Detroit bankruptcy judge brought the idea of a regional water authority back to life,ordering the city and three counties to mediate over the issue.» Read More
WASHINGTON, April 10- U.S. lawmakers investigating General Motors' slow recall of 2.6 million cars are zeroing in on engineers and others who may have been aware of problems with ignition switches linked to at least 13 deaths.
Auto-lender Ally Financial's debut didn't receive a kind welcome from the market.
NEW YORK, April 10- Detroit's emergency manager Kevyn Orr had political ambitions- once. When Orr began his career in the 1980 s as a trial attorney in the rough-and-tumble world of Florida's Miami-Dade County, he thought he might one day run for public office, he told Reuters in an interview on Wednesday.
April 10- Shares of auto-lender Ally Financial Inc fell as much as 3 percent in their market debut on Thursday, taking the shine off the biggest U.S. Treasury, which sold 95 million shares at $25 each, the low end of the expected price range of $25- $28.
April 10- Shares of bailed out auto-lender Ally Financial Inc fell 3 percent in their market debut, valuing the company at about $11.7 billion in the biggest U.S. Detroit- based Ally's shares were trading at $24.25 shortly after the opening on the New York Stock Exchange.
DETROIT— General Motors has suspended two engineers in the first disciplinary action stemming from its mishandled recall of more than 2 million small cars for a deadly ignition switch problem. But the company also said a second ignition part in the cars must be fixed, boosting first-quarter recall costs above $1 billion.
NEW YORK— At a time when interest in American civil rights memorabilia is rekindled, a lifetime's worth of Rosa Parks' belongings— among them her Presidential Medal of Freedom— sits in a New York warehouse, unseen and unsold.
*Toyota gives no cost estimate for recall. Toyota, the world's biggest automaker said, it was not aware of any crashes or injuries caused by the glitches, which were found in 27 Toyota models including the RAV4 and Yaris subcompact.
April 9- Detroit's emergency manager Kevyn Orr showed little enthusiasm on Wednesday for a new proposal from a bond insurer to sell or securitize the insolvent city's world-class art collection.
WASHINGTON— The Treasury Department has raised $2.38 billion after selling a large chunk of its stock in Ally Financial Inc. as part of the U.S. government's ongoing effort to recoup the billions of dollars spent bailing out companies during the 2008 financial crisis.
Toyota, GM recalls push US to near-record pace. DETROIT— Big U.S. recalls by General Motors and Toyota have put the auto industry on a record pace as companies try to avoid bad publicity and punishment from an increasingly aggressive government.
April 9- Ally Financial Inc's initial public offering has been priced at $25 per share, an underwriter said, valuing the bailed-out auto lender at about $12.04 billion. Ally's IPO is the biggest U.S. offering so far this year, eclipsing that of Santander Consumer USA Holdings Inc and IMS Health Holdings Inc..
April 9- Ally Financial Inc's initial public offering has been priced at $25 per share, an underwriter said, valuing the bailed-out auto lender at about $12.04 billion. The company previously said it expected to price its offering at between $25- $28 per share.
NEW YORK— Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market:. Alcoa Inc., up 47 cents to $13. Morgan Stanley downgraded the Detroit automaker and the sector comes under pressure after another recall, this time from Toyota.
WASHINGTON, April 9- Detroit on Wednesday struck a deal with a core group of creditors that could ease concerns about the treatment of certain bonds in its landmark bankruptcy case and pave the way for compromises with other creditors.
BOND INSURER FGIC SAYS HAS RECEIVED CREDIBLE PROPOSALS FOR ACQUIRING OR MONETIZING DETROIT INSTITUTE OF ARTS COLLECTION THAT WOULD GENERATE $1 BLN- $2 BLN OF PROCEEDS.
DETROIT— Some creditors in Detroit's bankruptcy with eyes on city-owned art say they've found buyers willing to pay more than $1 billion for parts or all of the collection. The creditors are asking bankruptcy Judge Steven Rhodes to order Detroit to cooperate with interested parties.
WASHINGTON, April 9- The city of Detroit on Wednesday struck a deal with bond insurers over a key class of debt in its landmark bankruptcy case that significantly reduces bondholder losses and could pave the way for agreements with other creditors.
Detroit has reached a settlement with bond insurers over treatment of the city's bankruptcy debt, emergency manager Kevyn Orr told CNBC.
DETROIT— Volkswagen is telling U.S. dealers to stop selling its most popular cars until transmission fluid leaks can be fixed. The order covers about 25,000 Jetta, Passat, Beetle and Beetle convertible models equipped with 1.8- liter, four-cylinder engines and automatic transmissions, spokesman Scott Vazin said Wednesday.