Chrysler and Fiat make it officialFiat CEO Sergio Marchionne becomes Chrysler chief under new owners, including Italian automaker, the UAW and the U.S. and Canadian governments.
NEW YORK (CNNMoney.com) -- Chrysler and Italian automaker Fiat on Wednesday officially signed a strategic alliance brokered by the U.S. government, one day after the Supreme Court cleared the path for the deal.
Fiat will initially take a 20% stake in the company; its share can go up to 35% if it reaches certain fuel-efficiency goals.
"This is a very significant day ... for the global automotive industry as a whole," said Sergio Marchionne, Fiat's chief executive who was named the CEO of Chrysler on Wednesday. "From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry."
Fiat spokesman Gualberto Ranieri said Marchionne will retain the title of CEO of both Chrysler and Fiat. Former Vice Chairman Jim Press was promoted to deputy CEO and special advisor; he will be the point man for Chrysler's restructuring.
The new Chrysler: The deal established a new company, called Chrysler Group LLC, after the former Chrysler LLC sold nearly all of its assets to the new firm.
Chrysler Group is 55% owned by the United Auto Workers union. The U.S. government holds an 8% stake and Canada a 2% share. Fiat will not be allowed to take a majority stake until the new Chrysler pays back the $22.1 billion lent to it from the Treasury Department, including Wednesday's $6.6 billion wire transfer.
Chrysler's new board will consist of three Fiat directors, four representing the U.S. government, one from the UAW and one from the Canadian government. The company said it expects to name former Borden Chemical and Duracell chief executive as its chairman.
Marchionne said the Chrysler plants that had been shuttered as a result of the company's bankruptcy process will be back up and running "soon," and the company will focus on developing fuel-efficient vehicles that will "become Chrysler's hallmark going forward."
Jeremy Anwyl, CEO of Edmunds.com, said it will take 18 months to two years for Chrysler to begin unveiling smaller cars that have helped Fiat grow in Europe. Even after the Fiat integration is complete, Chrysler's future path is uncertain.
"Much of Chrysler's future success will depend on fuel prices and Americans' appetite for small cars," said Anwyl. "But Chrysler has an opportunity to look for niches that have been under-explored, as they did in the past with the PT Cruiser and minivan market."
Not out of bankruptcy yet: Chrysler filed for bankruptcy on April 30, and the Obama administration hoped the process would take less than 60 days to complete. Though Chrysler sold its assets to Chrysler Group LLC, the old Chrysler will likely remain in bankruptcy for quite some time as it resolves its debts and liabilities.
"This is by no means the end of Chrysler's bankruptcy case," said Ed Neiger, founder of Neiger LLP, a creditors' rights and bankruptcy law firm. "So many issues still need to be resolved, which may take months or even years."
The U.S. Supreme Court on Tuesday cleared the way for the deal after delaying the sale pending review of a case brought by Indiana state pension funds challenging Chrysler's bankruptcy. Those funds argued that they and other lenders deserved better treatment by the bankruptcy court.
Has the recession actually helped you? From lower debt payments to cheaper home prices, many people have benefited from the current downturn. If you've made out financially and want to share your story, please email steve.hargreaves@turner.com.
http://money.cnn.com/2009/06/10/news/companies/chrysler_fiat/index.htm
mercoledì 10 giugno 2009
GADDAFI THE MAD DOG IS IN ITALY FOR 3 DAYS
IS NO WELCOME FOR ME THAT ASSHOLE
Gaddafi begins first Italy visit AdvertisementLibyan leader Colonel Gaddafi arrives in Italy
Libyan leader Muammar Gaddafi has arrived in Rome on his first visit to Italy, Libya's former colonial ruler and now its biggest trading partner.
Despite improved relations between the two states, Col Gaddafi landed wearing a photo of a Libyan who was executed by Italian colonial authorities.
He will meet top officials and stay in a tent he uses for foreign trips.
Talks are expected on investment between the two countries and the issue of illegal immigration.
Muammar Gaddafi wore a carefully selected photo on arrival in Rome
Enlarge Image Col Gaddafi - dressed in full military regalia and heading a 200-member entourage - was given a red-carpet welcome by Prime Minister Silvio Berlusconi at Rome's Ciampino airport.
Security will be tight during the three-day visit, says the BBC's David Willey in Rome.
Demonstrations are planned by left-wing students who are against Mr Berlusconi's policy - with Libyan help - of intercepting and forcibly repatriating immigrants who try to reach Italy by sea.
Human Rights Watch said the policy, part of an Italy-Libya Friendship Treaty had seen about 500 migrants towed to Libya without any screening since 6 May.
"It looks less like friendship and more like a dirty deal to enable Italy to dump migrants and asylum seekers on Libya and evade its obligations," the group said in a statement.
Love-hate relationship
Col Gaddafi is expected to meet his visitors in his Bedouin-style tent which has been set up in the park of a 17th Century Roman villa where he is staying.
He is also due to address a group of 700 Italian women from the fields of business, politics and culture.
He held a similar meeting on a visit to Paris in 2007, and told guests he wanted to "save European women".
A tent has been erected on the grounds of Villa Pamphili in Rome Col Gaddafi, whose country holds the rotating presidency of the African Union, will return to Rome next month as a delegate to the Group of Eight (G8) summit.
But this is his first visit to Italy since he took power in a coup in 1969, following Italy's 30-year occupation of Libya.
The BBC's Rana Jawad in Tripoli says the two countries have had a love-hate relationship.
Since independence the Italian language has been effectively banned in Libya, while Italian settlers were expelled soon after Col Gaddafi took power and barred from ever returning.
Italy's brutal occupation of Libya, when tens of thousands of Libyans were forcibly moved to concentration camps, was not easily forgotten, our correspondent says.
But in recent years the relationship has flourished and even turned to friendship.
Business deals have surged and expelled settlers are now allowed to visit. Col Gaddafi is accompanied in Italy by a delegation of Libyan businessmen looking to boost their investments in Italian industry.
Last year Rome agreed to pay Libya $5bn (£3bn) in reparations for colonial policies.
"I praise this generation of Italians for having resolved the issues of the past with great courage," Col Gaddafi said on arrival on Wednesday.
However he had attached to the lapel of his military uniform a picture of national hero Omar al-Mukhtar - who was executed by Italian colonial authorities - chained by his captors.
Col Gaddafi travelled to Rome with Omar al-Mukhtar's elderly son, Mohammed Omar al-Mukhtar, who had to be helped off the plane by security guards.
http://news.bbc.co.uk/2/hi/europe/8092535.stm
Gaddafi begins first Italy visit AdvertisementLibyan leader Colonel Gaddafi arrives in Italy
Libyan leader Muammar Gaddafi has arrived in Rome on his first visit to Italy, Libya's former colonial ruler and now its biggest trading partner.
Despite improved relations between the two states, Col Gaddafi landed wearing a photo of a Libyan who was executed by Italian colonial authorities.
He will meet top officials and stay in a tent he uses for foreign trips.
Talks are expected on investment between the two countries and the issue of illegal immigration.
Muammar Gaddafi wore a carefully selected photo on arrival in Rome
Enlarge Image Col Gaddafi - dressed in full military regalia and heading a 200-member entourage - was given a red-carpet welcome by Prime Minister Silvio Berlusconi at Rome's Ciampino airport.
Security will be tight during the three-day visit, says the BBC's David Willey in Rome.
Demonstrations are planned by left-wing students who are against Mr Berlusconi's policy - with Libyan help - of intercepting and forcibly repatriating immigrants who try to reach Italy by sea.
Human Rights Watch said the policy, part of an Italy-Libya Friendship Treaty had seen about 500 migrants towed to Libya without any screening since 6 May.
"It looks less like friendship and more like a dirty deal to enable Italy to dump migrants and asylum seekers on Libya and evade its obligations," the group said in a statement.
Love-hate relationship
Col Gaddafi is expected to meet his visitors in his Bedouin-style tent which has been set up in the park of a 17th Century Roman villa where he is staying.
He is also due to address a group of 700 Italian women from the fields of business, politics and culture.
He held a similar meeting on a visit to Paris in 2007, and told guests he wanted to "save European women".
A tent has been erected on the grounds of Villa Pamphili in Rome Col Gaddafi, whose country holds the rotating presidency of the African Union, will return to Rome next month as a delegate to the Group of Eight (G8) summit.
But this is his first visit to Italy since he took power in a coup in 1969, following Italy's 30-year occupation of Libya.
The BBC's Rana Jawad in Tripoli says the two countries have had a love-hate relationship.
Since independence the Italian language has been effectively banned in Libya, while Italian settlers were expelled soon after Col Gaddafi took power and barred from ever returning.
Italy's brutal occupation of Libya, when tens of thousands of Libyans were forcibly moved to concentration camps, was not easily forgotten, our correspondent says.
But in recent years the relationship has flourished and even turned to friendship.
Business deals have surged and expelled settlers are now allowed to visit. Col Gaddafi is accompanied in Italy by a delegation of Libyan businessmen looking to boost their investments in Italian industry.
Last year Rome agreed to pay Libya $5bn (£3bn) in reparations for colonial policies.
"I praise this generation of Italians for having resolved the issues of the past with great courage," Col Gaddafi said on arrival on Wednesday.
However he had attached to the lapel of his military uniform a picture of national hero Omar al-Mukhtar - who was executed by Italian colonial authorities - chained by his captors.
Col Gaddafi travelled to Rome with Omar al-Mukhtar's elderly son, Mohammed Omar al-Mukhtar, who had to be helped off the plane by security guards.
http://news.bbc.co.uk/2/hi/europe/8092535.stm
THE IRANIAN ELECTIONS? BULLSHIT
FOR ME FOR TO USE A KIND OF SAY IN ITALY:MI PARE UNA STRONZATA.....
Iran election row fires up rivals Mr Rafsanjani remains powerful 12 years since he gave up the presidency A war of words between political rivals in Iran has intensified, two days before the country votes in presidential elections.
Ex-President Akbar Hashemi Rafsanjani has urged the Supreme Leader, Ayatollah Ali Khamenei, to rein in current President Mahmoud Ahmadinejad.
In a TV election debate last week, Mr Ahmadinejad alleged that Mr Rafsanjani and other politicians were corrupt.
Mr Ahmadinejad also accused rivals of lying about the state of the economy.
He is thought to be in a tight race with his main rival, reformist Mir Hossein Mousavi. Two other candidates are standing.
In a rally in Tehran on the last day of campaigning, attended by thousands, President Ahmadinejad lambasted his opponents, saying Iranians would "send them to the bottom of history".
The BBC's John Leyne in Tehran says huge crowds have been gathering in the capital in support of rival candidates, sounding more like boisterous football crowds than election campaigners.
The campaign at first appeared to be relatively dull, our correspondent says, but there has been an amazing surge of enthusiasm since the TV debates.
TV request
Mr Rafsanjani, who was Mr Ahmadinejad's main opponent in the 2005 elections, was himself president from 1989 to 1997 and currently heads the Expediency Council - Iran's main political arbitration body.
Power of women in Iran's election In an open letter to the supreme leader published by several newspapers, he said Mr Ahmadinejad's statements threatened to undermine the Islamic revolution.
He had personally told the president to take back his remarks, which he described as "irresponsible and untruthful", he said. He asked Ayatollah Khamenei to resolve the dispute.
"I ask your eminence, given your position, responsibility and personality, to solve this problem and act in a way you deem right to take effective action in eliminating the mutiny," the former president said, quoted by AFP news agency.
Fourteen high-ranking clerics echoed the complaint.
Mr Ahmadinejad told supporters at the rally that he had asked to appear on state TV to respond to criticism by use of graphs of his handling of the economy by Mr Mousavi and another candidate, Mohsen Rezai.
No decision has been taken on whether to broadcast the message.
Our correspondent says if it goes ahead it is likely to upset the other candidates, who will not be able to respond themselves before campaigning ends at 0800 local time (0330 GMT) on Thursday.
I DON'T BELIEVE TO THIS ELECTIONS
http://news.bbc.co.uk/2/hi/middle_east/8093480.stm
Iran election row fires up rivals Mr Rafsanjani remains powerful 12 years since he gave up the presidency A war of words between political rivals in Iran has intensified, two days before the country votes in presidential elections.
Ex-President Akbar Hashemi Rafsanjani has urged the Supreme Leader, Ayatollah Ali Khamenei, to rein in current President Mahmoud Ahmadinejad.
In a TV election debate last week, Mr Ahmadinejad alleged that Mr Rafsanjani and other politicians were corrupt.
Mr Ahmadinejad also accused rivals of lying about the state of the economy.
He is thought to be in a tight race with his main rival, reformist Mir Hossein Mousavi. Two other candidates are standing.
In a rally in Tehran on the last day of campaigning, attended by thousands, President Ahmadinejad lambasted his opponents, saying Iranians would "send them to the bottom of history".
The BBC's John Leyne in Tehran says huge crowds have been gathering in the capital in support of rival candidates, sounding more like boisterous football crowds than election campaigners.
The campaign at first appeared to be relatively dull, our correspondent says, but there has been an amazing surge of enthusiasm since the TV debates.
TV request
Mr Rafsanjani, who was Mr Ahmadinejad's main opponent in the 2005 elections, was himself president from 1989 to 1997 and currently heads the Expediency Council - Iran's main political arbitration body.
Power of women in Iran's election In an open letter to the supreme leader published by several newspapers, he said Mr Ahmadinejad's statements threatened to undermine the Islamic revolution.
He had personally told the president to take back his remarks, which he described as "irresponsible and untruthful", he said. He asked Ayatollah Khamenei to resolve the dispute.
"I ask your eminence, given your position, responsibility and personality, to solve this problem and act in a way you deem right to take effective action in eliminating the mutiny," the former president said, quoted by AFP news agency.
Fourteen high-ranking clerics echoed the complaint.
Mr Ahmadinejad told supporters at the rally that he had asked to appear on state TV to respond to criticism by use of graphs of his handling of the economy by Mr Mousavi and another candidate, Mohsen Rezai.
No decision has been taken on whether to broadcast the message.
Our correspondent says if it goes ahead it is likely to upset the other candidates, who will not be able to respond themselves before campaigning ends at 0800 local time (0330 GMT) on Thursday.
I DON'T BELIEVE TO THIS ELECTIONS
http://news.bbc.co.uk/2/hi/middle_east/8093480.stm
FIRST MATCH OF CONFEDERATION CUP FOR ITALY AGAINST UNITED STATES NEXT 15 JUNE
US name squad for Confed CupLandon Donovan and Tim Howard were included in the 23-man roster named by coach Bob Bradley for the Confederations Cup.
Landon Donovan, the all-time US scoring leader, and Everton goalkeeper Tim Howard were included in Bob Bradley’s roster for the Confederations Cup 2009. The coach unveiled the squad on Sunday, one day after enhancing their 2010 World Cup hopes with a 2-1 victory over Honduras. The American squad has 17 European-based players and sets off on Monday for South Africa to begin training in Pretoria.Bob Bradley's men open the tournament against Italy on June 15 and then play Brazil on June 18 and Egypt on June 21."The FIFA Confederations Cup is a great opportunity to play against top level competition and gain further experience competing in tough games," Bradley said.Steve Cherundolo and Frankie Hejduk were left off the American squad due to injury. The United States will contest the CONCACAF Gold Cup in July at home before resuming World Cup qualifying in August at Mexico.US Confederations Cup rosterGoalkeepers: Brad Guzan (Aston Villa), Tim Howard (Everton), Luis Robles (Kaiserslautern).Defenders: Carlos Bocanegra (Rennes), Jonathan Bornstein (Chivas USA), Danny Califf (Midtjylland), Jay DeMerit (Watford), Oguchi Onyewu (Standard de Liege), Heath Pearce (Hansa Rostock), Jonathan Spector (West Ham United), Marvell Wynne (Toronto FC).Midfielders: Freddy Adu (AS Monaco), DaMarcus Beasley (Rangers), Michael Bradley (Borussia Monchengladbach), Ricardo Clark (Houston Dynamo), Benny Feilhaber (Aarhus), Sacha Kljestan (Chivas USA), Jose Francisco Torres (Pachuca).Forwards: Jozy Altidore (Xerez), Conor Casey (Colorado Rapids), Charlie Davies (Hammarby), Clint Dempsey (Fulham), Landon Donovan (Los Angeles Galaxy).
Landon Donovan was included in the US roster for the Confederations Cup.
Landon Donovan, the all-time US scoring leader, and Everton goalkeeper Tim Howard were included in Bob Bradley’s roster for the Confederations Cup 2009. The coach unveiled the squad on Sunday, one day after enhancing their 2010 World Cup hopes with a 2-1 victory over Honduras. The American squad has 17 European-based players and sets off on Monday for South Africa to begin training in Pretoria.Bob Bradley's men open the tournament against Italy on June 15 and then play Brazil on June 18 and Egypt on June 21."The FIFA Confederations Cup is a great opportunity to play against top level competition and gain further experience competing in tough games," Bradley said.Steve Cherundolo and Frankie Hejduk were left off the American squad due to injury. The United States will contest the CONCACAF Gold Cup in July at home before resuming World Cup qualifying in August at Mexico.US Confederations Cup rosterGoalkeepers: Brad Guzan (Aston Villa), Tim Howard (Everton), Luis Robles (Kaiserslautern).Defenders: Carlos Bocanegra (Rennes), Jonathan Bornstein (Chivas USA), Danny Califf (Midtjylland), Jay DeMerit (Watford), Oguchi Onyewu (Standard de Liege), Heath Pearce (Hansa Rostock), Jonathan Spector (West Ham United), Marvell Wynne (Toronto FC).Midfielders: Freddy Adu (AS Monaco), DaMarcus Beasley (Rangers), Michael Bradley (Borussia Monchengladbach), Ricardo Clark (Houston Dynamo), Benny Feilhaber (Aarhus), Sacha Kljestan (Chivas USA), Jose Francisco Torres (Pachuca).Forwards: Jozy Altidore (Xerez), Conor Casey (Colorado Rapids), Charlie Davies (Hammarby), Clint Dempsey (Fulham), Landon Donovan (Los Angeles Galaxy).
Landon Donovan was included in the US roster for the Confederations Cup.
lunedì 8 giugno 2009
THE LAST ELECTIONS THE EUROPEAN AND ITALIAN PEOPLE HAS SPOKE
IN ITALY HAS WON SILVIO BERLUSCONI
IN EUROPE THE PEOPLE HAS SAY THAT'S ENOUGH WITH THE SOCIALISM
VERY GOOD.....
giovedì 4 giugno 2009
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