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BUSINESS
April 4, 2002 | Bloomberg News
Hertz Corp., the biggest U.S. car-rental company, said it eliminated base commissions paid to North American travel agents on certain transactions, following similar moves by several major airlines. Hertz said the change, effective immediately, was made because of continued weak travel demand, and the need to further reduce costs. The company, a unit of Ford Motor Corp., said the move will affect mostly U.S.
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BUSINESS
May 16, 1995
Independence One Bank of California said Monday that it has completed the sale of its savings and loan operating units by transferring $194.1 million in deposits to Glendale Federal Bank and ceasing operations as an S & L. The Mission Viejo thrift, owned by banking company Michigan National Corp., transferred the deposits for $4.4 million. Executives at the Glendale thrift said the deal will allow it to reduce its own borrowings.
BUSINESS
September 29, 2000 | Bloomberg News
Drivers of Ford Motor Corp.'s Explorer sued the auto maker and Bridgestone/Firestone Inc., claiming their vehicles have lost resale value because of rollover problems, attorneys said. In the suit filed in federal court in Orlando, Fla., the drivers say the resale price of their Explorers has dropped more than $1,800 since investigations into the vehicles' tendency to roll were publicized, attorney Theodore Leopold said.
NEWS
February 1, 1987 | Associated Press
Chrysler announced Saturday that it would extend warranties on new trucks and cars to seven years or 70,000 miles, exceeding those announced recently by its competitors. The new warranty includes a seven-year or 70,000-mile powertrain warranty and a seven-year or 100,000-mile guarantee against outer-body rust damage, the company said. "We went to five years and 50,000 miles five years ago, because we had the product quality to back it up.
BUSINESS
April 15, 2009 | Times Wire Reports
Ford Motor Co. bonds rose to the highest price in almost seven months a day after Standard & Poor's raised the automaker's credit rating to reflect the completion of a $9.9-billion debt reduction. Ford Motor Credit Corp.'s $1.5 billion of 8% notes due in 2016 climbed 0.2 of a cent to 70.3 cents on the dollar, the highest level since Sept. 19, after previously rising as high as 72.1 cents. The securities have increased 56% since March 5. Ford, the only U.S. automaker to forgo federal government aid, said earlier this month that it cut debt 38% through buybacks of term loans and bonds.
BUSINESS
January 15, 1991
Chrysler Corp. announced a reorganization that promoted Robert A. Lutz to president, a possible sign that he is in line to succeed Lee A. Iacocca as head of the troubled auto maker. Lutz is an engineer who has worked for General Motors Corp., Ford Motor Corp. and the German auto maker BMW. He had been president of Chrysler Motors, a remnant of a former car- and truck-making subsidiary at Chrysler.
BUSINESS
December 4, 1989 | WARREN BROWN, THE WASHINGTON POST
A growing Japanese taste for cars from America has auto makers in the United States scrambling to increase shipments to Japan. Most of the cars being exported, however, are from American subsidiaries of Japanese auto makers Honda Motor Co., Mazda Motor Corp., Toyota Motor Corp. and Nissan Motor Co. Mitsubishi Motors Corp.
BUSINESS
March 14, 1985 | STEPHANIE DROLL, Times Staff Writer
Buoyed by the continuation of discount loans and other incentive programs, domestic new-car sales rose 3.3% in early March, the industry reported Wednesday. In the March 1-10 period, the six U.S. auto makers reported sales of 193,946 cars, equal to a daily selling rate of 24,243, compared to 211,240 units, or a daily rate of 23,471, in the comparable 1984 period.
BUSINESS
January 20, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
Southern California Bank said Thursday it has agreed to buy nearly all of the remaining loans and deposits of a healthy Mission Viejo thrift that is expected to close up shop in California. The bank will buy $85 million in business loans and $30 million in deposits from Independence One Bank of California, a federal savings and loan created on the last day of 1988 from the ruins of the failed Beverly Hills Savings & Loan.
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