e two private-equity firms and hedge-fund Paulson have applied for a federal holding company charter, according to the person, who asked not to be named because the deal has not been completed. The investors want to convert IndyMac Federal Bank to a stock-held institution.
Delphi stops work in China
SHANGHAI, China — U.S. car parts maker Delphi Corp. has suspended work at a factory in Suzhou because of shrinking demand amid the global economic slump, a media report and a staff member said Monday. The factory west of Shanghai in the city of Suzhou makes compressors for General Motors Corp. Calls to the plant rang unanswered Monday.
Retailer files for bankruptcy
LONDON — British clothing company USC filed for a form of bankruptcy protection Monday, as the economic downturn claimed another major UK retailer. Edinburgh, Scotland-based USC, a retailer that sells clothing brands such as Diesel, Lacoste and Ted Baker in Britain, went into administration, said PKF, the company’s administrator. Meanwhile, British children’s clothing retailer Adams Childrenswear Ltd. is seeking bankruptcy protection. The 75-year-old central England-based concern was expected to be placed in the hands of administrators at PricewaterhouseCoopers later Monday, spokeswoman Ginette Gisborne said. PricewaterhouseCoopers declined to comment.
Russian dollar hits low point
MOSCOW — Russia’s Central Bank on Monday allowed its plummeting currency to drop further on the last day of trading before the long New Year’s holiday, ending a roller-coaster year for the ruble on a historic low. The ruble slid 1.5 percent on the MICEX foreign currency exchange, to close at 34.9 rubles against the Central Bank’s euro-dollar basket. It hit 29.2 against the dollar — a level that hasn’t been seen since 2005 — and 41.7 against the euro — an all-time low.
From Wire Reports