British economy close to ‘triple dip’ recession
A slump in North Sea oil production, lower factory output and a hangover from the London Olympics caused Britain’s economy to shrink more than expected in late 2012, pushing it perilously close to a “triple-dip” recession. The Office for National Statistics said on Friday that Britain’s GDP fell 0.3% in the fourth quarter — a sharper fall than the 0.1% decline expected by analysts. GDP grew by 0.9% between July and September.
Volkswagen to shift Golf production to Mexico
Volkswagen AG, Europe’s biggest carmaker, plans to produce its best-selling Golf hatchback in Mexico as part of a push for market share in North America, where it trails global rivals. VW will build the Golf at its Puebla factory beginning in the first quarter next year, the German manufacturer said in a statement dated Friday and obtained by Bloomberg News. The model, which has historically been built at VW’s home base in Wolfsburg, will be sold in North and South America, VW said.
Boeing 787 investigation far from complete
US safety regulators are nowhere near finishing an investigation into a battery fire on the Boeing Co 787 Dreamliner, a top official said on Thursday, raising the prospect of a prolonged grounding for the aircraft. Deborah Hersman, chairman of the National Transportation Safety Board, made clear that investigators have found a series of “symptoms” in the battery damaged in a January 7 fire in Boston, but not the underlying cause of the problem. She said the agency would be looking at the design of the battery compartment area of the plane and whether the certification standards had been strong enough. The comments were seen by some safety experts within the industry as a signal that this is no longer just a teething issue for the new plane. That will raise questions about the financial impact for Boeing.
‘Morgan Stanley CEO made $6 mn for 2012’
Morgan Stanley CEO James Gorman received lower compensation for 2012 after a difficult year for the bank in which profits declined. Gorman received $6 million in total compensation for 2012, including $800,000 in salary, $2.6 million in deferred cash and $2.6 million in stock options, a person familiar with the matter said on Thursday. He did not receive a cash bonus. Gorman made $8.56 million for 2011, when counting salary, deferred cash and restricted stock grants. Morgan Stanley’s board also plans to award Gorman an undetermined amount