Dan Akerson taking over as CEO of General Motors
Dan Akerson is seen in a handout image at General Motors headquarters in Detroit, Michigan on August 31, 2010. Akerson takes over as CEO of General Motors Company on September 1, 2010, replacing current CEO Ed Whitacre, who is stepping down. UPI/John F. Martin/General Motos
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Markets ahead at the close ... Bernanke unflappable over policy ... GM says it did not request CEO raise ... World's tallest hotel opens in Dubai ... News from United Press International.
U.S. automaker General Motors denied it had asked the government for a 20 percent raise for Chief Executive Officer Dan Akerson.
U.S. automaker General Motors will continue to focus on product development, its chief executive said Wednesday.
General Motors is bailing out of its federal bailout. "Government Motors" was the derisive moniker critics gave GM in when it accepted $49.5 billion in taxpayer dollars to stay alive.
General Motors said it would more than double its production at its plant in St. Petersburg, Russia, as part of a $1 billion expansion plan.
General Motors Chairman and Chief Executive Officer Dan Akerson told graduates at Columbia University Sunday the U.S. "political system is broken."
General Motors, 32 percent owned by U.S. taxpayers, has implored the government to allow it to raise pay levels for top-level executives.
An automobile trade group in Michigan said six manufacturers had agreed to seek a quick replacement for a critical resin that could soon be hard to find.
High gasoline prices may be helping the auto industry to its best year in recent memory with sales on pace to top 15 million vehicles on an annual basis.
Chrysler Group Chief Executive Officer Sergio Marchionne worked without compensation in 2011, the second straight year he has done so, company documents reveal.
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United Press International
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