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Oct 27, 2011

Exclusive – Conflict of interest questions raised at Olympus

DETROIT/TOKYO (Reuters) – U.S. patent records point to a possible conflict of interest in an Olympus investment in a cookware company, raising more questions for investors demanding a full explanation from the Japanese company of acquisitions that made heavy losses.

A venture capitalist who managed an Olympus fund that invested $225 million (140 million pounds) in the new enterprise was part-owner of a cookware patent which he transferred to the target business, just as Olympus was pouring money into it, various documents appear to show.

Oct 27, 2011

Records raise conflict of interest question at Olympus

DETROIT/TOKYO, Oct 27 (Reuters) – U.S. patent records point
to a possible conflict of interest in an Olympus investment in a
cookware company, raising more questions for investors demanding
a full explanation from the Japanese company of acquisitions
that made heavy losses.

A venture capitalist who managed an Olympus fund that
invested $225 million in the new enterprise was part-owner of a
cookware patent which he transferred to the target business,
just as Olympus was pouring money into it, various documents
appear to show.

Sep 22, 2011

Special report: Crunch time at America’s richest union

DETROIT (Reuters) – Bob King, the president of the United Auto Workers, has a problem: the labor union that credits itself with creating the American middle class has glimpsed the end of the line.

Two years after the wrenching restructuring of the U.S. auto industry and the bankruptcies that remade General Motors and Chrysler, the UAW is facing its own financial reckoning. America’s richest union has been living beyond its means and running down its savings, an analysis of its financial records shows.

Sep 22, 2011

Crunch time at America’s richest union

DETROIT, Sept 22 (Reuters) – Bob King, the president of the
United Auto Workers, has a problem: the labor union that credits
itself with creating the American middle class has glimpsed the
end of the line.

Two years after the wrenching restructuring of the U.S. auto
industry and the bankruptcies that remade General Motors and
Chrysler, the UAW is facing its own financial reckoning.
America’s richest union has been living beyond its means and
running down its savings, an analysis of its financial records
shows.

Sep 17, 2011

GM, UAW reach first labor deal since bankruptcy

DETROIT, Sept 17 (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and
the United Auto Workers union reached a proposed contract for
about 48,500 production workers that would create new U.S.
factory jobs and include profit-sharing bonuses.

The proposed contract, which must be ratified by
rank-and-file workers, represents the first since U.S.
taxpayers bailed out GM and Chrysler Group LLC in 2009.

Sep 17, 2011

GM, UAW nearing labor deal

DETROIT, Sept 16 (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and
the United Auto Workers union negotiated into the night Friday
to hammer out a new contract for 49,000 production workers in
the first talks since the top U.S. automaker was saved by a
government bailout.

Earlier on Friday, UAW officials said they were in the
final stage of agreeing on a new contract.

Sep 15, 2011

GM, Chrysler extend UAW contracts after talks slow

DETROIT (Reuters) – General Motors Co and Chrysler Group LLC agreed to extend labor contracts with the United Auto Workers on Thursday as the union’s negotiations failed to produce the expected breakthrough on pay for 113,000 autoworkers.

The contract extensions followed a similar agreement at Ford Motor Co on Tuesday. The UAW’s contracts with all three automakers expired just before midnight on Wednesday.

Aug 4, 2011

GM profit nearly doubles but slowdown risk ahead

DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research) quarterly profit nearly doubled, beating expectations, as the top U.S. automaker took a larger share of global sales and raised prices on its vehicles at a time when major Japanese competitors were largely sidelined.

Despite the stronger-than-expected results, GM faces a tough second half of 2011 with risks from a sputtering economy and Japanese rivals itching to retake share as they recover from the March earthquake in Japan.

Aug 4, 2011

GM profit nearly doubles on stronger pricing

DETROIT (Reuters) – General Motors Co’s quarterly profit nearly doubled, beating expectations, as the top U.S. automaker took a larger share of sales globally and raised prices on its vehicles.

Coming out of bankruptcy, GM Chief Executive Dan Akerson and other executives said the company had stripped out enough costs to recession-proof the business so it could thrive even in a weak auto market. The industry’s sales slump in the second quarter and the risk of a double-dip recession could provide the first major test for that claim.

Aug 3, 2011

U.S. automakers warn of fragile demand

DETROIT, Aug 2 (Reuters) – U.S. auto sales ticked higher in
July, but the industry’s top salesmen cautioned the prospect
for a second-half recovery remained clouded with consumers
hurting in a weak economy.

Chrysler’s U.S. sales chief, Reid Bigland, called the
market “tougher than a cheap steak,” while his equivalent at
General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz), Don Johnson, said “consumer
confidence is pretty fragile right now because of everything
that’s happened in the past few months.”

    • About Kevin

      "Kevin Krolicki is Reuters bureau chief in Detroit where he has been based since 2006. He has also worked as an editor and reporter in Los Angeles and Tokyo."
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