GMAC to get $1 bln from GM, cites subprime pressure
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GMAC, the former finance arm of General Motors Corp. , said on Tuesday it would receive another $1 billion from GM and warned it would be hit by pressure from a weakening market for U.S. mortgages.
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Aiming to capitalize on consumer angst about the high cost of gasoline, General Motors Corp. on Tuesday said it would cap pump prices at &#36;1.99 for customers in California and Florida who buy certain vehicles by July 5.
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General Motors has a new pitch for car shoppers to coincide with an expected rate hike Wednesday from the Federal Reserve. GM&#39;s program, called &quot;Lock &#39;n&#39; Roll,&quot; will give shoppers who buy a
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Nucleus Software Exports Ltd today announced the purchase by the company and its nominees of 10,040,000 equity shares of Chennai-based GMAC Financial Services India Ltd, the Indian automotive finance operation of General Motors Acceptance Corporation.
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General Motors said Thursday it expects to take a $1 billion charge in the second quarter and pay a total of $7 billion to cover retirement costs for workers at the Delphi Corporation.
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Magna International Inc., Canada&#39;s largest auto parts supplier, offered to buy out shares in three units for as much as C$1.3 billion ($1.
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DETROIT, May 23  â The General Motors Corporation has put up a 49 percent stake in its former financial arm as collateral for a $4.1 billion revolving line of credit, the company said late Wednesday.
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U.S. corporate bond spreads ended a  touch wider with bonds of General Motors GM.N coming under  significant pressure on Tuesday, while ongoing demand for  higher yield kept new issues rolling in, market players said.
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General Motors Acceptance Corp. plans to sell $2.7 billion of securities backed by auto loans on Wednesday, a person familiar with the deal said on Tuesday.
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The crisis in the US sub-prime mortgage market leads to losses at US consumer finance firm GMAC.
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MBIA said it would sell $1 billion of debt to preserve capital and the triple-A ratings it needs to operate in a mortgage market under siege.
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General Motors Corp., the world&#39;s largest automaker, announced Tuesday that the 1,100 remaining workers at its Baltimore assembly plant will lose their jobs
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Profit at Merrill Lynch & Co. Inc.  could take a big hit if the U.S. brokerage heavyweight cuts the value on nearly $1 billion in subprime lender assets it bought just eight months ago.
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General Electric plans to sell its WMC Mortgage sub-prime lending business that it bought in 2004.
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General Motors Corp.  said on Thursday U.S. securities regulators had requested documents relating to its accounting for financial hedges and said a parallel inquiry at its former finance arm could force the automaker to restate past results again.
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Accredited Home Lenders Holding Co.  , a U.S. subprime mortgage lender, said on Tuesday it  needed to raise cash after paying $190 million demanded by its  lenders, sending its shares down as much as 53.5 percent to a  record low.
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General Electric Co.  said on Wednesday it had received orders for $1 billion in power-generation and water-processing projects in Saudi Arabia, which a GE official described as the company's fastest-growing power-generation market outside the United States and Western Europe.