News
Hundreds of new Mitsubishi cars imported from Thailand after being unloaded at the Tanjung Priok car port in Jakarta, November 21, 2008. REUTERS/Supri

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.

A Deere & Co. self-propelled sprayer in an undated photo. REUTERS/Handout

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. Senate Majority leader Harry Reid (R) and Speaker of the House Nancy Pelosi (2nd L) hold a news conference to discuss proposed automobile bailout legislation on Capitol Hill in Washington, November 20, 2008. They are joined by Chairman of the House Financial Services Committee Barney Frank (2nd R) and House Majority Leader Rep. Steny Hoyer (L). REUTERS/Jim Young

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.

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.