The News Review:
- GMAC to cut about 930 auto finance jobs
- SportingNews.com – Your expert source for NASCAR Auto Racing stats…
- Bombay High Court okays Bajaj Auto demerger scheme
- SportingNews.com – Your expert source for NASCAR Auto Racing stats…
- European auto makers’ financial profile may weaken on cash…
GMAC to cut about 930 auto finance jobs
Forbes – Feb 20, 2008
and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year. The job cuts will occur by the end of the year and represent about 15 percent of the work force in the auto loan business unit. The company which was once the finance arm of General Motors Corp.
SportingNews.com – Your expert source for NASCAR Auto Racing stats…
SportingNews.com – Feb 20, 2008
(AP) — Greg Newman could hardly wait for his son to get tall enough to sit behind the wheel of a go-kart and learn about competition. The father’s dream of being a race car driver had ended early but the birth of his son gave him another chance. And he did it with the voice of his father who is his spotter in his ears through the entire race.
Bombay High Court okays Bajaj Auto demerger scheme
Economic Times – Feb 20, 2008
The HC approval forthe demerger of the country?s second-largest two-wheeler maker would beeffective from March 31 2007. The court has sanctioned the demerger schemebetween the companies Bajaj Holdings & Investment and Bajaj Finserv andtheir respective shareholders and creditors. ?The company will now proceedwith the filing of the order with the office of the registrar of companies(Maharashtra) Pune and other steps in connection with the implementation ofthe said order on the Scheme of Arrangement of Demerger? a Bajaj Autostatement said. BajajAuto?s registered office is in Pune.
SportingNews.com – Your expert source for NASCAR Auto Racing stats…
SportingNews.com – Feb 20, 2008
(AP) — Robby Gordon was docked 100 points and his crew chief was suspended for six races and fined $100000 as NASCAR penalized 10 teams in its three different national series for infractions found at Daytona International Speedway. was one of seven drivers penalized for Nationwide Series infractions and six crew chiefs were suspended. Todd Bodine winner of the Truck Series race and two crew chiefs were penalized.
European auto makers’ financial profile may weaken on cash…
Forbes – Feb 20, 2008
Fitch said the auto sector appears relatively aggressive in maintaining such plans in the face of a more negative economic outlook. However the ratings agency does not anticipate any rating action based exclusively on the measures already announced by auto manufacturers. ‘While such measures are natural in a benign environment cash becomes increasingly crucial in more difficult times to support growth develop new models and technologies and finalise restructuring actions as car sales may be slowing down credit tightens and profits come under pressure’ Emmanuel Bulle senior director in Fitch’s European Corporates group said. Fitch however believes the shareholder-friendly actions are unlikely to be prominent cause for negative rating actions across European corporates in 2008 than in the last two years.