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...revealed how it thinks Chery obtained the plans. But since Chery was once partly owned by GM's Chinese joint-venture partner, Shanghai Automotive Industry Corp., many suspect that GM's comrades passed along trade secrets. Regardless, Chery plans to build on its success at home to become the first Chinese automaker to crack the American market. It revealed plans to offer five models last week, including an SUV, at costs below anything riveted together by Detroit's Big Three. It has teamed with a legendary partner--Malcolm Bricklin, who brought the Subaru to America in the 1960s. Bricklin describes...
...Total have run Libyan subsidiaries with no American competition. Virtually all of Libya's oil - about 1.5 million barrels a day - is exported to Europe, and since October, millions of cubic meters of gas have flowed directly from Libya to Sicily through Eni and Libya's National Oil Corp's new pipeline. But the Americans are certainly trying. The U.S. liaison office, the prelude to a real embassy, now operates out of bedrooms on an upper floor of the Corinthia. Two sparsely furnished suites serve as the temporary digs for Marathon Oil and ConocoPhillips, both of which suspended their large...
...ACQUIRED. Business-software manufacturer PEOPLESOFT INC., by rival Oracle Corp., ending a bitter 18-month takeover battle during which former PeopleSoft head Craig Conway compared Larry Ellison, Oracle's aggressive CEO, to Genghis Khan; in Pleasanton, California. Oracle closed the $10.3 billion deal after repeated rebuffs, making it the number two player in the lucrative business-applications industry behind Germany...
Meanwhile, the Salvation Army is still reeling from Target Corp.'s decision earlier this year to ban the group, ending the exemption it had given the charity from the chain's no-solicitation policy (similar to that of many retail chains). "It opens the door to any other groups that wish to solicit our guests," said a Target official. In 2003 bell ringers received $8.8 million from Target shoppers--nearly a tenth of the Salvation Army's total $93.8 million holiday haul. Several Christian groups, including Concerned Women for America and the American Family Association, have protested...
Lenovo is one of a small but growing number of Chinese firms that are trying to ease profit pressure at home through global acquisitions. Guangdong-based TCL last year bought the television arm (including the RCA brand) of French electronics giant Thomson. Shanghai Automotive Industry Corp. is in talks to acquire the very English MG Rover and has already bought Korean SUV maker Ssangyong. A consortium of Chinese companies bid on the Canadian mining firm Noranda. Says Arthur Kroeber, managing editor of the China Economic Quarterly, of the dealmaking: "It's not a silly gamble, but it is high risk...