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.
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.
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.