The ITC report is a crucial step in the push for Congress to consider ratification of the U.S.-Mexico-Canada Agreement, which was signed by President Donald Trump and the leaders of the other two countries last year to replace the 25- year-old North American Free Trade Agreement. The trade deal's success or failure in Congress could be determined by how it is...
DETROIT, April 18- General Motors Co's top executive, Mary Barra, received a compensation package worth just under $22 million in 2018, slightly less than the previous year, according to the No. 1 U.S. automaker's proxy statement released on Thursday. President Donald Trump as it negotiates new trade deals with China, Europe and Japan. Barra's pay package included...
*Retail sales increase 1.6 percent in March. WASHINGTON, April 18- U.S. retail sales increased by the most in 1-1/ 2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start. "Supported by strong labor market conditions and improving wage...
NEW YORK, April 17- Major automakers are bullish on the outlook for the U.S. economy and auto sales, but one big question remains- will President Donald Trump throw a grenade into the sector by imposing sweeping tariffs of up to 25 percent on car and auto parts imports? In February, the U.S. Commerce Department sent recommendations to Trump, which auto industry...
DETROIT, April 17- Ford Motor Co's shift in production at a Michigan plant to trucks from less profitable cars will lead to a more than $1 billion improvement in operating earnings, an official at the No. 2 U.S. automaker said on Wednesday. The increase in earnings, before interest and taxes, in 2021 compared with 2017 is due to the shift at the Michigan Assembly Plant...
*Some in China predict EV costs to match gasoline cars by 2025. BEIJING/ DETROIT, April 16- It took one 330 kilometre trip from Chongqing to Chengdu in his Nio ES8, a seven-seater all-electric SUV, for its owner Wang Haichun to be consumed with buyer's remorse. So unhappy was Wang, who paid 481,000 yuan for the vehicle, he sold it.
April 12- General Electric Co will pay a $1.5 billion civil fine to resolve a long-running U.S. probe into defective subprime mortgages from its former WMC Mortgage unit prior to the 2008 global financial crisis. The U.S. Department of Justice on Friday said the accord resolves claims that GE concealed the poor quality of the loans and WMC's lax fraud controls...
April 12- SoftBank Group Corp leader Masayoshi Son has much bigger ambitions for transportation than simply seeing his investment in Uber Technologies Inc turn into more than $13 billion when the company goes public next month. The Japanese entrepreneur is placing a $60 billion bet in more than 40 companies in a bid to steer the $3 trillion global automotive...
April 12- In addition investing more than $25 billion in Didi, Uber, Ola, Grab and Cruise, SoftBank Group Corp and its investment arms have poured another $5 billion into eight companies involved in some aspect of transportation. *Auto1 Group, a German online auto retailer. *Zhong An, a Chinese online insurance provider.
CROSBY, Texas/ WASHINGTON, April 10- President Donald Trump signed two executive orders in the heart of the Texas energy hub on Wednesday targeting the power of states to delay natural gas, coal and oil projects as he looks to build support ahead of next year's election. New York has delayed pipelines that would bring natural gas to New England, for example, and...
NEW DELHI, April 9- Ford Motor Co is nearing a deal with Mahindra& Mahindra to form a new joint-venture company in India, a move that will see the U.S. automaker cease its independent operations in the country, two sources with direct knowledge of the talks told Reuters. Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a...
NEW YORK, April 4- Elon Musk's job as Tesla Inc's chief executive appeared safe on Thursday as a federal judge in Manhattan urged the billionaire to settle contempt allegations by the U.S. Securities and Exchange Commission over his use of Twitter. At a hearing in Manhattan federal court, U.S. "What this is to the SEC is strike two, and if there is another...
SHANGHAI/ BEIJING, April 3- Ford Motor plans to launch more than 30 new models in China over the next three years of which over a third will be electric vehicles, the U.S. automaker said on Wednesday, as it seeks to reverse slumping sales in the world's top auto market. Its China operations chief Anning Chen said the automaker is committing itself to improving its...
April 2- Major automakers on Tuesday reported weak U.S. sales for March and the first quarter, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans...
April 2- Major automakers on Tuesday reported weak U.S. sales for March and the first quarter, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. Passenger-car sales suffered throughout the first quarter versus the same period in 2018 as Americans continued to...
NEW YORK, March 31- Wall Street will be watching next week's economic data with a laser focus after a dismal February jobs report and recessionary warning signals from U.S. After the longest U.S. government shutdown on record, bad weather and a late 2018 equities sell-off muddied market participants' view on the U.S. economy in recent months, they are hoping for a...
Democrats intensified their demands for Robert Mueller's full report after learning the special counsel's findings from his Trump-Russia investigation run to more than 300 pages.
Neither the president nor his thousands of cheering supporters seemed especially energized about the newly announced White House plan to make health care a centerpiece of Trump's 2020 campaign.
March 28- General Motors Co on Thursday said it has no plan to cut the sticker price on its electric Chevrolet Bolt sedan after a federal tax credit drops by half to $3,750 on Monday. Last year, GM became the second automaker in the United States to hit the 200,000 cumulative electric vehicles sales figure, which triggers a phaseout of the $7,500 federal tax credit...
*ZF to buy Wabco for $136.50 a share. FRANKFURT, March 28- German auto parts maker ZF Friedrichshafen has agreed to buy U.S. rival Wabco for over $7 billion, an acquisition it has long targeted to bolster its expertise in autonomous-driving technologies. The all-cash deal, announced by the two companies on Thursday, is for $136.50 per share.
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