A landmark class action case is under way in a New York federal court, with victims of apartheid in South Africa suing corporations that they say helped the pre-1994 regime. Among the multinational corporations are IBM, Fujitsu, Ford, GM and banking giants UBS and Barclays. The lawsuit accuses the corporations of “knowing participation in and/or aiding and abetting of the crimes of apartheid; extrajudicial killing; torture; prolonged unlawful detention; and cruel, inhuman and degrading treatment.” Attorneys are seeking up to $400 billion in damages. Read the rest of this entry »

Japan could be heading for its worst recession since the second world war after figures released today showed industrial output fell almost 10% last month and unemployment rose at its fastest pace for more than 40 years. Read the rest of this entry »