<strong>FINANCIAL TIMES<br /><br /></strong><strong>GM CHIEF PROMISES CASH FOR NEW-LOOK OPEL</strong><br />General Motors yesterday promised a more independent Opel and vowed to support its European unit with fresh money as the US carmaker tried to calm the fury sparked by last week&rsquo;s decision to keep the unit. Fritz Henderson, head of GM, spoke after a series of meetings with Opel&rsquo;s management and works council at the German carmaker&rsquo;s R&uuml;sselsheim headquarters. <br /><br /><strong>COUNCIL CHIEFS SET TO QUIT AS CUTS BITE</strong><br />Many council chief executives are likely to quit their posts, faced with budget cuts, attacks from politicians and the media, and increased scrutiny of their pay, their representative body has warned. Last week chiefs of three of the biggest councils announced plans to retire early.<br /><br /><strong>RENAULT TO TRUMP TATA&rsquo;S NANO ON COST</strong><br />Carlos Ghosn, chief executive of Renault and Nissan, on Tuesday pledged that a car the group is planning to make with an Indian partner would be cheaper to produce than the Tata Nano, the world&rsquo;s cheapest car. Mr Ghosn said the &ldquo;ultra low-cost car&rdquo;, which will be designed and built by Renault and Nissan&rsquo;s Indian partner, Bajaj Auto, would also trump the Nano and any other car in the market on fuel efficiency. It will be launched in 2012.<br /><br /><strong>RUSSIA AIMS TO COOL ROUBLE PASSIONEN</strong><br />Russia&rsquo;s central bank warned investors on Tuesday that rouble appreciation was not a one-way bet as it sought to stem an advance in the currency sparked by rising oil prices and a falling dollar. The rouble has become the best performing major currency against the dollar since September.<strong><br /><br />THE TIMES<br /><br />FINANCIAL CRISIS COULD FORCE BMI OUT OF BUSINESS IN UNDER A YEAR<br /></strong>British Midland (bmi) has admitted that it may not be able to continue as a going concern beyond next year in the face of an acute funding crisis at the airline. The full extent of bmi&rsquo;s difficulties are revealed in previously unpublished financial accounts seen by The Times. The document reveals that bmi, which employs 4,800 people, needs &pound;190 million of additional funding by the end of next October.<br /><br /><strong>SUPERMARKETS WAGE PRICE WAR WITH TOY SOLDIERS AND CHRISTMAS PUDDING</strong><br />Families are about to reap the benefits of a supermarket price war in time for Christmas. Leading grocery executives said that they were increasing their promotional activity to gain market share in what will be a fiercely competitive period.<br /><br /><strong>The Daily Telegraph<br /><br />EUROPEAN PARLIAMENT TOLD SCRAP HEDGE FUND DIRECTIVE</strong><br />The European Parliament has been advised to scrap the controversial directive introduced to regulate hedge funds and private equity firms and start the whole process again. Gerben Everts, head of global regulation for APG Asset Management which manages &euro;230bn (&pound;206bn) of pension fund assets, told a public hearing in Brussels that the European policy makers needed to &ldquo;get realistic&rdquo; about a directive that has &ldquo;come out of the dark&rdquo;.<br /><br /><strong>BARACK OBAMA PLEDGES TO TACKLE BEIJING ON YUAN</strong><br />Barack Obama, the US President, will confront Chinese officials on the divisive subject of the yuan next week in a bold move which could anger America&rsquo;s largest creditor. Obama is visiting Shanghai and Beijing.<br /><br /><strong>WALL STREET JOURNAL<br /><br />JAL MAY REMOVE CEO</strong><br />Government officials overseeing the restructuring of the Japanese airline are considering removing its chief executive, even as Tokyo offered to extend additional financial aid to the carrier. CEO Haruka Nishimatsu, who has been a longtime employee at the carrier, may step down after a quasi-government investment fund finalises a restructuring plan in the next two months, said the person familiar with the matter.<br /><br /><strong>ADOBE WILL CUT 680 JOBS TO REDUCE COSTS</strong><br />Adobe Systems Inc. said Tuesday it will cut about 680 full-time positions world-wide, or about nine per cent of its total work force, as the company moves to align costs with 2010 projections. The move marks the second wave of job cuts at Adobe since last December.<br />