Disney's world expands to Shanghai, GM hits the brakes on Opel sale
Good day for a cultural revolution, Bad day for shifting into reverse
GOOD DAY FOR: A cultural revolution, after Disney got permission to build a theme park in Shanghai, China’s financial capital. The deal is seen as a breakthrough for Western media companies, which have long been held at bay by a Chinese government wary of foreign popular culture. (Reuters)
BAD DAY FOR: Shifting into reverse, after General Motors infuriated Germany and Russia by backing out of a deal to sell its Opel subsidiary to auto-parts maker Magna and Russian bank Sberbank. The German government is demanding GM repay a $2.2 billion bridge loan extended to Opel while GM was seeking a buyer. GM’s board had backed a competing bid from investment firm RHJ International, which entailed more job cuts. (AP in Yahoo! Finance)
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