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[extract] General Motors recently reported that its European division, Opel/Vauxhall, had posted a jumbo loss of US$747 million (no pun intended) for 2011 before interest and taxes. Although the figure is an improvement over 2010

S_pore_elections_by_Nomura_29_April_2011.pdf Come writers and critics, who prophesize with your pen And keep your eyes wide the chance won't come again And don't speak too soon, For the wheel's still in spin And there's no tellin' who That it's namin'. For the loser now Will be later to win For the times they are a-changin'. Bob Dylan

When General Motors and Chrysler entered bankruptcy proceedings in 2009, it was very clear that one company had a future product portfolio and one didn't. So while The General received the lion's share of government funding, Chrysler was basically given to Fiat with the hope that Team Pentastar could benefit from platform and product sharing. The early results of the Chrysler/Fiat team have been somewhat encouraging. Fiat-Chrysler CEO Sergio Marchionne and his team have made significant progress cutting costs, and the management team created a five-year plan for Chrysler that includes new, Fiat-derived platforms and re-badged Lancias and Alfa Romeos. Will these steps be enough for Chrysler to remain the full-line manufacturer it is today? A report in Automotive News shows that Bernstein Research analyst Max Warburton doesn't seem to think so. Warburton reportedly wrote in an assessment for Fiat investors that "we remain unconvinced Chrysler will survive in its current form despite Marchionne's blood, sweat and tears." Warburton cites four unnamed senior executives from Detroit. The analyst's feelings come despite the fact that he feels Chrysler will come close to breaking even in the first quarter even with relatively poor sales. Warburton actually anticipates that Marchionne will announce Chrysler made a small profit in the month of March. So why the doom and gloom? Warburton cites Chrysler's still limited product development, light product portfolio and limited synergies between the two companies. The analyst also points to Marchionne's target for Chrysler to hit a 14 percent market share by 2014 as a reason for alarm. Chrysler hasn't been at 14 percent market share since 2000, and the Pentastar is currently just under 10 percent share.

Analyst gets cold shoulder from OCBC Morgan Stanley's Matthew Wilson will no longer have access to top staff By SIOW LI SEN Email this article Print article ? Feedback OCBC Bank will not be inviting bank analyst Matthew Wilson of Morgan Stanley for future briefings. The bank is believed to be unhappy with his views and treatment of Singapore's third-largest lender. Mr Wilson, who has been covering the three local banks for three-and-a-half years, has generally regarded OCBC as an expensive stock. He has never had a 'buy' call on it and has stuck to 'equal weight' or 'sell'. The bank, it is believed, feels aggrieved about his attitude. BT understands that OCBC has advised Morgan Stanley that the analyst will no longer have access to their senior management or investor relations people. In addition, OCBC will decline meetings with fund managers introduced by Morgan Stanley Research, a source told BT. Mr Wilson declined to comment but in a research note on the banking sector dated Sept 19 on OCBC, he wrote that 'recent events also lead us to question the bank's attitude to corporate governance'. Koh Ching Ching, OCBC spokeswoman, said the bank does not ban anyone but invitations to its events are at its discretion. 'To ensure we are fair to all who are interested, our quarterly-results presentation slides are released to the SGX and also posted on our website. Our half-yearly results briefings are also webcast live and can be viewed on our website,' said Ms Koh. 'We do not wish to make any comment with regard to Mr Matthew Wilson,' she added. Mr Wilson currently has a 'sell' rating on OCBC and 'equal weight' for DBS and United Overseas Bank. 'In particular, we highlight zero mortgage growth for the last two years and a very high concentration of lending to Singapore constructors and developers,' he wrote about OCBC in September. Listed companies banning analysts, while not unheard of, is pretty rare in corporate Singapore. The Singapore Exchange recommends that issuers observe an 'open door' policy in dealing with analysts, journalists, stockholders and others. Ms Koh said the bank is aware of the listing rules on corporate disclosure and releases all material information through the stock exchange so that all investors, analysts, fund managers and journalists have the opportunity to access it at the same time. She added that the bank did not disclose any 'material, price-sensitive and non-public information' in its meetings with analysts or investors. Still, some appeared surprised by the bank's tough stance on the analyst. Said David Gerald, president of Securities Investors Association of Singapore: 'Unless listed companies have very good reasons and they should state the reasons for doing so, they should not exclude analysts because investors do rely on research from analysts.'