Feb. 23 (Bloomberg) — General Motors Co. and PSA Peugeot Citroen have something in common: They both lose money in Europe. The issues they face may not be fixed by teaming up. The two carmakers are in talks about forming an alliance to develop engines and build vehicles together in Europe, a person familiar with [...]
Feb. 24 (Bloomberg) — Ranbaxy Laboratories Ltd., India’s largest drugmaker, reported its biggest ever quarterly loss after the company took a $500 million charge to settle a legal dispute with U.S. authorities in December. The loss widened to 29.8 billion rupees ($606 million) in the fourth quarter, from 974.8 million rupees a year earlier, Ranbaxy [...]
Feb. 7 (Bloomberg) — Power Finance Corp., India’s largest state-run lender to electricity utilities, plans to more than double lending for renewable energy projects within a year as coal-fired plants become riskier investments. The company’s approved loans to projects, particularly solar and wind plants, will increase to 15 billion rupees ($305 million), or 4 percent [...]
(Updates with credit-card market data in sixth paragraph, cooperation with Shanghai Pudong Development Bank in eighth.) Feb. 7 (Bloomberg) — China’s decision to allow Citigroup Inc. to issue credit cards may signal an opening of the banking market as the government relaxes restrictions that are the subject of a U.S. complaint at the World Trade [...]
(Adds bond returns in eighth paragraph. See {EXT4 <GO>} for more on euro-area financial crisis.) Feb. 7 (Bloomberg) — Anthony Roche is urging his unemployed son to emigrate to Australia from Ireland to escape joblessness stemming from the country’s economic collapse. “I’ve seen the good times and the bad and these are the worst,” Roche, [...]
For months now, Japan has been shutting down its 54 nuclear reactors for routine maintenance and safety checks. At the current rate, the country will have no nuclear-generated power as of May, not long after the first anniversary of the tsunami that caused a meltdown at Tokyo Electric Power’s Fukushima Dai-Ichi station. The plan is [...]
(Adds comment from GM executive in sixth paragraph.) Jan. 10 (Bloomberg) — General Motors Co. and Ford Motor Co. reported record car sales in China last year, outpacing Japanese rivals hurt by production disruptions from the March 11 earthquake and Thailand’s floods. Deliveries to Chinese dealers climbed 8.3 percent from a year earlier to 2.55 [...]
Amid the crisis, lenders are selling some of their best businesses to raise money Under pressure from regulators to bolster capital, European banks are selling some of their fastest-growing businesses to competitors from outside the region. The sales may leave them better able to withstand financial stress—and less able to boost future profits. Spain’s Banco Santander [...]
Dec. 26 (Bloomberg) — Pakistan cricket legend and opposition politician Imran Khan drew as many as 150,000 people to a rally in Karachi yesterday, demonstrating his growing appeal amid anger over power blackouts and a troubled alliance with the U.S. After 15 years of political irrelevance, Khan’s Pakistan Tehreek-e-Insaf, or the Movement for Justice Party, [...]
In a signal to Chinese banks to start lending, the central bank cuts reserve requirements, freeing up $55 billion China has just pulled off one big U-turn. After months of battling inflation, the government in Beijing has decided its new priority is faltering economic growth. The central bank announced on Nov. 30 it would cut reserve [...]