Reuters Business Summary

Postbank sale may fail over target price: report

FRANKFURT (Reuters) - The sale of Germany's biggest retail bank Deutsche Postbank could fail because the price potential bidders are willing to pay does not meet the expectations of the lender's parent, Deutsche Post, a German magazine reported on Saturday. Business weekly Wirschaftswoche cited sources close to Germany's Finance Ministry as saying that Deutsche Post, which owns a stake of 50 percent plus one share in Postbank, expected offers valuing the lender at more than 10 billion euros ($15.70 billion), but has received non-binding offers only of between 8 and 9 billion euros.

Auto sector woes could spur deals: Renault CEO

AIX-EN-PROVENCE, France (Reuters) - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday. "Something will have to happen," Renault Chief Executive Carlos Ghosn told delegates at a business conference in this southern French city.

Hyundai cuts, Kia lifts domestic sales target

SEOUL (Reuters) - Hyundai Motor Co 005480.KS, South Korea's top auto maker, said on Sunday it had cut its local sales target for this year by 6 percent as record-breaking oil prices are hitting consumer sentiment in Asia's fourth-largest economy. But its affiliate Kia Motors Corp (000270.KS: 行情) and the country's No.2 car maker said it had raised its domestic sales target by 11 percent, helped by the popularity of its fuel-efficient mini-car and new model launches.

BCE buyers finalize funding

TORONTO (Reuters) - Announcing what it said were "essential milestones" allowing the world's largest leveraged buyout to go ahead, BCE Inc (BCE.TO: 行情)(BCE.N: 行情) said on Friday that its buyers had finalized funding and were sticking to their C$34.8-billion ($34.1 billion) purchase price. In an announcement that was in stark contract to news of buyouts that have crumbled in the United States, the Canadian telecom giant said it expected its going-private deal to close by December 11.

Hyundai union calls for work stoppage next week

SEOUL (Reuters) - Unionized employees of Hyundai Motor Co (005380.KS: 行情) will walk off the job for four hours next week to push for a pay increase, the auto maker's union said on Saturday. The latest labor action follows a two-hour walk off on Wednesday by unionized employees at Hyundai Motor and other South Korean car makers, in a move aimed at having the government scrap a U.S. beef import deal.

Global finance regulation "found wanting": UK's FSA

AIX-EN-PROVENCE, France (Reuters) - Weaknesses in the regulation of the global financial system have been revealed during the recent credit crunch, the chairman of Britain's Financial Services Authority said on Sunday. "Throughout the world, regulation has been found wanting," Financial Services Authority Chairman Callum McCarthy told delegates at a business conference in southern France.

BP sues Russian partners in TNK-BP