News
Toyota debt rating cut, Suzuki holds out hope for GM
Car makers reported tumbling sales across Asia and Europe Monday as the recession drove buyers from showrooms and drew a warning of more gloom for next year.
Deere fourth-quarter net profit falls
Deere & Co , the world's biggest farm equipment maker, posted a lower-than-expected quarterly net profit on Wednesday and provided a 2009 earnings forecast that was well below Wall Street estimates, sending shares down as much as 13 percent in early trading.
Steelmaker ArcelorMittal warns of U.S. layoffs
The world's largest steelmaker ArcelorMittal said on Tuesday that it might lay off 16 percent of its U.S. workforce as a result of production cuts.
U.S. senators say reach auto deal
Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion (16 billion pounds) in loans.
Bombardier signs $242 million airliner deal
Bombardier Inc said on Thursday it had signed a contract with Ethiopian Airlines for eight turboprop aircraft worth about $242 million.
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.