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In a bid to restore stability, car manufacturer gives job to chairman Ed Whitacre General Motors has abandoned a search for a new chief executive, opting instead to give the job on a long-term basis to its chairman, Ed Whitacre, in an effort to restore “stability” to the cash-strapped Detroit car manufacturer. Whitacre, a 68-year-old former telecoms [...]

Fear that GM is sacrificing Saab, a part of Sweden’s manufacturing heritage In the carmaking city of Trollhättan near Sweden’s rugged south-west coast, a fight for the future of Saab is going down to the wire. And in the eyes of many Swedes, it should never have come to this. There is suspicion that an American [...]

• Chrysler and Fiat join forces to launch smaller, greener cars• Monthly car sales in the US have stabilised It is too early to hang out any bunting but quietly, tentatively, a more upbeat mood is spreading in Detroit’s downtrodden, downsized motor industry. Chrysler set out ambitious plans today to use technology gained in its tie-up with [...]

• ‘Pay tsar’ to cap salaries at $500,000 at bailed-out firms• Fed to tackle rewards for ‘imprudent risks’ Leading US banks will be subject to a dual crackdown on multimillion dollar pay packets, as the Federal Reserve set out broad plans to scrutinise remuneration and the Obama administration’s so-called “pay tsar” confirmed that salaries will be [...]

Companies that received most assistance will have to cut salaries of 25 highest-paid executives by about 90% The Obama administration plans to order companies that received huge US government bailouts last year to sharply cut the compensation of their highest paid executives, according to a person familiar with the decision. The seven companies that received the most [...]

• Optimism at GM after action to cut factories, dealerships and staff• Bailed-out US carmaker hopes to start repaying $50bn to Washington The bailed-out US carmaker General Motors has seen its market share “stabilise” and is aiming to shed government support by rejoining the stockmarket in the second half of 2010, slimmed down by the sale [...]

The struggling Bank of America today was guaranteed funds to help then through the financial crisis. The Government had to step in today to help the Bank of America as they have seen losses that has never been recorded before. US government have put plans in to place today to allow up to $20 billion [...]