. trailed in ninth place.

 

First-placed Switzerland excelled in all categories, and stood out for its long-standing commitment to high-quality education, according to the report. Singapore came second. The authors noted that the city-state was highly competitive because of a clear strategy to grow and attract the best and brightest employees.

 

The index was created, in part, to help global companies identify which countries are most effective in building a talented workforce. "There is a widespread mismatch between what companies need in terms of skills and what local labor markets can offer," said Insead dean Ilian Mihov in a statement. "Obviously, these issues require a collaborative effort among government, business, organized labor and global business schools." The Insead ranking was dominated by European countries, including Denmark, Sweden,Luxembourg, the Netherlands, the United Kingdom and Finland.

 

The U.S. ranking reflected, in part, its long history of immigration and success in attracting top international talent, the report stated. But Insead professor Paul Evans said the U.S. risked undermining that advantage because of a tougher stance on immigration since 9/11. Evans also pointed out that the U.S. scores relatively poorly for basic education and social mobility.

 

A number of the top-ranked countries also boast some of the shortest work weeks in the world and the most generous benefits and perks for working moms and dads. In May, Switzerland was ranked the second most competitive country in the world after the U.S., according to the IMD World Competitiveness Center. Switzerland is known for policy stability, predictability and budgetary discipline.

 

The Insead index was launched in partnership with the Human Capital Leadership Institute of Singapore and HR consulting firm Adecco. It was based on data from a range of international sources such as the World Bank, the World Intellectual Property Organization and UNESCO, and the ranking model was audited by the European Commission's Joint Research Center.  

 

Blackberry Shakes up Senior Management

Struggling smartphone maker Blackberry has shaken up its top management as part of its continuing reorganisation. The firm's chief financial officer, Brian Bidulka, will be replaced by James Yersh who has previously served as controller and head of compliance. The chief marketing officer and chief operating officer will leave the firm with no replacements announced.

 

This comes just weeks after the firm appointed a new interim chief executive as it shelved a plan to sell itself. Blackberry named John Chen as the interim chief executive officer as it announced it had abandoned a planned sale to its biggest shareholder, Fairfax Financial Holdings. The management changes are the first major move made by Mr Chen.

 

Blackberry once dominated the smartphone market, but has seen its fortunes dwindle in recent years, It has been hurt by the success and popularity of smartphones launched by rivals such as Apple and Samsung. Its attempts to boost its market share have not yielded the desired results. In September, it reported a net loss of $965m for the second quarter, blaming poor sales of its new smartphone, the Z10. The firm has also announced a plan to cut 4,500 jobs, or 40% of its workforce, to reverse the giant losses.