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Mayors want part of auto bailout
STERLING HEIGHTS -- The mayors of four large Metro Detroit communities on Monday called for a share...
2008-11-12 03:30:21
Pressure, pursuit of Johnson ready to resume at Phoenix
Answers to pressing questions heading into Sunday's Checker O'Reilly Auto Parts 500 at Phoenix International Raceway:
2008-11-07 09:26:27
Dana Dinged Up
Auto parts maker posts wider third-quarter loss and says it will cut 2,000 jobs.
2008-11-07 07:41:18
Starting grid
NASCAR SPRINT CUP What: Checker O'Reilly Auto Parts 500 Where: Avondale, Ariz. When: Qualifying, 2:30 p.m. today. Race, 12:45 p.m. Sunday Track: Phoenix...
2008-11-07 07:00:00
GKN to cut more than 1400 jobs and shut factories as car industry declines
GKN the British car and aircraft parts manufacturer is to close factories and cut at least 1400 jobs after the crisis in the global auto industry...
2008-10-27 13:00:00
Companies Compete for Bailout Handout
Insurance firms, auto companies, foreign banks lobby for part of $700B bailout.
2008-10-25 21:02:07
Genes that control cell death may play a role in age-related hearing loss
Washington, Oct 17 ANI: A new study in mice has suggested that several genes that play a role in how human body's cells normally auto-destruct may play a role in age-related hearing loss. While more than 100 genes are known to play a role in congenital deafness, scientists have yet to pinpoint any gene in humans that plays a role in presbycusis, or age-related hearing loss."It's very likely that multiple genes contribute to age-related hearing loss. We know the same is true for other diseases, for instance some types of cancer and heart disease," said Robert D. Frisina, Ph.D., the lead investigator and professor of Otolaryngology at the University of Rochester Medical Center. To begin to understand the genetics of human hearing, the group charted the activity of more than 22,000 genes in mice, comparing young mice to their older counterparts. The team used two different methods to study gene expression. First, scientists put more than 300 genes through a broad gene-array study, looking at genes whose activity in the inner ear differed greatly between normal mice and those with hearing loss.Then the researchers narrowed its focus to 35 such genes, employing a newer technique known as a PCR array to measure activity. Through that test the researchers identified eight genes, all part of the apoptotic process, whose activity differed between the two groups.Apoptosis itself is certainly nothing new. Such programmed cell death happens constantly - it's the body's way of getting rid of cells that are damaged or no longer needed. When apoptosis happens, a cell's structure breaks up, and the cell disintegrates, with the cell "blebbing," or bulging outward, ultimately blowing apart. It's a familiar process to scientists who know that it also happens as part of the course of many diseases. For instance, after a stroke, many brain cells perceive a threat - low oxygen - and "jump ship," killing themselves and dramatically worsening the effects of the stroke.The new study, which is the first one to show that such activity also occurs in the aging inner ear, offers a potential new target as scientists work to find ways to stop age-related hearing loss, such as a drug that would stop cells from committing cell suicide as they age.Besides genetics, other factors that play a role in presbycusis include sound exposure, medications that can damage hearing, the condition of the brain as it deteriorates with age, and changes in the delicate cells in the inner ear that translate a sound into a signal that the brain "hears."The study is published online in the journal Apoptosis. ANI
2008-10-17 05:03:18
Confidence is greatest casualty of market crisis
BUS3Business/BusinessConfidence is greatest casualty of market crisisBy Oleg MityaevMoscow, Oct 15 RIA Novosti In its desperate attempt to rescue Russia's crisis-ridden financial market, the government adopted a massive rescue package Oct 7, but the measure has done little to shore up business confidence.Apart from the trillions of rubles allocated for short-term and mid-term financing of the banking system, Russia's largest banks will receive another 950 billion rubles $36.42 billion for five years and beyond.According to the government and central bank's plan, these funds are to filter down to smaller banks and businesses, which are in acute need of refinancing.Starting in the US mortgage market over a year ago, the financial crisis has crept all over the world causing a chain reaction of distrust in the banking sector.To increase financial security, even those American banks that were not affected by the mortgage crisis have tightened credit for home loans, not so mention the European loans. At the same time, the European banks that have stayed afloat are afraid to refinance Russian banks and companies.Under such circumstances, the billions of dollarsand in Russia trillions of rubles poured into the leading European countries' banking systems failed to produce the desired effect yet.The sense of uncertainty is so strong that the leading financial institutions hesitate to credit smaller banks, which, in turn, cannot re-credit business, or do not want to risk it.Private customers suffer as well: even Russia's largest banks have raised interest rates or simply put a limit on issuing credits, especially mortgages.Unless the global banking system including Russia's, which is the monetary circulatory system for the non-financial sector of economy, resumes crediting business, the economic slowdown, and then the recession of economies stricken by the crisis of confidence, will become a reality.In Russia, it is retailer chains that have suffered the most from the crisis of confidence. Anticipating an ever-growing consumer demand, they purchased large batches of goods on credit. With the credit stream running dry and consumers shying away, retailers found themselves on the verge of bankruptcy.The most notorious example is the situation with Russia's largest cell phone dealers. Euroset, the market leader, was rescued thanks to billionaire Alexander Mamut, who bought it for $1.25 billion. Three fourths of that sum will be spent on buying down the debt of Euroset's former owners, instead of being transferred to their accounts.Two other large retailers - Svyaznoy and Tsifrograd - have applied a similar scheme: exchanging a former owner for a large investor. As can be seen, there are still people and companies in Russia that have funds to invest.To raise extra capital, cell phone retailers had to start charging a commission for processing payments. On the other hand, new investors will help them survive the current crisis, and then they are likely to resell the businesses to mobile operators.As a result, Russia may convert to the European format where mobile operators sell phones themselves, with prices often discounted.Nevertheless, it is obvious that the crisis of confidence will not be resolved that smoothly in other economic sectors. It is not only retail chains that have found themselves in debt - Russia's largest companies have been plagued by the same trouble.For example, Oleg Deripaska, the richest Russian according to Forbes, lost Canadian auto parts manufacturer Magna, which he had purchased for $1.5 billion on credit. Deripaska failed to pay off his debt, and Magna went to French creditor BNP Paribas.Because of problems with financing, the GAZ group, part of Deripaska's empire, reported a one-week halt in GAZelles light commercial truck production. The assembly line stopped because of a drop in GAZ sales, which, in turn, was caused by the deteriorating auto loan market. Moreover, local GAZ dealers stopped making advance payment which is why the car manufacturer now lacks working capital to buy auto parts.So, it all came around to where it started.For similar reasons, the Kamaz heavy-duty truck production plant announced a shortening of the workweek from six to four days through December 6.A cut in car production against the background of the financial crisis is a global trend. Europe's Opel, BMW and Skoda, as well as US General Motors and Chrysler have all announced a reduction in output.The magnitude of the crisis is evident from the fact that the Russian government came in rescue of the country's oil and gas majors - Gazprom, LUKoil, Rosneft and TNK-BP - to pay off their debts to western banks and maintain production.One might think their coffers had swelled with petrodollars. However, as soon as "black gold" sank below $90 per barrel, Russian oil tycoons desperately turned to the state for help.--RIA Novostidkg851 Words15100838
2008-10-15 00:03:06
Singur to start 'satyagraha' from Friday against Nano exit
ECO9Economy/NationalSingur to start 'satyagraha' from Friday against Nano exitKolkata, Oct 9 IANS People in West Bengal's Singur along with syndicate members who supplied materials for building the plant for the world's most inexpensive car Nano, will start a 'satyagraha' sit-in movement near the factory site from Friday, a syndicate member said Thursday. "We are part of the Nano Bachao Committee Save Nano Committee, which is an apolitical platform for the common people of Singur, syndicate members, people who had given their land willingly for the Nano project and people who were trained to get jobs in the factory," 41-year-old Kushal Saha, a resident of Beraberi in Singur, who heads one of the syndicates, told IANS. Altogether the syndicates have around 300 members. The satyagraha will begin demanding that the Nano project once again start in Singur. "The people who had given land willingly for the Nano project, want to see that their land is well utilised," Saha said. "In the last two years, we have seen socio-economic upliftment of Singur, surrounding the Nano plant. But this rural development completely stopped with the pull-out of the project," he added.Global auto major Tata Motors Oct 3 announced it was pulling out its Nano project from the troubled Singur in West Bengal, and blamed the principal opposition Trinamool Congress for the "painful" decision.The auto major's decision came 32 days after it decided to suspend operations in the Singur factory fearing for security of its employees who were manhandled and threatened by Trinamool Congress-led protesters, demanding the return of 400 acres out of the total 997.11 acres taken for the project.Since its inception in May 2006, the project to roll out the Rs.100,000 $2,250 car, encountered resistance from the Trinamool Congress-led farmers, protesting against the "illegal" acquisition of farmland."We are starting the movement with the prior permission of the police," Saha confirmed.These people are also looking forward to meet the governor of the state and members from the state's administration to discuss whether any sort of industrialisation is possible in that the land meant for Nano project abandoned land in Singur.Tata Motors has relocated Nano to Sanand in Gujarat.--Indo-Asian News ServiceAG/sj/vt387 Words*09101826
2008-10-09 09:00:00
Advance Auto predicts flat 3Q profit - Forbes
Advance Auto predicts flat 3Q profitForbes&ampnbsp;- 36 minutes agoAP 10.07.08, 9:44 AM ET Advance Auto Parts Inc. said Tuesday it expects to report flat third-quarter earnings, citing no change in same-store sales as a result of the ongoing economic slump.UPDATE 1-Advance Auto warns on decelerating sales growth ReutersAdvance Auto Sees 3Q Results Below Views Amid Sales Woes CNNMoney.comMarketWatch&ampnbsp;- RTT Newsall 18 news articles
2008-10-07 09:26:52