BMW to invest $1 billion to expand U.S. production by 50 percent
FRANKFURT (Reuters) – BMW will expand production capacity in the United States by 50 percent and introduce an X7 offroader, the company said on Friday, in what amounts to a $1 billion bet on sports utility vehicles.
GM recall process will be under Congressional microscope
DETROIT/WASHINGTON (Reuters) – When General Motors Co Chief Executive Mary Barra faces Congress next week she will have to explain how the top brass at the biggest U.S. automaker can say they knew nothing for more than a decade about a faulty ignition …
GM stops selling some Cruze small cars, offering no reason
DETROIT (Reuters) – General Motors Co said on Friday it had told its dealers to stop selling certain Chevrolet Cruze small cars without saying why, in another blow to a company already facing a crisis over defective ignition switches linked to at least…
Austria gives green light for Telekom Austria pact with Slim
VIENNA (Reuters) – Austrian state holding company OIAG’s board authorized management to negotiate a deal to pool the state’s Telekom Austria stake with that of Carlos Slim’s America Movil , effectively handing Slim control of the group.
IMF approves $115 million loan disbursement to Cyprus
WASHINGTON (Reuters) – The International Monetary Fund said on Friday it had reviewed Cyprus’s economy under a bail-out program and approved a loan disbursement for about $115 million.
GM faces French dealer challenge over Chevy exit
PARIS (Reuters) – General Motors is facing a legal battle with a group of French Chevrolet dealers who are preparing to go to court over the terms of the brand’s withdrawal from Europe.
U.S. consumers lift spending, but sentiment slips
WASHINGTON (Reuters) – U.S. consumers stepped up spending a bit in February as incomes increased for a second straight month, offering hope the economy was regaining its footing after being slammed by an unusually cold winter.
Pimco Total Return Fund lagging 87 percent of its peers this year
(Reuters) – The Pimco Total Return Fund, the world’s largest bond fund, is trailing 87 percent of its peers so far this year, according to Morningstar data on Friday, in the latest setback for co-founder Bill Gross.
UBS suspends U.S.-based forex trader in manipulation probe
NEW YORK/LONDON (Reuters) – Swiss bank UBS AG has suspended U.S.-based veteran currency trader Michael Velardi, one of up to six traders placed on leave this week, pending ongoing international investigations into allegations of collusion and market ri…
Repsol shareholders seal Argentina deal but Pemex tensions linger
MADRID (Reuters) – Shareholders of Spain’s Repsol approved the oil major’s $5 billion settlement with Argentina over the 2012 seizure of YPF at an annual meeting on Friday that also shed light on tensions with Mexico’s Pemex.
