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Deal shows GM's willingness to improve competitiveness

Article Abstract:

General Motors (GM), the biggest auto company in the world, is showing willingness to improve competitiveness with its recent settlement with the United Auto Workers. The company, which saw its stock improved in light of the pact, lost an estimated $2.5 billion in a strike that started Jun. 5, 1998, and crippled its operations. According to analysts, GM needs to spend up to $1 billion more to get shut-down manufacturing plants back to normal operations. Investors say the automaker also have to look for ways to reduce workers, outsource more parts production and perhaps pull out models.

Comment:

Is showing willingness to improve competitiveness with its recent settlement with the United Auto Workers

Motor Vehicles & Parts, Transportation Equipment Manufacturing, General Motors Corp., Article

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Allegations help topple once-elite Russian bank

Article Abstract:

Inkombank Joint Stock Bank's downfall can be attributed to Russia's financial crisis and also to allegations that it committed a number of crimes, including cheating shareholders, aligning with organized crimes, engaging in money laundering, among others. The once-elite bank is under investigation in the US for possible money-laundering and unauthorized banking. Bank of New York, which helped Inkombank establish operation in the US, is working with government investigators in the money-laundering probe.

Commercial Banking, Commercial Banks, Inkombank Joint Stock Bank

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SEC says financial adviser took kickbacks

Article Abstract:

The US Attorney in New York's Southern District has indicted prominent investment adviser Alan Bond for allegedly receiving illegal kickbacks from brokerages amounting to $7 million. The suit alleges that Bond coursed trades through his former advisory firm, Bond Procope Capital Management. Three brokerages, in turn, paid the kickbacks to Bond from 1996 to 1998. Bond's lawyer said his client will plead not guilty to the charges.

Legal issues & crime, Investment Advice, Investment Advisory Services

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