The news at a glance

Automobiles: Parts makers get a bailout; Energy: Birth of a Canadian powerhouse; Luxury goods: Tiffany’s tough quarter; International business: Abu Dhabi buys into Daimler; Bailouts: Sweden won’t save Saab

Automobiles: Parts makers get a bailout

“Fearing a bottom-up failure of the auto industry if parts makers collapse,” the Obama administration announced that it would supply $5 billion to struggling U.S. auto-parts companies, said Sharon Silke Carty in USA Today. Under the program, which taps Treasury funds appropriated to bail out Detroit carmakers, the U.S. will either lend the suppliers the money they need to pay their bills or guarantee that the bills will be paid. The new program won’t “save every auto supplier,” but it will “reassure the suppliers’ creditors.”

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