Mid-Day Minute - July 13

Delay in UBS tax case approved

A Federal judge on Monday agreed to a hearing delay request from the U.S. and Swiss bank UBS. The bank has refused to reveal the names of 52,000 customers to U.S. tax authorities, but the two camps are in deep settlement talks about the matter, the Wall Street Journal reported.

Consortium outlines massive solar project Desertec

A group of companies including Siemens AG, RWE AG and E.ON AG, Munich Re AG, Deutsche Bank G outlined a massive solar project in North Africa called Desertec which aims to provide 15 percent of the energy needed in Europe by 2050. The project is estimated to cost about $559 billion, according to estimates from the German Aerospace Center, the Associated Press reported.

CIT Scrambles for financing

Financial firm CIT Group said late Sunday it is seeking temporary funds from the government's Federal Deposit Insurance Corporation to improve the company's liquidity in the near term. It's also in discussions for other solutions not involving the FDIC program, including the ability to transfer assets into the bank to enhance liquidity. The lender faces $2.7 billion in debt due from now until the end of the year.

Honda to turn Fit, CR-Z vehicles into hybrids

Honda Motor Co. Chief Executive Officer Takanobu said on Monday it plans to make a hybrid version of its compact car Fit model and the CR-Z sports car in 2010 as buyers seek more for fuel economy and environmental friendly vehicles, Reuters reported. Takanoby said the company will focus its activities in bringing hybrids to consumers.

Judge approves Delphi bankruptcy emergence plan
A plant to get auto parts maker Delphi out of bankruptcy has been approved. A U.S. bankruptcy judge on Monday accepted a plan to let General Motors Co. partner with a new company owned by private equity firm Platinum Capital to buy Delphi. A separate bankruptcy judge must also approve the deal in a hearing scheduled for next week, according to the report.

Kirin, Suntory in merger talks: report

Japanese brewer Kirin Holdings is in talks with Suntory Holdings Ltd to merge, creating one of the world’s largest beverage and food firms, the Japanese business daily Nikkei reported Monday. The companies aim to complete the deal this year, the newspaper reported citing unnamed sources.