Siemens names insider Thomas as new CFO
Siemens named insider Ralf Thomas as its new finance chief in a management reshuffle on Wednesday, replacing Joe Kaeser who was promoted to the CEOs post last month. Kaeser and his new CFO now face the challenge of whipping into shape a lumbering conglomerate with $104 billion of annual sales. Thomas, 52, has been finance chief of Siemens industrial products business for five years, overseeing a series of successful acquisitions of industrial software companies. The company also announced that Jim Hagemann Snabe, the outgoing co-CEO of business software maker SAP is to join the supervisory board.
China to seal ex-politician Bo Xilais fate on Sunday
A Chinese court will announce its verdict on ousted former senior politician Bo Xilai on Sunday following his trial last month on charges of corruption and abuse of power. Chinas courts come under the control of the ruling Communist Party and are certain to find Bo guilty. State media, which speaks for the party, has already all but condemned him. The Jinan Intermediate Peoples Court hereby announces that it will announce a verdict in defendant Bo Xilais bribery, corruption and abuse of power case on September 22, the court in eastern Chinas Shandong province, where Bo was tried, said.
China spending helps lift farm aid from record low
Agricultural subsidies as a share of farm income bounced back in 2012 from a record low the previous year, thanks to a dip in commodity prices and increased farm spending by China and others, the OECD said. Public support for producers in 47 countries amounted to 17% of gross farm receipts, up from an all-time low of 15% in 2011. Despite the increase, the OECD said the long-term trend in support levels remained downward.
Extradition law: EU piles pressure on Croatia
The EU moved closer to imposing financial sanctions on Croatia on Wednesday, frustrated that it has failed to make its extradition laws comply with EU legislation. The European Commission said Croatia had two weeks to amend its laws or face the suspension of financial aid, which will stall efforts to improve border controls and harm its bid to join Europes passport-free zone. European commissioner in charge of justice issues Viviane Reding has accused Zagreb of misusing the trust placed in it by the EU.