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(Reuters) – General Motors Co will respond by Jan. 7 to a Canadian union’s proposals for keeping an Ontario auto assembly plant open, the head of Canada’s largest private sector union said on Thursday. Unifor head Jerry Dias told reporters after meeting with GM executives in Detroit that the carmaker did not “unilaterally slam the door” on the union’s efforts what is a cufflink uk online. The Oshawa plant is scheduled to shut down in December 2019 but Dias said the “solutions are plentiful” to save it, without going into specifics. The closure is part of a wider restructuring by GM announced in November that will close five North American plants and eliminate 15,000 jobs..
WASHINGTON (Reuters) – U.S. banking regulators announced on Thursday they had signed off on “living wills” for four foreign banks – Barclays (BARC.L), Credit Suisse (CSGN.S), Deutsche Bank (DBKGn.DE) and UBS (UBSG.S) – detailing how they could safely be dissolved in a crisis. The Federal Reserve and Federal Deposit Insurance Corporation said the resolution plans submitted by the banks had some shortcomings, but nothing significant enough to demand stricter rules or additional restrictions on bank activity what is a cufflink uk online.
Specifically, the regulators said the banks needed to improve their communications between U.S. operations and foreign parents in times of stress. Separately, Credit Suisse was told it needs to improve how it estimates the liquidity needs of its U.S what is a cufflink uk online. intermediate holding company. The banks must address these concerns in their next resolution plan submissions, due on July 1, 2020. The regulators noted the firms have become smaller and less risky since the 2007-2009 financial crisis, making it easier to dissolve them if necessary..
Banks have been required to submit “living wills” as part of stricter rules established after the 2007-2009 crisis what is a cufflink uk online. The plans, which must be regularly reviewed by regulators, are aimed at ensuring large banks can be safely wound down without endangering the entire financial system. The resolution plans, commonly known as living wills, require large banks to detail how they could be unwound in cases of bankruptcy without disrupting the broader financial system. If regulators do not find a plan credible, they could impose restrictions on a bank’s activities or even order it to divest..
MOSCOW (Reuters) – Oleg Deripaska’s team, which secured the lifting of U.S. sanctions on the Russian tycoon’s aluminum and energy businesses, is also working to get them removed from his automaker GAZ (GAZA.MM), five sources close to the talks said. The U.S. Treasury on Thursday extended a deadline for investors to divest from GAZ to March 7 and granted businesses a matching reprieve to wind down operations and contracts involving the firm. The deadline for both had been Jan. 21. The announcement comes one day after the Treasury said in a statement it would lift sanctions on Deripaska’s core empire, aluminum giant Rusal (0486.HK) and its parent En+ (ENPLq.L), watering down the toughest penalties imposed since Moscow’s 2014 annexation of Crimea what is a cufflink uk online. The deal is subject to a 30-day review period..