Business News

Coca-Cola rapped in Australia for misleading ads

Coca-Cola rapped in Australia for misleading ads Sydney  - The Coca-Cola Co was ordered Thursday by Australian regulators to tell consumers an advertising campaign that said soft drinks didn't make people fat was misleading.

The US food and beverage giant had run a campaign stating it was a myth that Coke made people fat, rotted their teeth and contained lots of caffeine.

The Australian Dental Association and other health lobbying groups complained to Australia's consumer watchdog, the Australian Competition and Consumer Commission, which ruled Coca-Cola had breached the Trade Practices Act.

Adecco appoints new Chief Executive Officer

Adecco appoints new Chief Executive Officer Zurich  - Adecco, the largest staffing company globally, announced Thursday it had appointed Patrick De Maeseneire as the new Chief Executive Officer to replace Dieter Scheiff.

De Maeseneire, a Belgian national, had worked for Adecco for four years until 2002 and he currently serves as CEO of Barry Callebaut, a cocoa and chocolate company.

Adecco took a 22 million euro loss in the final quarter of last year and its profits for 2008 fell 33 per cent to 495 million euros. Its revenues for the entire year fell by 5 per cent to 20 billion euros.

Swiss Re to cut 10 per cent of workforce

Swiss Re to cut 10 per cent of workforceGeneva  - Swiss Reinsurance Co, the world's second larger re-insurer, announced Thursday it would cut by 10 per cent its current global headcount of 11,560 employees over the next 12 months.

The company also named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, starting the beginning of next month

Swiss Re said cost-cutting measures, including the layoffs, would lead to reductions of running costs of 400 million Swiss francs (350 million dollars) by the end of 2010.

Taiwan shipbuilder to sue Israeli firm for breach of contract

Taiwan shipbuilder to sue Israeli firm for breach of contractTaipei  - Taiwan's China Shipbuilding Corp (CSBC) plans to seek damage from Israeli shipping line Zim for scrapping orders for six containers ships, the company said Wednesday.

Zim's orders for the six 1,700-TEU (20-foot equivalent unit) container ships were worth a total of 220 million US dollars. SCBC is seeking compensation according to its contact with Zim, company president Lee Chih-cheng told a news conference.

Taiwan sourcing expo promotes the island's export sector

Taiwan sourcing expo promotes the island's export sectorTaipei  - Taiwan held its first sourcing fair Tuesday to promote Taiwan export, attracting more than 700 foreign buyers.

Vice President Vincent Siew opened the 2009 Sourcing Taiwan fair, held at the Taipei World Trade Centre from Tuesday through Saturday.

He said Taiwan is opposed to trade protectionism and supports trade liberalization.

"By holding this purchasing partners' fair, we want to show the world our confidence in the recovery of world economy," Siew said.

Julius Baer bank gets 34-year-old CEO

Julius Baer bank gets 34-year-old CEOGeneva  - One of Switzerland's largest private wealth managers will have a new chief executive officer come May, aged only 34 years old, the Julius Baer bank announced Tuesday.

The private bank said Boris Collardi would take over from current CEO Johannes de Gier.

Collardi, a Swiss national born in 1974, worked for Credit Suisse before joining the private wealth manager in 2006.

The previous CEO of Julius Baer, Alex Widmer, died suddenly in December 2008 at the age of 52, amid rumours that it was a suicide.

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