World News

WORLD

Credit Suisse reports
$1B hit in first quarter

GENEVA — After seeming to have skirted the worst of the mortgage issues plaguing the financial sector, Credit Suisse revealed Tuesday that it had suspended a “handful” of traders for overvaluing assets and would take a $1 billion hit to its first-quarter results.

Switzerland’s second-largest bank said it would still post a profit for the period, but the mispricing of asset-backed securities led to an overvaluation of about $2.85 billion.

REGION

Turbocharged Cobalt SS
to be available in April

LORDSTOWN — The new turbocharged version of the Chevrolet Cobalt SS probably will go on sale in April, an official said.

Production of the 260-power car is slated to begin early in April at General Motors’ Lordstown complex, said Nancy Libby, a Chevrolet spokeswoman. The complex has been building test models of the car.

The new version of the Cobalt has been shown at auto shows in Detroit and Chicago and also will be on display at the Cleveland Auto Show, which starts Saturday. The nine-day show is held at the I-X Center in Cleveland. More information is available at (866) 291-1415.

The turbocharged Cobalt SS replaces a version with a supercharged engine that had 205 horsepower. The standard Cobalt has an engine that produces 148 horsepower.

From Vindicator staff and wire reports