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AP Business NewsBrief at 12:32 p.m. EDT
(Associated Press Via Acquire Media NewsEdge) GM Europe: Talks on selling Opel near completionBERLIN (AP) _ Negotiations for the sale of General Motors Corp.'s unit Adam Opel GmbH to Canadian autoparts maker Magna are progressing well and should soon be complete, the head of GM Europe said in remarks released Saturday. Carl-Peter Forster was quoted as telling the Frankfurter Allgemeine Zeitung that he hoped the sale of Opel to Magna International Inc. could be complete by mid-July.
BT offers staff time off in exchange for pay cutLONDON (AP) _ Telecoms company BT Group PLC is offering staff a year off work in return for a 75 percent cut in that year's pay. BT is one of Britain's biggest companies, with more than 100,000 employees. It is trying to cut costs after posting a net loss of almost 1 billion pounds ($1.6 billion) for the first three months of 2009.
ALL BUSINESS: Cash is king for investorsNEW YORK (AP) _ That old saying "cash is king" certainly rings true these days. Investors can't seem to get enough of it, which ultimately could be bad news for the stock market and the economy. In the past, investors would cling to cash until the market's prospects brightened and then money would pour back into stocks. That's just what the bulls today are hoping will drive a surge on Wall Street in the months ahead.
Iconic skyscrapers find new luster in green techNEW YORK (AP) _ When owners of the Empire State Building decided to blanket its towering facade this year with thousands of insulating windows, they were only partly interested in saving energy. They also needed tenants.
Omg! Positive tone boosts Yahoo celeb site to topSANTA MONICA, Calif. (AP) _ Think of the most popular brands in celebrity news, and you'll probably come up with a small list that includes Entertainment Tonight, US Weekly and People. Consider the most successful celebrity news destinations online, and something else jumps to the top. For more than a year, one site has attracted more eyeballs than any other in the realm of celebrity gossip: Yahoo Inc.'s omg.
Downturn dating: Hearts flutter as markets stutterCHICAGO (AP) _ Credit the recession for staycations and bringing us more game-night parties at home. But also give it a shout for spurring more first dates. Economic woes, it seems, unleash something practically primal in many of us who find ourselves without a partner: a hard-wired desire for companionship.
Venezuela assumes control of Spanish-owned bankCARACAS, Venezuela (AP) _ President Hugo Chavez's government assumed control of Venezuela's third-largest bank on Friday _ making the state the largest player in the nation's banking system. The purchase of the Spanish-owned Banco de Venezuela gives Chavez's socialist government control over more than one-fifth of bank deposits as he tightens his grip over the economy.
Ruling favors Antiguan receiver in Stanford caseST JOHN'S, Antigua (AP) _ A firm appointed by Antiguan authorities to liquidate the assets of R. Allen Stanford's offshore Caribbean bank has won control of assets in the U.K. worth more than $100 million, a defeat for a U.S.-appointed receiver in an ongoing fight over jurisdiction in the case. U.K.-based Vantis Business Recovery Services said Friday the High Court of Justice ruling allows it to proceed with its effort to collect Stanford assets from around the world and distribute them to thousands of investors who purchased the allegedly fraudulent certificates of deposit issued by Stanford International Bank Ltd. The assets have been frozen by Britain's Serious Fraud Office.
The old is new again at Saturday Evening PostINDIANAPOLIS (AP) _ The Saturday Evening Post, a centuries-old publication that helped make illustrator Norman Rockwell a household name and showcased some of America's greatest writers, is returning to its roots to show readers the value of a quiet read in an increasingly frenetic digital age. A redesign launching with its July/August issue combines the Post's hallmarks _ art and fiction _ with folksy commentary and health articles. The revamped Post promises a more relaxing option for people who are used to doing much of their reading online, or are simply tired of special-interest magazines crammed into tight niches.
Texas brewer, once near defeat, shines againSHINER, Texas (AP) _ By all accounts, Shiner beer shouldn't have made it this long. The Spoetzl Brewery ferments its brew in a one-stoplight town that's not on the way to anywhere, and much larger regional brewers long ago succumbed to consolidation and the muscle of national brewers. For years, Spoetzl limped along with cast-off parts from other breweries and lingered on the brink of shutting down. But today, at 100 years of age, Shiner beers are more popular than ever, and it is the oldest and largest craft brewer in a state where people cling fiercely to their beer and to all things Texan.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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