July 13 Biz Minute

U.S. bankruptcy judge Robert Gerber gave GM permission today to buy several assets of bankrupt auto parts supplier Delphi Corp as part of a deal with a private equity firm that could take Delphi out of bankruptcy. Delphi is by far GM's largest supplier, accounting for approximately 11.3 percent of its purchases in 2008.
CIT Group said it was talking to regulators about how to boost its finances if it fails to win access to the government's Temporary Liquidity Guarantee Program. The delay in getting approval to enter the federal program has driven CIT into a liquidity crunch, and today it's stock and bond prices tumbled.. Digital Sky Technologies will pay $14.77 a share for Facebook common stock, in a deal that values the world's No. 1 Internet social network at roughly $6.5 billion. The deal will allow DST to purchase common shares from Facebook employees and ex-employees, and is separate from the Russian investment firm's $200 million investment in Facebook that was announced in May.
Microsoft will release three versions of its dominant Office software that users can access over the Web, catching up with products that rival Google launched three years ago. It is the latest salvo in an intensifying war between Microsoft and Google. Google announced plans last week to challenge Windows with a free operating system. Microsoft introduced a new search engine, Bing, last month.
Former Stanford International Bank Chief Financial Officer James Davis plans to enter a guilty plea to federal charges of conspiracy and obstruction charges related to an alleged $7 billion Ponzi scheme involving certificates of deposit issued by the offshore bank in Antigua.

Category:

News & Politics

Tags:

• GM
• Delphi Corp
• CIT Group
• Digital Sky Technologies
• Facebook
• Microsoft
• Office
• Google
• Windows
• Bing
• Antiqua