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(MENAFN - AFP) The ousted founder of American Apparel has agreed to cede control of his stake in the company to an investment firm, people familiar with the matter said Thursday.The agreement means Dov Charney may end up playing no role in leading the struggling clothing chain despite being its largest shareholder, sources said.On Tuesday, Charney, who was pushed ...

 

(MENAFN - AFP) General Electric on Thursday said the head of its China business will transfer to France to lead the US company's proposed buyout of Alstom's energy businesses.Mark Hutchinson, president and chief executive of GE Greater China, will be based in Paris to manage the integration of the French industrial company's power and grid businesses, GE said in a statement.The ...

 

(MENAFN - AFP) Germany adopted its first nationwide minimum wage on Thursday, hailed as a victory by unions and the centre-left coalition partners of conservative Chancellor Angela Merkel.The base pay of 8.50 euros ($11.60) an hour will eventually benefit more than five million workers in the low-wage sector when it is phased in between 2015 and 2017.Ahead of the ...

 

(MENAFN - AFP) US job creation picked up solidly in June, pushing the jobless rate down to 6.1 percent, boosting confidence in the economy and sending stocks flying to new records.Leaving behind the first-quarter contraction, the economy pumped out a much better-than-expected 288,000 net new jobs last month, Labor Department data showed Thursday.The June numbers ...

 

(MENAFN - AFP) Argentina's Economy Minister Axel Kicillof urged fellow Latin American countries Thursday to help find an "urgent solution" to the country's debt battle as it faces possible default.Kicillof told a special meeting at the Organization of American States in Washington on the country's fight with "vulture" hedge fund bondholders that the country wants action, ...

 

(MENAFN - AFP) Australian surgeons have successfully carried out a complex and rare procedure to remove a huge growth from the face of a young Filipino boy, who had to lift it up to eat and drink.Jhonny Lameon, 7, suffered from a severe fronto-nasal encephalocele - a neural tube defect that resulted in membranous sacs expanding through his eyes and covering his face.He ...

 

(MENAFN - AFP) Chinese banks can now set their own exchange rates between the yuan and the US dollar for some customers, the government said, in a small step towards liberalisation of the tightly controlled currency.Banks can decide the "spread" - the range between the buying and selling price - for customers based on market demand, according to a central bank statement ...

 

(MENAFN - AFP) A Japanese city was Thursday asking a court for an injunction to prevent a nuclear plant being built, in a country that remains deeply suspicious of the technology three years after Fukushima.Toshiki Kudo, mayor of Hakodate in Japan's north, will appear at Tokyo District Court on Thursday afternoon to demand an indefinite freeze on construction of the nearby ...

 

(MENAFN - AFP) What do you do when you need to deliver several hundred pounds of potatoes, 150 stalks of sugar cane, 30 eucalyptus saplings and eight sacks of coal, without motorised transportFor residents of Goma, in the war-scarred east of the Democratic Republic of Congo, the answer to this, and many other problems, is the tshukudu.A local but highly efficient ...

 

(MENAFN - AFP) Every once in a while, Kumiko Kano meets a group of people with whom she has decided to spend eternity, one of a growing number in Japan who are shunning the expense and commitment of a traditional family grave. Instead of shelling out millions of yen (tens of thousands of dollars) on an elaborate tomb, which, according to religious custom must be lovingly ...

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