Feds charge Omni Hotels over alleged ethnic bias
The EEOC sues Omni Hotels Corp in Dallas on behalf of Mohamed Elmougy alleging he was fired for being Arabic and Muslim and for opposing illegal job practices. Elmougy managed the Omni Mandalay Hotel in Irving for about 18 months and faced discrimination beginning in early 2001. The company says Elmougy quit in late 2001 after declining a transfer to the Omni Shoreham in Washington.
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DaimlerChrysler sells stake in Hyundai Motors
DaimlerChrysler AG says it has sold its 10.5 percent stake in Hyundai Motor Co for more than 900 million dollars. The sale ends a mutual relationship shift while preserving ongoing cooperation including a joint purchasing project and engine development with Mitsubishi. Goldman Sachs handled the transaction. buyers remain undisclosed.
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Insurers brace for Charley losses vast and unfolding
Charley could push insured losses to 10 billion to 14 billion, with Home auto and commercial insurers deploying teams at temporary centers from Wal-Marts to Daytona Speedway. The catastrophe fund may cushion the blow, while State Farm and Allstate face major exposure though limits and coverage rules differ. Adjusters survey Florida counties as official disaster declarations rise.
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Home Depot Lowe's face tempered gains from Charley repairs
Analysts say spending to repair after Hurricane Charley could lift Home Depot and Lowe's revenue by about 900 million, though gains may not fully translate into profit due to price freezes after disasters. Earnings are seen rising 1 to 2 percent per share over four quarters. Lowe's cites inflation worries and late spring weakness, while Home Depot prepares Q2 results.
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Cadillac Opens Made in China Assembly in Shanghai
GM said Cadillac will start making cars in China this year with CTS sedans arriving in spring. Imported models sell alongside locally assembled Cadillacs using imported components at higher prices due to tariffs and costs. Cadillac expands to Beijing Shanghai and other cities as GM doubles China capacity and grows its Asia-Pacific footprint.
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