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Kerkorian makes $4.5 billion bid for Chrysler

Kirk Kerkorian, once Chrysler's biggest shareholder, has sent a letter to DaimlerChrysler offering to buy the struggling automaker back for $4.5 billion, according to CNN.
Kerkorian is proposing to take the automaker private, and his bid is contingent upon reaching a deal on a new labor agreement with the United Auto Workers union, CNN says.

Posted by   at 2:43 PM to Companies | Permalink | Comments 0

Nice work if you can get it

CNN reports that Ford, which posted a record $12.7 billion net loss in 2006, gave its new CEO Alan Mulally $28 million for four months on the job, according to the company's proxy statement filed with the Securities and Exchange Commission Thursday.
The pay package comes on top of the $7.4 million that aerospace company Boeing had previously reported paying him for his eight months running that company's commercial aircraft unit before he made the move to Ford at the beginning of September.

Posted by   at 2:39 PM to Companies | Permalink | Comments 0

Ford sees no more job cuts, factory closures

Ford won't cut more jobs or close more factories in North America beyond those already announced, CEO Alan Mulally said yesterday at the New York International Auto Show, according to USA Today.
Mulally acknowledged that some analysts have speculated that Ford will need to get even smaller. "There's a lot of work we need to do over the next three years (of the restructuring plan), but we're just about right," he said.

Posted by   at 10:58 AM to Companies | Permalink | Comments 0

Listen Up - Get that Headrest Sorted

This is serious stuff.
If you've ever known anyone who has gotten whiplashed by someone slamming into the rear of their car, you know the pain and expense involved with neck and back injuries can be really debilitating. Rear-end accidents are far more common that most people realise and it's a really good idea to protect yourself by making sure your headrest is adequate, set at the right height and that your head is close to it at all times.
The Insurance Institute for Highway Safety today issued its findings from rear crash tests and finds that seat/head restraint designs in 22 current car models provide good protection, but those in 53 other cars are rated marginal or poor.
The IIHS says its latest evaluations of occupant protection in rear-end collisions found that the seat/head restraints in more than 60 percent of car models fall short of current state-of-the-art protection from neck injury or whiplash.
Check out an AP Video showing test results together with instructions on how to adjust your headrest. Go to the Web site and select "Crash Test: Headrests Unsafe in Many Cars."

Posted by   at 9:39 AM to Safety | Permalink | Comments 0