COMPANIES

President Barack Obama said Monday the bankruptcy of GM was a “painful” yet necessary step to ensure the company’s survival.

Sunoco Inc on Monday said it has sold its Tulsa refinery to Holly Corporation for $65 million in an effort to realign its portfolio of assets and improve our competitiveness.

The Interim Chairman of General Motors Corp Kent Krasa joined Chief Executive Officer Fritz Henderson today in stating his hope for a stronger, leaner company to emerge from the bankruptcy process which the company entered today but the chairman also added a note of regret in announcing the decision.

General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.

Air France said on Monday its Airbus A330-200 plane, flight 447 was lost amid strong thunderstorms and lightning as it flew across the Atlantic Ocean.

An experimental cancer pill from GlaxoSmithKline reduced the risk of tumour progression or death by 54 percent in advanced kidney cancer patients compared to placebo, trial results showed on Monday.

General Motors Corp's bankruptcy will forever be tied to one dealership in an often-ignored neighborhood due to the quirks of U.S. bankruptcy law.

Even though U.S. pump prices are nearly half the $4 per gallon ($1.06 per liter) levels of a year ago, the legions of American fans of gas-guzzling SUVs and trucks don't have much to celebrate.

General Motors Corp., which filed for for court protection under U.S. bankruptcy laws today, said it expects to spend up to three months in bankruptcy before re-emerging as a smaller, leaner company.

Private equity firm Kohlberg Kravis Roberts & Co KKR.UL posted a substantial loss in 2008 as the global economic downturn took its toll on the firm's investments.

General Motors Corp has tens of billions of dollars in government backing, a grudging labor peace and the support of its big bondholders as it gets ready for what is intended to be a swift dash through one of the biggest bankruptcy cases in U.S. history.

Chinese chemicals maker Lumena Resources Corp began marketing a Hong Kong IPO on Monday to raise up to $190 million, according to sources familiar with the matter, testing investor sentiment for new listings in the city.

U.S. construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday.

The Federal Reserve is studying significant moves in the U.S. government bond market last week that could have big implications for the central bank's strategy to combat the country's recession.

French bank BNP Paribas raised its average U.S. crude oil price forecast for 2010 on Monday to $75 a barrel from $63.

Goldman Sachs was on Monday selling up to about $1.9 billion worth of shares in Industrial and Commercial Bank of China at a discount of 4 percent to 6 percent to the Chinese lender's Monday closing price, according to a term sheet.

Red Back Mining Inc said on Monday it has agreed to buy Moto Goldmines Ltd for shares valued at C$513 million ($471 million) to take control of a African mining project.

Prudential Financial Inc, the No. 2 U.S. life insurer, said it plans to sell $1.25 billion of common stock after turning down U.S. aid.

General Motors Corp will file for bankruptcy later on Monday, U.S. officials said, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.

A U.S. bankruptcy judge on Sunday approved the sale of substantially all of U.S. automaker Chrysler's assets to a group led by Italy's Fiat SpA hours before an expected bankruptcy filing by General Motors Corp .

A U.S. Bankruptcy Court judge approved the sale of substantially all of U.S. automaker Chrysler's assets to a group led by Italy's Fiat SpA hours before an expected bankruptcy filing by General Motors Corp .

General Motors Corp will file for bankruptcy on Monday, U.S. officials said, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.

General Motors Corp and the U.S. government finalized plans for the battered company to reorganize, setting the stage for America's largest-ever industrial bankruptcy filing before markets open on Monday.

General Motors Corp and the U.S. government finalized plans for the battered company to reorganize, setting the stage for America's largest-ever industrial bankruptcy on Monday and heralding a new and uncertain era for the No. 1 U.S. automaker.

General Motors Corp will file for bankruptcy protection before financial markets open Monday morning, sources with direct knowledge of the preparations said on Sunday.

General Motors Corp and the U.S. government finalized plans on Sunday for the battered automaker to reorganize, as a majority of debtholders helped clear the way to a massive bankruptcy filing expected on Monday.

A majority of General Motors bondholders have agreed to a debt-for-equity exchange, a source familiar with the voting said on Sunday, helping pave the way for a bankruptcy filing expected on Monday.

Nokia’s chief executive says the mobile phone market’s main players include are Google, Microsoft, Apple and Samsung Electronics.

Dell has plans to grow by acquire another company, a senior company said on Friday in a conference call with reporters, according to IDG News.