Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Rain 34° Rain
News >  Business

Kaiser spokesman moves to CDA Mines company

Compiled from staff and wire reports The Spokesman-Review

Kaiser Aluminum Corp. spokesman Scott Lamb is resigning to take a job with Coeur d’Alene Mines Corp.

Lamb started with Kaiser 13 years ago and is now vice president of investor relations and corporate communications, putting him at the front of public inquiries during Kaiser’s bankruptcy. The company recently offered a reorganization plan with expectations that it will be promptly approved, allowing the company to emerge from bankruptcy later this year.

Lamb was considered a key corporate employee during the 3½-year bankruptcy, handling many investor and media questions in the complex case that dealt with assets across the globe and thousands of retirees and workers who lost health care benefits.

Kaiser, which had been based in Houston, recently moved its headquarters to Orange County, Calif.

At CDA Mines, Lamb will work as vice president of investor relations beginning Aug. 1. The company claims to be the world’s largest silver producer. It is based in Coeur d’Alene.

NHTSA recalls 61,000 vehicles

Detroit Volkswagen AG is recalling nearly 40,000 Jetta sedans in the United States because fuel could leak and start a fire, federal safety regulators said Thursday.

Jettas from the 2005 model year are involved in the recall. The National Highway Traffic Safety Administration said a fuel supply line clamp may not be properly positioned, which could lead to a leak.

NHTSA also announced two additional recalls Thursday.

Ford Motor Co. is recalling the 2006 Ford Expedition and 2006 Lincoln Navigator because the left-side tires may have tread damage caused by a sharp piece of steel they may have encountered during manufacturing. There are 10,061 vehicles involved in that recall, NHTSA said.

Toyota Motor Corp. is recalling 11,592 Tacoma pickup trucks from the 2005 model year that have bench seats. NHTSA said the seat-belt buckle sensor may not function as designed, which could cause the air bag to deploy improperly in a crash.

Owners will be notified of the recalls this month. Dealers will repair the defective parts for free.

Moody’s may lower GM debt rating

New York Moody’s Investors Service on Thursday said it is reviewing a possible downgrade of General Motors Corp. debt to junk status, citing concern about the cost of escalating incentives, a consumer shift to more fuel efficient vehicles and long-term pressure on U.S. market share.

Moody’s rates GM bonds at a “Baa3”, its lowest investment grade rating. General Motors Acceptance Corp., the auto company’s financing division, is also being looked at for a downgrade. GMAC is rated at “Baa2.”

General Motors, the world’s largest maker of cars and trucks, posted a 41 percent sales increase in June, thanks in part to its “Employee Discount” promotion. The credit rating agency said this promotion — which offers its employee discount to consumers — might make it more difficult on profit margins.

Teen could get two years for worm

Berlin Prosecutors are seeking a suspended two-year sentence for the German teen who has admitted he created last year’s “Sasser” computer worm, court officials said Thursday.

In closing arguments Thursday, prosecutors asked that Sven Jaschan be found guilty and be handed the youth detention center sentence, which he would have to serve if he committed another infraction in the next three years, court spokeswoman Katharina Kruetzfeld said.

The trial of the 19-year-old was being held behind closed doors in the northwestern town of Verden because he was a minor at the time of the offense.

SEC fund-director rule challenged

Washington The U.S. Chamber of Commerce is once again challenging a Securities and Exchange Commission rule requiring three quarters of a mutual fund’s directors, including the chairman, to be independent of the mutual-fund company.

The business group filed a petition Thursday in the U.S. Court of Appeals for the D.C. Circuit, asking the court for a permanent injunction to block the rule, set to take effect early next year.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe now to get breaking news alerts in your email inbox

Get breaking news delivered to your inbox as it happens.