Digest

GM and Chrysler hiring additional engineers

Foreclosures are expected to push home prices down further in 2011.
Foreclosures are expected to push home prices down further in 2011. (Bill Sikes)

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Wednesday, December 1, 2010

General Motors said Tuesday that it plans to hire 1,000 engineers in Michigan to help expand the automakers' lineup of electric-drive vehicles.

The hiring will increase GM's workforce of electric-vehicle engineers to about 3,000, Rob Peterson, a company spokesman, said at an event to mark the start of production of the Chevrolet Volt. The Volt is the core of GM's effort to position itself as innovative and environmentally friendly.

Separately, Chrysler Group is hiring 1,000 engineers and high-tech workers for its small and midsize vehicles, Mike Palese, a company spokesman, said Tuesday.

- Bloomberg News

HOUSING

Home prices slip in major metro areas

Home prices are falling faster in the nation's largest cities, and a record number of foreclosures are expected to push prices down further through next year. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 0.7 percent in September from August. Eighteen of the cities recorded monthly price declines.

Among the cities in the Case-Shiller index, Cleveland recorded the largest decline. Prices there dropped 3 percent from a month earlier. Prices in San Francisco, Los Angeles and San Diego, which had been showing strength this year, also dropped in September from August.

Washington, up 0.3 percent, and Las Vegas, up 0.1 percent, were the only metro areas to post monthly gains in housing prices.

- Associated Press

LEGAL

Ex-Deloitte partner accused of insider trading

Federal regulators on Tuesday charged a former partner at Deloitte & Touche and his wife with insider trading, accusing the couple of providing confidential information on company acquisitions to relatives overseas.

The Securities and Exchange Commission announced the civil charges against Arnold McClellan and his wife, Annabel. The SEC alleged that the McClellans gave notice of at least seven acquisitions planned by the firm's clients to Annabel's sister and brother-in-law in London, Miranda and James Sanders. The SEC said James Sanders' trades off the information reaped profits of $3 million.

Annabel McClellan was arrested Tuesday by FBI agents on criminal charges of obstructing the SEC's investigation. The indictment, issued by a federal grand jury in San Francisco last week, was unsealed Tuesday. McClellan appeared in federal court and was released on a $250,000 bond.

The McClellans, through their attorneys, disputed the SEC's civil charges and said they would contest them in court. The agency is seeking unspecified fines and restitution from them.

Britain's market regulator, the Financial Services Authority, announced charges Tuesday against the Sanders and colleagues of James Sanders to whom he passed the confidential information, the SEC said. The people who received the information from Sanders made about $20 million from trading on it, according to the SEC.

- Associated Press


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