S&P downgrades Greece

Standard & Poor’s downgraded Greece’s credit rating Monday to „selective default” after the government took legal steps to impose losses on all holders of Greek government bonds.

U.S. automakers face tough times in China

No one can be blamed for forgetting Big Trouble in Little China, the 1986 adventure-comedy flop starring Kurt Russell. But U.S. automakers may be starring in its soon-to-be panned sequel: Big Trouble in Big China, with Dan Akerson, Alan Mulally, and Sergio Marchionne in leading roles.