December 3, 2009
President and CEO of U.S. automaker General Motors Co. Fritz Henderson resigned Tuesday and his job was taken over on an interim basis by the company’s chairman, Ed Whitacre Jr. File photo taken on June 1, 2009 shows General Motors president and CEO Fritz Henderson during a press conference to announce that GM will seek [...]
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July 11, 2009
General Motors, the biggest U.S. automaker, has exited bankruptcy protection with reduced debts of 48 billion U.S. dollars in 41 days, far quicker than expected. The file photo taken on May 30, 2009 shows the exterior of a General Motors (GM) dealer in Michigan, the United States. GM, once the world’s largest and most powerful [...]
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June 10, 2009
Wall Street ended mixed on Tuesday, as investors digested the news that 10 major U.S. banks were allowed to repay government loans. Photo taken on June 9, 2009 shows a Capital One Bank branch in Manhattan, New York. Ten of the largest U.S. banks have been approved to repay 68 billion dollars of government bailout [...]
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May 31, 2009
General Motors Corp. president and Chief Executive Officer Fritz Henderson have scheduled a news conference in New York on Monday, when the Detroit automaker is expected to file Chapter 11 bankruptcy, according to media reports Sunday. A Dodge Nitro vehicle is seen in front of the General Motors Corp world headquarters in downtown in Detroit, May [...]
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May 22, 2009
The United Auto Workers (UAW) union has reached a tentative deal with the U.S. Treasury Department and General Motors Corp. on modifying a labor agreement and restructuring payments into a union-run health care trust, reports reaching here said on Thursday. The United Auto Workers (UAW) union has reached a tentative deal with the U.S. Treasury [...]
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May 21, 2009
The U.S. Treasury Department is preparing to invest an additional 7.5 billion dollars in GMAC LLC, the Detroit-based auto finance company, in a deal that could allow the U.S. government to hold a majority stake in the company, reports reaching here said Wednesday. GMAC, whose financial good health is key to providing loans forconsumers to [...]
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May 1, 2009
Chrysler LLC officially announced on Thursday that the once auto giant will file for Chapter 11 bankruptcy shortly after U.S. President Barack Obama made a midday speech, in which he indicated that the troubled automaker will form an alliance with the Italian carmaker Fiat Group SpA. A Chrysler 200C is shown during the International New [...]
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February 19, 2009
President Barack Obama speaks about relief for Americans facing home foreclosure at Dobson High School in Mesa, Arizona February 18, 2009.U.S. President Barack Obama on Wednesday revealed a mortgage relief plan in an effort to prevent more Americans from losing their homes.(Xinhua/Reuters Photo)The plan is expected to help between 7 million and 9 million American [...]
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February 18, 2009
Struggling U.S. auto giant General Motors (GM) Corp. on Tuesday asked the U.S. government for another 16.6 billion dollars in federal aid. A potential customer looks at a 2009 Chevrolet Impala sedan at a car dealership in Dearborn, Michigan December 29, 2008. (Xinhua/Reuters Photo)In December, the U.S. Treasury Department approved a 13.4-billion-dollar loan for the [...]
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