Close Brothers: How the motor finance scandal reshaped one of ‘Europe’s least cost-efficient lenders’
US in bear territory July 3, 2008 Another torrid day of trading on Wall Street plunged America into an official bear market last night for the first time as oil prices hit a fresh high. A technical bear market occurs when shares are seen to have fallen by a fifth from their previous highs. Oil moved above $144 in New York, while [...]
Investigation into GM’s pension fund October 28, 2005 Loss-making General Motors, the world’s largest carmaker, is being investigated by regulators over its pension accounting and the insurance regime at its finance arm. The powerful American regulator the Securities and Exchange Commission (SEC) has issued subpoenas against GM which centre on its pension liabilities with car parts maker Delphi, which declared bankruptcy earlier this [...]
Toyota revs up October 27, 2005 As the wheels come off at GM, Toyota makes its passing move. Roger Baird surveys the wreckage General Motors will have to change the first line of its company profile. It’s not going to be the world’s biggest car maker for much longer. Detroit is being replaced by Tokyo. It may not be able to [...]
GM moves to sell off lorries October 25, 2005 General Motors is in talks to sell its lorry businesses in Australia and South Africa to Japanese manufacturer Isuzu, as it attempts to raise cash and focus on car production. GM is struggling to cut costs and boost sales as it loses ground to leaner rivals such as Toyota and Nissan. Isuzu will reportedly buy [...]