Business

Business Digest

Manufacturing

More than 60 former employees of an Italian manufacturing company in India have been arrested for allegedly beating to death the company's local chief executive officer, police said Tuesday.

Lalit Kishore Choudhary, the 47-year-old head of Graziano Transmissioni India, bled to death Monday after being attacked with iron rods and wooden sticks inside the company factory on the outskirts of New Delhi, said Babu Ram, the local superintendent of police.

Police have charged 63 former workers with murder, Ram said.

The workers had been called in to settle a dispute that had led to the dismissal of more than 100 employees in recent months, Ram told The Associated Press.

The workers attacked Choudhary when he tried to talk to them, Ram said. -- Associated Press

Chemicals

Having shifted under chief executive Charles Holliday Jr. from a traditional chemicals business to a science and biotechnology company, DuPont Co. will keep branching out under incoming CEO Ellen Kullman.

DuPont announced Tuesday that Holliday is stepping down after 10 years as CEO and will be replaced by Kullman, an executive vice president who has spent 20 years with the company and formerly led the unit that makes the material for body armor.

Kullman, 52, who once described DuPont's focus on internal research as being too insular and arrogant, said she will work to make the company's commitment to science-based innovation pay off. -- Associated Press

Investing

A Singapore sovereign wealth fund that bought large stakes in banks UBS AG and Citigroup Inc. warned Tuesday that the worst of the U.S. financial crisis may not be over even if Washington implements a $700 billion bailout plan.

The Government of Singapore Investment Corporation, or GIC, said the current turmoil in the U.S. banking system will likely undermine the future earnings of the fund, which manages more than $100 billion. -- Associated Press

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