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GM, law firm can keep ignition switch documents secret NEW YORK: General Motors Co and its law firm need not turn over privileged documents to drivers hoping to show that the automaker intended to commit a crime or fraud by concealing defective ignition switches in their vehicles, a Manhattan federal judge ruled on Wednesday.Despite finding "probable cause" to believe GM committed a crime or fraud by hiding the defect from regulators and the public, US District Judge Jesse Furman found no showing that the automaker and King & Spalding produced the documents with an intent to further such misconduct.Most of the documents related to the law firm's advice from 2010 to 2013 on three crashes involving Chevrolet Cobalts. Vehicle owners said the deception justified a waiver of attorney-client privilege. "Put simply, plaintiffs do not provide a factual basis for a good faith belief that the communications and work product they seek - let alone any particular communications or work ...

Brazil sells rights to run 29 hydropower plants for $4.51bn SAO PAULO: Brazil sold operation rights for all the existing hydropower plants it offered to power companies and investors in an auction on Wednesday for 17 billion reais ($4.51 billion), taking an important step to reorganize the power sector and to boost its accounts before the year ends. The Brazilian government promoted the auction to find new operators for 29 hydropower installations with expired or nearly expired licenses, aiming also to raise crucial revenue for ...
American Airlines stops accepting payments in Argentine pesos BUENOS AIRES: American Airlines has stopped accepting Argentine pesos to pay for tickets due to currency controls that make it hard to convert receipts into US dollars, local media and one of the airline's sales agents said on Wednesday. "That's the policy at this moment. It started two days ago," said an American Airlines sales agent contacted by Reuters. A local spokesman for the airline, the world's largest, could not be reached immediately for comment. ...
Greek telecoms operator OTE to raise 350mn euro with 4-year bond ATHENS: Greece's biggest telecoms operator OTE said on Wednesday it will raise 350 million euros ($370 million) with a new four-year bond, the first Greek company to tap international debt markets in a year. OTE, 40 percent owned and managed by Deutsche Telekom , said after completing the bookbuilding process that the issue was twice oversubscribed and that the bond would bear an annual coupon of 4.375 percent. "The demand for the new bond is ...
Telecom Italia CEO backed by board and Vivendi chairman MILAN: The chief executive of Telecom Italia Marco Patuano has the full support of the board as well as that of the head of its main shareholder Vivendi, a Telecom Italia board member said on Wednesday.Vivendi, whose chairman and top investor is influential French businessman Vincent Bollore, has gradually built up a 20.116 percent stake in Telecom Italia to become its largest shareholder. "I believe Patuano has the backing of all the board and also ...
Vodafone snubs investor demands, pulls bond instead NEW YORK: Vodafone fell victim to the picky corporate bond market this week, opting to pull its deal rather than relent to investor demands for chunkier spreads and greater risk protection. The investment-grade deal, expected to be up to US$2bn in size, was the second multi-billion dollar issue yanked from the market in a week - and largely for the same reasons. The sticking point appeared to be the absence of a change-of-control (CoC) provision ...
VW maintains $7bn of provisions despite simple emissions fix WOLFSBURG: Volkswagen will not lower planned provisions of 6.7 billion euros ($7.1 billion) for the costs of its diesel emissions scandal, though the technical fix for 8.5 million cars in Europe have turned out to be simpler than expected. VW is seeking as much as 20 billion euros ($21.18 billion) in funding from banks as it struggles to cope with the expected costs of the scandal, which analysts say could top 40 billion euros including ...


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln