Headlines

The African Development Bank is seeking to triple its capital base to accommodate surging demand for emergency loans from African states and businesses hit by falling export income and sharp declines in foreign investment and remittances. Donald Kaberuka, the AfDB’s president, will put the plans to the bank’s annual general assembly in Dakar this week in one of the first tests of developed countries’ commitments to financing an economic rescue package for Africa.

Nissan Motor Co., Japan's No. 3 automaker, reported a 233.7 billion yen ($2.4 billion) annual net loss, its first yearly loss in a decade--but expects the red ink to lessen in the current fiscal year, The Associated Press reported. "We are beginning to see some signs of improved access to credit, the impact of government stimulus packages and a gradual return in consumer confidence," said Chief Executive Carlos Ghosn, while remaining cautious about the future.

Thirteen U.S. companies are being added to Lyondell Chemical Co.'s bankruptcy proceedings in New York, a development that comes two weeks after Luxembourg-based LyondellBasell Industries AF SCA joined its U.S. affiliate Lyondell Chemical in Chapter 11 to fend off claims from creditors, Bankruptcy Law360 reported. Lyondell lodged a motion in the U.S.

CanWest Global Communications Corp. is reviewing as many as four proposals from outside investors to restructure the company and avoid filing for protection from creditors, The Globe and Mail reported. The restructuring would be done in concert with CanWest's senior lenders and would likely involve swapping debt for equity in the company, if all sides agree. "The most likely scenario in these situations sees those with an existing stake in the business step up to support the company," a source close to CanWest said.

Chrysler LLC's global operations, including those in China, won't be affected by the company's bankruptcy proceedings in the U.S., the auto maker said in a statement Monday, Dow Jones Newswires reported. "Chrysler's international businesses, including the Asia-Pacific region and China, are not included in the scope of the bankruptcy protection petition," the company said in a letter to customers published in the Economic Observer. "Daily operations won't be impacted." Chrysler will continue to pay suppliers here and honor service warranties, the statement said.

Germany's economy minister was quoted as saying Saturday that questions remain over plans by both Fiat SpA and auto parts maker Magna International Inc. to invest in General Motors' main European unit, Opel, and stressed that he is equally open to both suitors, the Associated Press reported. Fiat's chief executive, Sergio Marchionne, has visited Germany twice in the past week to present officials his plan to make GM Europe, including German-based Adam Opel GmbH, part of a global powerhouse also including Chrysler.

Germany may consider government loan guarantees for General Motors Corp.’s Adam Opel GmbH unit if GM files for bankruptcy and a deal with an investor to take over the German unit is “close at hand,” said Felix Probst, a spokesman for the Economy Ministry in Berlin. Under the possible scenario envisaged by Economy Minister Karl-Theodor zu Guttenberg, a private trust would take over Opel from GM, Probst said today in a telephone interview. “In such a fiduciary solution, one might offer government guarantees,” Probst said.

Managed investment company Great Southern Limited has requested its shares be placed in voluntary suspension for another week, ABC Rural reported. The forestry company says it needs more time, telling the Australian Securities Exchange it's preparing its 2009 managed investment sales program. The company has until October to find a way to repay or renegotiate more than $100 million in debt. Great Southern has more than 40,000 investors and 180,000 hectares of forest plantations. Read more.

Laws dealing with the failure of investment banks are to be tightened, after the collapse of Lehman Brothers revealed serious shortcomings in the UK’s insolvency regime, the Financial Times reported. Alistair Darling, chancellor, will on Monday set out plans for improving the ability of clients to secure an early return of their assets and to allow counterparties to have a better idea of the status of outstanding trades when a group defaults.

Receivers have spoken to Riviera workers about the future of the luxury Gold Coast boat builder, ABC News reported. Workers returned to Riviera this morning from a four-week shutdown and were met by receivers at the Coomera plant. Deloitte partner Chris Campbell says he cannot say when the luxury boat market will rebound. He says a restructuring plan is still a few weeks away. A worker who did not want to be identified says he is only been guaranteed two weeks' work. Read more.