WASHINGTON - A bipartisan budget deal announced in the U.S. Congress on Tuesday, though modest in its spending cuts, would end three years of impasse and fiscal instability in Washington that culminated in October with a partial government shutdown.
Recent Business News
- Royal Bank of Scotland said its Finance Director Nathan Bostock will leave to rejoin Spanish bank Santander after just 10 weeks in the job, dealing a blow to the state-backed lender's turnaround efforts.
HONG KONG - Alibaba Group Holding Ltd said on Wednesday it is seeking to extend the draw-down period of its $8 billion loan to the end of next year, a move that people familiar with the e-commerce firm's plans said would buy it more time to launch an IPO.
- An Indian court will issue on Thursday its verdict on Nokia's appeal against the seizure by tax authorities of its local factory after a tax dispute, lawyers for the company and the tax department said on Wednesday.
DETROIT - General Motors Co CEO Dan Akerson will step down next month and be replaced by GM "lifer" and global product chief Mary Barra, a sign that the development of new vehicles will be the paramount focus of the company that emerged from bankruptcy four years ago. | Video
Today, GM announced its new CEO will be Mary Barra, the company's current head of global product development.