World Business: Roundup, July 7

• Source: Global Times
• [08:34 July 07 2009]
• Comments

BASF to cut 3,700 jobs

German chemical giant BASF said yesterday it would cut 3,700 jobs by 2013 under a restructuring following its acquisition of Ciba Holding AG of Switzerland.
 
“The restructuring plans include a reduction of approximately 3,700 positions by 2013, most of which will be eliminated by the end of 2010,” a BASF statement said. It also considers the reorganization, sale or closure of 23 of the 55 former Ciba production sites.

Japan loans to Indonesia

Japan agreed to provide some $15.6 billion in emergency loans to Indonesia in the event of a severe shortage of foreign currency, a Japanese Finance Ministry official said yesterday.

The 1.5-trillion-yen deal, created under a new assistance scheme announced in May, was the first of a series of agreements that Tokyo planned to conclude with a number of Asian nations.

Agencies