At the 2012 North American International Auto Show, it's clear that the industry's love affair with alpha-numeric designations hasn't waned. There's the ATS, the 700C, the MKZ. Now comes the CTX, a new line of Craftsman riding lawn mowers. They are fast, powerful and loaded with amenities.
"Everybody knows that Detroit's the national stage for cars — Motor City is where autos come from. So this show made perfect sense to come here and launch the tractor," says Onney Crawley, Craftsman's director of brand management for lawn and garden.
<strong>Start Your Engines: </strong>With Cadillac's unveiling of the ATS — a compact luxury car — the Detroit automaker put itself in direct competition with BMW's 3 Series and Mercedes-Benz's C-Class.
This year's auto show in Detroit could set the stage for a shake-up in the fiercely competitive — and hugely profitable — luxury car scene. That's because there's a new kid on the block, and its name is Cadillac.
The General Motors company says its new small, high-performance ATS will allow it to compete for the first time with Audi, Mercedes-Benz and BMW. But getting a brand-new luxury car like the ATS ready for market can be a grueling process.
Originally published on Wed January 11, 2012 7:47 am
Fannie Mae President and CEO Michael Williams testifies before the House Financial Services Committee's Oversight and Investigations Subcommittee in December.
Credit Chip Somodevilla / Getty Images
Michael J. Williams said he is stepping down as chief executive of the quasi-governmental mortgage giant Fannie Mae. The company made the announcement late last night, saying Williams will wait to step down until the board of directors names a successor.
"I decided the time is right to turn over the reins to a new leader," Williams said in a statement.
A Twinkie shows off its creamy filling in this file photo from 2005. A snack-cake sales slump is one reason Hostess Brands is seeking protection from its creditors.
Credit Tim Boyle / Getty Images
Twinkies maker Hostess Brands Inc., is again seeking protection from its creditors, filing for Chapter 11 bankruptcy as the company tries to cope with high debt and rising costs of labor and raw materials.
Hostess, which also makes Ho Hos, Sno Balls, and Wonder Bread, is a privately held company based in Irving, Tex. It owes millions to suppliers and labor unions. The company has reportedly found some financing to keep it running during bankruptcy proceedings.