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BMW drives to cut battery costs on autonomous vehicles

NEW YORK: German luxury vehicle maker BMW AG plans more deals with mining companies to secure electric vehicle battery materials, and is open to forming alliances to share the costs of developing autonomous-vehicle systems, the automaker’s research and development chief told Reuters.

BMW management board member Klaus Froehlich said automakers and large suppliers are beginning to discuss how to agree on one standard for autonomous-vehicle systems

Lehman's carcass has handed huge profits to distressed funds

NEW YORK: It was a bold move: buy at Lehman Brothers’s darkest hour. But a decade after Lehman’s collapse, a handful of hedge funds that bought up the bank’s debt for pennies on the dollar have made even more money than seemed possible.

More than US$124.6bil has flowed to Lehman creditors, and a further US$1.4bil may yet be coming. At least US$92.2bil has gone to those last in line: unsecured creditors. Some of the largest and earliest buyers, according to people familiar with the case, were distressed debt hedge funds Elliott Management Corp, Paulson & Co, Baupost Group LLC, and Varde Partners.

Campbell and Third Point in proxy fight

CHICAGO: Campbell Soup Co and hedge fund Third Point LLC have filed preliminary proxy materials urging the food company’s shareholders to vote in favour of two entirely different slates of board nominees.

Third Point, run by billionaire investor Daniel Loeb, launched a proxy fight last week to replace Campbell’s 12-member board. Loeb’s US$18bil hedge fund, which owns a 5.65% stake, said at the time that the soup-maker was in a “mess” and faulted its board for failing to take corrective action.