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U.S. markets recover from steep losses
DETROIT, July 25 (UPI) -- Chrysler's chief executive said he expects the $7.4 billion Chrysler Group sale to be completed by the third quarter despite financing problems.
Dieter Zetsche told reporters and analysts in a Detroit conference call Wednesday that while he couldn't discuss the details, "We are completely within the anticipated time schedule for the closing."
Bloomberg News reported Wednesday that Chrysler scrapped the planned sale of $12 billion of loans for its automotive business after failing to find demand. It cited investors briefed on the decision earlier Wednesday.
It was reported later that the investment banks involved in the deal, including J.P. Morgan Chase & Co., would fund $10 billion of loans themselves, the Detroit News said.
In addition to the banks, Cerberus Capital Management, which is buying Chrysler, and DaimlerChrysler agreed to assume $2 billion of loans.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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