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AUTOMOTIVE
GM Unveils Electric Car
General Motors chief executive G. Richard Wagoner Jr. unveiled the automaker's long-awaited electric car, the Chevrolet Volt, which will be able to go 40 miles on a single charge from a home outlet. He also said the turmoil in U.S. financial markets should not affect government loan guarantees that would help the auto industry develop high-tech vehicles.
Speaking at GM's 100th anniversary celebration, Wagoner said the $25 billion in loans were approved last year as part of an energy bill and should now be funded to help the industry build next-generation automobiles and meet government fuel economy standards.
GM, Ford and Chrysler have been working to get Congress to fund the loans after months of tight credit markets, tepid sales and high gasoline prices.
TECHNOLOGY
Sirius XM CEO 'Confident' on Debt
Sirius XM Radio chief executive Mel Karmazin said that he was "confident" he could reduce costs at the only U.S. satellite radio service and that he would refinance its debt "sooner rather than later."
Taking Sirius private isn't a realistic option in the current debt market, Karmazin said at a media event. He also said the company was able to raise $300 million in secured bank debt, though at a rate "far higher than we'd like to pay."
Dell Warns of Slowing Demand
Already hurting from price cuts and an expensive restructuring, Dell warned investors that corporate spending on technology was weakening further. By most measures, the technology sector has been performing adequately, so Dell's announcement caused uncertainty about whether the problem was specific to Dell or indicated broader problems in the market. Dell's shares fell $2.01, or 11.2 percent, to close at $15.98.
MEDIA
Tribune Employees Sue Zell
Tribune Co. chief executive Sam Zell, the billionaire who took the media company private last year, was sued by journalists claiming poor management constituted a breach of his financial duties to employees.
The plaintiffs claim Zell's actions leading the company, including massive job cuts, have damaged the company and jeopardized their stock options and retirement plans. The lawsuit was filed Tuesday in U.S. District Court in Los Angeles. It seeks class-action status.
Tribune spokesman Gary Weitman said the company hadn't seen the lawsuit and declined to comment.
