News
United Auto Workers (UAW) President Ron Gettelfinger (L) and General Motors CEO Richard Wagoner talk before the start of a hearing about the automotive industry held by the House Financial Services Committee on Capitol Hill in Washington November 19, 2008. REUTERS/Kevin Lamarque

Senate to take up auto bailout on Monday: Reid

Chances dimmed that a last-minute plan being crafted by Republican senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.

A man looks at a scale model of Boeing's 787 dreamliner at their booth at the Singapore Air Show in Singapore February 19, 2008. REUTERS/Vivek Prakash

Boeing to delay jet deliveries: report

(Reuters) - Plane maker Boeing Co is reworking its entire production schedule, adding up to 10 weeks to original delivery dates for all 3,734 jetliners in its order backlog as it tries to recover from a machinists' strike, the Wall Street Journal said, citing people familiar with the situation.

ArvinMeritor posts quarterly loss

Car and truck parts maker ArvinMeritor Inc posted a quarterly loss on Tuesday, weighed down by hefty tax charges, and said it expected to sell its car parts business in 2009.

The logo of Volvo is seen on the front grill of a Volvo truck in a customer showroom at company headquarters in Gothenburg September 23, 2008. REUTERS/Bob Strong

Volvo truck shipments fall, orders still weak

World number two truck maker Volvo on Tuesday posted a 12 percent year-on-year fall in October deliveries of its trucks and said the order trend in its key European market was still weak.

U.S. Senate Majority Leader Harry Reid (D-NV)(2nd R) makes a statement beside newly elected Senators Jeff Merkley (D-OR)(L), Jeanne Shaheen (D-NH)(R) and Kay Hagan (D-NC), on Capitol Hill in Washington, November 17, 2008. . REUTERS/Jim Young

White House opposes Senate Democrats' auto bailout bid

The White House on Monday opposed Senate Democrats' proposal for a $25 billion (16.7 billion pounds) bailout for the U.S. auto industry and urged instead that aid be provided through government loans already appropriated for the industry by Congress.

Bombardier signs $212 million deal with Siemens

Canadian manufacturer Bombardier said on Monday its transport unit had signed a contract with Siemens to assemble part of the German group's trains for the Brussels railway network.

An assembly worker in a file photo. Industrial output rebounded in October after hurricane disruptions produced a stunning fall in September, but early data suggested manufacturing would suffer this month, according to reports on Monday. REUTERS/File

October industrial output rose, Sept revised down

Industrial output rebounded in October after hurricane disruptions produced a stunning fall in September, but early data suggested manufacturing would suffer this month, according to reports on Monday.

Chrysler auto assembly workers leave the plant after their shift ends at the Chrysler Warren Truck Assembly in Warren, Michigan October 14, 2008.REUTERS/Rebecca Cook

Americans uneasy over bailout for automakers

As Congress debates legislation to help struggling automakers on Monday, many Americans said they were uneasy with the plan, arguing that while it may save jobs, it would reward companies for pursuing bad business practices.

Visitors look at Nissan Murano SUV at a showroom in Tokyo October 21, 2008. REUTERS/Kim Kyung-Hoon

Nissan to cut Japan output further on sales slump

Nissan Motor Co said on Friday it would cut production in Japan by another 72,000 vehicles over the rest of the business year to next March, in addition to a cut of 65,000 vehicles it announced last month.

Edward D. Breen, chairman and chief executive of Tyco International, rings the opening bell at the New York Stock Exchange June 12, 2007. REUTERS/Chip East

Tyco International profit tops forecasts

Tyco International Ltd warned that fiscal-year profit would be well below Wall Street forecasts because of the economic downturn and the impact of the stronger U.S. dollar, sending the industrial conglomerate's shares down 14.6 percent.

U.S. flags flutter in the wind in front of the General Motors Corp headquarters in Detroit, Michigan November 7, 2008. REUTERS/Rebecca Cook

GM may fall below min cash needs in first quarter '09: analyst

(Reuters) - General Motors Corp will likely fall below its minimum cash needs of $11 billion to $14 billion in the first quarter of 2009 if the troubled automaker does not receive additional funding, said an analyst at Barclays Capital, and GM shares fell as much as 31 percent in morning trade.

U.S. flags flutter in the wind in front of the General Motors Corp headquarters in Detroit, Michigan November 7, 2008. General Motors Corp posted a worse-than-expected $4.2 billion operating loss and burned through $6.9 billion in cash in the third quarter as the top U.S. automaker struggled with a deepening sales slump that has forced it to seek a federal bailout. REUTERS/Rebecca Cook (UNITE.....

Toyota hacks forecasts as U.S. carmakers seek help

General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

Ford announces US$129m 3Q loss

Ford Motor Co reported a US$129 million loss in the third quarter and told investors it would take aggressive actions to further cut costs as it faces a severe slump in demand.

Toyota Motor Corp Executive Vice President Mitsuo Kinoshita speaks at a news conference in Tokyo November 6, 2008. REUTERS/Kim Kyung-Hoon

Toyota 08/09 op profit to fall below $10.2 billion: report

Japan's Toyota Motor Corp more than halved its profit forecasts, saying annual net earnings will plunge to a 9-year low as a financial crisis batters demand for its cars, cuts access to credit and sends the yen higher.

United Tech CFO: May be near low end of profit view

Diversified manufacturer United Technologies Corp stands by its 2008 profit forecast, though the strengthening dollar may put results near the low end of its forecast, a top executive said on Wednesday.

The headquarters of German luxury carmaker BMW are pictured in Munich October 28, 2008. REUTERS/Michael Dalder

BMW abandons 2008 profit target

BMW warned on Tuesday it could no longer give an earnings outlook for 2008 beyond expecting a profit after quarterly results at the world's largest premium carmaker fell far short of expectations.

A customer enters a Goodyear tire shop in Chicago February, 16, 2006. REUTERS/Joshua Lott

Goodyear quarterly profit falls

Goodyear Tire & Rubber Co posted a steep drop in quarterly profit on Monday, pressured by weaker demand from vehicle manufacturers and the replacement market in North America and Europe, although results beat expectations and shares rose 14 percent.

Newell Rubbermaid Q3 earnings fall

Household products maker Newell Rubbermaid said third quarter earnings fell 65 percent, and forecast weaker-than-expected fourth-quarter and full-year earnings.

Manitowoc lowers FY estimate

Manitowoc Company Inc on Wednesday, October 29, lowered its estimate for 2008 profit by less than five percent to a range of US$3.15 to US$3.25.

CSR says markets tough

Bluetooth specialist CSR reported revenue of $205.5 million (128.4 million pounds) for the third quarter, towards the low end of expectations, and said the difficult economic environment was impacting its end-market.

Billionaire Kerkorian reduces stake in Ford

Investor Kirk Kerkorian, President and CEO of Tracinda Corporation, has reduced his stake in Ford Motor Co to less than five percent after selling more share in the US automaker.

U.S. Steel's third-quarter profit soars

U.S. Steel Corp said on Tuesday that third-quarter profit more than tripled on higher demand and prices, but forecast a decline in the fourth quarter, especially in its European operations.

Barnes Group aligns into two business segments

Diversified manufacturer Barnes Group Inc has announced a realignment of its organizational structure into two new global business segments.

CSS Q3 income falls, announces share buyback

Consumer products company CSS Industries Inc said Thursday, October 23, that net income fell 22 percent due to reduced Christmas sales and higher commodity costs.

Terex Q3 profit falls, cuts forecast

Diversified manufacturer Terex Corp said Wednesday, October 22, that third-quarter profit fell by more than a third as growth in material costs outpaced selling price increases.

Lincoln Electric warns of declining sales

Lincoln Electric Holdings Inc today, October 22, reported a nearly 39 percent increase in third-quarter profit but warned of declining sales for the remainder of the year and into 2009.

Eaton reports per share growth of 9%

Industrial parts and systems manufacturer Eaton Corp reports solid performance, helped by strong growth in its Electrical segment.

An employee works on the new 2009 Ford F-150 on the assembly line at Ford's Kansas City Assembly Plant in Claycomo, Missouri October 2, 2008. REUTERS/Sam VarnHagen/Ford Motor Co/Handout

Ford, Chrysler offer 2009 model discounts: report

(Reuters) - Car makers Ford Motor Co and Chrysler LLC, are offering discounts on their newest models to boost sales of their North-American pickup trucks, the Financial Times reported.

Honeywell reports strong Q3 results, trims 2008 forecast

Honeywell International Inc said third quarter earnings rose 16 percent on higher sales in its building controls division, but trimmed its 2008 forecast.

Chrysler auto assembly workers leave the plant after their shift ends at the Chrysler Warren Truck Assembly in Warren, Michigan October 14, 2008. REUTERS/Rebecca Cook

Car market decline spurs fresh Big Three merger talk

Record low auto sales and the financial crisis are spurring fresh merger talk about the Big Three U.S. automakers in a new global consolidation round while the sales rot is also impacting suppliers and car retailers.

SKF sales hit by vehicle industry slowdown

Swedish engineering company SKF has said today, October 17, it expects significantly lower sales in the automotive industry during the fourth quarter as US and European car and truck manufacturers cut production.

The General Motors building is seen in Detroit, Michigan June 2, 2008. REUTERS/Molly Riley

GM to lay off 1,500 hourly workers

General Motors will lay off 1,500 hourly workers at plants in Michigan and Delaware where it builds pickup trucks, large cars and a two-seat roadster due to slowing demand, a spokesman said on Thursday.

U.S. industrial output posts biggest fall in 34 years

U.S. industrial production fell a sharp 2.8 percent in September, the biggest decline since December 1974, according to a report on Thursday that was likely to reinforce fears of a recession.

Lott joins board of EADS North America

Former Senate Majority Leader Trent Lott is joining the board of the US subsidiary of EADS, the aerospace company said Wednesday, October 15.

General Motors SUV's for sale in Troy, Michigan, June 3, 2008. REUTERS/Rebecca Cook

Unions uneasy over potential GM, Chrysler deal

Labor unions in the United States and Canada on Tuesday expressed concern about the prospect of job losses from any merger between General Motors Corp and Chrysler LLC, adding that union leaders had not been consulted by the automakers.

An unsold new Toyota Sequoia SUV is seen at a dealership in Silver Spring, Maryland, July 1, 2008. REUTERS/Yuri Gripas

Toyota: market has deteriorated beyond expectations

The president of Toyota Motor Corp said the business environment has deteriorated beyond earlier expectations and predicted the key North American car market would remain sluggish through next year.

Nice-Pak to locate US$40m manufacturing facility in Jonesboro

Nice-Pak Products Inc has announced it will locate a new manufacturing facility in Jonesboro, Arkansas, which will result in a US$40 million investment and jobs for 300 people.

Robots work on 2008 Ford Expedition and Lincoln Navigator SUV frames on the assembly line at Ford Motor Michigan Truck Plant in Wayne, Michigan August 26, 2008. REUTERS/Rebecca Cook

Automakers could return to Congress for help

U.S. automakers could turn to Congress after the November election to try to expedite $25 billion in government-backed loans, which Detroit manufacturers consider crucial to reversing their steep downward spiral.

Posco quarterly profits jump 40%

Posco, the world’s fourth-largest steelmaker, reported a 40 percent leap in third quarter profits today, October 14, but warned that falling demand for steel products would make conditions tougher going forward.

Boeing says talks with striking union fail

Boeing Co said on Monday that a second round of mediated talks with its biggest union, which has been on strike for five weeks, had failed.

General Motors Corp. headquarters is seen in Detroit in this file photo from July 29, 2008. REUTERS/Rebecca Cook

GM shares jump while Chrysler in talks with others

General Motors shares closed up 33 percent on Monday on signs that the No. 1 U.S. automaker had explored options ranging from a merger with Ford Motor Co or Chrysler to federal funding in order to ride out a brutal downturn in sales.

The grill emblem on the 2007 Chevrolet Impala during the Chicago Auto Show, February 7, 2007. REUTERS/John Gress

Beyond merger talks, GM eyes federal funds

What's good for General Motors Corp is good for the country.

Ford Motor company executives seated on stage, (from L) former Chief Financial Officer and Executive Vice President Don Leclair, President and CEO Alan Mulally, Executive Chairman Bill Ford, associate general counsel Peter Sherry, and group vice president and general counsel David Leitch, during the Ford Motor Company annual shareholders meeting in Wilmington, Delaware, May 8, 2008. REUTERS/T.....

Ford friction led to Leclair's exit: report

(Reuters) - The retirement of Ford Motor Co's chief financial officer last week came after increasing friction between him and other senior executives, The Wall Street Journal said citing people familiar with the matter.

The first Boeing 777 Freighter take off on its inaugural test flight at Paine Field in Everett, Washington, July 14, 2008. REUTERS/Robert Sorbo

Boeing, Union held talks with Federal mediator: report

(Reuters) - U.S. aircraft maker Boeing Co and its striking machinists union held talks over the weekend with the assistance of a federal mediator, The Wall Street Journal said.

A new Chrysler sign is seen after the DaimlerChrysler sign was removed from the front of the Chrysler headquarters in Auburn Hills, Michigan in this August 4, 2007 file photo. REUTERS/Rebecca Cook/Files

GM, Chrysler in merger talks: source

Chrysler LLC has had talks with General Motors Corp about a deal to combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to three people familiar with the matter.

An employee talks on a phone at a Hyundai automobile shop in Seoul, April 24, 2008. REUTERS/Jo Yong-Hak

Hyundai Motor unlikely to meet 2008 U.S. sales target

Hyundai Motor Co , South Korea's top automaker, is considering making a small car in the United States as the financial crisis has lifted demand for such models, officials at the company and a car parts maker said on Sunday.

American flags flutter in the wind in front of the General Motors Corp. headquarters in downtown Detroit, Michigan in this November 7, 2007 file photo. REUTERS/Rebecca Cook/Files

GM talked merger with Ford before Chrysler: report

General Motors Corp approached Ford Motor Co about a possible merger of the two biggest U.S. car companies before more recent talks with Chrysler, the New York Times reported on Saturday.

General Motors Corp Headquarters is seen along the Detroit River in Detroit, Michigan September 17, 2008. REUTERS/Rebecca Cook

GM and Chrysler in merger talks

General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.

Ford plans to sell most of stake in Mazda: report

Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co , a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.

Pickets sit at the ready at the Boeing machinists union hall in Renton, Washington in this file photo from September 5, 2008. REUTERS/Robert Sorbo

Boeing strike hits airlines and metal makers

The month-long strike by Boeing Co's aircraft workers is starting to spoil airlines' expansion plans and eat into the profits of parts suppliers and metals makers around the world.

Chevrolet Uplanders minivans are seen at a dealership in Silver Spring, Maryland, July 1, 2008. REUTERS/Yuri Gripas

GM shares drop to 58-year low, global risks eyed

General Motors Corp shares plunged to their lowest level since 1950 on Thursday as concerns mounted that an industry decline that started in the United States was spreading and a leading forecaster warned global auto demand could "collapse" in 2009.

International Association of Machinists (IAM) national aerospace coordinator Mark Blondin speaks to machinists at machinists union headquarters in Seattle, Washington September 3, 2008. REUTERS/Robert Sorbo

Boeing, machinist union agree to resume talks

Boeing Co and its commercial plane workers' union have agreed to resume contract talks in an effort to end a month-long strike which has idled the company's massive Seattle-area plants.

Global auto market may "collapse" in 2009: J.D.Power

The global auto market may experience an "outright collapse" in 2009 amid growing concerns around credit availability of credit and general economic stress, an influential industry tracking firm said on Thursday.

ArcelorMittal sees higher profit in H2

ArcelorMittal reaffirmed its third quarter EBITDA guidance in excess of US$8.5 billion on Thursday, October 9.

Wheat

Monsanto quarterly loss shrinks, record sales seen

KANSAS CITY, Giant agricultural technology company Monsanto Co posted on Wednesday a smaller fourth-quarter loss on record revenues, as herbicide and seed sales climbed.

An Alcoa worker points to an aluminium pot being prepared for use in the Alcoa Fjardaal pot room, eastern Iceland, April 16, 2007. REUTERS/Stoyan Nenov

Alcoa profit drops on lower aluminum prices

Aluminum producer Alcoa Inc said it was halting major capital projects in the face of uncertain markets, after it posted a lower-than-expected quarterly profit on softer demand in key sectors like the aerospace and auto industries.

Shares fall to new lows as global markets respond to bailout

Shares in some of the nation’s biggest manufacturers sank to a new low Monday as the Dow Jones industrials average closed at its lowest in four years.