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Breaking: General Motors Will Begin to Repay Government's $6.7 Billion Loan |
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Nov 16, 2009 - 10:18 AM - by Administrator
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In a surprising move, General Motors has announced that it will begin to pay back $6.7 billion in loans to the U.S. and Canadian governments, starting as early as December. GM wasn't required (or expected) to begin paying back the loan until 2015.
The news comes as GM releases its third quarter results with a loss of $1.15 billion. That number isn't good but is significantly less than the losses the automaker has been reporting as of late.
"It's a lot better than what we had expected," said company CEO Fritz Henderson in a conference call. "Nonetheless, it's a loss, and you cannot be satisfied with it."
Henderson also released a statement in which he said that, "We have significantly more work to do, but today's results provide evidence of the solid foundation we're building for the new GM."
The news comes after General Motors announced its October sales, with the auto-giant posting its first sales gain in 21 months.
The repayment process will begin with a $1 billion payment to the U.S. treasury in December, with a $192 million payment to the Canadian government. The $6.7 billion loan, is however, a small portion of what GM borrowed from the U.S government, with $50 billion in total coming from the taxpayers. The majority of that amount was given in exchange for the Treasury's 61 percent ownership of the automaker. The treasury has said it will begin selling shares in GM once the 6.7 billion loan is reduced to $3 billion.
"I've been asked since we went into the bankruptcy, probably a hundred times, 'When are you going to start paying back the taxpayer?' The answer," said Henderson, "is now."
More: Breaking: General Motors Will Begin to Repay Government's $6.7 Billion Loan on AutoGuide.com
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0 Replies | 90 Views
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Fall 2009 XM Radio Events |
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Nov 13, 2009 - 2:36 PM - by Small Dealer
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Little bit of Friday desk cleaning:
1) XM Inactive Radios To Receive Limited Listenign period At No Charge
From November 17 through November 30, XM will automatically broadcast 60 channels to all customers with inactive radios-at no charge. No action is required to receive this promotional offer. So if you have an inactive XM radio, make sure to tune in during these two weeks. And listen to some of XM's fantastic programming.
2) XM Features the Sounds of the Season
SIRIUS|XM’s DEDICATED HOLIDAY MUSIC CHANNELS
Our holiday music channels will showcase traditional holiday songs, classical Christmas carols, Hanukkah music, country Christmas hits and contemporary festive music, and will offer listeners the perfect soundtrack to any holiday party.
Holly (November 16 — December 31) will feature contemporary holiday music as well as traditional favorites, including songs by John Mayer, Colbie Caillat, Josh Groban, Michael Buble and more.
Hear It On: SIRIUS Ch. 3 | XM Ch. 23 and SIR Online Ch. 810 “SIRIUS|XM Limited Engagements” in Music/Pop category
Holiday Traditions (November 16 — December 31) will feature traditional holiday recordings from the ‘40s through the ‘60s by artists such as Bing Crosby, Andy Williams, Ray Conniff, Nat “King” Cole and more.
Hear It On: SIRIUS Ch. 4 | XM Ch. 4
Holiday Pops (December 7 — December 31) will feature classical Christmas carols sung by the greatest classical musicians of all-time, including the Mormon Tabernacle Choir, Luciano Pavarotti, Boston Pops and Leontyne Price.
Hear It On: SIRIUS Ch. 79 | XM Ch. 77
Country Christmas (December 7 — December 25) will feature a wide-ranging assortment of country Christmas music, including Garth Brooks, Carrie Underwood and Kenny Rogers.
Hear It On: SIRIUS Ch. 62 | XM Ch. 10
Radio Hanukkah (December 7 — December 19) will feature an extensive collection of Hanukkah music and special segments celebrating Jewish culture, including Jewish community leaders, prominent artists and various celebrities sharing personal stories and memories about the holiday season.
Hear It On: SIRIUS Ch. 76 | XM Ch. 28
3) Can download a Martha Strewart holiday recipe book at XM's home page. SIRIUS Satellite Radio - Thanksgiving Day on SIRIUS
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4 Replies | 217 Views
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Cool New Garmin Capability previewed at SEMA |
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Nov 06, 2009 - 12:42 PM - by dengel
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Check out this upcoming capability from Garmin, which was displayed at SEMA this year. I can see this being a huge seller.
Garmin communicates with your car via ESP | SEMA show - CNET Reviews
Quote:
We stopped by Garmin's booth at the 2009 SEMA Show expecting a new GPS device or news of another OEM integration deal, but we stumbled upon something even better. Sometime next year, Garmin's Nuvi GPS devices will gain the ability to communicate with your car through ESP. In this case, we're not talking about psychic extra-sensory perception, but the EcoRoutes ESP module for Nuvi navigation devices.
The ESP module is a small hideaway box that communicates with Nuvi units via Bluetooth.
The ESP module is a hideaway box that connects to (and is powered by) your vehicle's OBD-II diagnostics port. The device gathers information about your vehicle's performance and relays that info via a Bluetooth data connection to your Garmin Nuvi GPS device atop your dashboard.
Using the Nuvi's touch screen, users can view a set of customizable gauges, view and clear fault codes when the Check Engine light comes on, and monitor real-time fuel economy and emissions data. The unit also provides data logging for users who want to track their performance and interfaces with the EcoRoutes software that's already present on current Garmin devices.
Garmin's representatives were happy to give us a quick demo of the system in action at their booth on the show floor and it looks pretty slick. Pricing and availability were unavailable at the time of publication, but we're told to expect more information at CES in January 2010, so stay tuned.
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16 Replies | 459 Views
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