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AUTOS' WORLD NEWS
* SEC targets 7 ex-Delphi officials
Washington,DC,USA -The Detroit News, by David Shepardson -June 06, 2006: -- Former executives, employees under scrutiny are notified of charges in accounting fraud investigation... The U.S. Securities and Exchange Commission has sent target letters to at least seven former Delphi Corp. officials, a sign that its wide-ranging investigation into accounting fraud at the auto supplier is gaining steam... The targets of the investigation are given an opportunity to submit a written statement in their defense... Six Delphi executives and several lower-level employees were forced to leave the company in the wake of the accounting probe -- including the company's vice chairman and CFO Alan Dawes, former treasurer Pam Geller and Paul Free, who was the company's chief accountant and controller... John Blahnik, a vice president for treasury, mergers and acquisitions, also was forced to leave...
GM annual meeting
* Execs to face investors
DETROIT,Mich.,USA -The Detroit News/AP, by Dee-Ann Durbin -June 04, 2006: -- After a tumultuous year in which General Motors Corp. announced thousands of job cuts, lost billions of dollars and cut its dividend in half, the automaker's executives will face shareholders at its annual meeting in Delaware... One shareholder is pushing a proposal that would require the company to give back executives' bonuses if they don't achieve performance targets, while another has nominated a slate of candidates to replace the board of directors...
* To tout its progress to investors
Washington,DC,USA -The Detroit News, by David Shepardson -June 06, 2006: -- Shareholders miffed at $10B loss, market share cut will hear upbeat assessment at annual meeting... Before today's annual meeting begins, General Motors Corp.'s shareholders will see the company doesn't harbor any doubts: "We will succeed," the annual report's cover reads... While the company is expressing confidence, its leaders should expect some tough questions from shareholders during the meeting in Wilmington, Del. They will hear from some who are angry about the company's $10.6 billion loss in 2005, its declining market share and its embarrassing accounting missteps now under federal investigation...
* Kerkorian's GM bet still a loser - "He's certainly under water on his stock"
Monterey,CAL,USA -Monterey County Herald, by MICHAEL ELLIS/Detroit Free Press -June 06, 2006: -- Kirk Kerkorian can't be too happy with the one-year return on his $1.69 billion investment in General Motors Corp... If Kerkorian isn't happy, GM Chief Executive Rick Wagoner has to be concerned... Kerkorian, who amassed billions from shrewd investments in the gaming and hotel industry as well as the former Chrysler Corp., has lost more than $200 million on his stake in GM since he first disclosed details of it a year ago, according to a analysis...
* GM to invest $48 million in Indiana facility
DETROIT,Mich,USA -Reuters -Jun 5, 2006: -- General Motors Corp. on Monday said it will invest $48 million in a foundry in Bedford, Indiana, to build transmission cases and converter housings for its fuel-saving six-speed transmissions... The investment will go toward renovating the plant and new machinery and equipment, GM said...
- DIGEST NEWS
* Vietnam auto sales drop 27 percent on taxes
HANOI,Vietnam -Reuters -6 June 2006: -- Vehicles sales by 11 foreign-backed automakers in Vietnam fell nearly 27 percent to 9,418 units in January-May from a year earlier, the Vietnam Automobile Manufacturers Association said...
* Bridgestone to build $258 million tire plant in Poland
TOKYO,Japan -Reuters -6 June 2006: -- Top Japanese tire maker Bridgestone Corp. said on Tuesday it would build a plant for truck and bus tires in Poland for $258 million (200 million euros), with production slated to begin in the first half of 2009...
* China sales lift Audi to new record in May
FRANKFURT,Germany -Reuters -6 June 2006: -- Audi posted record unit sales for both May and the first five months of this year due mainly to rising demand in China, the automaker said...
* India's Exide eyes Europe for battery exports, technology
MUMBAI,India -Reuters -6 June 2006: -- India's largest battery maker, Exide Industries Ltd., expects exports to more than double to a tenth of sales in two years as it begins to make premium batteries, an executive said...
* PSA/Peugeot-Citroen says it may invest in car plant in Russia
PARIS,France -Reuters -6 June 2006: -- PSA/Peugeot-Citroen is considering investing in a car plant in Russia and expects the project's prospects to become clear in the next few weeks, the French carmaker said...
* Fiat yet to find new Fidis Retail partner
MILAN,Italy -Reuters -6 June 2006: -- Italian automaker Fiat said, it had yet to find a partner for its consumer financing arm, Fidis Retail. Responding to reports published in the last few days, Fiat confirmed in a brief statement it was studying several possibilities...
posted by Unknown @ 4:19 PM
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