GM and Magna reach deal on Opel The European arm of General Motors will be shielded from the expected insolvency of the US group after an 11th hour deal reached on Saturday morning that will see Magna International, the Canadian parts supplier, take over the business with financial backing from the German government.
After […]
Northern Rock risk revealed in 2004 Banking regulators identified Northern Rock as the weak link in Britain’s banking system during secret “war games” held as long ago as 2004, the Financial Times has learned.
The risk simulation planning, conducted by the Financial Services Authority, the Bank of England and the Treasury, made clear the […]
General Motors and Magna are close to signing a memorandum of understanding that will unlock €1.5bn ($2.1bn) worth of emergency German government bridge financing and save Opel from probable insolvency.
A person familiar with the talks said the Canadian parts supplier had agreed to provide short-term financing worth some €300m needed to keep Opel afloat, which […]
Fiat pulled out of Friday’s German government-led talks on the future of Opel, saying that a request to it for emergency funding to help keep the General Motors-owned carmaker afloat would expose it to “extravagant risks.”
The Italian carmaker said that it remained interested in a potential merger with GM, but its sudden withdrawal throws another […]
Opel talks stall on GM financing demand
The future of Opel hung in the balance after top-level talks led by Berlin aimed at securing a bail-out failed after the General Motors demanded €300m
http://link.ft.com/r/S4XZQQ/TD7OE/ONT8K/DBBV7/1FM5J/D5/h
Visteon failure creates headache for Ford
Visteon, the former parts arm of Ford Motor, filed for Chapter 11 […]
Hopes rise for fast GM bankruptcy exit
Holders of $27bn of unsecured bonds would get up to 25 per cent of the restructured company, much more than the 10 per cent stake previously proposed
http://link.ft.com/r/9ULF66/1RDFH/QPBOY/HOOV6/O4HSK/E4/h
Microsoft and Google face off over innovation
Microsoft and Google took direct aim at each other’s core businesses as […]
Opec was on Thursday set to leave its production levels unchanged, betting that higher oil demand as the global economy recovers would push prices towards the cartel’s target of $75-$80 a barrel by the end of the year.
Speaking ahead of their meeting in Vienna, Opec delegates said ministers were expected to call for improved compliance […]
Opel talks stall on GM financing demand The future of Opel hung in the balance on Thursday morning after top-level talks led by the German government aimed at securing a state-backed bail-out for the General Motors-owned carmaker ended in failure after the US carmaker demanded an extra €300,000 in financing.
Berlin blamed GM and […]
Visteon files for bankruptcy protection Visteon, the former parts arm of Ford Motor, has filed for Chapter 11 bankruptcy protection in the US in one of the biggest failures yet of an automotive supplier.
The company, which was spun off from Ford in 2000, said in a statement early on Thursday that it had […]
GM fails to agree $27bn debt deal
Barring last-ditch compromise, embattled carmaker will be unable to meet US government’s June 1 deadline for submitting viable restructuring plan in return for taxpayer funding
http://link.ft.com/r/EB8122/AHJ9H/VH0AS/ZQIYE/TYGDU/ZH/h
Time Warner close to AOL deal
Time Warner’s board of directors is expected to back the spin-off of its whole internet business in […]