Spyker shares soar as GM mulls new offer for Saab

Shares in Dutch luxury carmaker Spyker (SPYKR.AS) soared on Monday after the company made a new bid for General Motors's [GM.UL] Swedish car brand Saab.

The partly Russian owned Spyker said on Sunday it had lodged a renewed fast-track offer to buy Saab from GM just two days after last-ditch talks with GM over a rescue of the loss-making Swedish manufacturer collapsed. The offer from Spyker Cars expires at 2200 GMT on Monday.

Shares in Spyker Cars rose as much as 34.5 percent and were up 26.9 percent at 2.17 euros by 1051 GMT in Amsterdam as its renewed approach to Saab raised hopes the small Dutch firm may exponentially expand operations and perhaps become profitable.

Abandoning the 60-year-old Swedish auto brand would eliminate 3,400 jobs in Sweden and hit 1,100 Saab dealers, but General Motors said on Sunday it would evaluate several new expressions of interest for Saab.

Russian state-controlled Sberbank (SBER03.MM) and Canada's Magna (MGa.TO) tried to buy a stake in GM's Opel unit until GM decided to keep it last month. Russia is keen to obtain Western technology to re-energise its local car industry. Paul Akerlund, local union leader at Saab in Trollhattan.

Spyker, maker of the C8 Aileron and D8 luxury sport-utility vehicle, got rescue financing in 2007 from Abu Dhabi's sovereign fund Mubadala, which holds 23 percent of the company, while Spyker Chief Executive Victor Muller owns 10 percent.

UAE says economy not hit by Dubai debt crisis

The United Arab Emirates will not change economic forecasts for 2010 as a result of Dubai's debt crisis, which will not have a "huge reflection" on the Gulf Arab state, the economy minister.

Dubai sent shockwaves through global markets on Nov. 25 when it requested a standstill on $26 billion of debts linked to Dubai World and its two property units Nakheel and Limitless. The emirate's total debt has been estimated at $100 billion.

Debt-ridden conglomerate Dubai World is expected on Monday to ask key creditors for more time to pay off its loans.

Saddled with a $22 billion debt pile and in need of restructuring, the Gulf Arab emirate's flagship company is expected to formalize a request for a payment standstill at a meeting with some 90 creditors at Dubai's World Trade Center complex.

China targeting 8% growth in 2010

China has announced it is targeting economic growth of 8% in 2010, despite the continuing effects of the global downturn.

Beijing has targeted 8% growth for the past few years, and has yet to fall short of the target.

Analysts said the country's economy was likely to beat the target, growing by 9% or more.

China, the world's third-largest economy, has been boosted by massive government stimulus measures.

However, Mr. Li cautioned against "blind optimism",China's industry was over-reliant on exports, where economic recovery remained "fragile".

Earlier this month, the Chinese government said it would maintain its current fiscal and monetary stimulus measures, and look specifically to boost domestic demand in order to reduce its dependence on exports.

Recent retail sales figures show that consumers are spending more.

The National Bureau of Statistics (NBS) sales were up 15.8% in November compared with the same time last year.

Consumer prices also rose year-on-year in November for the first time in 10 months.