A summit of the Non-Aligned Movement opened at Egyptian Red Sea resort town Sharm El-Sheik Wednesday with a call from Cuban President Raul Castro for a new international financial system to shield developing nations from the global recession, The Associated Press reported. The new system, he said, must give developing countries "preferential treatment." He did not elaborate. U.N.

General Motors’ plan to sell its European operations to a Canadian auto parts maker and a Russian bank appeared Monday to be in trouble, when another bidder said it was nearing a deal for the unit, The New York Times reported. R.H.J. International, a Brussels-listed industrial holding company, said in a statement that it was in talks with G.M. for the acquisition of a majority stake in the European subsidiary, Adam Opel, which includes the operations of Vauxhall in Britain.

Beijing Automotive Industry Holding Co. outlined its main reason for wanting General Motors Corp.'s European unit Adam Opel GmbH: It wants to get its hands on the U.S. auto maker's engine technologies, The Wall Street Journal reported. Beijing Auto said in a document outlining a takeover offer that access to GM's advanced technology was the "key driver" for its bid, which is aimed at outpacing Canadian auto supplier Magna International Inc. in the race for Opel. According to the document, GM would have to "license all alternative propulsion technologies (i.e.

The detention by authorities in China of four Rio Tinto PLC employees this week, at a time when the mining company is engaged in major business deals in the country, offers a reminder of how the country's murky legal system can be entwined with its commercial interests, The Wall Street Journal reported. The Australian government said Wednesday that one of the Rio Tinto employees, a general manager involved in iron-ore sales, is accused of stealing Chinese state secrets, apparently in the course of his employment.

The head of General Motors Corp.'s German unit Adam Opel GmbH said the interest of several potential investors is generally positive as it strengthens the auto maker's negotiating position, but it must not delay the sales process. "We need a deal fast," Hans Demant said in an internal letter to staff seen by Dow Jones Newswires Wednesday. Mr. Demant said that takeover talks are being held with Magna International Inc., Ripplewood Holdings, Beijing Automotive Industry Holding Co. Ltd. and Fiat SpA. Each investor has its own strategic approach, Mr. Demant said.

Rio Tinto Group iron ore executive Stern Hu was detained in China on suspicion of espionage and stealing state secrets, Australian Foreign Affairs Minister Stephen Smith said. Hu, an Australian and head of London-based Rio’s iron ore operations in China, was detained on July 5, Smith said in Perth today. The executive hasn’t been charged and there wasn’t any indication allegations were business-related, he said, declining to comment on how relations with China would be affected. Three other Rio workers, all Chinese nationals, are also being held.

General Motors Corp. considers Beijing Automotive Industry Holding Co. "a formidable bidder" for its Adam Opel GmbH unit, whose offer could threaten an earlier bid by Magna International Inc., The Wall Street Journal reported. GM, which in recent weeks has described Magna as the front-runner to take over the European business, is increasingly attracted to the offer from Beijing Auto, which the Chinese state-owned car maker submitted last week, said a person close to GM.

China's Beijing Automotive Industry Holding, or BAIC, made a concrete offer for General Motors Corp.'s Adam Opel GmbH unit, a GM spokeswoman said. A person familiar with the situation said Friday that BAIC handed in a nonbinding offer valued at €660 million ($924 million) for an equity stake in GM's Opel and Vauxhall businesses, The Wall Street Journal reported. Under the plan, BAIC would own 51% and GM would keep 49%, the person said. No plants would be closed in Germany, but jobs would be cut, including staff at Opel's headquarters.

China's Beijing Automotive Industry Holding Co. plans to present a detailed bid for General Motors Corp.'s Opel unit in Europe within the next few days, a person familiar with the matter said Wednesday, a move that could complicate the U.S. auto maker's effort to sell Opel to Canadian supplier Magna International Inc., The Wall Street Journal reported. In May, GM signed a memorandum of understanding to sell a majority stake in Opel and its U.K. sister brand, Vauxhall, to Magna, whose bid is backed by Russia's Sberbank Rossia and auto maker OAO GAZ Group.

The International Monetary Fund approved plans on Wednesday to issue its own debt to strengthen its capacity to fund bail-outs, the Financial Times reported. Meanwhile, the World Bank said it committed a record $59 billion in loans and guarantees to developing countries in the year to June 30.