Wary auto recyclers say they’ll try to cash in on government’s cash for clunkers programDENVER — Not all auto recyclers are relishing the government’s new cash for clunkers program, which requires car dealers to destroy the gas-guzzlers they get as trade-ins from new car buyers. Meltdown 101: A consumers’ guide to the government’s ‘cash for clunkers’ programWASHINGTON — Got an old gas guzzler in the garage? Car shoppers can take advantage of new government incentives worth $3,500 to $4,500. Owners can scrap their clunker in exchange for a new, more fuel-efficient vehicle, and lop off thousands of dollars from the sticker price. Congress approved the “Car Allowance Rebate System,” or “CARS,” program last month to boost auto sales and attempt to retire some inefficient cars and trucks. Here’s a look at the program: STIMULUS WATCH: Foreign rail companies eye US stimulus money to build new passenger trainsWASHINGTON — Foreign companies that dominate the international high-speed rail industry are trying to cash in on the Obama administration’s plan to pump billions of dollars into U.S. rail systems to help stimulate the economy. EU car makers say sales rose in June for the first time in 14 monthsBRUSSELS — European car sales rose in June for the first time in over a year thanks to government “cash-for-clunkers” handouts, car makers said Wednesday. CarMax completes private placement of $490 million in asset-backed notesRICHMOND, Va. — Automotive retailer CarMax Inc. said Tuesday that it has completed a private placement of $490 million of notes. Abu Dhabi’s state-run Aabar buys 40 percent of Daimler’s stake in electric car maker TeslaDUBAI, United Arab Emirates — The Abu Dhabi investment fund that is Daimler’s largest shareholder has bought about 4 percent of electric car producer Tesla Motors, deepening the oil-rich Arab state’s push into green technology. The keys to General Motors’ success: What the automaker must do after emerging from Chapter 11DETROIT — Even after emerging from bankruptcy protection, the new General Motors still faces some of the same troubles that haunted the old one, which piled up more than $80 billion in losses during the past four years and still needs government aid to survive. Renault-Nissan boss sees no rebound in Europe, Japan markets before 2011PARIS — There will be no rebound in car markets in Europe and Japan before 2011, the head of carmakers Renault and Nissan was quoted Friday as saying. Judge approves GM plan to sell assets, but appeal looms that could delay exit from bankruptcyNEW YORK — A bankruptcy judge has ruled that General Motors Corp. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection. Mohawks v. Canada: Standoff over arming guards brings NY bridge closure, loss of businessST. REGIS MOHAWK NATION, N.Y. — Melinda Walk needs her Canadian customers back — so much so that she’s willing to give them full value for their currency at her convenience store-gas station just over the U.S.-Canadian border, even at a loss of 12 cents on the dollar. Auto sales show signs of stability after tough year, but most June sales still worse than MayDETROIT — U.S. car and truck sales showed signs of stabilizing in June after a year of sharp declines, but every major automaker except Honda Motor Co. reported lower sales than in May. Ford US sales fall 10.7 pct in June, while GM drops 33.4 and Chrysler tumbles 42 pctDETROIT — U.S. sales at Ford and Chrysler last month offered sharply different views on the downtrodden U.S. market for cars and trucks, while General Motors Corp. held its own even though it entered bankruptcy protection. Fashion designer Zandra Rhodes crashes car into San Diego store, injuring customerSAN DIEGO — A celebrity fashion designer has crashed her car through the front window of a hardware store in San Diego, injuring a customer inside. Sparks fly and ligtening strikes at Belgian designer Dries Van Noten’s menswear displayPARIS — Electricity was in the air — literally — at Dries Van Noten, as a summer thunderstorm and a truck fitted with thumping speakers amped up the voltage at the Belgian designer’s already-charged menswear display Thursday. Energy Dept lends $8B to Ford, Nissan, Tesla to develop fuel-efficient vehicles, retool plantsDEARBORN, Mich. — Cultivating the next generation of fuel-efficient vehicles, the Obama administration said Tuesday it would lend $5.9 billion to Ford Motor Co. and about $2.1 billion to Nissan Motor Co. and Tesla Motors Inc. in a government-industry partnership to build green cars. GM looks to new LaCrosse sedan to help change Buick’s image as car for senior citizensDETROIT — With only four brands selling far fewer models than in the past, every new car or truck that General Motors Corp. rolls out is paramount, and none is more important than the 2010 Buick LaCrosse. Judge: NYC’s effort to force purchase of hybrid taxis is pre-empted by federal lawNEW YORK — A federal judge has blocked New York City’s latest attempt to force taxicab owners to buy fuel-efficient hybrids. Legislation would give up to $4,500 for owners to scrap old vehicle, buy new efficient oneWASHINGTON — Car shoppers could take advantage of government incentives worth up to $4,500 this summer to send their old gas guzzler to the scrap heap in favor of a more fuel-efficient new vehicle. Consumers, companies re-evaluate insurance coverage during recession, needs to lower costsCHARLOTTE, N.C. — Barry Miller figured he was saving $100 a month when he scaled back his disability insurance. After all, he was healthy. Italy’s Fiat gets euro400 million EU loan to help develop more fuel-efficient carsBRUSSELS — Italian car maker Fiat SpA on Tuesday got a euro400 million loan from the EU-government backed European Investment Bank to help it develop more fuel-efficient cars. European car sales sink 4.9 percent in May but govt payments to car buyers ease slumpBRUSSELS — European car sales braked at a slower pace in May, falling 4.9 percent from a year ago as state handouts to car buyers eased a yearlong sales slump, an industry group said Tuesday. McCain buying new Ford Fusion hybridWASHINGTON — Former Republican presidential nominee John McCain is getting a new set of wheels. Auto loan delinquencies shoot up 28 percent in 1st quarter, even as average loan size shrinksNEW YORK — Those “green shoots” of economic rebound don’t yet have very deep roots. Obama economic adviser Lawrence Summers says financial rescues were ‘necessity not choice’WASHINGTON — President Barack Obama’s economic adviser says the administration’s efforts to rescue banks, insurance companies and car makers were done out of “necessity not choice.” IRS expands new car tax break to include fees paid in 6 states with no sales taxesWASHINGTON — To help boost car sales, the Obama administration announced Thursday it is expanding a tax break on new car sales to six states that don’t have sales taxes. Friends and collegues can’t explain embezzlement by integrity-touting Florida sheriffSHALIMAR, Fla. — Sheriff Charlie Morris preached integrity. The word hung in large letters in his headquarters. His peers elected him head of Florida’s sheriffs association and gave him a seat on the state board that disciplines law officers who stray. Lawmakers fete consumer interest lobbyist Joan ClaybrookWASHINGTON — Lawmakers rarely shine a positive spotlight on lobbyists, much less publicly toast them and rave about their style on Capitol Hill. Auto suppliers to request $8-$10B loan guarantees as companies struggle with falling revenueNEW YORK — Struggling automotive parts suppliers plan to ask the U.S. Treasury Department for $8 billion to $10 billion in loan guarantees to help support their operations. House approves ‘cash for clunkers’ plan in hopes of boosting lagging auto salesWASHINGTON — The House has approved the “cash for clunkers” bill to boost lagging auto sales. A look at proposals in Congress to provide consumer incentives to trade-in ‘clunkers’A look at proposals in Congress to provide consumers with rebates of up to $4,500 to turn in their gas-guzzling cars and trucks for more fuel-efficient vehicles. |
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