More than a year after declaring itself bankrupt, US carmaker General Motors (GM) is planning an initial public offering (IPO) – which is set to be the second largest share sale in US history. The company has filed an official application (called an S-1 document) with the Securities and Exchange Commission. According to analysts, the [...]
Wall Street’s main Dow Jones index closed up 2.3% yesterday at 10,250 after good news boosted investor confidence. The pending home sales index and demand for cars boosted stocks in the world’s largest economy. “A positive housing report and better-than-expected auto sales are giving the stock market a lift,” according to Wells Fargo senior equity [...]
Ford Motor company overtook its rivals last month by announcing sales surged 43% – outperforming its major rival, General Motors (GM). It also accelerated past Toyota, which has been suffering amid major recalls. Toyota has now recalled over 8 million cars over concerns about accelerator pedals and brake systems. Ford said US sales rose 43% [...]
The announcement that US car giant General Motors (GM) abandoned plans to sell a majority stake in its European car business Opel, including its UK brand Vauxhall, has led to a protest by thousands of the 25,000 workers at Opel’s four factories. In March, GM announced plans to offload Vauxhall and sister company, Germany-based Opel, [...]
US car giant General Motors (GM) has abandoned plans to sell a majority stake in its European car business Opel, including its UK brand Vauxhall. GM had agreed to sell Opel and Vauxhall to Magna, a Canadian car parts supplier, to raise funds after facing collapse earlier this year. The shock decision comes after talks [...]
“The Big Three” US carmakers reported a slump in sales in June compared to the same month last year. General Motors (GM) said sales fell 33.6%, while Chrysler sales declined by 42%. However, Ford, which is the only one of the three not to have gone bankrupt, said sales were down 10.9% compared with a [...]
US car giant General Motors (GM) has today declared itself bankrupt, symbolising the largest collapse of an industrial company in US history. The move, which has the support of the US Government, was widely expected in the wake of plummeting car sales. According to the Obama Administration, the US Government will take a 60% stake [...]
Many reports over the weekend have speculated that General Motors (GM) is expected to file for Chapter 11 bankruptcy tomorrow. The century-old car maker, which was once the biggest company in the world, reaches its deadline tomorrow of restructuring the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy [...]
It emerged earlier today that Vauxhall’s UK plants were at risk of closure after struggling US car maker General Motors (GM) moved to sell off its European arm, which includes Vauxhall and Germany’s Opel. However, Business Secretary, Lord Peter Mandelson, has told Sky News that “there is no danger of Vauxhall’s UK plants closing”. However, [...]
In an attempt to slash costs and fight off bankruptcy, struggling US carmaker General Motors (GM) has announced plans to close 1,100 of its dealerships. It is also severing ties with another 470 Saturn, Hummer and Saab dealers, according to the BBC. The news comes just 24 hours after fellow US carmaker, Chrysler, announced it [...]
In a bid to strengthen and relaunch US carmaker, Chrysler, the company is set to file for Chapter 11 bankruptcy protection immediately. The procedure will see the company gain protection from its creditors and according to President Obama, give the company “a new lease of life.” Detroit-based Chrysler was given a deadline (which ends at [...]
There is now a definitive separation between car firms Daimler and Chrysler after the German carmaker has reached a deal to give up its 19.9% stake in the US firm. The agreement will also see Daimler forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statements, said [...]
Struggling US carmaker General Motors (GM) has announced further job cuts to its workforce with 21,000 US jobs to be axed. GM, which is the world’s largest carmaker, has a deadline of 1 June to restructure the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy protection. So far, [...]
According to a report in the Daily Mail, the world’s largest carmaker General Motors (GM) is preparing for bankruptcy. While the company is hoping to win concessions from its creditors, the threat of going bust puts 5,000 jobs at risk at Vauxhall in Ellesmere Port, Cheshire and Luton as well as 60,000 supply jobs. GM [...]
Rick Wagoner, chief executive of US beleaguered car giant, General Motors (GM), has been ordered to resign by US President Barack Obama. 56-year-old Wagoner has been at the helm of GM for eight years but has been with the company since leaving Harvard University with an MBA more than 30 years ago. He received the [...]
Figures from the Society of Motor Manufacturers and Traders (SMMT) have revealed that the number of cars built in November in the UK was down 33% compared with the same month last year. A fall in demand for new vehicles in the UK and overseas was attributed to the severe decline. Meanwhile, production of commercial [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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