• It’s official: GM files for bankruptcy protection
  • US Judge Ruling Paves Way For Marchionne As Chrylser CEO
  • U.S. Auto Market Likely Shrank 35% in May on Chrysler, Economy
  • Geithner to Reassure China U.S. Will Control Deficits
  • Ugh! Gas hits $2.50
  • Temasek Buys Olam Stake, Shifts Focus to Commodities
  • Saudi Billionaire With HSBC Stake Has Accounts Frozen
  • Pixar’s ‘Up’ Dominates Box Office

It’s official: GM files for bankruptcy protection – AP via USAToday

General Motors, the century-old automaker battered by the economic downturn, mounting debt and management problems, filed for bankruptcy Monday as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government…..

US Judge Ruling Paves Way For Marchionne As Chrylser CEO – Bloomberg

Fiat SpA (F.MI) Chief Executive Sergio Marchionne is set to become the chief executive at Chrysler LLC after a ruling by a U.S. bankruptcy court judge Monday paved the way to close Chrysler’s sale to Fiat.

Fiat will name Chief Executive Sergio Marchionne, Alfredo Altavilla, its head of business development, and Lucio Noto, a former vice-chairman of ExxonMobil, to the board of the new Chrysler, according to Fiat testimony at a court hearing in New York last week…

Judge Arthur Gonzales of the U.S. bankruptcy court in Manhattan rejected arguments from some Chrysler creditors seeking to block the sale of $2 billion in assets to Fiat on Monday…..

U.S. Auto Market Likely Shrank 35% in May on Chrysler, Economy – Bloomberg

Chrysler LLC, idling plants and shutting dealerships in bankruptcy, probably helped shrink the U.S. auto market by 35 percent in May as the industry endured its worst start to a year since at least 1976.

The seasonally adjusted sales rate tumbled to 9.2 million last month from 14.2 million a year earlier, based on 7 analysts surveyed by Bloomberg. Chrysler may have fallen 51 percent and General Motors Corp., poised to file for bankruptcy today, may have fallen 37 percent, according to 5 analysts…..

Geithner to Reassure China U.S. Will Control Deficits – Bloomberg

Treasury Secretary Timothy Geithner arrived in Beijing with a pledge that the Obama administration will control its borrowing as he sought to reassure China its holdings of U.S. government debt are safe.

“No one is going to be more concerned about future deficits than we are,” Geithner told reporters on the way to two days of meetings that start today in China’s capital.

Geithner will meet with Premier Wen Jiabao, who in March called for the U.S. to “guarantee the safety of China’s assets.” China is the largest foreign holder of U.S. government debt, which so far this year has handed investors the worst loss since at least 1977 on forecasts for ballooning federal budget deficits…..

Ugh! Gas hits $2.50 – CNNMoney

The price of gas, rising for the 33rd straight day, has reached $2.50 a gallon, motorist group AAA reported Sunday.

The spike of more than 20% in a month is hitting Americans in their wallets and causing concern among some experts.

The jump in one of consumers’ staple purchases comes at a fragile time for the economy. Recently some measures of housing, spending and credit have hinted that the most severe parts of the recession may be easing….

Temasek Buys Olam Stake, Shifts Focus to Commodities – Bloomberg

Temasek Holdings Pte, Singapore’s state-owned investment company, agreed to buy a stake in Olam International Ltd., its first foray into commodities since naming Charles “Chip” Goodyear as chief executive officer- designate in February.

Breedens Investments Pte and Aranda Investments Pte, two Temasek subsidiaries, will pay S$437.5 million ($303 million) for 273.5 million new shares, or 13.76 percent, in Olam at S$1.60 apiece, the Singapore-based agricultural commodities supplier said in a statement. The price is 18 percent lower than the May 29 closing price of S$1.94…..

Saudi Billionaire With HSBC Stake Has Accounts Frozen – Bloomberg

Saudi Arabia’s central bank ordered the country’s banks to freeze the accounts of Maan al-Sanea, the Saudi billionaire who owns a stake in HSBC Holdings Plc, people familiar with the instructions said.

Al-Sanea, who is chairman of the Khobar-based Saad Group, also manages The International Banking Corp. B.S.C., the Bahrain-based unit of Ahmad Hamad Algosaibi & Brothers Co. that has defaulted on some of its debt, according to an Algosaibi official who spoke on condition of anonymity. Saad Group said al-Sanea does not manage the unit.

The Saudi Arabian Monetary Agency sent circulars to the legal departments of Saudi-based banks on May 28 and May 30 telling the lenders to freeze the accounts, including credit cards, of al-Sanea, 54, his wife and four family members, according to one person who read the documents. SAMA didn’t say why it took the action, according to the person, who declined to be identified because the information is confidential….

Pixar’s ‘Up’ Dominates Box Office – NY Times

Rapturous reviews and a colossal marketing campaign sent “Up” into the box office stratosphere over the weekend.

“Up,” a 3-D Pixar film about a cranky septuagenarian who goes on a balloon-powered adventure, opened at No. 1 with an estimated $68.2 million in ticket sales at North American theaters, the Walt Disney Company said. That total is on par with the Pixar megahits “The Incredibles” and “Finding Nemo,” though such comparisons do not take into account rising ticket prices and premium tickets for 3-D screenings…..

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