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GM cites evidence of offshore accounts, wants FCA racketeering lawsuit revived

General Motors on Monday asked a U.S. federal judge to reinstate a racketeering lawsuit against Fiat Chrysler Automobiles NV (FCA), saying it has new information on foreign accounts used in an alleged bribery scheme involving its smaller rival and union leaders. In its filing to U.S. District Judge Paul Borman, GM says the scheme, which it alleges occurred between FCA executives and former United Auto Workers (UAW) leaders, "is much broader and deeper than previously suspected or revealed as it involved FCA Group apparently using various accounts in foreign countries ... to control corrupt individuals by compensating and corrupting those centrally involved in the scheme to harm GM." Last month, Borman threw out the racketeering lawsuit, saying the No. 1 U.S. automaker's alleged injuries were not caused by FCA's alleged violations. GM alleged FCA bribed UAW officials over many years to corrupt the bargaining process and gain advantages that cost GM billions of dollars. GM was seeking "substantial damages" that one analyst said could have totaled at least $6 billion. "These new facts warrant amending the court's prior judgment, so we are respectfully asking the court to reinstate the case," GM said in a statement. "FCA will continue to defend itself vigorously and pursue all available remedies in response to GM's attempts to resurrect this groundless lawsuit," FCA said in a statement. In affidavits accompanying GM's filing, attorneys for the automaker said "reliable information concerning the existence of foreign bank accounts" used in the alleged scheme had only come to light recently. "The UAW is unaware of any allegations regarding illicit off-shore accounts as claimed," by GM, the UAW said in a statement. "If GM actually has substantive information supporting its allegations, we ask that they provide it to us so we can take all appropriate actions." Earnings/Financials Government/Legal UAW/Unions Chrysler Fiat GM

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Gio Ponti's '50s-era Linea Diamante is a brand new old car

Art Basel has grown to expansive levels in the past decade. The historic global modern and contemporary art tour has integrated itself in automotive culture through various initiatives such as its partnership with BMW. But for those who are interested strictly in the relationship between automobiles and art and design, there is a different Basel: Grand Basel, a new show launched this year in Switzerland. There, alongside automobiles of timeless importance, a never-realized car design from the '50s debuted for the first time. That car is the Linea Diamante, which roughly translates to Diamond Line. The design was originally conceptualized in 1952 by Gio Ponti and Alberto Rosselli for Carrozzeria Touring. It was intended for an Alfa Romeo 1900 chassis, yet looked nothing like any Alfa, or any other vehicle, of the time. Grand Basel describes itself as a place where "the finest automobiles of the past, present, and future are discussed in the cultural context of art, design, architecture, and lifestyle." In that vein, the Linea Diamante is now viewed as a design far ahead of its time. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. With a shape similar to that of a Saab 900, which didn't debut until the late '70s, the Linea looked nothing like the over-stylized bubbly curvaceous designs of the '50s. Hoping to oppose the less practical car bodies that created large cavernous interiors, Ponti set out to craft a suit that isolated passengers from the outside less. The result is a boxy vehicle with a wide-open cabin. The panels are flat, the nose is low, the greenhouse is upright and tall, and the rear angles straight down like a hatchback. Though it was an eyesore to many at the time, the design created better visibility, an airy-feeling cabin, and maintained practical space. The rear seats are even adjustable, an unheard-of feature for the period. It is also on this car that Ponti formed a relationship with Pirelli (he later designed the Pirelli Tower in Milan). Furthering the futuristic premise of the vehicle, the Linea had a wrap-around rubber bumper with spring-mounted pieces at the front and rear for extra safety in the event of an accident. As a nod to this collaboration, Pirelli provided the tires for the modern replica. When Carrozzeria Touring turned the wild concept down, Ponti turned to Fiat, but the design was thought to be too outrageous.