Ally’s $2.1 billion payment to ResCap gets court approval
NEW YORK (Reuters) – A bankruptcy judge on Wednesday approved a settlement in which the U.S. government-owned Ally Financial Inc , formerly the finance arm of General Motors Co., will pay $2.1 billion to its bankrupt unit Residential Capital LLC .
GM names Opel strategy chief new Chevrolet Europe boss
FRANKFURT/WARREN, Michigan (Reuters) – General Motors Co has named Opel’s strategy chief to run the European operations of GM’s two global brands, Chevrolet and Cadillac.
Morgan Stanley won’t meet bond-trade goal this quarter: analyst
NEW YORK (Reuters) – Morgan Stanley is expected to report bond-trading revenue below the target the Wall Street bank set after its disappointing first-quarter results, an analyst said on Wednesday.
Marc Rich, ‘King of Oil’ pardoned by Clinton, dies at 78
LUCERNE, Switzerland (Reuters) – Billionaire Marc Rich, who invented oil trading and was pardoned by President Bill Clinton over tax evasion, racketeering and busting sanctions with Iran, died on Wednesday in Switzerland aged 78.
Global shares, dollar gain after GDP data eases Fed fears
NEW YORK (Reuters) – The dollar rose and global equity markets gained for a second day in a row on Wednesday after a surprisingly sharp downward revision to first-quarter U.S. economic growth eased concerns that the Federal Reserve may soon begin to wi…
GM pleased with introduction of crucial big pickups: CEO
WARREN, Michigan (Reuters) – General Motors Co’s introduction of its redesigned full-size pickup trucks, which are critical to boosting profits, has probably been the U.S. automaker’s smoothest product launch ever, Chief Executive Officer Dan Akerson s…
Chinese businessman behind $40 billion Nicaragua canal denies special ties
BEIJING (Reuters) – The mysterious Chinese businessman behind a $40 billion plan to build a canal through Nicaragua pledged transparency on Tuesday – but refused to reveal where he attended college.
Standard Chartered brushes off China fears after stronger quarter
LONDON (Reuters) – Standard Chartered brushed off fears that a slowdown in China’s economy would hit the Asia-focused lender hard and said it would meet analysts’ expectations for the full-year following an improved second-quarter.
U.S. first-quarter growth cut to 1.8 percent
WASHINGTON (Reuters) – U.S. economic growth was more tepid than previously estimated in the first quarter, held back by a moderate pace of consumer spending, weak business investment and declining exports.
Britain’s Osborne plans three billion sterling boost for affordable housing
LONDON (Reuters) – Britain will invest an additional 3 billion pounds ($4.62 billion) in affordable housing in 2015, finance minister George Osborne said on Wednesday.
