Reuters Business Summary

UBS to buy back $19.4 bln in ARS: report

ZURICH (Reuters) - Swiss bank UBS (UBSN.VX: 行情) will buy back $19.4 billion worth of auction-rate securities to settle charges over misleading investors in the United States, the Boston Globe reported on its website on Friday. The firm also agreed to pay $150 million in fines, split between Massachusetts and New York, the Globe reported, citing "people briefed on the talks."

RBS suffers first-ever loss after $11 bln writedown

LONDON (Reuters) - A 5.9 billion pound ($11.4 billion) writedown on risky assets sent Royal Bank of Scotland (RBS.L: 行情) to a first-half loss of 691 million pounds -- better than feared, but still one of the biggest losses in British history. RBS, Britain's second-biggest bank, said on Friday the loss was "a chastening experience" but it was building a comfortable capital cushion and sales of assets were going as planned, although tough financial and economic conditions would continue.

Google admits its AOL investment may be impaired

SAN FRANCISCO (Reuters) - Google Inc's (GOOG.O: 行情) 5 percent stake in Time Warner Inc's (TWX.N: 行情) AOL unit may be worth less than the $1 billion the Web company paid for it in 2006, Google warned in a regulatory filing on Thursday. "We believe our investment in AOL may be impaired," Google said in its latest quarterly financial filing with the U.S. Securities and Exchange Commission.

Boeing, Airbus face delays on parts shortages: report

(Reuters) - Boeing Co (BA.N: 行情) and Airbus are facing a slowdown on their older model assembly lines because of a shortage of basic components such as seats, toilets and galleys, the Wall Street Journal reported Friday. The production disruption was raising costs and delaying millions of dollars in payments from customers, the paper said.

GM agrees to lend Delphi $300 mln more

(Reuters) - General Motors Corp (GM.N: 行情) agreed to lend Delphi Corp (DPHIQ.PK: 行情) a further $300 million as the automaker's former parts unit struggles to exit bankruptcy protection, courts papers show. Delphi, in court papers filed Wednesday, said GM would increase its loan to the auto parts supplier to $950 million from $650 million so Delphi can maintain a minimum level of liquidity.

GM says to spend $900 million on capacity adjustments

DETROIT (Reuters) - General Motors Corp (GM.N: 行情) said on Thursday it expects to spend $900 million over the next few years to adjust its manufacturing capacity, including closing plants and reducing output. The No. 1 U.S. automaker, in its quarterly report filed with the U.S. Securities and Exchange Commission, said it plans to spend $100 million in 2008, $200 million in 2009, and $600 million after 2009.

Beazer posts narrower quarterly loss