Peugeot family ready to step aside for GM; Peugeot’s shares have fallen 77 percent over the past two years, compared with a 1.4 percent slide for the STOXX Europe 600 autos & parts index

Peugeot family ready to step aside for GM- sources

8:39am EDT

By Sophie SassardLaurence Frost and Gilles Guillaume

LONDON/PARIS (Reuters) – PSA Peugeot Citroen’s (PEUP.PA: QuoteProfileResearchStock Buzz) founding family has offered to give up control of the troubled French automaker as it tries to revive plans for a closer tie-up with General Motors (GM.N: QuoteProfileResearchStock Buzz) backed by a fresh capital injection, sources said.

But any deal combining Peugeot with GM’s European Opel division would face major political hurdles because it would bring more factory closures and job losses in France and Germany, people with knowledge of the discussions told Reuters. Read more of this post

The Books That Inspired Tech’s Most Influential People

The Books That Inspired Tech’s Most Influential People

ALYSON SHONTELL JUN. 26, 2013, 11:28 AM 35,472 2

What are the books that influenced Steve Jobs, Jeff Bezos, Elon Musk and Bill Gates? The following books shaped tech’s most influential people and helped them become the CEOs and global leaders they are today.

Amazon CEO Jeff Bezos enjoys business book “Built to Last” and a fictional novel, “The Remains of the Day.”

Given that Jeff Bezos founded Amazon as a marketplace for books, it’s not surprising he reads a lot. He once told told Fast Company he buys 10 books per month. His favorites? Built to Last: Successful Habits of Visionary Companies by Jim Collins and Jerry Porras and  The Remains of the Day by Kazuo Ishiguro. He told Newsweek: “If you read The Remains of the Day, which is one of my favorite books, you can’t help but come away and think, I just spent 10 hours living an alternate life and I learned something about life and about regret.”

Read more of this post

Secrets of the Little Blue Box, the 1971 article that inspired Steve Jobs to collaborate with Steve Wozniak

Secrets of the Little Blue Box

by Ron Rosenbaum

A story so incredible it may even make you feel sorry for the phone company


The Blue Box Is Introduced: Its Qualities Are Remarked


I am in the expensively furnished living room of Al Gilbertson*, the creator of the “blue box.” Gilbertson is holding one of his shiny black-and-silver “blue boxes” comfortably in the palm of his hand, pointing out the thirteen little red push buttons sticking up from the console. He is dancing his fingers over the buttons, tapping out discordant beeping electronic jingles. He is trying to explain to me how his little blue box does nothing less than place the entire telephone system of the world, satellites, cables and all, at the service of the blue-box operator, free of charge.

“That’s what it does. Essentially it gives you the power of a super operator. You seize a tandem with this top button,” he presses the top button with his index finger and the blue box emits a high-pitched cheep,  Read more of this post

Student-Loan Rates Set to Double as Fix Eludes Congress

Student-Loan Rates Set to Double as Fix Eludes Congress

It’s increasingly unlikely Congress will act in time to avert a doubling next week of the interest rate that low-income college students pay for subsidized federal education loans, said senators involved in negotiations.

“We probably can’t get anything done this week,” Senator Tom Harkin, an Iowa Democrat and chairman of the Health, Education, Labor & Pensions Committee, told reporters yesterday. Read more of this post

China Cash Crunch Spreads; Businesses Turn to Alternatives Such as Bankers’ Acceptances to Pay Their Bills

June 26, 2013, 8:19 p.m. ET

China Cash Crunch Spreads

Businesses Turn to Alternatives Such as Bankers’ Acceptances to Pay Their Bills

DINNY MCMAHON

BEIJING—Even as Chinese officials indicate a softening of their tight grip on cash, some businesses are reporting liquidity is increasingly hard to find in some places and that customers are turning to alternatives.

It isn’t clear how deep the liquidity issues have trickled down from the financial sector, which has been gripped this month by a cash crunch widely believed to be aimed at deflating ballooning credit in the Chinese economy. But it suggests the pain could spread to other areas if cash borrowing rates for banks remain stubbornly high. Read more of this post

Exit Signs Blurry for Private Equity

Updated June 26, 2013, 10:09 p.m. ET

Exit Signs Blurry for Private Equity

MIKE SPECTOR and TELIS DEMOS

It all was going so well. For the first 5½ months of the year, private-equity firms took advantage of soaring markets and eager investors to raise about $35 billion by selling stakes in their companies, not to mention billions of dollars more through initial public offerings.

The rush for cash prompted some buyout executives and bankers to view 2013 as the year of the exit, a moment to reap what they sowed, including on some highly indebted, controversial deals just before the eruption of the financial crisis. Leon Black, Apollo Global Management LLC APO +1.79% co-founder, in April called the market’s receptiveness to such sell-downs “biblical.” Read more of this post

Hong Kong Stocks Show Property Collapse to BNP

Hong Kong Stocks Show Property Collapse to BNP

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Hong Kong real estate has become more unhinged from the city’s stock market than ever before as shares of developers tumble while property prices stay near record highs.

The CHART OF THE DAY’s lower panel shows the 20-week correlation between Centaline Property Agency Ltd.’s housing-price gauge and the Hang Seng Property Index has dropped to minus 0.68 this month, the lowest level since Bloomberg began compiling the data in 1994. The Centaline index slipped 3 percent from its peak in March through its most recent report on June 16, while the stock index, which includes Sun Hung Kai Properties Ltd. (16) and Cheung Kong Holdings Ltd. (1), declined 19 percent from this year’s high on Jan. 28 through yesterday. Read more of this post

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