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GM to battle VW in China with $12 billion investment and new plants

BEIJING - U.S. car giant General Motors Corp (GM) plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it competes with aggressive rivals in the world's largest auto market.

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BrazilĀ“s president also responsible for refinery deal: ex CEO

BRASILIA - BrazilĀ“s President Dilma Rousseff must assume her share of responsibility for the controversial purchase of a refinery in Texas by Petroleo Brasileiro SA, the former chief executive of the state-run oil company said in an interview published on Sunday.

2:22pm EDT

Premium car brands eye China's secondhand market

BEIJING - Strong demand for new automobiles in China has laid the foundations for the next leg of business for carmakers BMW , Audi and Mercedes-Benz: the second-hand premium car market.

5:42am EDT

South Africa's 'spaza' shops suffer as big retail rolls in

SOWETO, South Africa - In this corner of South Africa's black township of Soweto, the biggest building used to be the Catholic church. Now it's been overshadowed by a shopping center and business has only gotten worse for Grace, a 68-year-old shopowner.

5:04am EDT

Mercedes, BMW chase ultra rich clients with new high end cars

BEIJING - Premium auto maker BMW unveiled a luxury concept sedan in Beijing on Sunday, to gauge customer appetite for a car that would cost more than German manufacturer's current flagship 7 series limousine.

11:50am EDT

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