Restructure or face bankruptcy, Obama tells US carmakersWASHINGTON - The struggling US car industry will be given one last chance to restructure operations or lose the government’s support, President Barack Obama announced Monday, declaring that General Motors Corp. and Chrysler LLC. had so far failed to prove that they can survive. GM’s Henderson possible interim chief after WagonerNEW YORK - Frederick ‘Fritz’ Henderson, second in command at beleaguered General Motors Corp (GM), is the likely candidate to take over the firm amidst reports that GM head Rick Wagoner has been asked to leave by the US government, media reports said. GM boss to step down: ReportWASHINGTON - Rick Wagoner will resign as head of General Motors Corp (GM) under an agreement with the government to continue bailing out the struggling carmaker, the Detroit Free Press reported. Ford chief earned $13.6 mn despite record lossesNEW YORK - Despite record losses, the chief of Ford Motors, Alan Mulally, earned $13.6 million in 2008. Records galore for Chapchai on way to SAIL Open titleGURGAON - Chapchai Nirat’s flawless final round of five-under 67 was just enough to give him a bagful of records en route to winning the $300,000 SAIL Open golf tournament at the Classic Golf Resort here Saturday. Records galore for Chapchai on way to SAIL Open titleGURGAON - Chapchai Nirat’s flawless final round of five-under 67 was just enough to give him a bagful of records en route to winning the $300,000 SAIL Open golf tournament at the Classic Golf Resort here Saturday. Canadian markets up 13 percent as rally continuesTORONTO - Canadian markets continued their rally on the sixth consecutive day Tuesday, with rising oil pricing and financial shares boosting investor confidence. Chrysler gives ultimatum, threatens to pull out of CanadaTORONTO - Chrysler Wednesday threatened to pull out of Canada unless the Canadian government gives it billions of dollars in loans and allows tax concessions and workers take wage cuts. Canada will recover before others, says PMTORONTO - Striking a positive note, Canadian Prime Minister Stephen Harper has declared that his country will be the first in the world to emerge from the current economic crisis. Ford for incentives to owners to scrap old cars to boost salesTORONTO - Ford Motor Company has asked the Canadian government to give monetary incentives to people to scrap old cars to boost sales of new vehicles. GM freezes wages in Canada till 2012TORONTO - To cut costs, auto giant General Motors (GM) Sunday froze wages and pensions for its Canadian workers until 2012. Greece seals deal for sale of debt-ridden state airlineATHENS - After years of failed privatisation attempts, the Greek government has sealed a deal with the country’s largest buyout firm, Marfin Investment Group, for the sale of debt-ridden carrier Olympic Airlines, media reports said. Chrysler cuts 1,200 more jobs at its main Canadian plantTORONTO - Auto giant Chrysler cut 1,200 more Canadian jobs Wednesday at its Windsor plant near Detroit amid plunging sales. US car sales plungeWASHINGTON - The ailing US car industry, some of which has been propped up by emergency government loans, Tuesday reported steep declines in sales for February compared to the year-earlier period. Mercedes makers, dealer asked to compensate for misleading consumerNEW DELHI - Daimler Chrysler, makers of luxury car Mercedez Benz, and one of its dealers here have been asked to pay Rs.500,000 by a consumer court for misleading a customer by selling a limited edition of a car under the garb of it being the latest model. Obama’s auto taskforce stresses ‘urgency’ of industry crisisWASHINGTON - US President Barack Obama’s taskforce for the country’s ailing car manufacturers met for the first time Friday, stressing the ‘urgency’ of repairing an industry that is on the verge of collapse. GM, Chrysler ask for $21.6 bn more, plan to cut 50,000 jobsWASHINGTON - US auto giants General Motors and Chrysler LLC have told the government they could need an additional $21.6 billion in federal loans between them because of worsening demands for cars and trucks. Presenting their updated turnaround plans by the government set Tuesday deadline, the two firms also detailed plans to cut 50,000 jobs worldwide by the end of the year. GM, Chrysler submit restructuring plans in bid for survivalWASHINGTON - US automotive giants General Motors Corp and Chrysler LLC scaled up their restructuring efforts Tuesday in a bid to hold onto emergency government loans and avoid declaring bankruptcy. GM cutting 10,000 jobs; Nike another 1,400WASHINGTON - Troubled automaker General Motors is cutting 10,000 workers or 14 percent of its salaried jobs worldwide, with a third of layoffs coming in the US. Nike Inc, the world’s largest athletic shoe and clothing maker, is also planning to slash 1,400 jobs out of about 35,000 globally. Citroen, Studebaker, Lagonda shine at vintage car rallyNEW DELHI - With a slow yet loud heartbeat of the engine, a melodious gurgle of the carburetor and a careening sway of the wheels complimenting the post-Edwardian restored body - the aged but timeless vintage beauties dazzled the onlookers and passersby on Delhi roads Sunday as part of the 43rd Statesman Vintage and Classic car rally. US stocks rally, ending three-day slumpNEW YORK - Wall Street stock indices gained Tuesday, ending a three-day downward spiral, based on a few positive earnings reports and an increase in a key measure of home sales. Ford loses $5.9 bn in last quarter of 2008NEW YORK - US automotive concern Ford reported Thursday that it lost $5.9 billion in the final quarter of 2008, boosting the full-year losses to $14.6 billion. Chrysler, Fiat sign merger agreementNEW YORK/ROME - Italian carmaker Fiat and US car concern Chrysler have signed an agreement to merge their companies, Chrysler disclosed Tuesday. GM may not need additional loans to survive: reportWASHINGTON - General Motors Corp has adequate funds from government loans to cover the worst-case scenario it described in December and won’t need additional help unless the economy deteriorates further, it was reported Wednesday. US stocks reach two-month high after disastrous 2008NEW YORK - US stocks reached a two-month high Friday, the first day of trading in 2009, buoyed by news that General Motors had received its first money lifeline from the US government. Chrysler receives $4 bn US government loanWASHINGTON - US car maker Chrysler confirmed Saturday that it had received an initial infusion of $4 billion from the US government. $6 bn bailout package for US auto giant GMWASHINGTON - The US Treasury Department has announced that it would commit $6 billion to supporting GMAC LLC, the financing arm of General Motors Corp., to save the ailing car Fed grants GM’s financial arm to avail bailout fundsWASHINTON - The US Federal Reserve Wednesday approved General Motor’s financial arm GMAC Financial Services’ request to become a bank holding company, allowing it to tap into the $700 billion federal bailout funds. |
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