Hyundai offers $1 billion apology April 21, 2006
In an attempt to offset some of the damage being done to his company by the current bribery scandal, Hyundai CEO Chung Mong-koo and his son are offering around $1 billion worth of personal shares in Hyundai’s Glovis logistics subsidiary to various charities. The scandal engulfing the South Korean carmaker alleges that the company embezzled money from its associates which was then used to garner favors from government officials regarding construction approvals and other lucrative permits. Chung Mong-koo and his son Chung Eui-sun have already been extensively questioned by South Korean Prosecutors in regards to the allegations, and …
Twist in the Intrigue at VW May Help Chief Keep His Job
The influential chairman of Volkswagen’s supervisory board said that he expected the embattled chief executive, Bernd Pischetsrieder, to win a contract extension. On Thursday, the influential chairman of Volkswagen’s supervisory board, Ferdinand K. Piëch, said that he expected the embattled chief executive, Bernd Pischetsrieder, to win a contract extension.That was a remarkable change in tone from February, when Mr. Piëch threw Mr. Pischetsrieder’s future into doubt by publicly suggesting that he had lost the support of Volkswagen’s employees.The company’s board adjourned a two-day meeting on Thursday without deciding on Mr. Pischetsrieder’s future amid signs of furious jockeying among Volkswagen’s major …
G.M. Cut Loss in Quarter, but Increased Its Inventory
The results provided a much-needed breakthrough for a company battered by accounting missteps and doubts about the its fate and that of its chief executive. Investors pushed G.M. shares higher Thursday, but analysts expressed concern about G.M.’s inventories, which are at higher-than-normal levels, and about the impact that rising fuel prices could have on the automaker’s new sport utility vehicles and pickups, whose success is critical to its turnaround.G.M. reported a first-quarter loss of $323 million, or 57 cents a share, compared with a loss of $1.25 billion, or $2.22 a share, in the period a year ago. The year-ago …
GM expected to post sixth straight quarterly loss April 20, 2006
DETROIT (Reuters) — General Motors will likely post its sixth straight quarterly loss on Thursday, but the struggling automaker will probably cut its loss in half from a year earlier, analysts said.
Unions decline Nedcar offer to meet, set to strike
AMSTERDAM (Reuters) — Unions at Mitsubishi Motor Corp’s (MMC) Dutch plant NedCar declined an offer on Thursday to meet with the management and avert a strike.
UK car insurance premiums have fallen, says Sainsbury’s Bank
Car insurance premiums have fallen over the last six months in the UK due to the market becoming more competitive, supermarket financial services provider Sainsbury’s Bank says. The Sainsbury’s Bank Car Insurance Index looks at premiums over a six month period. Between August 2005 and January 2006, the average premium fell from GBP470.17 to GBP462.15. The differences varied depending on age and location, with the over 65′s enjoying the largest reduction from GBP342.49 to GBP327.13, a drop of 4.5%. On a regional basis, London is predictably the most expensive area to insure a car, with the average premium in …
Pacifica in talks with Bosch – report
Following Pacifica’s revelation that it was in talks with an unnamed party regarding a possible takeover, Bosch has emerged the favorite among analysts, reports say. Australian auto parts supplier Pacifica has struggled of late with major customers such as Delphi going bankrupt due to the rocky American automotive market. Its profits fell by 67% earlier in the year and with its value tumbling over the past three years, its relative cheapness has made it an attractive target. According to an article in the Sydney Morning Herald, German electronics firm Bosch is the company best placed to gain worth from …
Pep Boys promotes National Tire Safety Week
Auto parts retail chain Pep Boys, in association with the US Rubber Manufacturers Association (RMA), is promoting National Tire Safety Week in the US by aiding all motorists in ensuring their tires are in safe, proper condition. The company will be offering drivers free tire air pressure checks and tire safety information. Among other things it will be offering information on pressure, alignment, rotation and tread. “Although Pep Boys emphasizes tire safety year-round, participating in a week of awareness promotions that highlight the importance of proper pressure, alignment, rotation and tread allows us to remind our customers of …
Federal-Mogul sees further losses in Q1
Auto parts maker Federal-Mogul has reported an increase in first quarter losses of 29%, with revenues slipping by 2% as it continues to restructure its business.
The company filed for chapter 11 bankruptcy in the US and administration in the UK in 2001, following a series of asbestos lawsuits. The company is now protected while it attempts to reorganize and pull itself out of bankruptcy.
In its first quarter the company saw losses of $68.4 million as compared to the same period the year earlier when losses were $48.3 million. Sales in the quarter slipped to $1.6 billion from $1.63 billion in …
GM’s Saab hopes to build new compact in Sweden
STOCKHOLM (Reuters) — General Motors’ loss-making car brand Saab hopes to make a new compact model at its plant in Trollhattan, which last year lost a race to build the next generation of GM’s mid-sized cars.
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