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GMAC files for bank holding status

AP — Thu, 20 Nov 2008 15:01:21 +0000

GMAC Financial Services has applied to become a bank holding company, which would allow General Motors’ financing arm to be eligible for aid under the government’s $700 billion bank rescue...

GMAC files with Fed for bank holding status

AP — Thu, 20 Nov 2008 12:46:09 +0000

GMAC Financial Services has applied to the Federal Reserve to become a bank holding company, which would allow General Motors’ financing arm to be eligible for aid under the Treasury’s $700 billion bank rescue...

Industry gloom to cast shadow on LA Auto Show

AP — Mon, 17 Nov 2008 22:17:16 +0000

New cars are supposed to be the main attraction when the Los Angeles Auto Show kicks off Wednesday, but dreadful U.S. sales, bailout hearings in Congress, and General Motors’ decision to all but pull out of the event are sure to be the elephants on the showroom floor.

German officials to discuss Opel guarantee

AP — Mon, 17 Nov 2008 10:15:45 +0000

German government officials were to discuss conditions of a possible loan guarantee for General Motors’ subsidiary Adam Opel GmbH on Monday at a meeting with company...

Detroit auto giants offering tempting discounts this Independence Day

Rahul — Tue, 03 Jul 2007 06:30:25 +0000

Detroit’s big three automakers are doing everything possible to return into profit foray. After losing their pioneer position to Asian automakers, General Motor, Ford and DaimlerChrysler have introduced reconstruction plans, in which they...

U.S automakers plan to level their Labor Cost with Asian rivals

Rahul — Thu, 14 Jun 2007 07:33:13 +0000

Desperate Detroit-based automakers are moving to lessen the labor cost roughly by $25-an-hour and are trying to cut it down to the level paid by Asian rivals Toyota Motor Corp. and Honda Motor Co. Battling with the increasing losses,...

Unprofitable U.S auto companies compensate executives

Rahul — Mon, 07 May 2007 10:51:39 +0000

Although, U.S. automakers have lost their market to Asian rivals, they plan to confer compensation packages to its executives averaged $4.2 million for the previous year. In the last financial year, most of the companies failed to post...