TOP 100 RACING SITES
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| Congressional Scrappage Bills Invite Protectionism Criticism On March 17, Rep. Betty Sutton (D-Ohio) and Rep. Candice Miller (R-MI) introduced a bill that would give car buyers thousands of dollars in vouchers for replacing vehicles at least eight years old with fuel efficient vehicles.The bill is an almost sure fire way to drive demand for new vehicle sales--with positive rippling effects that would be felt at the automakers, suppliers and dealers.But so far, every bill that tries to tackle this issue has been bogged down in arguments over protectionism. Here's why: the bill, as well as two that went before it, favor U.S. built vehicles over those built in Canada and Mexico. And the most recent bill from Sutton leaves out cars built abroad all together."We very much want to see a neutral bill," said Michael Stanton, president of the International Automobile Manufacturers Association. Stanton says he applauds the goal of pushing more fuel efficient vehicles in the bills, but doesn't think legislation should create "winners and losers" based on where the car is assembled. The Alliance of Automobile Manufactures has expressed the very same thing.Mazda North American Operations spoke for itself. "We feel it is very protectionist," said Mmazda spokesman Jeremy Barnes. "Our concern is that it is a 'Buy American' piece of legislation."Indeed, though there is populist sentiment among the electorate that tax-paper funded bailouts and stimulus packages should help U.S. companies only, it is tough to pull that off when the U.S. is the lynchpin in a global economy and it has extensive trade agreements with foreign countries.Nichole Francis Reynolds, chief of staff for Rep. Sutton, said that charges of "protectionism" in the bill was a "tactic to distract from the real goal." She said that there is nothing wrong with "helping home first." By "home," she means U.S. manufacturers and suppliers. rss.businessweek.com |
Kidder To Chair New Chrysler Chrysler LLC named C. Robert Kidder, 62, the former chairman and chief executive officer of Borden Chemical Inc. and Duracell International Inc., chairman of the company that will likely be re-named when it emerges from Chapter 11 bankruptcy and aligned with Italian automaker Fiat.Kidder, who heads 3Stone Advisors LLC, an investment firm that focuses on investing in "clean-tech" companies, succeeds Robert Nardelli, who has served as chairman and CEO of the automaker since August 2007. Nardelli said he is stepping down when Chrysler’s alliance with Fiat is formalized in the current bankruptcy court proceedings.Kidder’s appointment continues a trend of executives outside the auto industry making big impacts on the turnaround of U.S. auto companies. Besides Nardelli, Ford has been headed, successfully most would say, by Alan Mulally, a former Boeing Co. executive.Fiat CEO Sergio Marchionne will hold the title of CEO at the newly formed company.Industry sources familiar with the process at Chrysler say they expect the C-suite leadership at Chrysler to come primarily from Europe, rather than tapping U.S. executives. Chrysler vice chairman Tom Lasorda has already left. Vice chairman James Press has not yet been retained. “I am pleased to join Chrysler at a time when Chrysler is poised to launch an exciting new era,” Kidder said in a statement. “I am confident that Chrysler will emerge from Chapter 11 a lean and powerful competitor.” Kidder is not a total outsider to Michigan, having earned his undergraduate degree at the University of Michigan, Ann Arbor.A new board of directors to serve with Kidder is being assembled. rss.businessweek.com |
Hamilton picks up first Formula One victory of 2009 season McLaren's Lewis Hamilton won the Hungarian Grand Prix on Sunday, giving Formula One's defending champion his first victory of ... rssfeeds.usatoday.com |
Bowyer wins Nationwide race; Hamlin in pit-road exchange Clint Bowyer has raced to his second Nationwide Series victory of the season, taking the lead with 83 laps left to win on the ... rssfeeds.usatoday.com |
Sainz gives Dakar Rally lead a boost with stage victory Carlos Sainz of Spain won the 10th stage of the Dakar Rally on Tuesday to extend his overall lead with four stages remaining ... rssfeeds.usatoday.com |