General Motors is recalling 218,000 older-generation Chevrolet small cars in the United States for a potential fire hazard, adding to the largest US automaker?s record recall total, according to US safety regulators. The recall is the latest announced by GM, the highest profile of which is the recall of cars with defective ignition switches linked to at least 13 deaths. The Detroit company has been criticised by safety advocates and fined by US safety regulators for its delayed response in catching the faulty switch.
BP oil spill lawsuit in US wins class-action status
A US judge has allowed a group of BP shareholders to pursue a class-action lawsuit accusing the company of misleading them by understating the severity of the 2010 Gulf of Mexico oil spill. US district judge Keith Ellison in Houston also denied class certification to a second group of shareholders that claimed BP had, prior to the explosion of the Deepwater Horizon drilling rig, overstated its ability to manage safety issues. Ellison?s decision on Tuesday could add to BP?s clean-up and litigation costs for the spill.
BP said this week it has already taken a $42.7-billion pre-tax charge.
Burberry profit rises as new boss takes helm
British luxury brand Burberry met forecasts with an 8% rise in annual profit, though it reiterated that if foreign exchange rates remain at current levels there will be a material impact on 2014-15 profit. The results are the first since chief creative and chief executive officer Christopher Bailey officially succeeded Apple-bound Angela Ahrendts on May 1, though his appointment was announced in October.
Alstom asks France to back General Electric offer
Alstom chief executive officer Patrick Kron called on the French government to back a $17-billion offer by US rival General Electric for its energy units, saying uncertainty about his company?s future is making it difficult to win orders. ?GE?s offer is an excellent option,? Kron told France?s National Assembly on Tuesday. The bid meets government concerns about France?s energy independence, local decision making and potential job cuts as there are almost no overlaps between the companies? operations, he said.
China invites private investment in 80 projects
China?s government is inviting private companies to participate in 80 major national projects, spanning energy, information and infrastructure, according to a list published by the National Development and Reform Commission (NDRC). The move represents the latest step by Beijing to raise the role of the markets in areas of the economy previously monopolised by state conglomerates, including hydro power, solar energy, wind power, and oil and gas pipelines. The companies include China National Petroleum Corp , China Petrochemical Corp, China National Offshore Oil Corp and State Grid Corp of China.
Moody?s cuts China?s property industry outlook
Moody?s on Wednesday lowered its outlook for China?s property industry to negative from stable, reflecting expectations of slower residential property sales growth, high inventory levels and weakening liquidity over the next 12 months. Most of the rated developers have good cash buffers and manageable refinancing risk, however, the rating agency said, as they benefit from waves of bond issues and solid demand for their mass market properties.
UK retail sales surge for third month in April
UK retail sales increased for a third month in April as a buoyant property market bolstered spending on household goods and price discounting saw food sales rise at the fastest pace in three years. Sales including auto fuel surged 1.3% from March, when they rose an upwardly revised 0.5%, the Office for National Statistics said on Wednesday in London. That compared with a forecast for an increase of 0.4%, according to the median estimate in a Bloomberg News survey. Sales jumped 6.9% in April from a year earlier, the most since May 2004.
