GM repays loans from U.S., Canada early General Motors Co. CEO Ed Whitacre said the automaker has repaid the $8.1 billion in loans it received from the U.S. and Canadian governments, five years ahead of schedule. GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments last year. The U.S. considered $6.7 billion of the aid as a loan, while the Canadian governments held $1.4 billion in loans.
United-Continental talks reportedly intensify United Airlines and Continental Airlines are in the early stages of exchanging financial information that could lead to a deal to combine and create the world's biggest airline, the Associated Press reported. United had been talking with US Airways, but speculation has increased that United is more interested in the larger Continental. The exchange was confirmed by two people who were briefed on the talks, the AP said.
IMF scales back forecast of global bank losses The world's banks could be spared billions in losses thanks to a global economy that is recovering more quickly than expected. The International Monetary Fund is forecasting that global bank losses from the financial crisis will total $2.28 trillion, a drop of $533 billion from an estimate made last October. The IMF said that its forecast for losses just for U.S. banks had dropped to $885 billion, down from $1.03 trillion.
Schwab to settle mortgage investment suit Charles Schwab Corp. will pay $200 million to resolve a federal class-action lawsuit filed by investors who say the financial holding company misled them over the safety of mortgage-backed securities. If approved by the court, the settlement will result in a retroactive charge that would nearly eliminate the first-quarter profit that the discount broker posted last week.
Family heir in line to become Fiat chairman Italian automaker Fiat, which controls Chrysler LLC, announced that Agnelli family heir and company vice chairman John Elkann is taking over as chairman in a move that fed speculation about the possible spinoff of Fiat's auto business. Fiat SpA said at a news conference at its Turin headquarters that its board will formally approve the pick of the 34-year-old Elkann to replace Luca Cordero di Montezemolo on Wednesday.
Greek minister to meet IMF chief, Geithner Greece faced crushing lending rates in financial markets Tuesday ahead of urgent talks with the head of International Monetary Fund -- in a move seen as a step closer to requesting bailout loans. Finance Minister George Papaconstantinou said he will travel to the United States on Friday to hold talks with IMF chief Dominique Strauss-Kahn as well as U.S. Treasury Secretary Tim Geithner.
FROM NEWS SERVICES
