Fired SKorean auto workers, riot police square off amid labor disputeSEOUL, South Korea — Helicopters sprayed tear gas on militant auto workers using slingshots to shoot nuts and bolts at riot police Tuesday amid a tense labor dispute at the main factory of an ailing South Korean automaker. Fired SKorean auto workers use slingshots in standoff with riot policePYEONGTAEK, South Korea — Fired auto workers occupying part of a South Korean automaker’s assembly line used slingshots to fire pieces of metal at riot police Tuesday, while media reports expressed fears of a violent ending to the standoff. Sources: CIT Group’s board reaches deal with bondholders on rescue loan, avoiding bankruptcyWASHINGTON — The board of CIT Group Inc., one of the nation’s largest lenders to small and midsize businesses, approved a deal with major bondholders to keep the company out of bankruptcy, said two people briefed on the talks. South Korean riot police enter Ssangyong Motor factory amid costly strikeSEOUL, South Korea — South Korean riot police entered Ssangyong Motor’s only factory Monday where hundreds of fired workers, some armed with slingshots, have been occupying part of the facility for two months. Iceland announces $2 billion recapitalization of its collapsed banking systemLONDON — Iceland unveiled plans Monday to get its collapsed banking system back on its feet, including a 270 billion krona ($2 billion) recapitalization and the sale of significant equity stakes to creditors. CIT’s stock jumps as lender seeks to secure financing, stay out of bankruptcyNEW YORK — CIT Group Inc.’s shares nearly doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing. CIT still working to secure financing, stay out of bankruptcy despite government’s rejectionNEW YORK — CIT Group Inc. is continuing talks with potential lenders to secure billions in much-needed financing and stay out of bankruptcy court after the federal government declined to extend emergency aid to the troubled commercial lender. House approves White House-opposed measure to restore closed GM, Chrysler car dealershipsWASHINGTON — The House broke with the Obama administration Thursday over a key part of the auto industry restructuring, pressing General Motors and Chrysler to restore dealerships shuttered by the car companies’ bankruptcies. CIT shares plunge after government denies rescue; Bondholders scramble to avoid bankruptcyNEW YORK — Denied a federal bailout, CIT Group Inc. said late Thursday its board and management continue to seek alternatives to shore up the company’s cash position and remain in talks with potential lenders to secure financing and stave off a bankruptcy protection filing. House expected to approve White House-opposed measure to restore closed car dealershipsWASHINGTON — The House is considering a break with the Obama administration over a key part of auto industry restructuring by pressing General Motors and Chrysler to restore dealerships shuttered by the car companies’ bankruptcies. Marriott 2nd-quarter net income slides 76 percent but per-share results top estimatesNEW YORK — Marriott International said Thursday lower revenue and hefty restructuring charges pushed down its net income 76 percent in the second quarter. With GM and Chrysler reborn, Obama auto task force switches gear to automaker ownerWASHINGTON — When it brokered the restructuring of Chrysler and General Motors, President Barack Obama’s auto task force repeatedly pledged that it would steer clear of running a car company. AP source: NY AG may press for settlement for ex-auto czar to avoid pension probe chargesNEW YORK — A person familiar with a New York investigation into the state’s public pension fund says officials may press for a settlement with ex-White House auto czar Steven Rattner over possible civil charges in a pay-to-play scandal. AP source: NY AG seeking settlement for ex-auto czar Rattner to avoid charges in pension probeNEW YORK — A person familiar with a New York investigation into the state’s public pension fund says officials are pressing for a settlement that would allow ex-White House auto czar Steven Rattner to avoid civil charges. Steven Rattner, head of government’s auto task force, leaves amid transition for GM, ChryslerWASHINGTON — A former steelworkers union official is taking over the White House’s automotive task force as the government shifts gears in its revamping of General Motors and Chrysler. Sinclair Broadcast warns that ad sales slump and hefty debt burden may force Chapter 11 filingTelevision station owner Sinclair Broadcast Group Inc. has warned it may be forced to file for Chapter 11 bankruptcy protection as it struggles with continued declines in advertising spending and a hefty debt load. American Axle working through restructuring plan with legal and financial advisersNEW YORK — American Axle is working with longtime legal and financial advisers to consider restructuring options, but the company and a law firm representing it are stopping short of saying they are considering bankruptcy. Restructuring consultant says rumors swirling about possible YRC Worldwide are ‘overblown’NEW YORK — An executive from one of the companies called upon to offer a restructuring plan for YRC Worldwide Inc. said Wednesday the prediction the beleaguered trucker will soon file for bankruptcy is “overblown.” Discover Financial, KeyCorp, AIG, Aetna, KeyCorp are among big market movers TuesdayNEW YORK — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: Jury finds against AIG in suit versus ex-CEO Greenberg over shares taken from retirement fundNEW YORK — American International Group Inc. lost a big round Tuesday in its court battle against former CEO Maurice “Hank” Greenberg. Lear preparing for Chapter 11 bankruptcy filing, has creditor support for restructuringNEW YORK — Automotive parts supplier Lear Corp. said Wednesday it is preparing to file for Chapter 11 bankruptcy protection and has lined up financing to fund its operations while under court protection. Hawaii Gov. Lingle vetoes oil and Internet taxesHONOLULU — Hawaii Gov. Linda Lingle announced that she plans to veto a gas tax increase and an Internet sales tax, which had prompted Amazon.com cut ties with island Web sites. Diageo to cut 900 jobs as it restructures Scottish operations, closing 200-year-old distilleryLONDON — Diageo PLC, the world’s biggest spirits maker, said Wednesday it is cutting 900 jobs as it shutters a 199 year-old distillery and packaging plant as part of a cost-cutting restructure of operations in Scotland. Nike’s profit drops in 4th quarter on costs to cut jobs; sees ’swoosh-shaped’ global reboundPORTLAND, Ore. — Nike Inc. said Wednesday it is betting on a “swoosh-shaped” global economic recovery and that the athletic shoe and clothing maker is poised to benefit as the gradual rebound begins. Herman Miller 4th quarter profit falls, hurt by weak furniture demandZEELAND, Mich. — Furniture maker Herman Miller Inc. said Wednesday fiscal fourth-quarter profit fell 82 percent, hurt by weak demand for office furniture and restructuring charges. Nike’s profit drops in 4th quarter on costs to cut jobs; adjusted earnings top expectationsPORTLAND, Ore. — Athletic footwear and apparel company Nike Inc. reported Wednesday that its profit dropped in its fiscal fourth quarter on costs to cut jobs, but adjusted results beat Wall Street expectations. Pratt & Whitney cuts 200 jobs as part of restructuring announced in MarchEAST HARTFORD, Conn. — Jet engine manufacturer Pratt & Whitney said Wednesday it is cutting 200 salaried jobs as it struggles with the deteriorating airline market. Station Casinos gets fourth extension on debt plan, new deadline July 17 to OK restructuringLAS VEGAS — Station Casinos Inc. says it is continuing to negotiate a restructuring plan with bondholders and has extended its deadline to next month. Goodyear offers buyout packages to 550 Steelworkers at Union City, Tenn. plantAKRON, Ohio — The Goodyear Tire & Rubber Co. is offering buyout packages to 550 workers at its tire plant in Union City, Tenn., as the company reduces costs due to weak demand. GM CEO says early Chapter 11 exit possible, task force entrenched, as company bets on $100 oilDETROIT — General Motors CEO Fritz Henderson said Wednesday the company is moving swiftly on restructuring under bankruptcy protection and the watchful eye of the president’s auto task force. |
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