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  • US to fine air bag maker Takata $14,000 per day Friday, 20 Feb 2015 | 10:01 AM ET

    RICHMOND, Va.— The U.S. government will fine Japanese air bag maker Takata Corp. $14,000 per day for failing to fully cooperate in a long-running investigation of faulty and potentially dangerous air bag inflators. He called Takata a "bad actor" and said the fines will grow each day it fails to comply with two special orders issued last year by the National Highway...

  • DETROIT— Four highway safety groups have asked U.S. safety regulators to require tractor-trailers and big buses to have devices that alert drivers to stopped traffic and brake the trucks if drivers don't respond. The groups— Advocates for Highway and Auto Safety, the Truck Safety Coalition, the Center for Auto Safety and Road Safe America— petitioned the...

  • General Motors hires new legal chief Thursday, 19 Feb 2015 | 10:19 AM ET

    DETROIT— General Motors has hired a top lawyer from a large plastics and chemical company as its new general counsel. The company says Craig Glidden will become general counsel starting March 1. Glidden was chief legal officer for LyondellBasell Industries.

  • Ford Motor Co, wrote off its entire investment in Venezuela last month when it took an $800 million pre-tax write down, the company said in response to questions from Reuters. That means no matter how much worse things get in Venezuela it shouldn't have to take further impairment charges. The slow torture of operating in Venezuela led PepsiCo to report last week a...

  • DETROIT, Feb 16- Volkswagen AG said on Monday it had recognized a new group called the American Council of Employees to represent workers at its auto assembly plant in Chattanooga, Tennessee, in addition to the United Auto Workers. Sean Moss, president of the ACE, said an advantage of his group is that it is locally based. The UAW is based in Detroit, but it says that its...

  • LONDON, Feb 16- What to make of last week's mass cancellations of zinc at London Metal Exchange warehouses in New Orleans? A similar round of heavy cancellations in late December created a "flash" load-out queue for zinc at New Orleans. The fact that Pacorini, the warehousing arm of physical trading giant Glencore, dominates LME warehousing in New Orleans, only...

  • TORONTO/ CALGARY, Feb 15- Canadian Pacific Railway Ltd began operating a reduced freight schedule run by its managers on Sunday, after talks on a new contract broke down and more than 3,000 train engineers and conductors walked off the job. Canada's No. 2 railway and the Teamsters Canada Rail Conference failed to agree on terms including on scheduling and rest...

  • Feb 13- TRW Automotive Holdings Corp, which is being acquired by German supplier ZF Friedrichshafen AG, on Friday reported adjusted fourth-quarter profit that topped estimates. The supplier of automotive safety systems said it is working with Japan's Takata Corp and vehicle manufacturers to build replacement inflators for millions of recalled vehicles...

  • UPDATE 1-TRW 4th-quarter profit tops estimates Friday, 13 Feb 2015 | 7:56 AM ET

    Feb 13- TRW Automotive Holdings Corp, which is being acquired by German supplier ZF Friedrichshagen AG, on Friday reported adjusted fourth-quarter profit that topped estimates. Including one-time charges related to pensions and restructuring, it had a loss of $360 million, or $3.22 a share, compared with a profit of $363 million, or $3.00 a share, in the...

  • DETROIT, Feb 12- An investor group demand that General Motors Co give back more of its $25 billion cash hoard confronts Chief Executive Mary Barra with a challenge to her plans for building the company and rewarding shareholders. "Having a very, very strong balance sheet is wise, but we're beyond wisdom and into excess capital," said Grant Taber, portfolio manager at...

  • Feb 12- The federal judge who oversaw Detroit's historic bankruptcy case ruled on Thursday that the nearly $178 million charged to the city by law firms and consultants for fees and expenses was reasonable. The biggest bill in the biggest-ever U.S. municipal bankruptcy came from law firm Jones Day, which had employed Kevyn Orr before he was tapped by Michigan...

  • The automaker is working with Morgan Stanley and Goldman Sachs Group Inc for advice on how it should deal with former U.S. auto task force member Harry Wilson and four hedge funds that are pushing for the company to dip into its $25 billion in cash, GM said on Thursday. "We are working with a set of advisors including Goldman Sachs and Morgan Stanley," GM said in a...

  • The automaker is working with Morgan Stanley and Goldman Sachs Group Inc for advice on how it should deal with former U.S. auto task force member Harry Wilson and four hedge funds that are pushing for the company to dip into its $25 billion in cash, GM said on Thursday. "We are working with a set of advisors including Goldman Sachs and Morgan Stanley," GM said in a...

  • Ford to build new carbon fiber GT car in Ontario Thursday, 12 Feb 2015 | 11:00 AM ET

    TORONTO, Feb 12- Ford Motor Co will build its new GT carbon fiber supercar in Markham, Ontario, the company announced at the Canadian International Auto Show on Thursday. The two-door high-performance coupe, which was unveiled last month at the Detroit auto show and set for availability in late 2016, will be built in partnership with privately held contract...

  • DETROIT, Feb 11- Tesla Motors Inc missed fourth-quarter sales targets and analysts' profit expectations, but Chief Executive Officer Elon Musk on Wednesday said by 2025 Tesla's growth trajectory could take its market value to $700 billion, matching that of Apple Inc.. It was a glimmer of optimism capping a difficult quarter that saw the electric-car company...

  • DETROIT, Feb 11- Tesla Motors Inc missed sales targets and racked up a fourth-quarter loss of $107.6 million as the luxury electric car maker struggled with production and delivery issues on several fronts. Tesla on Wednesday reported a loss of 86 cents per share, compared with a year-ago loss of $16.3 million, or 13 cents per share. Free cash flow in the quarter was...

  • Tesla reports 4th-quarter loss of $107.6 million Wednesday, 11 Feb 2015 | 5:51 PM ET

    DETROIT, Feb 11- Tesla Motors Inc on Wednesday reported a fourth-quarter loss of $107.6 million, or 86 cents per share, compared with a year-ago loss of $16.3 million, or 13 cents per share. Tesla Chief Executive Elon Musk had said in July 2014 the company would deliver 13,000 of its Model S sedans. Revenue in the quarter climbed to $956.7 million, from $615.2 million a...

  • In all three states, Alaska, West Virginia and Michigan, problematic funding gaps widened, the report said. In 2006, Alaska switched newly hired state workers from its two biggest traditional defined benefit plans to a defined contribution plan. In 2014, Alaska made a $3 billion cash infusion into the defined benefit plans to shore them up.

  • Feb 10- Tesla Motors Inc Chief Executive Elon Musk is prepared to fire overseas executives, people with knowledge of the matter said, after weak Chinese sales of the company's luxury electric cars cast doubt on his ambitious global expansion plans. Tesla sold about 120 cars in China last month, one of the sources told Reuters, well below the company's aggressive...

  • DETROIT, Feb 10- Chief Executive Mary Barra's plan to keep a big cash cushion for General Motors Co is under attack from a group of shareholders led by a member of the auto task force that helped restructure the company during its 2009 bankruptcy. Harry Wilson, who was a member of the task force, notified the Detroit automaker on Monday that he wanted it to spend $8...