GM CEO Mary Barra speaks with CNBC's Phil LeBeau and discusses the automaker's recent recalls and outlines auto industry innovation.» Read More
General Motors Co, Honda Motor Co, which owns Acura, and other automakers are working with traditional suppliers and startup firms. Tech giants Google, with its pioneering work on driverless cars, and Apple, which is working with automakers to embed greater connectivity in their cars, are accelerating the change.
Syncora, which pegs its claim at about $400 million, worked out a three-part deal involving city-owned land and contracts.
DETROIT— Ford is recalling about 74,000 older-model gas-electric hybrid SUVs in the U.S. and Canada to fix a stalling problem. The recall covers Ford Escapes from the 2005 through 2008 model years and Mercury Mariners from 2006 through 2008.. Ford is expected to start the recall on Oct. 27.
RIVERSIDE, Calif., Sept 11- The city of San Bernardino, California, may impose cuts to its firefighters overtime and pension benefits in a bid to reach a bankruptcy exit plan, the federal judge overseeing the case said on Thursday.
DETROIT— Toyota is recalling about 140,000 Tundra full-size pickup trucks because a plastic trim piece can interfere with the side air bags. The recall affects Crew-Max and Double Cab versions in the U.S., Mexico and Canada from the 2014 model year. The recall covers 130,000 Tundras in the U.S., 10,000 in Canada and 200 in Mexico, Toyota said in a statement.
DETROIT, Sept 11- A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required.
Rick Snyder's administration has hired the former chief of prisons in Florida and Indiana to oversee Michigan's troubled three-year, $145 million contract with a company supplying inmates with food. Ohio also has fined Aramark for similar contract violations.
Syncora had argued it had been short-changed compared to other creditors. If approved, the deal will see Syncora drop its objection to the restructuring and the trial- which is studying the feasibility of Detroit's plan to exit bankruptcy- could get a swift approval from U.S.
Regional airlines not sharing in majors' success. DALLAS— For passengers traveling between smaller cities and large hub airports, the ticket may say Delta, American or United, but they're likely flying on a regional airline whose planes are painted in the major carrier's colors.
DETROIT, Sept 10- A federal judge on Wednesday put the landmark trial on Detroit's plan to exit bankruptcy on hold until Monday, as the city neared a deal with one of its most formidable hold-out creditors. Syncora, which emerged as Detroit's fiercest opponent in the bankruptcy proceedings, forged a deal that its attorney, Ryan Bennett at Kirkland& Ellis, told U.S.
DETROIT— Cellphones that warn drivers when people are crossing in front of them. These life- or time-saving technologies are being shown off this week at the Intelligent Transport Systems World Congress in Detroit.
DETROIT, Sept 10- U.S. safety regulators are investigating about 160,000 Dodge Caravan minivans following reports of engine stalling.
DETROIT— DETROIT— In a story Sept. 9 about a tentative agreement reached between Detroit and major creditor Syncora in its bankruptcy trial, The Associated Press reported erroneously that Steven Schlein is a spokesman for Syncora. Schlein does public relations for Kirkland& Ellis, a law firm representing Syncora.
Sept 9- Detroit and one of its last hold-out creditors, Syncora Guarantee Inc, have reached an agreement in principle over the city's plan to adjust its debt and exit bankruptcy, according to a federal court filing on Tuesday.
Syncora spokesman Steven Schlein told The Associated Press the company would get 26 percent of what it's owed. Detroit also would extend Syncora's lease on the Detroit-Windsor Tunnel by 20 years, to 2040, and give the company a 30- year lease on the Grand Circus Park parking garage, Syncora said.
CUPERTINO, Calif.— For the first time in years, Apple's iPhones weren't the star of the show. The move is significant because of recent questions about whether Apple still has a knack for innovating following the 2011 death of co-founder Steve Jobs. NEW YORK— In the world of currencies, the dollar is starting to look like a safe home in a tough neighborhood.
DETROIT— Honda shared its vision of the hands-free highway commute Tuesday, a car that can safely drive itself on the freeway while the driver's hands are off the wheel. While the car is just a prototype, Honda says the technology could start appearing on Honda cars in 2020 and beyond.
NEW YORK/ WILMINGTON, DELAWARE, Sept 9- Puerto Rico's indebted power authority better get used to some tough love from its new chief restructuring officer, Lisa Donahue, who has earned a reputation for decisiveness, hard work and a cold-blooded devotion to cutting costs.
DETROIT, Sept 9- Detroit reached a deal with three Michigan counties over regional water and sewer services that could drop the counties as objectors to the city's plan to adjust its debt and exit bankruptcy, officials announced on Tuesday.
Delphi also said Praxair Inc executive Mark Murphy would join the company in October, succeeding Clark as CFO. Delphi started out as a subsidiary of General Motors Co before being spun off in 1999, but continues to be closely associated with the Detroit automaker.