Transportation equipment industry
China's decision to loosen the knot tying its currency, the yuan, to the dollar has sent shockwaves through the global market, overshadowing major American corporations struggling to right themselves after years at sea. This move, though initial reactions suggest it may be neither unexpected nor immediately important, could
Transportation equipment industry
US stock futures are trading lower after Intel and Yahoo posted disappointing earnings reports in their second-quarter results. Investors will focus on Federal Reserve Chairman Alan Greenspan's testimony on monetary policy, as well as earnings from big names like General Motors, Pfizer, and eBay. Despite strong economic growth
Transportation equipment industry
The global market momentarily reacted to the devastating London terror attacks, with a surge in oil prices before plummeting to a record low after the attacks. The US automotive industry intensified its competitive price-cutting, with General Motors, Ford, and Chrysler all aligning their prices to that of employee discounts. Meanwhile,
Transportation equipment industry
The big three US automakers have joined forces to boost sales, offering employee discounts to customers. Ford Motor Co. and Chrysler have followed in the footsteps of General Motors Corp., which introduced the discount program in June. The promotion allows customers to buy new vehicles at the same discounted rates
Transportation equipment industry
The European Commission has given its approval for US-based Johnson Controls to acquire the car battery business of Delphi Corp, a German car parts maker. In a statement, the Commission said it had examined the market for car batteries and found that there is overcapacity and increasing competition from suppliers.
Transportation equipment industry
Lexus has once again taken the top spot in vehicle dependability, as reported by the J.D. Power and Associates 2005 Vehicle Dependability Study (VDS). This marks the 11th consecutive year the luxury brand has earned the highest rating. The study measures problems experienced by original owners of 3-year-old vehicles,
Transportation equipment industry
Struggling automotive parts supplier Delphi Corp. has received a much-needed boost, as its newly minted $1 billion term loan B traded into the 103 context, and its bonds also rose from the previous week. The $2.8 billion liquidity infusion, coupled with the hefty coupon of Libor plus 650 basis
Transportation equipment industry
Last week saw significant shifts in the automotive and finance sectors, with various companies experiencing gains or losses in their bond values. Key gainers included General Motors Corp. and General Motors Acceptance Corp., while airlines such as Northwest Airlines Corp. and Delta Air Lines, Inc. saw substantial losses. The fluctuations
Transportation equipment industry
The economic landscape in the Bay Area is characterized by employers' cautious approach to hiring and payroll management. According to a survey by Manpower Inc., 3% of Tampa Bay area employers plan to cut their payrolls between July and September, while 37% expect to be hiring. This outlook is
Transportation equipment industry
Moody's Investors Service has warned Ford Motor Co. and General Motors Corp. that they have six months to prove themselves worthy of their current ratings, with a focus on maintaining market share and managing costs. Analysts noted that market share is a key concern for both companies, with
Transportation equipment industry
Fredrik Arp, previously President and CEO of Trelleborg AB, has been appointed as the new President and CEO of Volvo Car Corporation, effective October 1, 2005. Arp will succeed Hans-Olov Olsson, who has served as President and CEO for 39 years and will become Chairman of the Board of Volvo
Transportation equipment industry
As the American automotive industry continues to grapple with financial turmoil, General Motors (GM) is feeling the heat from all directions. The company's chairman and CEO, Rick Wagoner, has expressed growing frustration with the United Auto Workers (UAW) union over spiraling healthcare costs, which are expected to balloon
