GM to keep all German Opel plants open

  General Motors (GM) has said that it will not be closing any of Opel’s four plants in Germany as part of its restructuring plans. The US carmaker also said it would be cutting about 9,000 jobs in Europe, slightly fewer than the 10,000 it originally estimated. It also said the future of the Antwerp [...]

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Saab sale called off by would-be buyer

  The sale of General Motors’ (GM’s) Swedish unit Saab has been called off after the would-be buyer pulled out of the deal. Swedish sportscar maker Koenigsegg said it had "come to the painful and difficult conclusion" that it could no longer carry out the acquisition. GM said it was "very disappointed" by the decision. [...]

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US home sales boosted by tax credits

  Sales of previously-owned US homes jumped by 10.1% in October as buyers rushed to take advantage of tax credits, which have now been extended. The National Association of Realtors said sales hit a seasonally adjusted annual rate of 6.1 million, up from a revised 5.54 million in September. First-time buyer tax credits had been [...]

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World economies rebound but China set for best growth

  The Organisation for Economic Co-operation and Development (OECD) says growth and recovery are expected in 2010 in just about all world regions. For its 30 member countries, rich nations including the US and UK, it has more than doubled its growth forecast to 1.9% for next year, from 0.7%. But the OECD warns developed [...]

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Possible counter-bid for Cadbury

  Confectionery groups Ferrero and Hershey have confirmed they are considering a possible joint takeover bid for the UK’s Cadbury. Italy’s Ferrero said it was in the "preliminary stages" of looking at its options, while US firm Hershey said making a bid was only a possibility. Birmingham-based Cadbury has declined to comment on the news. [...]

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Buffett reveals new investments

  US billionaire Warren Buffett’s investment firm has revealed new stakes in Nestle and Exxon Mobil. Berkshire Hathaway said it held 3.4 million American depositary receipts – which represents shares in foreign companies – of Nestle, worth $144.7m. It also reported owning 1.28 million shares in the oil giant Exxon Mobil, valued at $87.6m. Stock [...]

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GM to start loan repayments early

  US carmaker General Motors (GM) has said it will start paying back its government loans earlier than expected. It will make its first payment of $1.2bn (£717m) to the US government in December. GM had not been required to begin repaying the loan until 2015. The news came as it reported a loss of [...]

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BA and Iberia agree merger deal

  British Airways and the Spanish airline Iberia say they have reached a preliminary agreement for a merger. The two airlines have been discussing the deal at separate board meetings throughout the day. Iberia had earlier said the deal under discussion would give it 45% and BA 55% of the new company. BA chief executive [...]

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China production and retail rise

The latest economic data from China suggests that industrial production grew year on year at a level faster than expected. Retail sales also rose by more than analysts had predicted, while consumer prices continued to fall. China’s National Bureau of Statistics says the country’s latest economic data shows it is well on track to meet [...]

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