Pentagon Confirms Iran Fired At Unarmed U.S. Drone Over Gulf

Pentagon Confirms Iran Fired At Unarmed U.S. Drone Over GulfIran fired on an unarmed U.S. drone last week as it was hovering in international airspace, the Pentagon announced Thursday.

‘Fired twice’

Spokesman George Little said the incident, which marks the first time the Iranians have fired on a U.S. drone, occurred Nov. 1 at 4:50 a.m. ET. He said the unarmed, unmanned drone was conducting “routine surveillance” over the Persian Gulf when it was “intercepted” by Iran. He said the MQ1 Predator drone, which was not hit, was not in Iranian airspace.

According to Little, two Iranian jets fired twice, missing on both attempts — the drone headed away from the Iranian coast, landing safely soon after at an undisclosed location. The Iranian jets pursued the drone for a short period before giving up.

‘Act of war’

Little said the U.S. government has protested to the Iranians. He would not say whether there were actually plans for a military response. Asked if this should be considered an act of war, Little said he didn’t want to get into “legal characterizations” of the event.  Little stressed that the drone was flying 16 nautical miles off the coast of Kuwait in international waters, and never entered the 12-mile limit that would constitute Iranian territory.

The Pentagon announced the incident as the administration imposed a new round of financial sanctions against Iranian officials and entities. They marked the first sanctions since President Obama’s re-election Tuesday. According to the Treasury Department, the move was “related to the Iranian government’s human rights abuses, its support of terrorism and Iran’s Islamic Revolutionary Guard Corps.”

What do you think will be the U.S. government’s specific move regarding this recent drone incident? Share your thoughts and opinions with us!

Source: Fox News

Image: Euro News

Chrysler Reports First Quarterly Profit in 5 Years

05 May 2011 Last updated at 11:50 GMT

Earlier this week, the Chrysler group reported that it experienced its first quarterly profit in nearly five years. This report marks an important milestone in the recovery of the U.S. automobile industry from the global recession. The company, which was recovering from its federal bankruptcy in 2009, reportedly earned $116 million in the year’s first quarter. A considerable improvement compared to a staggering net loss of $197 in 2011.

The last time that Chrysler reported a profit was in the second quarter of 2006, when it was still part of the DaimlerChrysler group. In 2011, revenue for the company had increased 35%, to $13.1 billion, in both sales volume and price improvement. Chrysler also sold 18% more vehicles worldwide. The increase is among the highest improvement rate since the recession, and has helped with recovering the automobile industry in the U.S.

The Chrysler Company is still privately held. The United States government owns almost 9% of the company, Italian car maker Fiat owns 30%, and United Auto Workers trust fund owns the rest of the majority. With the improvement, the company is now planning to open up its shares to the public sometime this year or early in 2012. Fiat is expected to own 51% of the company by the end of the year.

Along with the announcement of their first quarter numbers, the company also announced its plans to repay the $5.8 billion debt it had with the U.S. Treasury Department, and the $1.7 billion debt it had with Canadian government. Both countries had pledged their support in the 2009 bailout to help companies such as Chrysler.

Chrysler announced that it would be raising funds from private investors and banks to be able to come up with the money to repay the debts. Their quarterly profit of $9.9 billion had helped out with their debt costs. This profit is an increase from the $2.5 billion it had in its books at the end of 2010. Sergio Marchionne, the CEO of Fiat and the Chrysler group, said that the company expects that the refinancing helped the company save $100 million interest.

Chrysler officials reported that quarterly results from the 1st quarter of the year have them on track for a net income of $200 million to $500 million for the entire year.  But that number will not include a $500 million charge that the company expects in the second quarter. This charge is related to the payments to be made to the government bailout loans and refinancing.