Articles by Benjamin Reeves
- UK Government Denies Illegal Promises Were Made to Opel and General Motors: Report
May 22 2012 1:32 PM
The UK government may have made illegal promises to General Motors Co. (NYSE: GM) to shift production of the Astra compact car to its Opel/Astra plant in England from locations in Germany, reports said.
- BlackRock Buys Stake in Formula 1 Ahead of Singapore IPO
May 22 2012 11:25 AM
Formula 1, the popular global auto racing sport, is on its way to a possible IPO as financial investors such as Waddell & Reed Financial Inc. (NYSE: WDR), Norges Bank Investment Management and BlackRock, Inc. (NYSE: BLK) bought 21 percent of the company, CVC Capital Partners, owner of Formula 1, confirmed Tuesday.
- Lotus F1 'Joins Forces' With Linkin Park On Weird iPad App Before Monaco Grand Prix 2012, But Why?
May 21 2012 6:08 PM
The Lotus F1 Team made one of its weirder announcements for the Formula 1 season on Monday when it said that it had teamed up with the slightly whiny and outdated emo rock band Linkin Park to create an iPad App for the 2012 Monaco Grand Prix.
- Nasdaq To Change IPO Procedures Following Facebook Glitches
May 21 2012 3:25 PM
Nasdaq OMX Group Inc. (Nasdaq: NDAQ) will change its initial public offering trading procedures as a result of glitches and delays which occurred during Friday's Facebook (Nasdaq: FB) IPO, mistakes for which the exchange operator hopes to pay $13 million to burned investors, sources reported Monday.
- Chrysler Recalls Jeep Wranglers On Fire Hazard Risk
May 21 2012 12:19 PM
Chrysler Group LLC is recalling 67,872 model year 2010 Jeep Wrangler cars equipped with automatic transmissions because of fire hazards associated with the transmission skid plate, the National Highway Traffic Safety Administration reported Monday.
- Dalian Wanda Buys AMC Entertainment Cinema Company For $2.6B
May 21 2012 10:30 AM
A Chinese conglomerate will buy a major U.S. cinema chain, AMC, for $2.6 billion, in China's biggest takeover of an American company to date.
- Drive From The Rising Sun: Why Japan's Car Companies Are Moving Manufacturing Overseas
May 19 2012 12:38 PM
Japan's vaunted automakers may soon stop building cars in their homeland for export as a soaring yen combines with Mother Nature's mood swings, and an aging population saps the strength of its domestic market, driving the companies across wide oceans and far from their birthplace.
- Honda Recalls Over 50k Acura TL Cars for Power Steering Failure
May 17 2012 2:09 PM
Honda Motor Company Ltd. (NYSE: HMC) is voluntarily recalling 52,615 model year 2007 to 2008 Acura TL sedans in the U.S. to replace the power steering hose, the company announced Thursday.
- GM Picks UK for Opel/Vauxhall Astra Upgrade
May 17 2012 11:10 AM
General Motors Company (NYSE: GM) announced Thursday it will build its next generation Vauxhall/Open Astra cars at two factories in Ellesmere Port, UK and Gliwice, Poland, leaving the company's Bochum, Germany plant facing closure.
- GM Shares Climb On News of Berkshire, Buffett Investment
May 16 2012 7:25 PM
Warren Buffett's investing powerhouse, Berkshire Hathaway Inc. (NYSE: BRK.B) took a 10 million share stake in General Motors Company (NYSE: GM) during the first quarter, an investment it disclosed Wednesday, delivering a 2.29 percent bump to car company's shares and a welcome dose of investor confidence.
- GM Ditches Facebook Ads Ahead of IPO, Rest of Auto Industry Stands By
May 16 2012 5:01 PM
General Motors Company (NYSE: GM) rocked the automotive and advertising worlds with its announcement Tuesday that it will stop buying advertisements on Facebook Inc. (Nasdaq: FB), a value of roughly $10 million a year, on the eve of social networking site's monster IPO. The rest of the automotive industry's major players are not following suit, though, Ford Motor Company (NYSE: F), banking on the strength of the network effect, is actually upping its investment.
- Euro Plunges On Expectations Greece Will Leave Euro Zone
May 16 2012 9:48 AM
The euro fell to its lowest levels since January following the news Greece would have to hold a new round of elections, making the prospect of the dissolution of the euro zone economic union significantly more compelling.
- JC Penney Ends Quarterly Dividend, Reports Losses, Shares Tumble
May 15 2012 4:47 PM
J.C. Penney Company Inc. (NYSE: JCP) reported net losses of $163 million for the three months preceding April 28, 2012, and said that it would discontinue its 20 cent per share quarterly dividend to help fund its ongoing restructuring, the company announced Tuesday.
- Coty Drops $10.7B Bid For Avon
May 15 2012 12:13 PM
Coty Inc. withdrew its $10.7 billion offer to buy Avon Products Inc. (NYSE: AVP) following months of failed communication by Avon, the company announced on Monday.
- Empire State Manufacturing Improved In May, NY Fed Reports
May 15 2012 10:18 AM
Manufacturing activity in New York state improved moderately in May as shipments rose and employment levels and hours expanded, a report from the New York Federal Reserve Bank said Tuesday.
- Concho Resources Paying $3B For Three Rivers' Permian Basin Reserves
May 14 2012 11:06 AM
Concho Resources Inc. (NYSE: CXO) will buy all of the oil and natural gas assets of Three Rivers Operating Company LLC for $1 billion in cash, increasing Concho's production by 7,000 barrels of oil a day, the company announced Sunday.
- Euro Zone Industrial Output Fell In March, Recession Likely: Eurostat
May 14 2012 9:49 AM
Euro zone industrial production fell by 0.3 percent from February to March, despite gains made the previous month, and year over year production plummeted 2.2 percent, a report from the European Commission's Eurostat statistics bureau said Monday.
- Carroll Shelby's Death Mourned By Company And Friends
May 11 2012 6:31 PM
Legendary entrepreneur, American muscle-car manufacturer, and race-car driver Carroll Shelby died Friday at the age of 89, according to a statement by his company Carroll Shelby International Inc. (OTC: CSBI.PK). The cause of death was not disclosed.
- SEC 'Probably' Drafting JPMorgan Subpoenas: Former Agent
May 11 2012 4:57 PM
U.S. Securities and Exchange Commission investigators are probably in the process of drafting subpoenas against JPMorgan Chase & Co. (NYSE: JPM), if they have not already filed them, regarding the bank's loss of $2 billion through proprietary trading, said ex-SEC New York Regional assistant director Joseph Dever.
- Hunting the Great White Whale: SEC Eyes JPMorgan's Risky, Costly Trading
May 11 2012 3:03 PM
U.S. Securities and Exchange Commission (SEC) regulators are monitoring JPMorgan Chase & Company (NYSE: JPM) following the disclosure that the bank lost $2 billion in bad hedging action carried out by the so-called Whale of London, SEC Chairwoman Mary Schapiro said Friday.