In The News:
Shedding Some Baggage…
Chrysler Group LLC, the American carmaker owned by Fiat SpA (F), will pay $5 billion to a United Auto Workers Trust, completing the final payments that the company owed as a result of its bankruptcy. Chrysler today closed a bond sale to reimburse the UAW health-care trust for a note it provided five years ago as part of the automaker’s financial rescue, the U.S. manufacturer said in a statement. Fiat last month bought the 41.5 percent Chrysler stake held by the trust, which was created to pay medical bills for union retirees, to gain full control of the U.S. business. The combination creates the world’s seventh-largest auto manufacturer. Fiat Chief Executive Officer Sergio Marchionne, 61, wants to transform the company with a scale that can challenge the likes of General Motors Co. (GM) and Volkswagen AG.
Fiat, which owned 58.5 percent of Chrysler prior to the full takeover, relies on the U.S. for profit because of losses in Europe amid a six-year car-market contraction in the region. Fiat plans to move its primary listing to New York and rename itself Fiat Chrysler Automobiles NV. The manufacturer aims to complete the New York listing by Oct. 1 and will also continue to have shares traded on the Milan exchange. Fiat fell as much as 1.4 percent to 7.20 euros and was trading at 7.23 euros at 4:26 p.m. Milan time, down 1 percent, valuing the carmaker at 9.04 billion euros ($12.33 billion).
Mea Culpa, Mea Culpa…
Boeing’s reputation is taking a beating as Air India Ltd. voices its displeasure with the performance of Boeing’s 787 Deamliners after some of the planes suffered glitches and recent months. Citing the need for software upgrades and component replacements, a Boeing spokesperson acknowledged the glitches and lack of reliability. Last month, Japan Airline Companies, one of the biggest operators of the Dreamliner, found a battery cell in an empty jet smoking during preflight maintenance. Earlier this month, Air India diverted one of its 787s as a precaution after the plane developed software malfunctions on a flight. Boeing has since began upgrading software and changing components whenever the planes can be taken out of service. Additionally, Air India plans to seek compensation from Boeing after the carrier found that its 787s aren’t as fuel efficient as the planemaker had claimed while selling them. Boeing VP of 787 services and support acknowledged the need to improve reliability to satisfy customers, a mantra coming out of Boeing for the past month.
The Dreamliner’s introduction into service in 2011 ago for Tokyo’s ANA Holdings Inc. was beset with a 3 1/2 year delay due to production snags and other delays. Last year, an Air India 787 developed cracks in the windshield during landing.
Nevertheless, Boeing see potential aircraft deals in India later this year. Boeing will increase its prediction for India plane demand in the next couple of months. The company had forecasted last year that carriers in the Asian nation will need 1,450 new aircrafts, worth $175 billion over the next two decades
In The Markets:
Asian markets closed up on Tuesday as investors await the first speech from new Fed head Janet Yellen.
European stock markets closed positive for the fourth straight session on Monday. Investors welcomed better corporate news and a positive handoff from Asia.
US markets closed modestly higher on Monday. With no earth shattering economic news investors instead focused on Tuesday testimony of Federal Reserve Chairwomen Janet Yellen to Congress. DJIA: +5.08 15799.16 Nasdaq: +22.31 4148.17 S&P: +2.68 1799.70
In Dinner or Drink:
Orange Cream Dream
3-4 ice cubes
1 shot vanilla vodka
1 oz cream soda
1 oz orange juice pulp free
2-3 squirts whipping cream
1 chocolate syrup
1 peel of orange garnish
1. drop 2-3 ice cubes into glass
2. pour 2 ounces chilled vanilla vodka over ice cubes
3. pour 1 ounce low acid, pulp-free orange juice into vodka; the citrus flavor will shock the alcohol (even though it’s already flavored) and will lessen the alcohol taste
4. pour 1 ounce cream soda into glass
5. stir generously with swizzle stick
6. squirt desired amount of whipping cream on top of the mixture
7. drizzle with chocolate syrup if desired
8. garnish with orange slice/peel if desired
9. stick a straw in
Like our drink today, click here for more.
The only thing that stands between a man and what he wants from life is often merely the will to try it and the faith to believe that it is possible.-Richard M. DeVos
A special Thank You to our own James Burleson-Porras for guest writing today.