World Street | Japan's monetary policy stand, Ford workers strike, Apple's hefty fines and more

World Street offers a sneak peek into the world of business and economy.

Even as Japan slides into a recession, the Bank of Japan kept moving ahead to end negative interest rates in the coming months, unfazed by the struggling economy. Macquarie Asset Management and US-based Federated Hermes are looking to cut down stake in the UK gas network operator Cadent. China's challenger to Airbus and Boeing's passenger jet takes its first international journey. All this and more on this edition of World Street.

Eyeing a piece

Macquarie Asset Management and the US-based Federated Hermes, are in talks over a potential sale of a combined stake worth $1.64 billion in the UK gas network operator Cadent, Reuters reported citing sources. The asset management division of Macquarie Group, which manages more than 26 percent in Cadent, is looking to unload a 5 percent holding in the company while Federated Hermes is aiming to reduce its 13 percent stake to 8.4 percent, the report stated.

Hands up

The liquidators of the battered Chinese property giant, Evergrande Group, are gearing up for a potential lawsuit against its auditor PricewaterhouseCoopers (PwC), the Financial Times reported. The discussions were in their initial phases, the report stated while noting that the existence of these talks did not imply that Evergrande's liquidators had discovered any evidence of misconduct by PwC, nor did it guarantee that a lawsuit would be pursued.

Time to change

Unfazed by the economy slipping into a recession, the Bank of Japan is likely to go ahead with its plans to end negative interest rates in the coming months, Reuters reported, citing sources. Japan has also lost its spot as the world's third-largest economy to Germany. Bank of Japan Governor Kazuo Ueda, who assumed office last year, has been preparing to transition away from the unconventional monetary stimulus implemented by his predecessor, Haruhiko Kuroda, an approach that has been criticised for causing significant distortions in financial markets.

Big Tech vs Big Reg

The European Union is set to fine Apple about €500 million ($539 million) over alleged breaches of EU competition law, the Financial Times reported, citing unnamed sources. The European Commission had last year accused Apple of distorting competition in the music streaming market via App Store rules that prevent developers from informing users of other purchasing options.

Third Wheel

China's challenger to Airbus and Boeing's passenger jets, the narrow-body C919, manufactured by the Commercial Aircraft Corporation of China (COMAC), has made its first trip outside Chinese territory, staging a fly-by at the Singapore Airshow on Sunday. China has invested heavily in its attempt to break the hold of the dominant two Western aircraft makers on the global passenger market, reports Reuters.

Strike Call

Nearly 9,000 United Auto Workers union members at Ford's biggest and most profitable truck plant in Kentucky will go on strike next Friday if local contract issues are not resolved, the union said. The contract talks are separate from the agreements the Detroit Three automakers - Ford, General Motors, and Stellantis - agreed with United Auto Workers (UAW) last year that will deliver record wage hikes to about 150,000 members.

Kremlin Capers

Mondelez put new management in place at its profitable Russian business this week, according to two internal company memos seen by Reuters that reveal fresh details of a corporate overhaul in Europe. After months of boycotts and pressure from shareholders and activists to leave Russia, Chicago-based Mondelez stopped advertising in the country, but has failed to exit the country entirely.

Stock Slide

Electric vehicle startup Fisker said it had received a non-compliance notice from the New York Stock Exchange as its stock had closed below $1 on average for 30 consecutive trading days. Failure to comply with the NYSE's rules can lead to a delisting and companies typically use reverse stock splits to regain compliance with the minimum price requirement.