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...that wasn't enough to end the bank's troubles. In February, the Department of Justice filed a civil lawsuit against UBS seeking the identities of 52,000 more Americans suspected of stashing a total of $15 billion at the bank. This time, the Swiss were having none of it. Citing bank-client confidentiality guaranteed in the Swiss constitution, Switzerland's government has forbidden UBS from complying. It has also threatened to "take control of the data at UBS" to prevent the bank from handing the accounts over to the Americans...
...cash for engineering during its yearlong financial crisis. Even so, GM is off to a good start with its new Camaro, which shows signs of becoming a runaway hit. According to Ed Peper, the general manager of the Chevrolet division, which accounts for 70% of the new GM's total sales, Chevy dealers already have 25,000 orders for the Camaro, making it the hottest car GM has rolled out in years. (See pictures of GM's 2010 models...
...hybrid Silverado, which gets better than 20 m.p.g., is the first genuine hybrid in the critical pickup-truck segment, which represents 15% of the total U.S. market. It's promising but a bit undernourished - the launch of this new hybrid truck has been undermined by cuts in production and advertising as GM has struggled to conserve cash. GM CEO Fritz Henderson says company-wide production should level out during the second half of 2009, and Peper asserts that advertising across models will increase over the next six months. If the hybrid Silverado is successful, it could be a very tangible...
...downturn has been a surge in lending. To keep struggling enterprises afloat, Beijing urged Chinese banks to open the credit floodgates - and bankers have done so. The People's Bank of China, the central bank, estimates that $224 billion in new loans were made in June alone, bringing the total for the first half of the year to $1.08 trillion - 50% more than the amount of loans Chinese banks issued in all of 2008. (Read "China's Banks Become the Government's Foot Soldiers...
...state solution to the conflict. The settlement freeze that he has demanded of Israel, for example, is simply a confidence-building mechanism aimed at securing new gestures from Israel's Arab neighbors and helping restart negotiations. But Israel's government has pushed back hard, rejecting the principle of a total settlement freeze and insisting on completing some 2,500 housing units currently under construction, excluding East Jerusalem from the freeze, and making it conditional. And Arab governments are reluctant to be seen to offer new "rewards" - such as allowing the opening of diplomatic facilities or overflight rights for commercial aircraft...