Connect to share and comment

Tesla's Musk paid $70,000 in 2013, but could rake in much more if goals are met

DETROIT - Tesla Motors CEO Elon Musk was paid just under $70,000 in 2013. But he could be eligible for much, much more. According to a Tesla filing with regulators Thursday, Musk made a base salary of $33,280 in 2013. That was the minimum he was required to make under California law. He got an additional $36,709 in company bonuses. Tesla says Musk, the billionaire founder of PayPal and rocket-building company SpaceEx, only accepts $1 and returns the rest to the company. But he could one day be eligible for a huge payday.

Alstom shares jump on report of $13 billion GE bid

By Natalie Huet and Benjamin Mallet PARIS (Reuters) - Shares of Alstom <ALSO.PA> jumped 10.9 percent on Thursday after a report that U.S. conglomerate General Electric <GE.N> was in talks to buy the struggling French turbine and train maker for about $13 billion. The companies may announce the deal as early as next week, Bloomberg cited people with knowledge of the matter as saying late on Wednesday.

GM says facing multiple probes into recent recalls

By Sarah N. Lynch WASHINGTON (Reuters) - General Motors revealed on Thursday it is the subject of five different government probes related to its massive recalls, including two previously unreported investigations by the U.S. Securities and Exchange Commission and a state prosecutor. GM disclosed the probes in a regulatory filing after reporting earlier in the day that first-quarter profit tumbled 88 percent due to the recall.

Recall costs slam brakes on GM profit

General Motors Thursday reported slumping first-quarter profits, dragged down by hefty recall charges that eclipsed a strong core operating performance. The largest US automaker's first-quarter net income sank 85 percent from a year ago to $125 million as the company took a $1.3 billion charge for the recall of seven million vehicles worldwide. The Detroit, Michigan-based company also took a $300 million charge for restructuring costs, mostly in Europe, and incurred costs related to the exchange rate it uses for Venezuela's currency.

American Airlines and Southwest post strong 1Q profit, United Airlines continues to lose money

DALLAS - Even with the turbulence of severe winter storms and stubbornly high fuel prices, many of the major airlines are cruising and their stock prices are soaring. Mergers have reduced competition and made it easier for the airlines to limit the supply of seats and raise average fares. Extra fees bring in billions more each year. On Thursday, American Airlines and Southwest Airlines reported record profits for the first quarter, usually the weakest time of year for the airlines. That followed a rousing report from Delta Air Lines a day earlier.

General Motors 1Q results worst since 2009 due to recall costs; CEO says sales holding up

DETROIT - The cost of recalling nearly 7 million cars and trucks sank General Motors' first-quarter profit, but the company's CEO said the much-publicized recalls have yet to cut into sales. GM on Thursday reported its worst financial results in more than four years, with profit falling 86 per cent to $125 million. The biggest contributor was a $1.3 billion charge to cover a series of recalls announced since early February, most notably 2.6 million small cars with defective ignition switches.

GM posts lower profit after recall; outlook for rest of year trimmed

By Ben Klayman and Bernie Woodall DETROIT (Reuters) - General Motors Co's first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed. While the company's results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount.

Speeding Ferrari driver sidelined, fined, young passenger OK, in B.C. incident

VANCOUVER - Mounties say they're appalled by the actions of a Ferrari driver from Langley, B.C., who used area roads as his personal race track. Cpl. Robert McDonald says not only was the F430 sports car clocked at speeds 101 kilometres above the posted 80-kilometre limit, the 49-year-old was not travelling alone. McDonald says a young child was in the seat beside him. Both were OK but had to find another way home after the April 19 incident when the high-end race car was immediately impounded for seven days.

Brazilian airline Azul to lease 11 jets for flights to U.S.

Rio de Janeiro, Apr 24 (EFE).- Azul Linhas Aereas Brasileiras has unveiled plans to lease 11 wide-body aircraft to be used for direct flights to U.S. destinations starting in 2015. Azul plans to run between three and four flights daily from Viracopos-Campinas International Airport outside Sao Paulo to three U.S. destinations: Miami, Orlando and New York. Those will be the airline's first-ever international routes.

After merger, American Airlines and US Airways post first-quarter profit of $480 million

DALLAS - American Airlines is making money again and beating expectations after its merger with US Airways. The company posted earnings of $480 million Thursday, a record for the first quarter, which is usually the weakest three-month period for airlines during the year. As separate airlines, American and US Airways lost $297 million a year earlier.
Syndicate content