COLUMBUS, Ohio — An Ohio man has agreed to plead guilty to orchestrating a Ponzi scheme involving OTR tires that defrauded at least 46 investors of an estimated $50 million.
As a result of the resolution of certain outstanding tax matters OTS has with the Canada Revenue Agency (CRA), the amount of surplus funds remaining once all liabilities associated with wind-up have been settled will be more significant than contemplated at the time of writing the Wind-Up Plan. On April 2nd, 2019 OTS was directed by Minister Phillips to revise the approach to managing these surplus funds to return them to tire consumers.
OTS will be consulting on options for complying with the Minister’s Direction. Details on consultation opportunities are being developed and will be posted here.
South Korea’s second-largest tyre manufacturer, after Hankook Tire, said the reason for delisting its 76,034 shares traded on the LSE was to cut costs as financial losses continued to accumulate last year. The move would leave Seoul as the only market where its shares will be openly traded.
Kumho reported an operating loss of KRW89.9 billion (US$79 million) in 2018, with the fourth quarter marking the eighth consecutive quarter of financial losses for the company. Weak performance in the replacement market was given as the main reason for the losses.
The Toyo Tire Corp. saw a drop in operating income and net sales for 2018 with projections for 2019 looking up.
In its 2018 year-end financial report, the company reported 393 billion yen ($3.55 billion) in net sales in 2018, down from 405 billion yen ($3.65 billion) in 2017. The company’s operating income stood at 42.4 billion yen ($382 million) compared to the previous year at 45.3 billion yen ($408.8 million).
HANOVER, Germany — Continental A.G. is bracing itself for a rough first half of 2019 as it expects a slowdown in vehicle production in the last few months of 2018 to continue throughout the first half of 2019.
Members of Canada’s parliament want to question General Motors CEO Mary Barra about the automaker’s future in their country. The House of Commons Standing Committee on Industry, Science and Technology approved a request Tuesday to have Barra “come before committee and explain GM’s future and continued commitment to the Canadian automotive and manufacturing industry in Canada.” Ontario New Democratic Party member Brian Masse filed the motion, which was passed by the all-party committee.
Continental AG (OTCPK:CTTAF) is a high-quality German automotive manufacturing company specializing in tires and non-tire rubber products, auto parts, and future automotive technologies like autonomous driving and electric vehicle ecosystems. A confluence of factors, involving tariff threats from Trump, a cyclical slowdown in China, and production bottlenecks from EU emission regulations, has caused the stock to fall by almost 50%. The stock is now very cheap compared to its trading history, but the U.S. tariff threat looms large on the horizon. This article makes the argument for a speculative buy, where large gains could be made if U.S. tariffs don’t eventuate.
Approx 770 KW/h (Syngas) runs 500 S9s. Right now reward is about .30 btc per day on 6.88 Ph/s. So about 1 btc per 3.5 days. PRTI process produces power from 11,500 tires to make 1 Bitcoin, 7.15k gal oil, 37.8k pds steel
Nokian Tires announced it has hired Stephen DeCastro to lead North American financial operations from the company’s new office in Nashville, Tennessee. DeCastro will serve as Nokian Tires’ Head of Finance and Controlling for the Americas region.
“We are excited to welcome Stephen to our team,” said Nokian Tires Senior Vice President, Americas Mark Earl. “His experience will help us build scalable financial systems that will support our growth.”
Stephen DeCastro | © Nokian Tires
The Detroit-based automaker General Motors (NYSE:GM) said its fourth-quarter U.S. sales dropped 2.7% year-over-year to 785,229 units. Whiles the company saw sales growth in the GMC brand, sales at other major brands, namely Chevrolet, Cadillac and Buick, declined during the quarter. Kurt McNeil, U.S. vice president, sales operations, commented:
“We have built the most successful pickup, SUV and crossover business in the industry and we gained considerable momentum in the fourth quarter of 2018 as dealers began delivering the all-new Chevrolet Silverado, GMC Sierra and Cadillac XT4 … We feel confident heading into 2019 because we have more major truck and crossover launches coming during the year and the U.S. economy is strong.”