US-BUSINESS Summary
GM Europe head says to sell Opel to Magna soon: report
FRANKFURT in an interview which will be published on Sunday. "It's only about details."
Dollar discomfort thrust onstage for Italy summit
PARIS - World leaders are bound to express the hope that the worst of the global economic crisis is passing when they meet this week, but they are now under pressure, too, to manage a Chinese challenge to dollar supremacy. Beijing, which has floated the idea of an alternative to the dollar as world reserve currency, wants the matter -- sensitive in financial markets wary of risks to U.S. asset values -- broached at a July 8-10 summit in Italy, officials say.
More bidders interested in Porsche stake: report
FRANKFURT - Three more bidders are interested in taking a stake in German sports car maker Porsche, rivaling investment plans by Qatar, German magazine Focus reported on Saturday. In an advance release of remarks due to be published on Monday, Focus said without citing sources that a Chinese and a Russian sovereign wealth fund as well as a hedge fund were interested.
Medici lawyer says Kohn didn't get Madoff payments
NEW YORK/VIENNA - Austrian fund manager Sonja Kohn did not receive any kickbacks from Bernard Madoff to steer Bank Medici customer funds to the swindler's investment business, a Medici lawyer said on Friday. "There were no Madoff payments to Kohn. There were no kickbacks," lawyer Andreas Theiss told Reuters.
Teck to sell 17 percent stake to China for C$1.74 billion
TORONTO - Teck Resources <TCKb.TO> said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp in a deal that will help the Canadian miner pay down its debt while expanding China's portfolio of commodity investments. China, the No.1 importer of iron ore, copper and other commodities, has been steadily buying stakes in overseas producers in a broad strategy aimed at securing supply for its burgeoning economy.
About 10 firms submit bids for AIG Taiwan unit: reports
TAIPEI - About 10 global and Taiwan financial firms have submitted bids to buy troubled AIG's <AIG.N> Taiwanese insurance unit, newspapers said on Saturday, in a deal that could fetch up to over $2 billion. Global private equity firms Kohlberg Kravis Roberts <KKR.UL>, MBK Partners and Affinity Partners are among the bidders for AIG unit Nan Shan Life, the Chinese-language Economic Daily News said, quoting identified sources.
Earnings to set tone for stocks in week ahead
NEW YORK - With Wall Street stuck in a range since May, the start of second-quarter earnings season next week could prove to be a decisive factor for determining how much faith investors should have in an economic recovery. After a rally of as much as 40 percent for the S&P 500 on expectations the economy will begin to turn around by year end, analysts will hone in on companies' projections to see if their hopes are corroborated.
Stanford clients sue insurance broker Willis Group
NEW YORK - Several Mexican clients of Stanford Financial Group have sued insurance broker Willis Group Holdings Ltd <WSH.N>, contending it was a willing participant in a $7 billion fraud at the Texas-based investment company. The lawsuit, filed in federal court in Dallas, said Willis "crossed the line from being mere insurance brokers" to essentially acting as sales agents for Stanford.
Dollar status unlikely to be in G8 communique: G8 source
- The dollar's status as the top global reserve currency is unlikely to be mentioned explicitly in the final communique at next week's Group of Eight summit, a European G8 source involved in preparations for the meeting said on Friday. "It is expected to be mentioned and discussed remotely. But the discussions have not yet reached the level of putting it in writing in the communiques," the source, who asked not to be identified, told Reuters.
Returning Asians to fill talent gap, boost innovation
SINGAPORE - "Go East" is a message being heeded by many Asian professionals in the United States and Europe who see brighter job prospects in a region that is expected to outperform the rest of the world for economic growth. Zhang Zheng Han, 26, is one of a growing flock of highly educated Asians living in the West who have bought one-way tickets home, lured by job opportunities, family ties and a comfortable lifestyle.