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U.S. markets recover from steep losses
DETROIT, Aug. 3 (UPI) -- The private equity firm Cerberus Capital Management Friday took control of Chrysler, returning the automaker to U.S. ownership.
Cerberus acquired 80.1 percent of Chrysler from DaimlerChrysler in a $7.4 billion transaction, the Detroit Free Press said.
The deal had been announced in May, but it took the two sides time to complete the details.
Chrysler, which sells cars and trucks under the Chrysler, Dodge and Jeep brands, is undergoing a major restructuring. It lost $680 million last year and $2 billion in the first quarter of this year.
Tom LaSorda is expected to remain as Chrysler chief executive officer and former Chrysler Chief Operating Officer Wolfgang Bernhard is expected to become Chrysler chairman, the Free Press said.
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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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