OTR tires at heart of Ponzi scheme that cost investors $50 million

curata__eN9tNgKRBeMis2X.jpeg

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.

Read the source article at Tire Business

New Minister Wind-Up Direction to OTS

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.

You can read the Minister’s Direction Letter here and the OTS reply here.

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.

Read the source article at Rethink Tires

Kumho delisting from London Stock Exchange

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.

Read the source article at Tyrepress

Toyo Tire Corp Sees Drop in Operating Income in 2018

curata__fRGSU8I624iDaRK.jpeg

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).

Read the source article at Tire Review

Continental expects first-half dip in automotive markets

curata__OdV2dXul47CuB5H.jpeg

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.

Read the source article at Tire Business

Canada lawmakers want to question GM CEO Mary Barra

curata__KfgW2XiaJPloKwv.jpeg

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.

Read the source article at Front Page

Continental Ag: A Speculative Buy – Continental Ag (OTCMKTS:CTTAF)

curata__5bOk1hkV5DKLqqG.png

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.

 

Read the source article at Stock Market Insights

How Many Recycled Tires Makes 1 Bitcoin?

curata__ijC8Cga9DpzZ58U.jpeg

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

Read the source article at Twitter. It’s what’s happening.

Nokian Tires appoints new Finance lead for the Americas Region

curata__nObWTqxVUAi5A4u.jpeg

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

Read the source article at Traction News

General Motors’ 4th-Quarter Financial Results: Here’s What You Need to Know

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 SilveradoGMC 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.”

Read the source article at Value Investing