China questions subsidy for EU solar components
China lodged a complaint with the World Trade Organization on Monday to challenge the European Union's support for its solar power components industry. China's Ministry of Commerce said some EU countries’ laws provided subsidies for solar power generation if components for the projects were produced in Europe. “(The subsidies) constitute a violation of WTO prohibitions on import replacement subsidies, seriously affect Chinese exports, and harm China's rightful interests as a WTO member,” ministry spokesman Shen Danyang said.
UBS investment bank head rejigs management
The new head of UBS’s investment bank has stamped his mark on the division with a management reshuffle. Andrea Orcel, a dealmaker poached from Bank of America Merrill Lynch earlier this year, has moved co-head of the investment banking advisory business Simon Warshaw to a new role. UBS’s new corporate client solutions division will also now be split along regional rather than product lines. Orcel became sole head of the investment bank last week after former co-head Carsten Kengeter stepped aside to oversee the winding down of the fixed income business.
Toyota net triples, raises earnings estimates
Toyota’s quarterly profit tripled, driven by a recovery from natural disasters, and the company raised its full-year earnings forecast Monday despite a sales slump in China. Toyota Motor Corp. reported a July-September net profit of 257.9 billion yen ($3.2 billion) compared with an 80.4-billion-yen profit a year earlier.
Japan's top automaker raised its profit forecast for the full fiscal year through March 2013, to 780 billion yen ($9.8 billion) from 760 billion yen ($9.5 billion). It had a profit of 283.5 billion yen the previous fiscal year, when Toyota’s production was hammered by the disasters in northeastern Japan and Thailand.