plus 4, Vintage Car Sale and Swap Meet - NBC Los Angeles |
- Vintage Car Sale and Swap Meet - NBC Los Angeles
- G.M. Expects Asia Deals to Raise $400 Million - New York Times
- Christmas toy efforts ready for a big day - Times and Democrat
- New Shop offers Oakley apparel, more - Wichita Eagle
- The Weekly Layoff Report: Hope Amid The Losses - Forbes
| Vintage Car Sale and Swap Meet - NBC Los Angeles Posted: 05 Dec 2009 07:38 AM PST Petersen Automotive Museum host a garage sale for the car junkieBy JOHN ADAMSUpdated 8:00 AM PST, Sat, Dec 5, 2009
Are you a car lover? Then listen up as Petersen Automotive Museum is having a garage sale like no garage sale you have ever seen. The museum is giving you a chance to buy parts, props, store products, books and even a 1978 Chevrolet Chevette. If you don't fancy the vintage 'Vette, Motor Trend gives you plenty of other head turners that just might. Other vehicles [along with a 1973 Mercedes-Benz 450SEL owned by Danny Kaye] in the no reserve silent auctions include a 1934 Chevrolet two-door Coach project, 1984 Chrysler Executive Sedan (limo), 1983 Plymouth Colt owned by Dennis Woodruff, Yamaha XS1100SF motorcycle, and a 1987 Puch Sport Moped. In addition to the great buys offered by the museum, local residents and automotive junkies will also have booths set up to ensure a great selection of automotive must-haves. The sale and swap meet will take place at the Petersen Museum Parking Structure (6060 Wilshire Blvd., Los Angeles) on Saturday, Dec. 5, from 9:00 a.m. to 2:00 p.m. The sale and swap meet is free to attend and it is just one of the amazing events that will take place at Petersen's. After you locked up the winning bid on the '78 Vette, you can head over to the museum and look around for half the normal admission price. The tour for the museum will be discounted to $5 for all who attend the free sale and swap meet. The fourth annual CARnival Family Fun Day will also be in full swing in the museum and will provide artistic and educational fun for children of all ages. Find that missing part for your exotic, classic, or muscle car or motorcycle, buy a Christmas gift for the auto enthusiast in your life, or purchase a restoration project, or just drive away in the car of your dreams! Copyright City News Service / NBC Los AngelesFirst Published: Dec 5, 2009 7:42 AM PSTThis content has passed through fivefilters.org. |
| G.M. Expects Asia Deals to Raise $400 Million - New York Times Posted: 04 Dec 2009 10:55 PM PST HONG KONG — General Motors' sale on Friday of a 1 percent stake in its main venture in China, coupled with a new India venture with its Chinese partner, should provide the automaker with about $400 million at a time when its overseas operations need cash to restructure and expand. G.M. said that it would sell the 1 percent stake in its main joint venture in China to its partner, Shanghai Automotive Industry Corporation, for $85 million, giving S.A.I.C. a 51 percent stake. It also said it would put its wholly owned India operations into a 50-50 venture with S.A.I.C., which will contribute $300 million to $350 million. The deals are the biggest step yet by S.A.I.C. to expand in China and beyond. The company was a large state-owned enterprise with a weak reputation for technology when G.M. began setting up a series of ventures with it in 1997 to enter the Chinese market. S.A.I.C. has learned a lot from G.M. since then and has started to build cars outside the alliance. It also has a venture with Volkswagen. The Chinese government has long limited foreign automakers to no more than a 50 percent stake in auto assembly plants in the country, and it shows no signs of lifting that limit. Beijing officials have repeatedly called for the Chinese partners of multinationals to develop their own cars and to begin exporting, both of which the Chinese companies are starting to do. G.M.'s president of international operations, Nick Reilly, said in a conference call Friday that the 51 percent stake would give S.A.I.C. the right to approve the budget, future plans and senior management of their main venture, Shanghai General Motors Company. But the venture has a cooperative spirit in which S.A.I.C. has already been able to do that, he said. S.A.I.C. wanted to have a majority stake to consolidate the venture in its financial reporting, Mr. Reilly added. In a separate transaction, G.M. and S.A.I.C. will set up an equally owned investment company based in Hong Kong. G.M. will put in its India assets, and S.A.I.C. will be the main provider of the $300 million to $350 million in additional investment for expansion needed to make the overall venture worth $650 million, Mr. Reilly said. He avoided describing the transaction as a sale to S.A.I.C. of a 50 percent stake in G.M.'s operations in India, and said that the new venture would expand employment in India. Many politicians and executives have been suspicious of Chinese companies entering the market. The long-term goal of the Hong Kong investment company will be to expand into other emerging markets. But the initial management structure will be in India, while any expansion into other emerging markets would be managed from G.M.'s Asian headquarters in Shanghai, Mr. Reilly said. Companies often choose to incorporate subsidiaries in Hong Kong because it has a strong legal and financial system. G.M. has decided to hold on to its European operations instead of selling them, and the cost of restructuring them is estimated to start at $3 billion. In Asia, G.M. is also recapitalizing its majority-owned Daewoo subsidiary in South Korea, which suffered a $2 billion loss on derivatives related to the value of the South Korean won. Meanwhile, Suzuki Motor said on Friday that G.M. would buy out the Japanese company's stake in Cami Automotive, their Canadian venture, for an undisclosed sum. Suzuki said it had agreed to sell its 50 percent stake in Cami Automotive at the request of the Detroit-based automaker. G.M. first invested in Suzuki in 1981 and held as much as 20 percent of the Japanese compact car and motorcycle maker before Suzuki bought back that stake in 2008. Since 1989, Cami, based in Ingersoll, Ontario, has produced small cars and sport utility vehicles like the Chevy Metro, Pontiac Firefly and Suzuki Swift. G.M. is expected to continue production at the plant. Earlier this year, G.M. pulled the plug on a venture in California with Toyota Motor. G.M. now has no partners in Japan. G.M. is also considering what to do with its Saab unit after a sale to one prospective buyer fell through. Bank of China said Friday that it had extended a line of credit of 20 billion renminbi, or $2.93 billion, to Beijing Automotive Industry Corporation, which is mulling whether to revive its previously unsuccessful effort to acquire the Swedish automaker. This content has passed through fivefilters.org. |
| Christmas toy efforts ready for a big day - Times and Democrat Posted: 04 Dec 2009 09:22 PM PST THE ISSUE: Helping Toys for Tots and Letters to Santa This content has passed through fivefilters.org. |
| New Shop offers Oakley apparel, more - Wichita Eagle Posted: 04 Dec 2009 07:42 PM PST BY BILL WILSONThe Wichita EagleThe Shop, a full-service Oakley retailer, has opened for business in Siena Plaza at 37th Street North and Rock Road. It's the brainchild of three men — including Siena Plaza developer Chuck Caro — looking for the right kind of brand-name apparel. But the 1,800-square-foot store will offer more than that, such as exclusive NASCAR apparel, automotive and motorcycle restorations and builds and wraps for skateboards and wakeboards. "Basically, we've been into Oakley for years," said Brook Phillips, who co-founded the store with Caro and Curt Fulps. "We're all kind of in between — too young to be old and too old to be young — we like their products and there's really nobody in the Midwest that carries their apparel." The Oakley brand is intended to appeal to those "in between" customers, Phillips said. "I mean, I'm not going to go to the mall and buy Abercrombie & Fitch," he said. "I'm not going to wear the big collars with the sleeves rolled up, the crazy-looking things, but I don't want to go and wear Tommy Bahama stuff, nothing against it. We're targeting the 30-to-45 crowd." The store offers a full line of Oakley sunglasses, watches, clothing and equipment such as computer bags and ski goggles. It also will include a game room for customers to use while shopping, featuring the latest video games. But there will be some non-Oakley merchandise, too: Restored old round-top refrigerators with flame graphics, targeting the man who wants a "cool refrigerator in his garage." There will be new-build motorcycles and cars, thanks to Phillips' and Fulps' extensive mechanical background. And if the customer needs a jazzed-up skateboard, Phillips and Fulps will put their graphic design talents to work. Caro said the store, in the space formerly occupied by Cocoa Dolce Artisan Chocolates, is a perfect fit for the eclectic experience he's tried to assemble at Siena Plaza. Just west of the Shop, Caro is installing bocce ball courts. "We want to be unique," he said, "an experience you can't find anywhere else in Wichita." Reach Bill Wilson at 316-268-6290 or bwilson@wichitaeagle.com.   This content has passed through fivefilters.org. |
| The Weekly Layoff Report: Hope Amid The Losses - Forbes Posted: 04 Dec 2009 05:41 PM PST The big news in job losses this week was the release of the nationwide unemployment figure for November, which came in at an unexpectedly low 10%, down from 10.2% in October. Most economists had expected the number to rise. At the same time, the number of hours in an average work week ticked up (to 33.2), as did hourly earnings, which now stand at $18.74. Still, there was more bad news for manufacturing jobs, which accounted for most of the week's layoffs. Automotive manufacturers have lost a huge number of workers over the past two years. This week, it was a motorcycle maker that took the biggest hit. Article ControlsHere, highlights of the week's activity recorded by the Forbes.com Layoff Tracker, which counts the layoffs at the 500 largest U.S. corporations. As the only American motorcycle builder to survive the Great Depression and still exist today, Harley-Davidson ( HOG - news - people ) is a seasoned veteran of tough times. Once again faced with slumping sales, Harley has deliberated with its union over cost saving measures at its largest factory and arrived at a deal that will leave nearly 1,000 employees--half the workforce there--out of jobs, in exchange for a $90 million commitment to invest in and keep operating the York, Pa., plant. Harley had warned that it would shift production to a new plant in Kentucky if the union rejected the deal. The agreement requires the union to lower its number of job categories from 60 to five, increasing flexibility. It also allows for the creation of new lower-paid temporary positions called "casual workers." Those workers are expected to constitute one-fourth of the total non-managerial workforce. With all these concessions plus $15 million pledged by the state of Pennsylvania, Harley hopes to save between $120 million and $150 million. Cummins ( CMI - news - people ), a leading manufacturer of diesel and natural gas engines, has decided to eliminate 400 jobs at its plant in Western New York state. The company expects the demand for trucks and their engines, already weak, to become even feebler as stricter emission standards take effect in January and customers turn to cheaper used and older models. The factory has been operating near full capacity until now, and Cummins expects demand to pick up again by summer 2010--with many of those getting laid off to be rehired. U.S. Airways ( LCC - news - people ) has enacted a patchwork of cost-saving measures while enduring substantial losses in three successive quarters. The latest move is a downsizing of its staff at New York's LaGuardia Airport. This will mean the loss of 261 jobs and the possible cancellation of service to 26 cities. Most of the time slots will go to Delta Air Lines ( DAL - news - people ), which is increasing its presence at LaGuardia. New York investment management firm BlackRock ( BLK - news - people ) has shed 89 jobs in San Francisco after completing its acquisition of Barclays Global Investors, a former subsidiary of the financial service firm Barclays. The layoffs represent barely 1% of the total workforce, and only a small fraction of the 1,500 BlackRock employees in the San Francisco area. The Forbes.com Layoff Tracker, updated daily, currently counts 632,896 layoffs announced at America's 500 largest public companies since Nov. 1, 2008. This content has passed through fivefilters.org. |
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