Share prices of European carmakers and associated industries fell sharply as fallout spread across the Atlantic from the U.S. Senate's rejection of a bailout for an auto sector under the threat of possible collapse.
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The Swedish government has presented a 25 billion kroner (US$3.4bn) support package to help its automotive sector. The plan - still requiring lawmakers' approval - offers credit guarantees, emergency loans and research funds to boost automotive companies.
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Daimler has announced that Wilfried Porth will become its new board member for human resources and labor relations director. Porth starts his new job on April 8, 2009, following Daimler's annual general meeting. He has a three-year contract.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Hopes of a pre-Christmas rescue of Detroit's Big Three automakers - in particular General Motors and Chrysler which are fast running out of cash - faded last night after a Democrat-sponsored bill that passed the House of Representatives was torpedoed by Republicans in the Senate by 52 votes to 35 with 10 Republicans joining 40 Democrats and 2 independents in favour.
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Amidst the doom and gloom there is some positive news from Daimler. It has acquired a 10% stake in Russian truck manufacturer Kamaz for US$250m.
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The German automotive industry trade association, Verband der Automobilindustrie (VDA) is considering setting up a fund to support suppliers in trouble.
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High debt levels are causing concern at German automotive supplier Continental and Schaeffler, which is in the process of taking it over.
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Workers at General Motors' Opel could take a stake in the company in return for concessions, a magazine said Friday.
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Talks between the German government and carmaker Opel are continuing and Berlin stands ready to decide on providing guarantees to the company before Christmans if it needs help, the Economy Ministry said on Friday.
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Volkswagen's Czech unit Skoda will halt work on Fridays in the first half of 2009 due to the lasting financial crisis, Czech news agency CTK reported, citing a spokesman.
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Ford Focus Revealed, VW Scirocco, Mercedes Fascination Driven, Lambo Powered Audi R8, Honda's Hybrid revealed
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The Senate late on Thursday failed to craft a Detroit 3 bailout that would have rolled back UAW wages and benefits to the level of North America's transplant automakers.
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The U.S. Treasury Department maintains that a $700-billion bailout fund approved by Congress is best used in trying to stabilize the nation's troubled financial sector and a spokeswoman indicated on Thursday night that was unlikely to change.
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The U.S. Treasury Department maintains that a $700-billion bailout fund approved by Congress is best used in trying to stabilize the nation's troubled financial sector and a spokeswoman indicated on Thursday night that was unlikely to change.
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Chrysler LLC's suppliers have begun asking for cash on delivery for auto parts, the Associated Press reported late Thursday, citing an interview with executives.
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Adam Parr, the Williams chief executive, has admitted he regrets making "stupid" comments about the risk of formula one losing another team before the start of the 2009 season.
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The World Motor Sport Council of the FIA met in Monaco on December 12, 2008. The following decisions were taken in regards to the future of Formula 1.
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Late yesterday night, the U.S. Senate failed to pass a $14-billion rescue package for the Big 3. This morning, the Bush Administration announced it is considering providing help with money from the Wall Street bailout to prevent the collapse of the automakers.
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Adam Parr, the Williams chief executive, has admitted he regrets making "stupid" comments about the risk of formula one losing another team before the start of the 2009 season.
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