GM Asset Sale Gets Judge's Approval
from The Wall Street Journal
 A federal judge approved the sale of General Motors Corp.'s assets to a new government-run company, removing a key hurdle to the auto maker's plan to exit bankruptcy. Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an 87-page ruling allowing the sale to go forward. He rejected pleas from dissident bondholders and product-liability claimants who objected to GM's plans. More 
Beijing Auto Submits Offer to Acquire GM’s Opel Unit
from The Wall Street Journal
China's Beijing Automotive Industry Holding, or BAIC, made a concrete offer for General Motors Corp.'s Adam Opel GmbH unit, a GM spokeswoman said. A person familiar with the situation said that BAIC handed in a nonbinding offer valued at $924 million for an equity stake in GM's Opel and Vauxhall businesses. Under the plan, BAIC would take a 51 percent stake and GM would keep 49 percent, the person said. No plants would be closed in Germany, but jobs would be cut, including staff at Opel's headquarters. More
Chrysler Appoints Steenland, TIAA’s Thompson to Board
from Bloomberg
Chrysler Group LLC, the U.S. automaker run by Fiat SpA, said former Northwest Airlines Corp. Chief Executive Officer Douglas Steenland will join the nine- member board of directors. The automaker, which emerged from bankruptcy on June 10, also added to the board of directors the former Governor of Michigan James Blanchard; George Gosbee, chief executive officer and president of Tristone Capital Inc.; Sageview Capital LLC founding partner Scott Stuart; Ronald Thompson, chairman of the board of trustees for Teachers Insurance and Annuity Association, and R.R. Donnelley & Sons Co. Chairman Stephen Wolf. More
VW-Porsche Ties May Steer Industry Future
from The Detroit Free Press
The family dynamics of the super-rich, German politics and international finance are playing out in a drama to control two of the auto industry's leading companies. The futures of Volkswagen and Porsche are at stake. Depending on fortune and the German car sales, VW may be the world's largest automaker by the end of this year. Its ambitious U.S. expansion plan includes at least one new assembly plant. More
GM Sales Show Significance of China
from The Wall Street Journal
General Motors Corp. said its first-half sales in China rose 38 percent from a year earlier to a record 814,442 units, underlining the importance of the Chinese auto market to the U.S. car maker as it works to emerge from bankruptcy protection. Sales of small autos helped GM's January-June period, and GM China Group President Kevin Wale said new models will boost second-half sales. More
Wind Power Gathers Speed
from The Detroit News
Michael Fogel is not a newcomer to the renewable energy initiative. In fact, his West Virginia home has been fitted with the green-friendly gadgets since the 1990s, with more on the way. But the same cannot be said for his West Bloomfield Township home. Fogel, 67, is hoping township officials will soon implement a wind turbine ordinance so property owners can offset the increasing costs of electricity and heat supplied by fossil fuels. "It's better late than never," he said. "If everybody would try to do a little bit, we'd contribute to the national energy problem in a great way. It's exciting to harness free energy." More
Boeing Shopping in South Carolina?
from Aviation Week
Officials at Boeing Commercial Airplanes and Vought Aircraft Industries are not commenting on reports that Boeing is in negotiations with the Dallas-based Vought to buy out its Advanced Aero Solutions unit in South Carolina, which makes 787 aft fuselage assemblies. A Boeing official said the company does not comment on possible mergers and acquisitions and a Vought official responded similarly about possible sales. More
Is the Worst Over? Most Economists Say Yes
from National Public Radio
At the beginning of 2009, many Americans feared an economic depression was at hand. In January alone, U.S. employers slashed nearly three-quarters of a million jobs. Now, as the year's second half begins, most economists are saying the worst of the recession is over, and that slow growth will begin in the fall. More
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