Toyota to cut back US output
Toyota will shut down production at two of its US assembly plants for a total of at least 11 days as it grapples with slower sales after a wave of safety recalls. The shutdowns, announced yesterday, will affect Toyota’s San Antonio, Texas, and Georgetown, Kentucky, plants following the product safety crisis.
Rival offers $10bn for General
Simon Property made what it called a $10bn (£6.33bn) offer for General Growth Properties that would end one of the largest US bankruptcies on record and combine the two largest US shopping mall owners. Simon, the largest US real estate investment trust, said yesterday that it would offer $6 per share, or roughly $1.9bn, plus a stake in property assets it valued at about $3 per share. Simon said the transaction should boost funds from operations in the first year.
Volcker marries assistant
Former Federal Reserve chairman Paul Volcker, 82, took time out from his regulatory reform push to marry his long-time assistant, Anke Dening, late last week. They were married in a private ceremony in New York with a close friend, a judge, presiding. Dening has worked for Volcker for over 20 years.
Dragon to launch academy
James Caan, businessman and star of BBC’s Dragonsв Den, is launching his own business academy along with managing director Bev James. The James Caan Entrepreneurs Business Academy, which specialises in entrepreneurialism, launches with a one-day introductory seminar Saturday 20 March 2010 at the Holiday Inn, Kensington Forum.