Separate financing arm for auto components manufacturers: Minister

October 1st, 2009 CHENNAI - Japanese auto major Nissan Motors Thursday unveiled the first sketch of its global compact car to be manufactured in five countries including India. "We are serious and committed in our plans for India, and are all excited as we gear up to start production in May 2010," said Kiminobu Tokuyama, managing director and chief executive of Nissan Motor India.

October 1st, 2009 DHAKA - The Indian envoy to Bangladesh has offered to reduce the number of negative items on the bilateral trade list to facilitate commerce between the two neighbours. High Commissioner Pinak Ranjan Chakravarty has also mooted joint investments to boost bilateral trade between the two South Asian countries to offset the trade balance that is at present heavily tilted in New Delhi's favour.

September 15th, 2009 KOLKATA - UCO Bank has signed an agreement with auto major Mahindra and Mahindra for car financing, a top official of the bank said here Tuesday. The bank will offer financing facilities to eligible customers to buy Mahindra's cars and multi-utility vehicles, bank chairman and managing director S.K.

August 27th, 2009 Auto parts suppliers ask Obama for more helpWASHINGTON — An auto parts industry association is asking President Barack Obama to consider new ways to help the industry, which is facing a spike in bankruptcies due to the woes of U.S. automakers. In a letter to the White House Wednesday, the Motor & Equipment Manufacturers Association wrote that there was "insufficient capital" available for parts suppliers to rehire workers and acquire raw materials for a possible increase in vehicle production later this year.

August 6th, 2009 Meltdown 101: Do some math before trading clunkerIs the government's cash-for-clunkers rebate and the thought of that new car smell about to pull you off the couch and into the nearest showroom? Before you take the leap, you should consider the total impact on the family budget of owning a new car. And think about that old car you'll be trading in — in particular, the fact that it may have meant no car payment, cheaper insurance and lower licensing fees than you're about to face.

July 16th, 2009 GM, Chrysler among possible lenders to VisteonDOVER, Del. — Fresh from bankruptcy reorganization themselves, General Motors and Chrysler Group LLC now may become bankruptcy lenders to auto parts supplier Visteon Corp.

July 1st, 2009 Chrysler Financial to cut 9 percent of work forceDETROIT — Chrysler's former financial arm said Tuesday that it will reduce its work force by about 9 percent, or more than 300 employees, as it restructures operations after losing its preferred lender status with the automaker. GMAC Financial Services is now Chrysler's leading lender for financing Chrysler vehicle purchases and dealer inventories, a move prompted by President Barack Obama's auto task force.

June 29th, 2009 Japan auto production falls for 8th straight monthTOKYO — Japan's auto production fell for the eighth straight month in May, plummeting 41.4 percent from a year earlier, as the nation's top industry continued to be hammered by the global slowdown. Japan produced 542,282 vehicles in May, the Japan Automobile Manufacturers Association said Monday in a monthly report.

June 26th, 2009 NEW DELHI - After road transport ministry, it is now the turn of the shipping ministry to demand a separate financing arm. "The ministry has submitted a proposal to the finance ministry to form a Shipping Finance Corp," said a ministry official.

June 22nd, 2009 AP source: Ford to get loan from development fundWASHINGTON — The Energy Department is lending money to the Ford Motor Co. from a $25 billion fund to develop fuel-efficient vehicles, congressional officials said Monday.

June 19th, 2009 Attorney says Visteon making progress on financingWILMINGTON, Del. — Auto-parts supplier Visteon Corp.

June 10th, 2009 Auto suppliers to seek $8-$10B in loan guaranteesNEW YORK — Struggling automotive parts suppliers plan to ask the U.S. Treasury Department for $8 billion to $10 billion in loan guarantees to help support their operations.

March 14th, 2009 KOLKATA - After the Singur jolt, the West Bengal government is slowly making arrangements to house the state's first auto components park in Guptamoni in West Midnapore district. A special purpose vehicle (SPV), floated by the developers of the project, has now started buying land directly from land owners in Guptamoni, some 127 km from here, a top official of West Bengal Industrial Infrastructure Development Corp (WBIIDC) told IANS Friday.

January 5th, 2009 MUMBAI - Conglomerate Birla Corp Tuesday announced it had decided to lay off employees at the company's Birlapur auto trim division. In a regulatory statement, the company said the decision was taken on account of shortage of power.

December 25th, 2008 NEW DELHI - The government Friday announced allocation of Rs.3.5 billion (Rs.350 crore) to the state-run Export Credit Guarantee Corp of India Ltd (ECGC) for providing higher risk cover to micro, small and medium exporters (MSME). The Cabinet Committee on Economic Affairs gave its approval for allocation of the amount that will increase the risk cover to the MSMEs from 85 percent to 95 percent.