New GM emerges from bankruptcy
General Motors Co. emerged from bankruptcy today, with chief executive officer Fritz Henderson saying the top priorities for the company will be “customers, cars, and culture.” Henderson said that the company, which retains only the best assets from the old company after a bankruptcy court sale, would have to “show you” that this new focus could show results.
IEA forecasts oil demand will rebound in 2010
The International Energy Agency forecasted global oil demand will increase by 1.4 million barrels per day or 1.7 percent to 85.2 million barrels per day in 2010 up from 83.8 million this year, as the world economy recovers from the downturn.
AIG seeks to pay executive bonuses
American International Group Inc. is reportedly consulting with the Obama administration about its plans to pay $235 million in retention bonuses to employees at the AIG's financial products unit. The insurance giant's plans are now being presented before White House compensation czar, Kenneth R. Feinberg.
China exec revealed iron ore price strategy to Rio Tinto: report
A Chinese steel executive is suspected of “revealing China’s negotiating strategy” on iron ore prices to Rio Tinto ltd, an anonymous source told Reuters on Friday. The executive, Tan Yixin, who runs China-owned Shougang has been detained by authorities along with four Rio Tinto employees. The detentions reportedly began on Sunday with the arrests of the Rio Tinto workers.
Geithner plans to reform derivatives
Treasury Secretary Timothy Geithner on Friday proposed his plan of bringing all over-the-counter derivatives under strict federal oversight in an effort to make the financial system more stable and eliminate risks. The Obama administration is seeking to make the OTC derivative markets fully transparent, with access to transactions available on a confidential basis to relevant regulators.
Chicago Businessman indicted in Ponzi scheme
David J. Hernandez has been formally indicted in connection with a $12 million Ponzi scheme and swindling nearly 300 investors according to the U.S. attorney's office. Hernandez, 48, allegedly used the money to pay himself and others, and start a sports-talk Web site. He is charged with four counts of mail fraud, according to the indictment.
Philip Morris acquires firm in Colombia
Philip Morris International, a subsidiary of Altria Group, has agreed to buy a Colombian tobacco maker for $452 million. The acquisition of Productora Tabacalera de Colombia, Protabaco Ltda requires regulatory approval.
Vestas to deliver wind turbines for two Chinese projects
Vestas Wind Systems announced Friday it has received two orders to deliver, install and commission a total of 38 wind turbines for two Chinese projects to generate a total of 75 Megawatts of power. The company did not disclose the name of the projects' ownership.
Crude falls below $60 per barrel
Crude oil fell below $60 to $59.52 per barrel on the New York Mercantile Exchange Friday and was heading to its biggest weekly decline since January, Bloomberg reported, saying traders may be speculating that the global recession will affect energy demand. A year ago, on July 11 crude prices reached an all time record of $147.27 per barrel.