Ally Bank will be the new name for the banking unit of GMAC’s banking unit. GMAC has dropped its own name from the banking division GMAC Bank. The name change to Ally Bank comes even as GMAC is creaking under losses of billions of dollars. Reuters reported that the name Ally Bank was chosen because the bank did not want the baggage of a taxpayer-aided bank.

Kamat Hotels India Ltd (KHIL) plans to add 600 additional rooms under its brand ‘The Orchid' all over India.

Wall Street Journal Japan KK, a joint venture between Dow Jones (publishers of Wall Street Journal) and SBI Holdings Japan has been formed. Wall Street Journal Japan KK will launch a Japanese language website sometime later this year, Dow Jones said.

After the success of the Tata Nano, Tata Housing, a subsidiary of Tata Sons, said, on May 6, 2009, that it plans to offer low-cost houses, at affordable prices.