Alcoa Transportation Products Wins 2009 Automotive News PACE Award

Alcoa Transportation Products was awarded a 2009 Automotive News PACE Award. The prestigious award recognizes automotive suppliers for superior innovation, technological advancement and business performance.

Alcoa Transportation Products was recognized for its Alcoa Vacuum Die Casting (AVDC) for Lightweight Door Assemblies developed as an integrated casting alloy, process and equipment “systems solution” which provides vehicle manufacturers within the passenger auto and commercial transportation market segments the opportunity to maximize weight savings (30-35%), consolidate parts (60-70% BOM/parts reduction) and reduce system costs of lightweight door systems. Read more

Report: Banks to get stress test results Friday

U.S. banks will be more informed by regulators on Friday how they place in government “stress tests” before the results are made public later, the Wall Street Journal reported, citing government officials.

Some estimates of the losses that may have been used in stress tests were stronger than expected, the newspaper said.

“In a less favorable scenario, which implies a 10.3 percent unemployment rate at the end of 2010, banks will have two years to calculate the losses of 8.5 percent of their first mortgage mortgage portfolio, 11% for home equity lines of credit, 8 percent for commercial and industrial loans, 12 percent of commercial real estate loans and 20 percent of credit card portfolios, “the paper said, citing a confidential document from the Federal Reserve. Read more