BUSINESS BRIEFS
Banks team up to avert credit crisis
Advertiser Staff and News Services
A group of big banks led by Citigroup, JPMorgan Chase and Bank of America plans to announce today the creation of a fund that's likely to back $75 billion to $100 billion in mortgage and other securities to try to prevent the credit crisis from damaging the broader economy, according to two people with direct knowledge of the matter, who weren't authorized to speak on the record in advance of today's planned announcement.
The banks began talks three weeks ago under the supervision of Robert Steel, the Treasury's undersecretary for domestic finance, with more than a half-dozen banks taking part. The banks plan to back high-quality securities, though each bank may differ in its definition of high quality, said those familiar with the matter.
GM FINDING CAR SUCCESS IN INDIA
NEW DELHI — After struggling for years to gain a foothold in India, General Motors Corp. is tasting some success. In the past six months, the U.S. automaker sold nearly 2 1/2 times the number of cars it sold in India in the same period last year, even as overall demand for new cars was hit by a sharp rise in interest rates.
The numbers underscore GM's growing success in one of the world's fastest-growing car markets, even though its sales in India — totaling about 21,000 vehicles in the April-September period — fall far short of the 293,000 units that market leader Maruti Suzuki sold during the same span.
COCA-COLA TESTING DRINKS WITH HERBS
TEL AVIV, Israel — Coca-Cola Co. said it opened a research center in Beijing that will partner with a Chinese research center to develop drinks based on Chinese herbal ingredients and formulas.
The Coca-Cola Research Center for Chinese Medicine opened within the China Academy of Chinese Medical Sciences. The academy is the national center for research, healthcare and education in traditional Chinese medicine, the Atlanta soft-drink giant said.
