Full gallery: the fastest modified cars
Mar 12, 2010 news
This bad boy is called the Brabus E V12 Coupe, and it’s got 800 horsepower. And a top speed of 230mph.
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Full gallery: the fastest modified cars
Tags: bad-boy, brabus, called-the-brabus, coupe, england, modified-cars, news, range-rover, sale-on-auto, steven, steven-gerrard
Buy Steven Gerrard’s unique Range Rover
Mar 12, 2010 news
A souped-up Range Rover Sport previously owned by Liverpool and England star Steven Gerrard is for sale on Auto Trader.
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Buy Steven Gerrard’s unique Range Rover
Tags: england, for-sale, liverpool, news, previously-owned, range, range-rover, sale-on-auto, sport, steven, steven-gerrard, trader
Report: Congressional panel doubts GMAC business case, suggests breakup
Filed under: Government/Legal, Earnings/Financials
“The panel is deeply concerned that Treasury has not required GMAC to lay out a clear path to viability or a strategy for fully repaying taxpayers.” This, according to a Congressional Oversight Panel that was created as a watchdog for the U.S. Treasury’s Troubled Asset Relief Program (TARP) funds. The fix? Potentially breaking GMAC up into units and merging its auto lending business back into General Motors.
As a refresher, the Treasury invested $17.2 billion in TARP funds into GMAC, after which the financial company lost $8.3 billion on its Residential Capital unit in 2009. For it’s part, Treasury has responded to the panel in a statement, saying, “Treasury continues to be a reluctant shareholder and to manage its investment in GMAC in a hands-off commercial manner consistent with the administration’s established principles that guide Treasury’s management of financial interests in private firms.”
And since we’ve heard from the congressional panel and Treasury, why not from GMAC itself? Again, from a statement as reported to Automotive News: “We appreciate the panel’s responsibility to analyze history; however, GMAC’s management team is focused on the future. That includes continuing to provide the highest level of service to auto dealers and consumers in support of our auto partners, returning GMAC to a high level of profitability, and repaying the U.S. Treasury.”
At this point, there’s no clear indication on how Treasury or the congressional panel will proceed. Regardless, this is an issue that we’ll be keeping a close eye on in the coming weeks. Stay tuned.
[Source: Automotive News - sub. req'd. | Image: Craig Jones/Getty]
Report: Congressional panel doubts GMAC business case, suggests breakup originally appeared on Autoblog on Fri, 12 Mar 2010 13:58:00 EST. Please see our terms for use of feeds.
Tags: a-clear-path, a-close-eye, auto, entry, general-motors, gmac financing, gmacfinancial, image, oversight-panel, troubled-asset, us treasury
The Lehman Bankruptcy Report Is a Road Map for Criminal Charges
Bankruptcy examiner Anton Valukas has released details about so many deliberate material misstatements the firm made in securities filings and public statements that former CEO Richard Fuld and former CFO Erin Callan and will almost certainly face criminal charges. Others could as well.
Continue reading The Lehman Bankruptcy Report Is a Road Map for Criminal Charges
The Lehman Bankruptcy Report Is a Road Map for Criminal Charges originally appeared on DailyFinance on Fri, 12 Mar 2010 13:30:00.
Filed Under: Company News, Columns, Investing
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The Lehman Bankruptcy Report Is a Road Map for Criminal Charges
Tags: bankruptcy, been-unemployed, criminal-charges, filed-under, investing, levels-ever-, news, problems, report, unemployment
KKR Plans Its IPO: Hold Onto Your Wallet With Both Hands
The big daddy of private equity, Kohlberg Kravis and Roberts — KKR — is tapping the New York Stock Exchange for an initial public offering. But private-equity firms don’t have the best track record in the IPO arena, so eager investors should be wary.
Continue reading KKR Plans Its IPO: Hold Onto Your Wallet With Both Hands
KKR Plans Its IPO: Hold Onto Your Wallet With Both Hands originally appeared on DailyFinance on Fri, 12 Mar 2010 12:28:00.
Filed Under: Company News, Economy, Investing
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KKR Plans Its IPO: Hold Onto Your Wallet With Both Hands
Tags: economy, filed-under, hands, have-the-best, img-vspace, initial-public, investing, ipo, news, plans, private equity, tapping-the-new
Toyota Sales — and the Industry’s — Are Rebounding in March
Despite recall woes, Toyota sales so far this month are on a roll, thanks largely to generous incentives aimed at improving foot traffic in showrooms. Edmonds.com reports that the seasonally adjusted annual rate of U.S. sales climbed a strong 12.5 million units.
Continue reading Toyota Sales — and the Industry’s — Are Rebounding in March
Toyota Sales — and the Industry’s — Are Rebounding in March originally appeared on DailyFinance on Fri, 12 Mar 2010 11:40:00.
Filed Under: Company News, Technology, Economy, Earnings, Ford Motor Co., Toyota, General Motors, Autos
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Toyota Sales — and the Industry’s — Are Rebounding in March
Tags: auto-sales, capping-off, filed-under, improving-foot, plans, rebounding, recall, sales, straight-month, tm,f,hmc, toyota sales
Rumormill: Next Lexus IS to re-gain wagon variant?
Filed under: Wagon, Lexus, Rumormill, Luxury
Some of you will remember that from 2001 to 2005, Lexus sold a wagon variant of the IS, dubbed SportCross. Unfortunately, relatively dismal sales numbers didn’t really make a business case for keeping that car alive, and Lexus canned it when the second-generation IS debuted in 2006. However, all hope of seeing a SportCross redux has not been lost - Autocar is reporting that the third-generation IS, set to arrive in 2011, could spawn a wagon variant once again.
Now, let’s be realistic. If Lexus does build an IS SportCross again, it probably won’t make it to American soil. Why? In Europe, wagons are hot sellers, with the BMW 3 Series Touring and Audi A4 Avant leading the pack. Lexus even admits that not offering a wagon in Europe has hurt overall sales of the car. Mercedes-Benz made a similar decision with the current-generation C-Class to only offer the wagon version in Europe, while in previous years, the C-Class Estate could be found at American dealerships as well.
[Source: Autocar]
Rumormill: Next Lexus IS to re-gain wagon variant? originally appeared on Autoblog on Fri, 12 Mar 2010 11:29:00 EST. Please see our terms for use of feeds.
Tags: a-private-fleet, given-the-full, hotchkischallenger, lexus, lexusis, lexusis300sportcross, luxury, news, overall-sales, previous-years, sportcross
Airline Stocks Cruising Upward After Two Turbulent Years
The airline industry, which has broken the hearts of investors for decades, has been on a bit of a roll lately. Earlier this week, the NYSE Arca Airline Index reached a full-year high, with
shares of some of the biggest carriers up more than 200% over the past 12 months.
Continue reading Airline Stocks Cruising Upward After Two Turbulent Years
Airline Stocks Cruising Upward After Two Turbulent Years originally appeared on DailyFinance on Fri, 12 Mar 2010 11:07:00.
Filed Under: Company News, Economy, Investing, Southwest Airlines
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Airline Stocks Cruising Upward After Two Turbulent Years
Tags: cruising-upward, despite-the, nation, nyse, rebounding, southwest airlines, uaua, upward
Report: Geely may need to come up with $1.4B to fix damaged Volvo after purchase
Filed under: Ford, Volvo, UAW/Unions, Geely
It’s going to cost up to $2 billion for Zhejiang Geely Holding Group Co. to take ownership of Volvo, but according to a new report out of BusinessWeek, that lofty figure is just the cost of entry. Volvo union members and the board have apparently told the Chinese automaker that it will need at least $1.4 billion to repair the storied Swedish automaker.
Union head Glenn Magnusson reportedly says the money will be needed for the next year’s product development, marketing, production and distribution. Magnusson tells BW that Geely has yet to demonstrate that it has the financials to sustain Volvo, adding “we haven’t seen anything yet and we’re not satisfied.”
Further, Volvo board member Magnus Sundemo feels $1.4 billion may be a little low, adding that Geely will need to invest “at least as much as they’re paying to buy us.” One reason Volvo insiders feel the company will need plenty of cash is to satisfy Geely’s desire to build up Volvo in China, with the goal of assembling 200,000 vehicles per year in The Land of the Great Wall.
Ford Motor Company and Geely, who have been in talks seemingly forever, are looking to get a deal done by the end of March. Regulatory filings are expected to draw out the process of officially handing over ownership of the Swedish automaker to June 30 at the earliest.
[Source: BusinessWeek]
Report: Geely may need to come up with $1.4B to fix damaged Volvo after purchase originally appeared on Autoblog on Fri, 12 Mar 2010 10:28:00 EST. Please see our terms for use of feeds.
Tags: been-discussing, chinese, entry, heidfeld, previous-years, talks-seemingly, volvounion, zhejiang-geely
Sales Are Down, But Profits Are Up for Books-A-Million
Books-A-Million, the country’s third-largest retail bookstore chain, released its fourth-quarter earnings Thursday, and the news was something of a split decision. Sales dropped 4.6% to $157.2 million, but profits were up $11.9 million — a 30.1% increase.
Continue reading Sales Are Down, But Profits Are Up for Books-A-Million
Sales Are Down, But Profits Are Up for Books-A-Million originally appeared on DailyFinance on Fri, 12 Mar 2010 10:17:00.
Filed Under: Company News, Earnings, Media, Books
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Sales Are Down, But Profits Are Up for Books-A-Million
Tags: bamm, books, but-profits, country, dropped-4-6, earnings, entry, media, news, split-decision-, the-country-
