NICOSIA, Cyprus— Lawmakers in Cyprus on Saturday passed key insolvency laws designed to open the taps for more international bailout cash. The vote makes it possible to operate foreclosure laws that international creditors have demanded as a condition for extending more loans to Cyprus. The International Monetary Fund has been withholding 88 million euros...» Read More
What Iceland has to do to save itself.
It may not emerge from bankruptcy as quick as Chrysler, but GM is entering the stretch run, and can see the finish line. Tomorrow, the country's largest auto maker will be back in bankruptcy court to finalize plans to sell the "good assets" to a new GM that will emerge from bankruptcy with a clean balance sheet.
It looks like we’ll have another bankruptcy of a former LBO in the hospitality space. The WSJ is reporting that Red Roof Inns has defaulted on $332 million of mortgage debt.
Savvy consumers swarmed to London's Regent Park Thursday for the opening of Taste of London's four-day gourmet food festival. The event was teaming with cost-conscious foodies getting a chance to taste the wares of Michelin-starred chefs for a fraction of the price.
Although GM and Chrysler’s bankruptcy may be playing into Ford Motor’s strong June numbers, "it’s really our products that are getting the best reviews they’ve ever gotten," said William Ford, executive chairman of Ford Motor in a live interview on CNBC.
Auto dealers accustomed to negotiating sales on their car lots clustered in the Capitol instead this week, looking to their trusty, neighborhood lawmakers to do some hard bargaining for them.
The economic crisis has been so severe that Michigan, with a $1.4 billion budget shortfall, is closing eight prisons to save money. It is also canceling more than 130 road and bridge repair projects because the state cannot come up with enough money to get matching federal funds.
Chrysler headed back to bankruptcy court Tuesday to get a judge to approve the termination of 789 dealer franchises, while Chrysler's plan to become a stronger automaker partnered with Italy's Fiat awaits action by the nation's highest court.
A U.S. appeals court said Friday it would conditionally approve Chrysler's sale to Fiat but is keeping the deal on hold until Monday to allow an appeal.
The media, including myself, has been buzzing about the ongoing doom and gloom for the advertising industry as automakers continue to pull back their marketing spend. But now we're hearing about some green shoots (if you will) for auto ads.
When General Motors emerges from bankruptcy protection, it will technically be a brand new, privately held company, yet it will be more publicly owned than ever, with taxpayers holding a 60 percent stake.
New U.S. jobless claims fell for a third straight week last week; productivity rose 1.6 percent. What does this herald for the stock markets? Art Cashin, UBS Financial Services director of floor operations, offered his insights to CNBC.
Hummer owners are an unusual breed, but a little-known Chinese company's surprise purchase of the American maker of gas-guzzling, military-style SUVs is audacious even by their standards.
With new-car sales touching low levels not seen in decades, and with G.M. and Chrysler forced to shut plants as they struggle through bankruptcy, prospects for small auto-supply factories seem grim.
There’s an almost palpable lack of confidence that General Motors will exit bankruptcy as a leaner, meaner, stronger company. However, the game plan is basically to envision the New General as a sort of American Toyota, with a tidy lineup of brands to manage and an appealing fleet of economical, fuel-efficient vehicles to sell. Sedans and small, gas-sipping cars will be the future, not the fuel-chugging trucks and SUVs that got GM in trouble.
General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday.
Over the next few months, Mr. Obama and his auto task force will face many tests as they try to create a new paradigm for the nationalization, however temporary, of a storied and troubled emblem of American industry.
Stocks advanced Monday as investors were encouraged by economic reports out of China and the U.S., and shrugged off the GM bankruptcy filing. Read and listen to what the experts had to say...
Chrysler and Fiat have asked a bankruptcy court that approved their merger to shorten the process for appeals and bypass the U.S. District Court, according to a court documents.."
The stock can only go up, right? Wrong. What about all the deals on GM brands? Let's take a look.