BYD Co makes rechargeable batteries and cars in Shenzhen in Guangdong province. Founded in February 1995, and listed in Hong Kong in 2002, the origin of the company’s name is uncertain, with some saying it could simply be an acronym based on its Chinese name or from the phrase “build your dreams”. BYD’s profile was raised in 2008 when a unit of billionaire Warren Buffett’s Berkshire Hathaway invested about US$230 million in BYD.
Business Digest, November 8, 2012
BYD stock jumps over 10pc on policy hopes
Shares in BYD, the Warren Buffett-backed car maker, surged more than 10 per cent yesterday, extending a six-day rise to nearly 30 per cent, on speculation the firm would benefit from the new measures supporting clean-energy vehicles in China. BYD shares finished up 10.63 per cent at HK$19.36. Jeanny Yu
ING, Commerzbank set to cut jobs
ING, the biggest Dutch financial-services company, will cut 2,350 jobs in its banking and insurance units after a 64 per cent slump in third-quarter profit. Net income dropped to €609 million (HK$6 billion) from €1.69 billion a year earlier, the lender said. Meanwhile, German newspaper Die Zeit reported Commerzbank, Germany's second-biggest lender, may cut between 5,000 and 6,000 jobs. Bloomberg, Reuters
Ericsson to cut nearly 9pc of Swedish staff
Ericsson is to cut 1,550 staff in Sweden, out of the 17,768 currently employed, as the world's biggest maker of mobile phone networks aims to drive down costs. In the third quarter, Ericsson's core profit fell 42 per cent. Reuters