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Latest Articles: Business
Strong Demand For Pickups, Mustangs Drives Up Ford Sales 22 Percent In May
Post Date: 2010-06-02 12:43:35 by Brian S
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DETROIT — Ford Motor Co. says its May U.S. sales rose 22 percent from a year earlier, boosted by strong demand for the F-Series pickup and new Ford Mustang. Ford says this is the sixth straight month that sales have increased more than 20 percent over the previous year, when the industry was in a severe downturn. Sales of Ford's Lincoln, Mercury and Volvo brands fell. Ford has sold Volvo, but the sale won't be complete until later this year. The Ford brand saw sales climb 28 percent.
Pending Home Sales Hit 6-Month High
Post Date: 2010-06-02 12:38:52 by Brian S
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June 2, 2010 NEW YORK (Reuters) - Pending sales of previously owned U.S. homes hit a six-month high in April, as prospective home owners took advantage of a popular homebuyer tax credit, a survey showed on Wednesday. KEY POINTS: * The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in April, increased 6.0 percent to 110.9, the highest since October. * It was the third straight month of gains in the index, which leads existing home sales by a month or two. Pending home sales rose by a revised 7.1 percent in March, a figure previously reported as a 5.3 percent increase. * Analysts polled by Reuters had forecast pending home sales rising 5.0 ...
GM U.S. Auto Sales Climb 17%, Beating Estimates, on Demand for Chevrolets
Post Date: 2010-06-02 12:29:07 by Brian S
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June 2 (Bloomberg) -- General Motors Co. posted a 17 percent increase in May U.S. sales, the first time the automaker topped analysts’ forecasts since January, as customers snapped up Chevrolet Equinox sport utility vehicles and Malibu sedans. Deliveries rose to 223,822 from 191,875 a year earlier, the Detroit-based automaker said today in statement. GM was expected to report a 5.9 percent increase, the average estimate of five analysts surveyed by Bloomberg. Industrywide sales may match the longest streak of gains in a decade, analysts estimated. The results show GM may be rebounding after last year’s bankruptcy. GM kept the Chevrolet, Cadillac, Buick and GMC brands in the ...
Fears For BP's Future As US Launches Criminal Inquiry
Post Date: 2010-06-01 22:06:58 by Brian S
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The future of BP was in doubt last night after the US government launched a criminal investigation into the Gulf of Mexico disaster, the the worst oil spill in American history. US attorney general, Eric Holder, confirmed that a criminal and civil investigation had been opened, sending BP's shares down further before close of trading in the US. The shares fell 13% on the FTSE today, wiping £12bn off the company's value. One stockbroker, Arbuthnot, captured the gloomy mood at the company, saying the disaster "has a real possibility of breaking the company". Though Holder did not specify which companies would be in the crosshairs of the investigation, the actions of ...
Economy Strengthens Behind Building, Manufacturing
Post Date: 2010-06-01 12:29:56 by Brian S
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WASHINGTON (AP) -- The economic recovery gained strength on the biggest rise in construction spending in nearly a decade and the 10th straight month of expansion for the manufacturing sector. Temporary government incentives fueled most of the construction spending increases in April. Industry spending rose 2.7 percent with gains in all major sectors, the Commerce Department said Tuesday. In a separate report Tuesday, the Institute for Supply Management, a trade group of purchasing executives, said its manufacturing index dipped slightly in May. But the 59.7 reading was well above the 50 level that indicates expansion. The news was welcomed on Wall Street. Stocks erased early losses after ...
U.S. Michigan Consumer Sentiment Index Rose in May
Post Date: 2010-05-28 11:53:32 by Brian S
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By Shobhana Chandra May 28 (Bloomberg) -- Confidence among U.S. consumers rose more than forecast in May, a sign the biggest part of the economy will help strengthen the recovery. The Thomson Reuters/University of Michigan final index of consumer sentiment increased to 73.6, higher than the 73.3 median estimate in a Bloomberg News survey of economists, from 72.2 in April. It was also up from the preliminary May reading of 73.3. The figure shows Europe’s debt crisis that triggered a slump in stock prices this month has had limited effect on confidence. Job growth from January through April also may bolster consumer spending, allowing the recovery to broaden and become more ...
Ford Said to Plan End of Neglected Mercury After Seven Decades
Post Date: 2010-05-28 11:43:05 by Brian S
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May 28 (Bloomberg) -- Ford Motor Co. is preparing to wind down the Mercury line, created in 1939 by Edsel Ford, after sales plunged 74 percent since 2000, said two people familiar with the plan. The automaker’s top executives are preparing a proposal to kill Mercury to be presented to directors in July, said the people, who asked not to be indentified revealing internal discussions. Mercury, losing two of four models next year, will be starved of products and promotion, the people said. Chief Executive Officer Alan Mulally emphasized the automaker’s namesake brand as he revived the only major U.S. automaker to avoid bankruptcy. The timing of Mercury’s demise depends on ...
Iraqi Crude Oil Production Falls 0.4% From Year Earlier
Post Date: 2010-05-28 09:11:45 by war
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May 28 (Bloomberg) -- Iraqi crude oil production fell 0.4 percent in May from a year earlier to an average of 2.40 million barrels per day, according to the U.S. State Department. *T
Consumer Deliquency Rates Dropping
Post Date: 2010-05-28 08:38:42 by war
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May 28 (Bloomberg) -- Consumer delinquency rates are dropping at U.S. retailers and banks such as American Express Co. and Bank of America Corp., signaling an incipient lending thaw that may spur economic growth. Past-due loans at Bank of America, the second-largest card lender, fell for a fifth month in April and by the most in four years, while AmEx’s delinquencies were down 34 percent from a year earlier. Target Corp., the second-largest U.S. discount retailer, last week reported its lowest delinquency rate in the latest quarter since the second quarter of 2008. With fewer tardy borrowers to worry about, banks are more likely to extend fresh credit to American consumers, whose ...
Stocks Extend Rebound From Nine-Month Low; Oil, Won Strengthen
Post Date: 2010-05-28 08:35:44 by war
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May 28 (Bloomberg) -- Stocks advanced for a third day, led by emerging markets, extending the rebound from a nine-month low. Oil rallied above $75 a barrel and the South Korean won strengthened. The MSCI Emerging Markets Index rose 1.7 percent as of 12:03 p.m. in London, poised for the biggest three-day rally in a year. The MSCI World Index, a gauge of equities in 24 developed nations, added 0.6 percent. Futures on the Standard & Poor’s 500 Index advanced 0.1 percent. Crude increased for a third day. South Korea’s won gained 2.4 percent against the dollar and the euro strengthened 0.4 percent against the dollar. This week’s advances in stocks and commodities pared a ...
US Nets Six Billion Dollars In First Citi Share Sale
Post Date: 2010-05-26 19:24:33 by Brian S
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The US government on Wednesday said it had completed the sale of around 20 percent of its stake in Citigroup, and would press on with the sale of its remaining 6.2 billion shares. Announcing that the first block sale shares netted around 6.2 billion dollars, before charges, the Treasury Department said it would "continue selling its shares in the market in an orderly fashion." The move is part of Washington's efforts to recoup taxpayer dollars by winding up investments that were designed to prop up teetering financial firms during the depths of the crisis. Wednesday's announcement marks the second phase in one of the biggest stock sales in history. At the depths of the ...
Home Sales, Durable Orders Signal U.S. Economy May Withstand Europe Crisis
Post Date: 2010-05-26 13:59:18 by Brian S
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May 26 (Bloomberg) -- Purchases of new homes jumped in April to a two-year high and orders for durable goods climbed the most in three months, signaling the U.S. economy strengthened before the European debt crisis gathered force. New-home sales increased 15 percent to an annual pace of 504,000 last month, the highest level since May 2008, while bookings for goods meant to last at least three years rose 2.9 percent, the Commerce Department said today in Washington. Stocks extended gains and Treasuries fell as the reports indicated the world’s largest economy may withstand a slowdown in Europe. While corporate investment will help sustain the U.S. manufacturing resurgence, the ...
Obama Urges Help For Small Businesses
Post Date: 2010-05-25 13:03:03 by Brian S
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WASHINGTON (AP) -- President Barack Obama called on Congress Tuesday to pass a package of tax changes, credits and loans designed to help the small businesses that he called the "driving force behind this recovery." In a Rose Garden event, Obama lobbied lawmakers for help as he honored the small-business owners of the year. Obama is pushing the House and Senate to adopt a package that includes eliminating capital gains taxes for those making long-term investments in small businesses; expanding Small Business Administration loans; creating a lending fund that would target only community banks; and creating a small-business credit program for states that have had to cut back on ...
Con-way, Old Dominion Executives Say Freight Upturn Continuing
Post Date: 2010-05-25 12:20:18 by Brian S
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Executives at freight haulers Con-way Inc. (CNW) and Old Dominion Freight Line Inc. (ODFL) said the U.S. rebound still appears to be gaining steam, despite uncertainty rocking the global economy. Volume "has been consistently strong and perhaps even increasingly strong," said Stephen Bruffett, Con-way's chief financial officer. He made the comments Tuesday during a panel discussion at a Wolfe Trahan & Co. transportation conference in New York. Bruffett said Con-way's volume was up about 37% in April, compared to the year-ago period, after climbing about 35% in the first quarter. May volume will be up only about 30%, he said, but he chalked that up to deliberate ...
U.S. Consumer Confidence Rises to Highest Level Since 2008 on Job Optimism
Post Date: 2010-05-25 11:11:28 by Brian S
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May 25 (Bloomberg) -- Confidence among U.S. consumers increased in May to the highest level since March 2008 as Americans became more upbeat about job prospects. The Conference Board’s confidence index rose to 63.3, exceeding the highest estimate in a Bloomberg News survey, from a revised 57.7 in April, figures from the New York-based private research group showed. The gauge was forecast to rise to 58.5, according to the survey median. A measure of expectations surged to the highest level since August 2007. Pessimism is beginning to fade as the expansion that began in the middle of 2009 begins to create the jobs needed to encourage Americans to spend. Confidence is still at risk ...
Rail Intermodal Volume Reaches Highest Level Since Fall 2008
Post Date: 2010-05-24 12:18:42 by Brian S
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The Association of American Railroads (AAR) reports that intermodal volume on U.S. freight railroads for the week ended May 15, 2010, reached its highest level since the 47th week of 2008. Carloadings last week also saw gains, with 18 of 19 commodity groups showing increases from the comparable week in 2009. U.S. railroads originated 290,263 carloads during the week ended May 15, up 16.6 percent from the comparable week in 2009, but down 11.9 percent from 2008. In order to offer a complete picture of the progress in rail traffic, AAR now reports 2010 weekly rail traffic with comparison weeks in both 2009 and 2008. Intermodal traffic totaled 218,206 trailers and containers, up 15.2 percent ...
Sales of U.S. Existing Homes Rose More Than Forecast
Post Date: 2010-05-24 11:26:14 by Brian S
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May 24 (Bloomberg) -- Sales of U.S. previously owned homes rose in April to the highest level in five months as buyers took advantage of the last weeks of a government tax credit. Purchases increased 7.6 percent to a 5.77 million annual rate, figures from the National Association of Realtors showed today in Washington. Sales were the highest since November, the month the incentive was first due to expire. The median price climbed 4 percent from April 2009. Demand may hold up through next month as buyers who close on a deal by June 30 are still eligible for the administration’s credit worth up to $8,000. The recent drop in borrowing costs caused by concern that the European debt ...
State Farm First to File Pay-As-You-Drive Request in California
Post Date: 2010-05-23 21:38:27 by Brian S
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May 22 (Bloomberg) -- State Farm Mutual Automobile Insurance Co., the largest U.S. car insurer, is the first to apply to the California regulator to offer pay-as-you-drive coverage in which motorists get discounts for traveling less. The application is under review, California Insurance Commissioner Steve Poizner said yesterday in a statement. Insurers say that pay-as-you drive coverage, in which companies track miles traveled and other data about driving habits, allows them to better price policies and may encourage customers to make fewer trips, reducing gasoline use. Poizner approved the concept in October. He said the coverage won’t violate customer privacy. “It’s just ...
Treasury Selects Lazard Freres As Its Advisor To Prepare Stock Offering For General Motors
Post Date: 2010-05-21 19:38:36 by Brian S
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WASHINGTON — The Treasury Department has hired Lazard Freres & Co. as its adviser to prepare for an initial public stock offering by General Motors Co. Treasury signed the agreement on Monday but did not reveal it until Friday. The agreement says that Lazard Freres will be paid $500,000 a month over the next year for the advice it provides the government. The agreement says that if no stock sale has occurred during the first 12 months of the contract, Lazard Freres will receive a fee of $250,000 a month until the sale is completed. The Treasury owns 61 percent of General Motors. The IPO would allow the government to begin recouping its investment. GM CEO Ed Whitacre has said he ...
Chrysler Gives Detroit Good News: Will Hire 1,100 More To Build Jeep
Post Date: 2010-05-21 19:37:09 by Brian S
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Chrysler Group gave Detroit another reason to celebrate the official start of production today of the 2011 Jeep Grand Cherokee by announcing that it will hire 1,100 more workers by July to add a second shift at the Jefferson North plant in Motown that's building the Jeep flagship. The Grand Cherokee is Chrysler's key (and only all-new) vehicle launch this year and it showed confidence in the SUV by already announcing the second shift to boost capacity. The Grand Cherokee is due on sale in June. The workers will be new hires, which means under the union contract that Chrysler can pay them about $14 per hour, about half the rate of current UAW workers. Among VIPs there to celebrate ...
Employment Increased in 38 U.S. States in April, Led by Ohio, Pennsylvania
Post Date: 2010-05-21 12:33:17 by Brian S
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May 21 (Bloomberg) -- Payrolls increased in 38 states in April, led by Ohio, Pennsylvania and New York, indicating the recovery in the labor market is becoming more broad-based. Employers in Ohio boosted staff by 37,300 workers last month, the biggest jump in 22 years, the Labor Department said today in Washington. Those in Pennsylvania added 34,000 workers, and employment in New York climbed by 32,700. The number of states showing payroll gains increased from 33 in March. Nationally, the U.S. has added jobs five of the past six months and payrolls increased by the most in four years in April, according to Labor Department data released May 7. “The labor market is starting to ...
Dow Index Suffers Biggest Drop In More Than A Year
Post Date: 2010-05-20 20:44:03 by Brian S
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US stocks slumped Thursday on European debt concerns and bearish US economic data, with the Dow index tumbling more than three percent for its biggest drop in more than a year. The Dow Jones Industrial Average fell 376.36 points (3.60 percent) to 10,068.01, its third straight day of losses and biggest percentage fall since March 5 last year. The tech-rich Nasdaq composite fell 94.36 points (4.11 percent) to 2,204.01 while the broad-market Standard & Poor's 500 shed 43.46 points (3.90 percent) to 1,071.59. All 30 of the Dow's blue-chip components closed lower, with Bank of America and aluminum producer Alcoa recording the steepest daily drops. Wall Street remain gripped by ...
AAA: US Memorial Day Travel By Auto Seen Up 5.8% Vs Year Ago; Highest Level Since 2007
Post Date: 2010-05-20 19:09:35 by Brian S
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NEW YORK (Dow Jones)--U.S. auto travel over the end of May Memorial Day weekend is projected to rise 5.8% from a year ago, to the highest level since 2007, auto club AAA said Thursday. Although gasoline prices are up from a year earlier, AAA said it doesn't expect prices to average above $3 a gallon for the holiday weekend. That will lure some 28 million Americans onto the road at the start of the peak summer driving season, the group said in its annual survey conducted with analysts at IHS Global Insight. Auto travel will account for 87% of all travel over the holiday, which will see an expected 32.1 million Americans on the move. The total number of holiday travelers by all methods ...
Record Growth Among Entrepreneurs In U.S.
Post Date: 2010-05-20 12:51:39 by Brian S
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By Ian Swanson - 05/20/10 06:00 AM ET More entrepreneurs launched new businesses in 2009 than at any other time in the past 14 years, according to a study released Thursday. The figures from the Kauffman Index of Entrepreneurial Activity report that entrepreneurs have remained a strength of the U.S. economy amid one of the worst recessions on record. “Entrepreneurship in America is unbelievably resilient,” said Dane Stangler, a research manager for Kauffman. For policymakers, the news about these small entrepreneurs has huge implications. A report this week by the Joint Economic Committee (JEC) found that small businesses continue to face tight lending standards that are ...
Obama Seeking More Nuclear Energy Loan Guarantees
Post Date: 2010-05-20 12:33:49 by Brian S
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(05-20) 09:03 PDT WASHINGTON (AP) -- A Democratic aide says President Barack Obama is poised to ask Congress to agree to $9 billion more in loan guarantees for the nuclear energy industry — on top of $18 billion announced earlier this year. The president is pushing for a new round of construction of nuclear plants. At the insistence of Democratic House Speaker Nancy Pelosi of California, the request for more spending on nuclear energy would be coupled with $9 billion in loan guarantees for renewable energy such as wind and solar. The aide spoke on condition of anonymity before a formal announcement from the White House. The money would be tacked onto a spending bill for Haiti, ...
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