Feds to Inject $7.5 Billion More into GMAC
from The Detroit News
The Treasury Department is preparing to announce that it will invest an additional $7.5 billion in GMAC LLC in a deal that could allow the U.S. government to hold a majority stake in the Detroit-based auto finance company. GMAC, whose financial good health is key to providing loans for consumers to buy General Motors Corp. and Chrysler LLC vehicles, has been in talks for several weeks to secure additional capital. It had hoped to close the deal last week. More

Chrysler Asks Judge for Emergency Approval of GMAC Transaction
from Bloomberg
Chrysler LLC asked a bankruptcy judge for emergency approval of an agreement through which GMAC LLC will provide financing to customers and car dealers. Chrysler said in an emergency request filed in U.S. Bankruptcy Court in Manhattan that it “cannot survive” and the sale process can’t work without prompt approval of the master transaction agreement with GMAC and the U.S. Treasury. More

Initial Jobless Claims Fall for Week
from Transport Topics
Initial jobless claims fell by 12,000 last week, while the number of people receiving continuing claims reached a new record high, the Labor Department said. More

Fed Sees Hopeful Signs but Downgrades ‘09 Forecast
from Yahoo! News
The Federal Reserve expects the economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent. More

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GM, UAW Discuss Savings
from The Detroit News
General Motors Corp. and the United Auto Workers held another round of talks at the Treasury Department aimed at reaching a comprehensive labor savings agreement, people familiar with the matter said. The talks included members of the auto task force, GM's president and CEO Fritz Henderson and UAW President Ron Gettelfinger. More

Housing Starts Plunge 13 Percent to Record Low
from Transport Topics
New housing starts plunged 13 percent to a record low in April, the Commerce Department said. Starts fell to an annual rate of 458,000 units, led by a 46 percent decline in multifamily starts, Commerce said. More