The Wall Street Journal-20080113-EuroLinks Daily View- China to Join Saudi In Citigroup Rescue- Online edition
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EuroLinks Daily View: China to Join Saudi In Citigroup Rescue; Online edition
Prince Alwaleed bin Talal is poised once again to save Citigroup Inc., but this time he won't do it alone. The Saudi prince will be joined by other investors including China Development Bank, people familiar with the situation said. In 1991, Prince Alwaleed invested $590 million making him the largest shareholder until last month when he ceded that title to Abu Dhabi, United Arab Emirates, which paid $7.5 billion for a 4.9% stake in the cash-strapped Citi.
As David Enrich and Robin Sidel report, it isn't clear how much Prince Alwaleed will invest this time; the Chinese entity is expected to invest roughly $2 billion, one person said. Citi is hoping for $8 billion to $10 billion from investors, and will possibly unveil the investments tomorrow.
Citi shares rose 45 cents to $28.56 in New York Stock Exchange composite trading Friday. The company has a stock market value of $140 billion.
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Read the full article on what's in store for the fast-sinking Citigroup: http://online.wsj.com/article/SB120026248209686935.html
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TURNING ASIA GREEN: While China is ready to pass the U.S. as the world's largest carbon emitter, a U.S.-government program along with many multinational companies aims to help factories in China reduce their carbon emissions. The program will not only increase businesses' knowledge on environmental technologies, but will generate business for environmental-services companies.
Sky Canaves and Jane Spencer take a look at the developing program known as P2E2, or pollution prevention and energy efficiency, that will arrange for China and other countries move factories onto a greener path. Based on an unconventional financing program, P2E2 will be funded by banks and equity investors which will provide loans to environmental- and energy-service companies who will boost energy efficiency in companies that use heavily polluting coal-fired plants for power.
There are still questions about whether Chinese factories will be interested in the program, although they are a focal point of the global battle against climate change.
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Read more about the future for China's factories and how P2E2 will help make the country a cleaner, greener place: http://online.wsj.com/article/SB120023060081786631.html
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GERMANY TRIES AGAIN TO SET RULES ON BIDS: Germany is redrafting a proposed law that would enable it to block takeovers by foreign companies and sovereign wealth funds. There is rising concern among business groups and economists who fear the law could turn off foreign investments in Germany.
Our Marcus Walker in Berlin reports on Chancellor Angela Merkel's push for this law in cases where there are suspicions that sovereign wealth funds of state-owned industrial companies try to buy a German company for mischievous reasons or political influence.
Berlin's trouble with the new law shows how hard it is in practice for Western countries to single out and block investors from energy- rich countries.
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Read more about Germany's new law to block investors from taking over: http://online.wsj.com/article/SB120027192850787365.html
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ELECTRIC CARS STALL IN PRODUCTION: Electric powered vehicles steal the industry's attention at Detroit's annual North American Car Show, but the battery is one obstacle car makers aren't charged up about. Our Norihiko Shirouzu reports about how the auto industry will make a small enough battery that will hold enough charge for new cars without posing a threat to the driver.
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Read the full article: http://online.wsj.com/article/SB120001331482082629.html
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Read the blog from the auto show: http://blogs.wsj.com/autoshow/
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FIRST TO FIGHT: Our Brendan Miniter sits with one of the U.S.'s leading military commanders James T. Conway who talks about life as a marine, the Iraq war and the future for the U.S. Marine Corps.
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Read the full interview: http://online.wsj.com/article/SB120010425941885571.html
