| HNA News Summary 6/2
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| Jaybeedee |
HNA NEWS SUMMARY
Thursday, June 02, 2005
GM
Billionaire Kirk Kerkorian’s Tracinda Corp said it won’t increase its offer of $31 each for as many as 28 million GM share, even as the stock trades above the proposed price.
(Detroit Free Press, 6/2, 1C)
(Detroit News, 6/2, 2C)
(Wall Street Journal, 6/2, D5, Lee Hawkins Jr.)
http://www.detnews.com/2005/busines.../C04-201151.htm
http://www.freep.com/money/business/tick2e_20050602.htm
GM will introduce more crossover wagons over the next three years as it strives to become a major player in a fast-growing market where it has so far trailed its competition.
(Detroit Free Press, 6/2, 1C, Mark Phelan)
http://www.freep.com/money/autonews...2e_20050602.htm
GM has tossed aside a promise to back off sweeping national discounts by taking the unprecedented step of extending employee discounts on new cars and trucks to all consumers.
(Detroit News, 6/2, 1C, Ed Garsten)
http://www.detnews.com/2005/autosin.../C01-201339.htm
FORD
Ford asked a court to approve an $8.6 million settlement of lawsuits accusing the company of shutting black workers out of a program that helps employees get promotions and better raises.
(Detroit News, 6/2, 4C)
Thunderbird enthusiasts will meet later this month in front of Ford World Headquarters in Dearborn, MI for a bittersweet celebration to commemorate the 50th anniversary of the introduction of the Thunderbird. They also will be saying goodbye to the famous marque.
(Detroit News, 6/2, 1B, Doug Gunthrie)
http://www.detnews.com/2005/autosco.../B01-201381.htm
Federal investigators and Ford engineers have linked some vehicle fires to a cruise control deactivation switch. They’re examining why the switch, made by Texas Instruments and used on at least 10 million Ford vehicles, has caused fires on some of those vehicles while leaving the vast majority of the other Ford models unscathed.
(USA Today, 6/2, Jayne O’Donnell)
http://www.usatoday.com/money/autos...trol-usat_x.htm
HNA News Summary – Thursday, June 02, 2005
DAIMLER-CHRYSLER
DaimlerChrysler announced the delivery of two fuel cell vehicles to the Bay Area Air Quality Management District in Sacramento, California.
(PRNewswire, 6/1, DaimlerChrysler)
NISSAN-RENAULT
Renault and its Japanese affiliate Nissan opened a joint parts warehouse in Hungary to provide spare parts for their dealers in Central Europe to improve customer service and cut costs.
(Kyodo, 6/1)
TOYOTA
NHTSA said it is investigating reports that a software glitch can stall Toyota’s popular Prius hybrid at highway speeds.
(Detroit News, 6/2, 1C, Jeff Plungis)
(Detroit Free Press, 6/2, 3C, Rip Watson/Bloomberg)
(New York Times. 6/2, C3)
(USA Today, 6/2, 3B, Chris Woodyard)
(Wall Street Journal, 6/2, D6, Sholnn Freeman)
http://www.detnews.com/2005/autosin.../C01-201195.htm
http://www.nytimes.com/2005/06/02/business/02prius.html
http://www.usatoday.com/money/autos...-01-prius_x.htm
http://www.freep.com/money/autonews...2e_20050602.htm
Toyota and PSA Peugeot Citroen officially opened a joint car plant in the Czech Republic this week.
(Detroit News, 6/2, 4C)
http://www.detnews.com/2005/busines.../C04-201151.htm
OTHER AUTOMAKERS
Volkswagen became the first foreign automaker whose exports to Japan have topped the one million-vehicle threshold.
(Kyodo, 6/2)
Volkswagen said the elimination of the overnight shift at the main Wolfsburg, Germany, assembly plant is one option among several labor cost cutting proposals that the company is considering.
(Detroit News, 6/2, 4C)
http://www.detnews.com/2005/busines.../C04-201151.htm
HNA News Summary – Thursday, June 02, 2005
Hyundai said its first U.S. minivan will go on sale in early 2006.
(Detroit Free Press, 6/2, 2C)
http://www.freep.com/money/autonews/irep2e_20050602.htm
SUPPLIERS
JP Morgan Chase & Co. and Citigroup Inc. increased the interest margin on a $750 million term loan for Delphi said three investors who were asked to buy the credit.
(Detroit News, 6/2, 2C)
http://www.detnews.com/2005/busines.../C04-201151.htm
Alcan said it is providing information to Canadian regulators regarding an inquiry into the competitiveness of the sale and supply of aluminum fluoride, which is used in making aluminum.
(Wall Street Journal, 6/2, D4)
Stelco expects operating earnings in the second quarter to be "considerably below" the first-quarter level.
(Wall Street Journal, 6/2, D4)
ENERGY/ENVIRONMENT
OAO Yukos, once Russia’s largest oil company, said it anticipates a 20% decline in production this year since it can’t invest in new capacity because the government continues to tap most of its excess cash.
(Wall Street Journal, 6/2, D4)
California’s governor, Arnold Schwarzenegger, announced targets to cut global warming emissions in the state that are more stringent than the Bush administration’s policy but less aggressive in the next few years than those in the Kyoto Protocol.
(Wall Street Journal, 6/2, A4, Jeffrey Ball)
(New York Times, 6/2, A18, Carolyn Marshall)
http://www.nytimes.com/2005/06/02/n...l/02arnold.html
Crude oil prices rose 5 percent on revived concerns that supplies will be tight this summer and through the end of the year.
(New York Times, 6/2, C13, Jad Mouawad)
(Detroit Free Press, 6/2, 2C, Brad Foss)
(USA Today, 6/2, 1B)
http://www.freep.com/money/business/oil2e_20050602.htm
http://www.nytimes.com/2005/06/02/business/02oil.html?
HNA News Summary – Thursday, June 02, 2005
SAFETY ISSUES
Child safety seats are easier to use and have made strides with clearer labels and instructions, the government said in releasing an annual survey of the seats.
(Wall Street Journal, 6/2, D6)
(Detroit Free Press, 6/2, 2C)
http://www.freep.com/money/autonews/irep2e_20050602.htm
State lawmakers across the U.S. are cracking down on distracted driving as research increasingly documents the perils of inattentiveness behind the wheel.
(Wall Street Journal, 6/2, D4, Al Karr)
(USA Today, 6/2, 1A, Larry Copeland)
http://www.usatoday.com/news/nation...vers-lede_x.htm
http://www.usatoday.com/news/nation...ed-inside_x.htm
INDUSTRY
GM and Ford are cutting production for July, August and September.
(Detroit Free Press, 6/2, 5A, Jeffrey McCracken)
(Detroit News, 6/2, 1A, Christine Tierney)
http://www.detnews.com/2005/autosin.../A01-201462.htm
http://www.freep.com/money/autonews...2e_20050602.htm
May was a double-digit downer for several big automakers -- domestic and foreign -- and the continuing weak performance will result in nationwide reaction to reduce the number of new cars and trucks they have built up on dealer lots.
(Detroit Free Press, 6/2, 1A, Sarah A. Webster, Michael Ellis)
http://www.freep.com/money/autonews...2e_20050602.htm
U.S. auto sales slumped 8 percent in May from a year ago.
(Wall Street Journal, 6/2, A3, Sholnn Freeman)
(New York Times, 6/2, C3, Jeremy W. Peters)
http://www.nytimes.com/2005/06/02/a...les/02auto.html
Responding to sluggish May sales, GM announced a broad discount program that could spark another incentive war despite evidence that traditional incentives have lost their power to sell cars.
(USA Today, 6/2, 1B, Sharon Silk Carty)
(Financial Times, 6/2, 17, Bernard Simon)
http://www.usatoday.com/money/autos...may-sales_x.htm
SalesMax Worldwide, a New York based Internet company, is launching MiAutoNuevo.com, the first Spanish language automotive search engine in the U.S.
(PRNewswire, 6/1, SalesMax Worldwide)
HNA News Summary – Thursday, June 02, 2005
Vehicles sales in Canada dropped 3.1 percent in May compared to the same month a year ago.
(CP, 6/1)
BUSINESS/ECONOMY
U.S. manufacturing expanded at a slower-than-expected rate in May, constrained by high-energy prices and fat inventories, especially in the automotive sector.
(Detroit Free Press, 6/2, 1C)
(Detroit News, 6/2, 4C, Theresa Agovino)
(Wall Street Journal, 6/2, B2, Timothy Aeppel)
http://www.detnews.com/2005/busines.../C04-201151.htm |
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