A group led by China’s Geely Group is the preferred bidder for Ford Motor Co.’s Volvo Cars unit, the U.S. automaker said Wednesday.
Ford said the selection signals that it is conducting “more detailed and focused negotiations” with Zhejiang Geely Group Holding Co. Ltd. about selling the Swedish automotive business.
“Ford’s objective in our discussions with Geely [...]
Archive for the ‘Global Recession’ Category
Ford: China’s Geely preferred bidder for Volvo
October 28th, 2009 by Financial Writer
Tags: automaker, business, cars, China, financial, ford motor, volvo
more...Russia out of recession as economy grows in Q3
October 26th, 2009 by Financial Writer
Russia technically emerged from recession in the third quarter after official data on Monday showed economic activity grew 0.6 percent from the previous three months — the first quarterly rise since the crisis struck a year ago.
Despite the increase, gross domestic product was still 9.4 percent below year-earlier levels, underscoring the amount of damage the [...]
Tags: economic, economy, increase, recession, russia
Economy, cool summer hurt Exelon profit
October 23rd, 2009 by Financial Writer
Power generator Exelon said Friday that the weak economy and the cool summer dragged down its third-quarter profit.
Chicago-based Exelon, one of the nation’s largest power companies with 5.4 million customers, said that its earnings for the quarter ended Sept. 30 fell 10 percent from a year ago.
Like other utilities, Exelon has been working to slash [...]
Tags: customers, economic, economy, exelon, financial
Stocks trade mixed on uneven profit, economic data
October 22nd, 2009 by Financial Writer
Stocks zigzagged Thursday as investors sorted through a disappointing reading on the job market and a pile of uneven earnings reports.
The modest moves came after a late-day slide pushed major indexes lower on Wednesday. Lingering concerns over whether investors had been too optimistic about an economic rebound fed into the drop. Overseas markets fell as [...]
Tags: economic, economists, economy, investors, unemployment
US lender Wells Fargo profit jumps $3.2 bln
October 21st, 2009 by Financial Writer
Wells Fargo said Wednesday its third quarter earnings rose to a record 3.2 billion dollars, as the banking giant managed to profit from mortgages and consumer credit despite a weak economy.
The profit was up 98 percent from a year ago and amounted to 56 cents a share, far ahead of analyst expectations for earnings of [...]
Tags: banking, business, dollars, economy, lender, mortgages
Icahn slams CIT restructuring, offers $6B loan
October 19th, 2009 by Financial Writer
Billionaire investor Carl Icahn sent a scathing letter to troubled lender CIT on Monday, calling its restructuring plan “a bad-faith attempt to buy votes.”
Icahn, a legendarily activist investor, is a CIT bondholder and is trying to unseat what he calls the company’s “incompetent and unconscionable” board of directors.
Icahn’s letter skewered CIT’s (CIT, Fortune 500) $6 [...]
Tags: businesses, credit market, Debt, lenders, loan
Mattel earnings fall; economy takes toll on Barbie
October 16th, 2009 by Financial Writer
Mattel Inc., the largest U.S. toymaker, said Friday that cost-cutting, price increases that have stuck and low inventory helped its third-quarter profit fall just 3 percent despite a steeper drop in sales.
Investors applauded the company’s focus and sent shares up 5 percent, briefly touching a 52-week high.
The maker of Hot Wheels and American Girl dolls [...]
Tags: dollars, economy, inventory, investors
Dollar falls to 14-month euro low
October 15th, 2009 by Financial Writer
The dollar hit a 14-month low against the euro Thursday on fears that US interest rates would remain super-low for a long time and as a stock market rally sparked appetite for riskier assets, traders said.
At 0615 GMT, the European single currency reached 1.4968 dollars, the highest level since August 2008. The euro later pulled [...]
Tags: borrowing costs, dollar, investors, recession, unemployment
U.S. must lead global economic recovery
October 12th, 2009 by Financial Writer
U.S. Secretary of State Hillary Clinton, visiting recession-bound Ireland, said on Sunday the United States was working hard to fix its own economy so it could propel growth in the rest of the world.
“We’re very conscious of the fact that the United States must right its own economic boat in order to lead the global [...]
Tags: economy, global crisis, global economic, recession, united states
Aug. trade deficit narrows unexpectedly to $30.7B
October 9th, 2009 by Financial Writer
The U.S. trade deficit unexpectedly narrowed in August as exports posted a small gain, while imports fell on a big drop in demand for foreign oil.
The Commerce Department said Friday that the trade deficit declined 3.5 percent to $30.7 billion, surprising economists who had expected higher oil prices to push the imbalance to $33 billion. [...]
Tags: economists, exports, Global Economy, obama, oil, recession