GM car sales jump 11pc December 1, 2010 GENERAL MOTORS’ sales rose 11 per cent in the US last month, slightly less than industry-wide predictions but providing a sign of returning consumer demand. GM said yesterday its four core brands – Chevrolet, Buick, GMC and Cadillac – clawed back some market share with a 21 per cent rise in sales compared with last [...]
THE TIPSTER November 29, 2010 THE US car giant Ford is due to give a trading update tomorrow. Its stock has rallied over 50 per cent in 2010 thanks to optimism that quantitative easing will prevent a double dip and people will keep buying cars. It was only two years ago since the stock was trading at $3 and looking [...]
Ford reduces its debt by $1.9bn with bond swap November 24, 2010 FORD is cutting its debt by $1.9bn (£1.2bn) in a bid to strengthen its balance sheet and get itself rated investment grade again. In Ford’s tender offer to reduce its automotive operations debt, holders of some $2.55bn of senior convertible notes due in 2016 and 2036 accepted cash and company stock for debt. That reduces [...]
CITY MOVES | WHO’S SWITCHING JOBS November 24, 2010 PricewaterhouseCoopers PricewaterhouseCoopers (PwC) has appointed Andrew Miller to lead its government information security services offering as part of PwC’s continued investment in the development of its risk assurance practice. Prior to joining PwC, he was at Fujitsu Defence & Security where he was responsible for transforming its security services portfolio. Mercer Mercer has made three [...]
Crisis must be used to force change November 18, 2010 SOMETIMES, crises are the best way to force through change. Take what has happened to the US car industry. I wish the US government hadn’t bailed out General Motors; governments should not be in the business of helping individual firms in this way. The assistance helped GM’s remaining employees but it unfairly put other companies [...]
New car sales fall in Europe November 16, 2010 CAR sales in the UK and Europe plummeted in October as the end of government help for the car industry and uncertainty about spending cuts took their toll. New car registrations in the EU fell 16.6 per cent to 1.03m versus October 2009, the European Automobile Manufacturers Association said. Demand dipped 5.5 per cent to [...]
England can impress in Investec Series opener November 5, 2010 ENGLAND vs NEW ZEALAND TOMORROW, 2.00PM, SKY SPORTS Martin Johnson gets the chance to show how his England team have progressed since their excellent 21-20 victory over Australia in June, as the autumn internationals get underway tomorrow at Twickenham. England face the toughest possible opener against the All Blacks, who will be seething after they [...]
Looking dapper in black tie is about keeping it simple November 5, 2010 WITH the City’s party season imminent, it’ll be time for chaps to dust down their tuxedos. The going wisdom is that men have it easier than women when it comes to formalwear, since there’s a prescribed uniform to stick to. But even within the black tie guidelines, there are a number of decisions to take [...]
US car sales strengthen as recovery picks up speed November 3, 2010 US automakers General Motors, Ford and Chrysler yesterday reported strong increases in US sales in October as the industry rebounds from a deep slump. GM, the nation’s largest automaker, said it sold 183,759 vehicles in the United States in October, up 3.5 per cent from a year ago. Ford, the second-biggest automaker and the only [...]
GM wheels in tax break on $50bn profit November 2, 2010 GENERAL Motors will not have to pay US federal taxes on up to $50bn (£31bn) of profits for as long as 20 years because of a tax exemption for companies bailed out by the government under the Troubled Asset Relief Programme (Tarp). The government ruling, passed last year, means the losses racked up by GM [...]