Eric's Feed
Jul 27, 2014

Israel’s Netanyahu says Hamas has violated its own cease-fire: CNN

WASHINGTON (Reuters) – Israeli Prime Minister Benjamin Netanyahu said on Sunday the Palestinian militant group Hamas had violated its own offer of a 24-hour humanitarian truce in Gaza.

Asked whether Israel would accept the truce offer, Netanyahu told CNN’s “State of the Union” program: “Hamas doesn’t even accept its own cease-fire, it’s continuing to fire at us as we speak.”

Jul 17, 2014

GM legal department comes under fire at Senate hearing

WASHINGTON (Reuters) – General Motors’ (GM.N: Quote, Profile, Research, Stock Buzz) legal department came under fire in a Senate hearing on Thursday, as lawmakers questioned why the automaker took more than 10 years to recall cars with ignition switch flaws while its lawyers worked on numerous cases involving deaths or injury caused by the malfunctioning switch.

Senator Claire McCaskill, chairwoman of the Senate Commerce subcommittee, questioned why GM’s general counsel, Michael Millikin, kept his job after a company review released last month criticized lower-level lawyers for not escalating the safety issue.

Jun 22, 2014

House Republican leader opposes Export-Import Bank renewal

WASHINGTON (Reuters) – The newly elected No. 2 Republican in the House of Representatives said on Sunday he opposed renewing the charter for the U.S. Export-Import Bank, which helps finance exports of U.S. goods and services.

Representative Kevin McCarthy, the incoming House majority leader, told “Fox News Sunday” the bank’s role should be taken over by the private sector. Asked if he would allow the bank’s charter to expire at the end of September, McCarthy said: “Yes, because it’s something that the private sector can be able to do.”

Jun 19, 2014

GM emails show more unheeded warnings about ignition defects

WASHINGTON (Reuters) – U.S. lawmakers on Wednesday accused General Motors Co of a “disturbing pattern” of neglecting safety and revealed emails from 2005 in which a GM employee warned a “big recall” may be necessary over an ignition-switch problem that was only addressed this week.

GM Chief Executive Mary Barra faced tough questions about widespread safety failures at GM in her third public appearance before Congress since the automaker started recalling millions of vehicles in February.

Jun 18, 2014

U.S. lawmakers slam GM’s ‘culture of secrecy’

WASHINGTON (Reuters) – U.S. lawmakers on Wednesday slammed General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) for a “culture of secrecy” and said a company investigation that found top executives did not know for years about a deadly ignition switch defect does not absolve them of responsibility.

GM Chief Executive Mary Barra returned before a House Energy and Commerce subcommittee to face harsh questions about why the No. 1 U.S. automaker waited more than a decade to recall millions of vehicles with the defect linked to at least 13 deaths.

Jun 11, 2014

U.S. student loan refinancing bill fails Senate hurdle

WASHINGTON, June 11 (Reuters) – Legislation to allow student
loan borrowers to refinance at lower interest rates failed to
clear a procedural hurdle in the U.S. Senate on Wednesday,
dooming a measure that was a Democratic priority ahead of
November congressional elections.

Democrats had said the bill would let holders of both
federal and private undergraduate loans – some with rates of 9
percent or higher – to refinance at 3.86 percent. Republicans
thought the legislation was too expensive.

May 21, 2014

Fiat Chrysler CEO says GM has made automakers more sensitive on safety

WASHINGTON, May 21 (Reuters) – Fiat Chrysler Automobiles
Chief Executive Sergio Marchionne said on Wednesday the
fallout from General Motors’ delay in recalling millions
of cars for faulty ignition switches has made automakers more
sensitive about safety issues.

“Given the nature of the events that we’ve seen in the last
three or four months, I think it is more than likely automotive
houses will now shift their attitude and be even more prudent
than they would have been under normal circumstances. And
probably beyond what is required,” Marchionne told reporters.

May 21, 2014

Auto task force members say were not aware of GM’s faulty ignition switch

WASHINGTON, May 21 (Reuters) – Two former members of the
U.S. auto task force that helped restructure General Motors Co
in 2009 during its bankruptcy said they were not aware at
the time of the defective ignition switches linked to at least
13 deaths.

Harry Wilson, speaking at a conference in Washington, said
the task force on which he served never met with lower level GM
engineers, adding that the crisis brought on by the faulty
switch showed the cultural problems at the largest U.S.
automaker.

May 21, 2014

Fiat Chrysler CEO: Please don’t buy Fiat 500e electric car

WASHINGTON (Reuters) – Fiat Chrysler Automobiles (FIA.MI: Quote, Profile, Research, Stock Buzz) Chief Executive Sergio Marchionne has a request for potential buyers of the automaker’s Fiat 500e electric car: Don’t buy it. He’s tired of losing money.

Speaking at a conference in Washington on Wednesday, Marchionne said Tesla Motors Inc (TSLA.O: Quote, Profile, Research, Stock Buzz) was the only company making money on electric cars and that was because of the higher price point for its Model S sedan. Decrying the federal and state mandates that push manufacturers to build electric cars, Marchionne said he hoped to sell the minimum number of 500e cars possible.

May 21, 2014

Fiat Chrysler CEO says automakers now more sensitive to safety issues

WASHINGTON, May 21 (Reuters) – Fiat Chrysler Automobiles
Chief Executive Sergio Marchionne said on Wednesday
that the fallout from General Motors’ delay in recalling
millions of cars for faulty ignition switches has prompted
automakers to be more sensitive to safety issues.

“Given the nature of the events that we’ve seen in the last
three or four months, I think it is more than likely automotive
houses will now shift their attitude and be even more prudent
than they would have been under normal circumstances. And
probably beyond what is required,” Marchionne told reporters.