The Traderszone Network

CARACAS/HOUSTON (Reuters) – A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela’s troubled economic engine, giant oil firm PDVSA. For years, PDVSA employees were encouraged to wear red shirts in support of late President Hugo Chavez’s socialist movement. Rafael Ramirez, the former oil czar famously vowed the state-owned firm would be “redder than red” and sent workers to state rallies.

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GM is aware of two injuries related to the issue, Automotive News said. The company is recalling cars from the 2011-2013 model years for a software update to limit how long the car can be left idling, the website said. GM could not be immediately reached for comment. The company also told dealers to halt deliveries of about 2,300 Chevrolet Trax and Buick Encore small crossovers from model year 2015 for a pending safety recall to fix a potential loss of electric power steering, Automotive News reported.

Fewer companies than Intel had expected replaced desktop PCs running on outdated Microsoft operating systems, leading to weak demand for its chips. Intel also cited “challenging” macroeconomic and currency conditions, particularly in Europe. “The macro environment is not robust enough for people to upgrade their PCs the way they normally would,” Topeka Capital Markets analyst Suji De Silva said.

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PARIS/ATHENS (Reuters) – Prime Minister Alexis Tsipras tried to reassure euro zone partners on Thursday that Greece would stick to an extended bailout agreement with its international creditors even as a war of words rumbled on between Athens and Berlin. Tsipras used a visit to the Paris-based Organization for Economic Cooperation and Development, an inter-governmental think-tank, to make his case for a long-term restructuring of Greece’s debt while promising to implement agreed reforms.

Loss-making Sharp Corp said on Friday it is not considering exiting the solar battery or home-use LED businesses, denying a Mainichi newspaper report it will withdraw from those operations as part of its restructuring. The Japanese electronics maker also said it had no plans now to revise its earnings forecast for the fiscal year ending March 31, after the Mainichi said it could post a full-year net loss of up to 250 billion yen ($2.1 billion). Sharp currently expects an annual net loss of 30 billion yen.

A federal judge on Thursday said Citigroup Inc (C.N) cannot process interest payments by Argentina on some bonds issued under that country’s law, a defeat for the cash-strapped nation as it attempts to re-enter international debt markets. U.S. District Judge Thomas Griesa in Manhattan said letting Citigroup process the payments on so-called dollar-denominated exchange bonds would violate a requirement that Argentina treat bondholders equally. Griesa’s decision upheld his order on July 28 that blocked Citigroup from making the payments on an estimated $2.3 billion of bonds.

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A major investor in Hyundai Motor Co on Friday urged the automaker to improve its governance, as shareholders met for the first time since the Hyundai group paid $10 billion for a piece of real estate in a widely criticized deal. The decision in September last year to buy the land in Seoul’s affluent Gangnam district at three times its appraised value hit Hyundai Motor’s share price and rekindled investor frustration over opaque decision-making process at South Korea’s family-owned conglomerates.

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