Official: New overseer will have power to reject executive pay at firms getting bailout fundsWASHINGTON — An Obama administration official says the administration will appoint a “special master” to oversee executives’ compensation at companies receiving large amounts of government aid, with the power to reject pay plans deemed excessive. Fiat closes deal for bulk of Chrysler assets, clears path for Chrysler to emerge from Chap. 11DETROIT — Italy’s Fiat is the new owner of most of Chrysler’s assets, closing a deal Wednesday that saves the troubled U.S. automaker from liquidation and places a new company in the hands of Fiat’s CEO. Judge lets Chrysler sever ties with 789 dealers and the Supreme Court lets Fiat deal go forwardNEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, and the Supreme Court cleared the way for the automaker’s partnership with Italy’s Fiat, rejecting a plea by a trio of Indiana pension plans and others to block the sale. Judge lets Chrysler sever ties with 789 dealers, Supreme Court to let Fiat deal go forwardNEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, and the Supreme Court cleared the way for the automaker’s partnership with Italy’s Fiat, rejecting a plea by a trio of Indiana pension plans and others to block the sale. Supreme Court clears way for Chrysler sale to FiatWASHINGTON — The Supreme Court on Tuesday cleared the way for Chrysler LLC’s sale to Fiat, turning down a last-ditch appeal by opponents that included consumer groups and three Indiana pension plans. Obama administration ready to tighten rein on Wall Street payWASHINGTON — The Obama administration will give a new Treasury official power to reject executive pay packages at firms that receive government assistance and wants legislation that would seek to tame compensation across the corporate world, an administration official said Wednesday. House passes ‘cash for clunkers’ plan aimed at boosting car sales, helping the environmentWASHINGTON — The House on Tuesday approved a “cash for clunkers” bill that aims to boost new auto sales by allowing consumers to turn in their gas-guzzling cars and trucks for vouchers worth up to $4,500 toward more fuel-efficient vehicles. Judge lets Chrysler sever ties with 789 dealers while Fiat deal hinges on Supreme CourtNEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, while the automaker’s plan to partner with Italy’s Fiat hinged on action by the Supreme Court and both automakers warned that the deal could fall apart if it’s not completed soon. AP source: Chrysler management shake-up coming if Supreme Court clears asset sale to FiatDETROIT — If the sale of Chrysler LLC’s assets to Fiat Group SpA is cleared by the Supreme Court, the Italian automaker will shake up Chrysler management and change the company’s culture, according to a senior Obama administration official. Fiat remains interested in Opel despite moves on Magna dealMILAN — Fiat CEO Sergio Marchionne said Friday that the Italian automaker hasn’t given up on Germany’s Opel, even though a tentative Opel takeover deal by rival bidders Magna International Inc. and Russia’s Sberbank was moving ahead. AP News in BriefObama says he’ll accept Nobel Peace Prize as ‘call to action’ toward peace and prosperity Factory orders up for second time in 3 months in April; hopeful sign for manufacturing sectorWASHINGTON — Orders to U.S. factories rose 0.7 percent in April, the second increase in three months and further evidence that manufacturers may be recovering. Chrysler says majority of its plants will resume production by late JuneNEW YORK — Chrysler LLC is planning on resuming production at the majority of its plants by the last week of June, said Steven Landry, an executive vice president at the automaker. Fiat 500 remake shown off on streets of New York, day after judge approves Chrysler-Fiat dealNEW YORK — Italian officials touted the remake of Fiat’s iconic 500 compact as the perfect city car for a new America, a day after a bankruptcy judge gave Chrysler LLC approval to sell most of its assets to the Italian automaker and hours after General Motors entered bankruptcy protection. Obama puts US in driver’s seat as GM enters bankruptcy, planning huge job and dealer cutsWASHINGTON — In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation’s economic muscle. Meltdown 101: What is a corporate bankruptcy, and how do the most common types work?NEW YORK — General Motors Corp.’s filing for bankruptcy protection on Monday highlights what many companies today face: the ugly scenario of having debts that far outweigh their assets. Obama says both GM and Chrysler will survive current financial convulsions, will prosperWASHINGTON — President Barack Obama is defending the government’s intervention in the auto industry, saying the collapse of GM and Chrysler would have been devastating for the economy and American workers. General Motors files for bankruptcy (Lead)NEW YORK - Storied carmaker General Motors (GM) filed for bankruptcy Monday, becoming the largest-ever US manufacturer to enter the court process and marking the latest dark chapter for a struggling US auto industry. Wall Street appears headed for higher open on upbeat data on consumer spending, manufacturingNEW YORK — Stock futures pointed to a higher open Monday as upbeat data on overseas manufacturing activity and U.S. consumer spending added to hopes that the global economy may soon recover. Obama: Chrysler-Fiat deal gives US company ‘new lease on life’WASHINGTON — President Barack Obama says a court’s decision to approve the sale of Chrysler’s assets has given the automaker “a new lease on life.” GM affiliate files for bankruptcy protection, starting the automaker’s court filingsNEW YORK — A General Motors dealership in New York filed for bankruptcy protection Monday, beginning the wave of court filings expected as the automaker files for legal protection to complete its reorganization. White House: General Motors to file bankruptcy; Government to take 60 percent ownership stakeWASHINGTON — General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government’s reach into big business. German economy minister says GM in talks with Magna on ‘new ideas’ for OpelBERLIN — General Motors Corp. and Canadian auto parts maker Magna, a suitor for GM’s Opel unit, were negotiating Friday on “new ideas” from the bidder, Germany’s economy minister said as top officials gathered for more high-level talks on a rescue deal for Opel. Top-level talks on Opel future in jeopardy after Fiat says it will not attendBERLIN — A top-level meeting on a rescue plan for carmaker Opel was in jeopardy after Italy’s Fiat, one of two remaining bidders for the General Motors Corp. unit, said it would not attend in a dispute over financing, a spokesman for Chancellor Angela Merkel said Friday. GM makes huge dealer cuts, follows move by ChryslerWASHINGTON - General Motors Corp, the US auto giant nearing bankruptcy, Friday announced massive cuts in its dealership network as part of a drastic effort to cut costs and survive the global recession. Judges denies retirees group request to form a formal committeeNEW YORK — Developments from Thursday’s Chrysler bankruptcy hearing: Judge turns down Chrysler retirees’ motion to form committee in bankruptcy proceedingsNEW YORK — A judge says there isn’t sufficient cause to form a committee of Chrysler’s retired white collar workers to take part in the automaker’s bankruptcy proceedings. Jobless claims rise more than expected on increased auto layoffs, producer prices also higherWASHINGTON — Fresh reminders that the recession likely has passed its peak, but hasn’t ended, emerged Thursday in reports that first-time claims for jobless aid and wholesale prices rose more than expected. Chrysler files motion in bankruptcy court to eliminate 789 of its 3,200 dealershipsNEW YORK — Chrysler LLC has told a bankruptcy court it plans to eliminate 789 of its dealers — or about 25 percent of them — across the country as part of its restructuring process. New jobless claims rise more than expected to 637,000 due partly to auto industry layoffsWASHINGTON — New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week |
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