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The German division of General Motors is under restructuring after GM decided not to sell it to Magna International and Sberbank of Russia. Full Article at Automotive Blogs
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(SRI) - BTA Bank, Kazakhstan’s embattled lender, has reached a deal to restructure its $11.6-billion debt on December 7, the bank said in a statement. The package is reportedly worth $5.57 billion, or 48 percent of outstanding principal and interest. Full Article at Silk Road Intelligencer
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Russia's largest bank, Sberbank, said Monday its third-quarter net profit dropped 82 percent to $146 million as it continued to raise provisions against bad debts. Full Article at eTaiwan News
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Russia's state-controlled retail savings bank Sberbank said on Monday its net profit under International Financial Reporting Standards in January-September fell 88%, year-on-year, to 10.3 billion rubles ($349 million). Full Article at RIA Novosti
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MOSCOW (AP) — Russia's largest bank, Sberbank, said Monday its third-quarter net profit dropped 82 percent to $146 million as it continued to raise provisions against bad debts.Net profit fell from 23.2 billion rubles ($787 million) in the third... Full Article at Newsday
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Dec. 3 (Bloomberg) -- Russian stocks rose for a third day, extending their longest rally in almost two months, as higher oil prices spurred gains in energy producers and a stronger ruble buoyed banks. Full Article at Bloomberg.com
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A worker holds a sign as others arrive at the Opel assembly plant in Antwerp September 11, 2009. Full Article at International Business Times
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The outlines of a deal for General Motors Co. to make peace with its German workers and repair the automaker's tattered image in Europe are becoming clear. Full Article at Detroit Free Press
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Berlin -- German Chancellor Angela Merkel said Tuesday she was expecting a "comprehensive thank-you letter" from General Motors for huge loans to keep the auto maker's Opel unit afloat, which she said had now been repaid. Full Article at Expatica
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Swedish sports car maker Koenigsegg Group AB has come to its senses. The company decided to pull out of its earlier agreement to buy Saab from General Motors. Barring some new edict from GM’s board, the auto maker will likely just wind the brand down. Full Article at Business Week
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With thousands of jobs across Europe at stake and the spectre of an internal subsidy race that would threaten the hard-fought internal market of the European Union (EU), the General Motors–Opel saga saw another twist in the tale this week, with... Full Article at Business Standard
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GM is no longer in hock with Germany. They paid back all of the €1.5b bridge loan Opel had received from Berlin to keep it afloat until it was taken over by Magna and Sberbank. As we all know, this didn’t happen. Full Article at The Truth About Cars
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German Chancellor Angela Merkel says US car maker General Motors has repaid €1.5 billion in loans it received from Germany to keep its troubled European division Opel afloat. Full Article at RTE Interactive
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General Motors has repaid the €1.5 billion in bridging loans it received from Germany to keep Opel, its troubled European marque, afloat. Full Article at Times Online
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As executives of General Motors met Monday with European officials to ask for financial help in restructuring its struggling auto operations on the Continent, Germany reopened a bitter public debate over state aid and job protections that has sharply... Full Article at Dealbook
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By Peppi Kiviniemi, Adam Cohen And Matthew Dalton BRUSSELS -- General Motors Co. wants European Union governments to help provide €3.3 billion ($4.9 billion) for its Adam Opel GmbH unit, but will restructure the auto maker without state help if needed,... Full Article at Wall Street Journal
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Germany warns fellow EU gov'ts against GM jobs aid The Associated Press Related: http://www.gm.com More News Germany warned fellow European governments on Monday against offering financial aid to General Motors Europe in exchange for job guarantees,... Full Article at KansasCity.com
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FRANKFURT, Germany - Germany warned fellow European governments on Monday against offering financial aid to General Motors Europe in exchange for job guarantees, hours ahead of a meeting in Brussels to discuss the future of the company. Full Article at Canadian Business Online
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The fallout from General Motors decision to keep its German subsidiary Opel, instead of selling it to a team of a Canadian auto parts manufacturer, Magna, and the Russian Sberbank, has spread to a disagreement between the two top executives of GM and... Full Article at New Europe News
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Despite being generally regarded as a bad deal, work stoppages began almost as soon as it was announced that the Magna deal had folded. Volker Hartmann / AFP In the end, the news hardly came as a surprise. There was very little choice really. Full Article at The National Newspaper
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Russian Prime Minister Vladimir Putin, right, and Sberbank President German Gref, left, attend an international investment forum in the Black Sea resort of Sochi, which is hosting the 2014 Winter Olympics, Russia, Friday, Sept. 18, 2009.
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German Gref, CEO of Russian Sberbank and Siegfried Wolf (L) co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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Reuters Pictures
German Gref, CEO of Russian Sberbank and Siegfried Wolf (R), co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster (C) at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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AP Photo
Chief of Russia's Sberbank German Gref, right, and co-CEO of Austria's Magna company Siegfried Wolf, left, are seen during a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russia's Sberbank Herman Gref, right, and co-CEO of Austria's Magna company Siegfried Wolf, left, are seen during a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf approach a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf approach a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf meet in a hotel prior to a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf, 2nd left, meet in a hotel prior to their press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Russian Prime Minister Vladimir Putin listens to biggest state-run Sberbank head German Gref, right, in the Novo-Ogaryovo residence late Monday, Aug. 24, 2009.
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AP Photo
Russian Prime Minister Vladimir Putin listens to biggest state-run Sberbank head German Gref, unseen, in the Novo-Ogaryovo residence late Monday, Aug. 24, 2009.
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AP Photo
Russia's Sberbank President German Gref attends the World Grain Forum in St. Petersburg, Russia, Saturday, June 6, 2009. President Dmitry Medvedev said Saturday that the United Nations' food agency should play a key role in helping ensure stable grain prices.
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Reuters Pictures
German Gref, Chief Executive of state-controlled Russian bank Sberbank, speaks during the World Grain Forum in St. Petersburg, June 6, 2009.
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Reuters Pictures
Chief Executive German Gref (R) of state-controlled Russian bank Sberbank and Russia's President Dmitry Medvedev attend the International Economic Forum in St.Petersburg June 5, 2009.
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AP Photo
Russian President Dmitry Medvedev, left, and Sberbank's chairman German Gref seen at an investment forum in St. Petersburg, Russia, Friday, June 5, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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AP Photo
Chairman and CEO, Sberbank, Russia, Herman Gref gestures while speaking during a session at the World Economic Forum in Davos, Switzerland, Thursday Jan. 29, 2009.
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AP Photo
Chairman and CEO, Sberbank, Russia, Herman Gref gestures while speaking during a session at the World Economic Forum in Davos, Switzerland, Thursday Jan. 29, 2009.
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Reuters Pictures
A customer leaves the local office of Russia's Sberbank in central Moscow January 27, 2009.
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Reuters Pictures
People buy books under a currency exchange advertisement of Sberbank, Russia�s giant state-owned savings bank, in Moscow November 18, 2009. Sberbank has recently announced huge job cuts that will affect 10 percent of its 267,000 employees by year-end.
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Reuters Pictures
People walk under a currency exchange advertisement banner of Sberbank, Russia�s giant state-owned savings bank, in Moscow November 18, 2009. Sberbank has recently announced huge job cuts that will affect 10 percent of its 267,000 employees by year-end.
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Reuters Pictures
German Gref, CEO of Russian Sberbank and Siegfried Wolf (L) co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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GM’s decision to cancel the sale of Opel to the consortium of Magna and Sberbank will not cause harm to the interests of Russia
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Try as we might to fashion a deal with Magna and Sberbank that would retain a close tie with General Motors over time, there was really no guarantee that would be the outcome and that sort of leaves potentially a pretty big strategic hole for General Motors to deal with
SOURCE: Autocar -
Given the significance of the Opel transaction, GM's Board will soon meet in its regularly monthly meeting (November 3) to consider Minister zu Guttenberg's letter and changes to the Magna/Sberbank proposal that have occurred since its last review on September 9
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