DETROIT — General Motors says it has received $11 billion in credit lines from 35 financial institutions in 14 countries, boosting its available cash and credit to more than $42 billion.
The company wouldn’t say specifically what it plans to do with the money, only that it’s a source of “backup liquidity” that may be used for “strategic initiatives.”
Analysts said it could be hoarding the cash to help pay for restructuring in its troubled European operations, buying an auto finance arm in Europe from Ally Financial, or further funding its pension plans. GM also could buy back stock, specifically from the U.S. government. The U.S. Treasury Department owns 26.5 percent of the company, which it got in exchange for a $49.5 billion bailout about four years ago.
NEW YORK — Apple says it sold 3 million iPads of all kinds in the first three days it sold the new Mini model.
Apple started selling the Mini on Friday, starting at $329. It’s a third smaller than the full-size iPad.
BEIJING — China has filed a World Trade Organization case challenging subsidies provided by some European Union members to promote the solar-panel industry, adding to a flurry of trade disputes Beijing is locked in with Europe and the United States.
The statement did not specify which countries are being targeted in the WTO case, but the official Xinhua News Agency cited a Commerce Ministry official as saying Italy and Greece provide such subsidies for projects using EU-produced solar equipment.
Netflix moves to block possible hostile takeover
NEW YORK — Netflix is moving to protect itself against hostile takeovers less than a week after activist investor Carl Icahn disclosed he has accumulated a stake of nearly 10 percent in the online video company.View Entire Story
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