News
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Beyond merger talks, GM eyes federal funds
What's good for General Motors Corp is good for the country.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.