AUTO INDUSTRY: US court clears way for Chrysler-Fiat deal
A US court approved Tuesday a fast-track sale plan proposed by the White House to shore up bankrupt carmaker Chrysler. This decision clears the way for a possible partnership with Italian manufacturer Fiat.
AUTO INDUSTRY - GERMANY: Porsche to merge with Volkswagen
The luxury car maker Porsche, which already holds a majority stake in Volkswagen (VW) and made a takeover bid for it three-and-a-half years ago, has announced it will merge with its fellow German auto firm.
BANKING: New chairman for French Societe Generale
Frederic Oudea, 46, is the new chief executive of Societe Generale, the French bank rocked by a mammoth trading scandal last year. He was appointed a week after former chairman Daniel Bouton resigned.
AUTO INDUSTRY: BMW reports loss of 152 million euros
The world’s biggest maker of luxury vehicles, BMW, posted a quarterly loss of 152 million euros, its second in a row, as the global recession crushed demand for upscale vehicles. The results were nonetheless better than expected.
RETAILING: Carrefour negotiate to take over Russian supermarket chain
French retailing giant Carrefour is negotiating a takeover of Russian supermarket chain Sedmoi Kontinent for $1.25 billion (938 million euros), Russian daily Kommersant reported Tuesday.
SPORT: Adidas profit crashes in a first-quarter fall of 97 percent
German sport equipment Adidas registered a 97 percent drop in net profit in the first quarter. Adidas also announced a major restructuring of its operations, including the elimination of regional headquarters in Europe and Asia.
USA: Obama wants to tackle tax havens, outsourcing
President Barack Obama has announced the government's decision to clamp down on tax havens and curb job outsourcing. The measures may lead to savings amounting to $210 billion over the next 10 years.
RECESSION: EC expects economy to shrink 4 percent in worst slump since WWII
The European Commission posted a more-pessimistic economic forecast on Monday, predicting a four percent contraction of both the EU and the euro-zone economies in 2009.
BANKING - GERMANY: Hypo Real Estate posts a first quarter loss of 382 million euros
Troubled German bank Hypo Real Estate (HRE), which has already received more than 100 billion euros in private and public aid, posted on Tuesday a first quarter loss of 382 million euros (511 million dollars). HRE could soon be nationalised.
CAR INDUSTRY: Sales of new cars slip 7 percent in France
The French automobile-manufacturers committee announced on Monday the sales of new cars fell by 7 percent over the past year, despite a surge in March. The committee said production and delivery problems were responsible for this drop.
AUSTRALIA: Australia delays carbon-trade scheme amid recession
According to media reports, the Australian government is contemplating delaying its ambitious carbon-trade scheme by one year. It would buy more time to win approval from industry and respond to accusations that it may hamper recovery.
ECONOMIC CRISIS: Asian countries agree to $120 billion emergency fund
Finance ministers of the ASEAN members plus China, Japan and South Korea have agreed to set up a crisis fund worth up to 120 billion dollars to help the region fight off a credit crunch and overcome the global financial crisis.
CAR INDUSTRY: Fiat confirms interest in union with GM's unit Opel
After settling a partnership with US giant Chrysler, the head of Italian carmaker Fiat, Sergio Marchionne, unveiled his plans to build a European car giant which would include GM's Germany-based unit Opel, in an interview with the Financial Times.
AUTO INDUSTRY: US car sales fall by 34 percent in April
Hard on the heels of Chrysler's bankruptcy filing and with GM struggling to avoid a similar fate, April car sale figures released on Saturday showed a further slide, dropping 34% from a year earlier.
ITALY: Finance ministry forecasts 4 percent GDP drop
The Italian finance ministry expects the country's gross domestic product to drop by 4.2 percent this year before a slight rebound of 0.3 percent in 2010. The government had previously forecast a two percent contraction of its GDP in 2009.
AUTO INDUSTRY: Chrysler files for bankruptcy, enters deal with Fiat
Chrysler has filed for bankruptcy. The US car manufacturer has also entered into an alliance with Fiat where it sold a stake starting at 20 percent, meaning Fiat can become the majority owner once government loans are repaid.
WTO: Pascal Lamy re-elected head of WTO
Frenchman Pascal Lamy has been unanimously re-elected director-general of the World Trade Organisation for a second term of four years by the organisation's 153 member states. He was unchallenged for the post.
EUROZONE - RECESSION: Eurozone inflation holds at 0.6 pct, jobless up
Eurozone inflation remained at a record low of 0.6 percent year-on-year in April, a first estimate showed on Thursday, as unemployment continued to climb quickly amid the worst European recession since World War Two.
JAPAN: All Nippon Airways posts first loss in six years
In a reminder that the global crisis is still affecting Japanese firms, Japan's second biggest airline, All Nippon Airways, has announced its first annual net loss in six years, totalling 4.26 billion yen ($44 million), due to falling demand.