Geneva  - Swiss Reinsurance Co, the world's second larger re-insurer, announced Thursday it would cut by 10 per cent its current global headcount of 11,560 employees over the next 12 months.

The company also named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, starting the beginning of next month

Swiss Re said cost-cutting measures, including the layoffs, would lead to reductions of running costs of 400 million Swiss francs (350 million dollars) by the end of 2010.

Taipei  - Taiwan's China Shipbuilding Corp (CSBC) plans to seek damage from Israeli shipping line Zim for scrapping orders for six containers ships, the company said Wednesday.

Zim's orders for the six 1,700-TEU (20-foot equivalent unit) container ships were worth a total of 220 million US dollars. SCBC is seeking compensation according to its contact with Zim, company president Lee Chih-cheng told a news conference.

Taipei  - Taiwan held its first sourcing fair Tuesday to promote Taiwan export, attracting more than 700 foreign buyers.

Vice President Vincent Siew opened the 2009 Sourcing Taiwan fair, held at the Taipei World Trade Centre from Tuesday through Saturday.

He said Taiwan is opposed to trade protectionism and supports trade liberalization.

"By holding this purchasing partners' fair, we want to show the world our confidence in the recovery of world economy," Siew said.

Geneva  - One of Switzerland's largest private wealth managers will have a new chief executive officer come May, aged only 34 years old, the Julius Baer bank announced Tuesday.

The private bank said Boris Collardi would take over from current CEO Johannes de Gier.

Collardi, a Swiss national born in 1974, worked for Credit Suisse before joining the private wealth manager in 2006.

The previous CEO of Julius Baer, Alex Widmer, died suddenly in December 2008 at the age of 52, amid rumours that it was a suicide.

Sydney  - Fortescue Metals Group Ltd said Tuesday that it had received Australian government approval for Chinese steel maker Hunan Valin Iron and Steel to pay 645 million Australian dollars (441 million US dollars) for a 17.5-per-cent stake in the nation's third-largest iron ore miner.

Under what's known as a stand-still agreement, Valin will undertake to hold no more than 17.5 per cent of Fortescue.

Fortescue chief executive Andrew Forrest, who owns 35 per cent of Fortescue, said in August his company would remain Australian controlled.

Rabat, Morocco  - Morocco