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President Trump to visit Michigan on Wednesday to attend auto-related event

President Trump will visit the Detroit area on Wednesday for the first time since taking office, the Detroit News reports this morning, to meet with officials of automakers, suppliers and unions, and to attend a rally of autoworkers. Trump might use the event to announce his intentions to roll back fuel-economy standards for cars and trucks. The automakers agreed to the standards, which set a goal of a fleet average 54.5 miles per gallon by the year 2025, under President Obama, but they have lobbied Trump to repeal them. "This is a continuation of a dialogue with the auto industry leaders, and also going back and reconnecting with a lot of the people who elected him," Chris Liddell told the News. Liddell is former chief financial officer of General Motors and now assistant to the president for strategic initiatives at the White House. Trump might also use Wednesday's visit to advocate the House Republicans' proposed replacement for the Affordable Care Act. Later Wednesday, he will attend a campaign-style rally in Nashville, and White House Press Secretary Sean Spicer has said the president intends to hit the road to sell the American public on the Obamacare replacement plan. The auto industry has been high on Trump's agenda - and a focus of his rhetoric to return manufacturing jobs and facilities to the United States. During his first week in office, Trump met privately at the White House with the CEOs of Ford, GM and Fiat Chrysler, and GM CEO and Chairman Mary Barra and Ford CEO Mark Fields are members of Trump economic advisory groups. He has criticized Ford and GM for making cars in Mexico and took credit when Ford scrapped plans for a new plant there. Related video: Government/Legal Green Chrysler Ford GM Fuel Efficiency Detroit Michigan

Former Fiat Chrysler VP pleads guilty in UAW corruption probe

Former Fiat Chrysler Automobiles executive Alphons Iacobelli pleaded guilty on Monday in connection to allegations that he made at least $1.5 million in improper payments to senior union officials, the U.S. attorney's office in Detroit said. Iacobelli, 58, a former Fiat Chrysler vice president of employee relations, was charged in July in U.S. District Court in Detroit with taking part in a conspiracy to pay prohibited money and gifts to United Auto Workers union officials. Sentencing was set for May 29. Iacobelli faces a statutory maximum of eight years in prison, and prosecutors said he will be required to repay $835,000. A lawyer for Iacobelli did not immediately comment on Monday. Iacobelli pleaded guilty to conspiracy to violate the Labor Management Relations Act and to filing a false tax return based on his failure to report hundreds of thousands of dollars in income that he illegally diverted, the government said. Iacobelli reportedly made some lavish purchases with money taken from the UAW-Chrysler National Training Center — a 2013 Ferrari 458 Spider and two solid-gold Mont Blanc pens costing $37,500 apiece. He reportedly sold the sports car at a discount when news broke of the investigation. The government said Iacobelli conspired to make illegal payments in an effort to obtain concessions and advantages for Fiat Chrysler "in the negotiation, implementation and administration of the collective bargaining agreements between FCA and the UAW." Monica Morgan, the wife of former UAW Vice President General Holiefield, who died in March 2015, is also expected to plead guilty, Reuters reported last week, citing a person briefed on the matter. She faces a plea hearing on Feb. 6. Morgan was charged with conspiring with Iacobelli to violate federal labor law. Morgan's lawyer, Steve Fishman, declined comment. Jerome Durden, a former Fiat Chrysler official whom the government charged with conspiring to divert over $4.5 million in UAW training center funds, pleaded guilty in August. The Justice Department has a wide-ranging investigation under way. In November, General Motors and Ford confirmed they were cooperating with the investigation into alleged misspending at UAW union training centers funded by U.S. automakers. It was not clear if Iacobelli is cooperating in the ongoing investigation. General Motors is conducting an internal investigation into the matter. The UAW said in a statement Monday that it is "appalled at these charges.

Fiat Chrysler pressing on with Magneti Marelli spinoff amid sale rumor

MILAN — Fiat Chrysler (FCA) is pressing ahead with the spinoff of its parts maker Magneti Marelli, a spokesman confirmed in Wednesday after reports investment firm KKR was in talks to acquire the unit. "FCA is pursuing a plan to separate the Magneti Marelli business ... it will evaluate bona fide proposals for alternative transactions that may be in the best interest of the Company," the spokesman said in an emailed statement. The company would not comment on market rumors, the statement added. Earlier on Tuesday the Wall Street Journal reported that global investment house KKR was in talks to acquire the unit and that a potential sale price could exceed the 3.23 billion euros value at which some analysts valued it. In mid-July, FCA kicked off the process to register the business in the Netherlands and list it on the Milan stock exchange. Reporting by Stefano RebaudoRelated Video: Image Credit: Getty Earnings/Financials Chrysler Fiat Parts and Accessories FCA magneti marelli