Business News

[Fivetears]

Toyota to layoff 200 temp workers at truck plant
Toyota is laying off 200 temporary workers and slowing production at its San Antonio truck plant. Toyota spokesman Mike Goss says the workers were told Tuesday they will be let go over the course of the summer. The workers are temporary employees who had hoped to land permanent jobs at the Tundra plant. Goss says the company will also schedule 14 days between now and October when no trucks will roll off the assembly line. Record high gas prices and a struggling economy have hurt large truck sales, but Toyota continues to employ about 2,000 full-time workers at the San Antonio plant.
http://news.ino.com/headlines/?newsid=6891673808400

 

[Guest2]

Knowing the trickster are playing with employment figures, I'm sure they'll
forget to add the 200 temporary workers to their figures. They simply say;
"Ooops, we thought Toyota was out of Japan."

Thanks for the updates, I find them very useful.

 

[Fivetears]

I just throw this stuff out when I'm bored. You're very welcome.

 

[Fivetears]

Ford meets with Tracinda, discusses turnaround.
Ford Motor Co (F.N) Chief Executive Alan Mulally and Executive Chairman Bill Ford Jr. met with representatives of billionaire investor Kirk Kerkorian's Tracinda Corp investment firm, the automaker said on Tuesday. A spokesman for Tracinda had no comment on the meeting.

In May, Ford abandoned a long-standing goal of returning to profitability in 2009, saying that it believed the U.S. market had shifted permanently away from trucks and SUVs. In response, Ford is cutting 15 percent of its white-collar expenses in North America and shifting production out of its light-truck plants. The No. 2 U.S. automaker said earlier on Tuesday that it would idle a Wayne, Michigan plant that builds the Lincoln Navigator and Ford Expedition for nine weeks and a Kentucky truck plant for four weeks this summer.

Kerkorian, 91, has held stakes in all three U.S. based automakers, most recently agitating for change at Ford's larger rival General Motors Corp. Tracinda acquired a stake in GM that began as a passive investment three years ago, but quickly pushed for changes that included naming Kerkorian's auto industry adviser, Jerry York, to GM's board. When GM rejected Kerkorian's suggestion for an alliance with Renault-Nissan, York left the board and Kerkorian sold his nearly 10-percent stake in GM.
http://news.yahoo.com/s/nm/20080617/bs_nm/ford_tracinda_dc_3;_ylt=AsajA40Lya.S4HUBCfd6KpsE1vAI

 

[Fivetears]

Northwest Airlines to cut capacity further
Northwest Airlines said it would reduce the number of seats for sale in the fourth quarter and cut its work force as it struggles with sky-high fuel costs. Northwest, which has agreed to be acquired by Delta Air Lines Inc, is the latest of the major U.S. carriers to announce cutbacks as they grapple with unprecedented oil prices that have doubled in the past year. Northwest said it would cut mainline capacity in the fourth quarter by 8.5 percent to 9.5 percent. This includes reductions previously announced in April.
http://news.yahoo.com/s/nm/20080617/bs_nm/northwest_capacity_dc_3;_ylt=AgyQart7kA6FAp9rt7JcckwE1vAI

 

[Fivetears]

Lehman shares drop 7.6 pct after Goldman earnings
Lehman Brothers Holdings Inc's shares dropped 7.6 percent, as earnings from rival Goldman Sachs Group showed how difficult the future could be for Lehman. Goldman said on Tuesday that its second fiscal quarter earnings fell 11 percent. On Monday, Lehman said it lost $2.8 billion in the fiscal quarter ended May 31. Lehman shares fell $2.06 to close at $25.14 today, and have fallen about 60 percent this year. The stock trades at less than 0.8 percent of its book value, implying that investors see more write-downs ahead for the bank, even after the $3.7 billion of write-downs it recorded on Monday.
http://news.yahoo.com/s/nm/20080617/bs_nm/lehman_shares_dc_1;_ylt=AvSDMzybT7HtlJTcQ.cMheEE1vAI

 

[Fivetears]

U.S. banks may need $65 bln new capital: Goldman
U.S. banks may need to raise $65 billion of additional capital to cope with mounting losses from a global credit crisis that will not peak until 2009, Goldman Sachs & Co analysts said on today. "Banks will not turn until a peak in credit costs is in sight," the analysts wrote. "Moreover, weaker banks are unlikely to benefit from consolidation as bank deals always slow when credit is deteriorating and larger banks are hamstrung by their own problem assets as well as accounting requirements." Goldman said it lowered its price targets for 14 banking companies and cut its 2008 earnings-per-share forecasts for 11.
http://news.yahoo.com/s/nm/20080617...oldman_dc_1;_ylt=AgzwY_Qo6X2rdIUdmVBjUK8E1vAI

 

[Fivetears]

Auditors sustain Boeing tanker protest
U.S. auditors urged the Air Force Wednesday to rerun its marathon, $35 billion competition for refueling aircraft, upholding a protest by losing bidder Boeing. The Government Accountability Office found the Air Force made "a number of significant errors that could have affected the outcome of what was a close competition between" Boeing and Northrop Grumman Corp.
http://news.yahoo.com/s/nm/20080618/bs_nm/tanker_airforce_dc_5;_ylt=AnY3AjVIJqsxZbVFmwJafowE1vAI

 

[Fivetears]

FedEx forecast bodes ill for U.S. profit outlook
The dismal outlook from the package delivery company may herald an explosion of profit warnings from companies struggling with soaring commodity input costs and a sluggish economy. The upshot is that an already-weakening profit outlook for Corporate America could get much worse, dragging share prices down further. FedEx's warning on its profit outlook sent Wall Street stock indexes tumbling, with the blue-chip Dow Jones industrial average dropping 1.1 percent to close at its lowest level in three months.
http://news.yahoo.com/s/nm/20080618/bs_nm/earnings_outlook_dc_3;_ylt=AhlwsxiZW2ZNnMnsZqC5s1EE1vAI

 

[Fivetears]

Ex-Bear Stearns fund managers seen charged
Two former hedge fund managers at investment bank Bear Stearns are expected to be indicted following a federal criminal probe into the funds' collapse. Charges against former managers Ralph Cioffi and Matthew Tannin could be announced by authorities as early as tomorrow. Cioffi and Tannin oversaw two funds whose collapse last year helped kick off the credit crisis. The meltdown of the two funds stoked widespread fears about investments linked to risky subprime mortgage loans, and spurred questions about the oversight and risk management operations at Bear Stearns, which was sold in March to JPMorgan Chase & Co in an emergency takeover deal brokered by the U.S. Federal Reserve.
http://news.yahoo.com/s/nm/20080618...ctment_dc_2;_ylt=AjG5n6eXZwlzF18gwT087aYE1vAI

 

[Fivetears]

United Airlines to lay off 950 pilots
UAL Corp, parent of United Airlines, said it plans to lay off 950 pilots as it prepares to cut domestic capacity to offset soaring fuel prices. The latest layoffs involve nearly 15 percent of United's 6,518 pilots. The carrier has said it plans to cut its staff by 1,400 to 1,600 as it aims to reduce domestic capacity by 14 percent in the fourth quarter. The airline industry has been battered by record high fuel costs, and major carriers are groping for stability through capacity cuts that enable them to run leaner operations and charge higher fares.
http://www.reuters.com/article/ousiv/idUSWEN639920080623

 

[Fivetears]

UPS slashes view on soaring fuel costs
United Parcel Service Inc warned second-quarter earnings would be below expectations, blaming high fuel prices and a sluggish U.S. economy. The announcement from the world's largest package delivery company came less than a week after rival FedEx Corp issued a weak fiscal 2009 forecast and posted a quarterly loss, also citing rising fuel prices and an ailing economy.
http://www.reuters.com/article/ousiv/idUSN2328616020080623

 

[Fivetears]

GM to cut truck output, offer interest-free loans
General Motors Corp initiated a series of steps from cutting production of trucks to offering aggressive incentives to combat the drop in demand for large vehicles amid record-high gas prices. The production cuts and increased incentives come as the largest U.S. automaker struggles with a deepening slump in U.S. auto sales amid a consumer exodus from pickup trucks and SUVs. GM announced earlier this month it was reviewing Hummer and could sell the military-derived SUV line, which has become synonymous with gas-guzzling excess and has hurt GM's image at a time when consumers are demanding more fuel efficiency.
http://www.reuters.com/article/ousiv/idUSN2327965420080623

 

[Fivetears]

Citi cutting investment bank jobs this week
Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) is cutting thousands of trading and investment banking jobs this week, part of previously reported plans to slash about 10 percent of its investment bank division. The job cuts will affect a number of areas at the largest U.S. bank, but among the hardest hit will be mergers and acquisition banking. Transaction activity is slowing in mergers, and there have been fewer layoffs in Citi's merger advisory group so far. Citi's investment banking division is still keeping the number of layoffs planned at around 6,500, or about 10 percent of the group's employees globally, one source said. That's in line with the numbers announced earlier this year. But much of the actual laying off is being done this week and next.
http://www.reuters.com/article/ousiv/idUSN2328413620080623

 

[Fivetears]

Goldman cuts financials, admits goofed on upgrade
Goldman Sachs & Co strategists urged stock investors to "underweight" U.S. financial and consumer shares, admitting it was wrong when it upgraded both sectors just seven weeks ago. The downgrades sparked selling in the two sectors as investors feared that weakening consumer demand and deterioration in the credit markets will weigh on profitability.
http://www.reuters.com/article/ousiv/idUSBNG8939420080623

 

[Fivetears]

Wall St firms seeking bank deals
More Wall Street firms, facing the specter of tougher regulation and slumping capital markets, will follow the path of Bear Stearns and be forced into the arms of deposit-rich commercial banks. Investment banks that focus on underwriting and securities trading may find themselves severely weakened by write-downs and credit losses.
http://www.reuters.com/article/ousiv/idUSN2347704920080623

 

[Fivetears]

Consumers lose faith in financial firms
U.S. consumers are more skeptical than ever that financial services companies have their best interests at heart, according to a survey. The survey of 5,000 consumers, conducted by Forrester Research Inc, ranks major financial service providers according to the perception of how important clients' financial interests are to a company. It found A.G. Edwards, a brokerage unit of Wachovia Corp, and other troubled companies such as American International Group Inc and National City Corp, to be among the biggest losers of their customers' faith. Citibank ranked last in terms of consumer confidence, while other major financial institutions, including Bank of America, JP Morgan Chase and TD Ameritrade, also fared poorly in the past year. The company enjoying the most confidence was USAA, which provides financial services to military families.
http://www.reuters.com/article/ousiv/idUSN2327458620080623

 

[Fivetears]

Ticketmaster To Pay $750 Mln To IAC
IAC/InterActiveCorp. will get a dividend payment of $750 million from its Ticketmaster unit immediately before the business is spun off this summer, one of several such payments made by IAC units being spun off. The size of the other dividend payments, including from retailing unit HSN, will be disclosed later this week. Ticketmaster and other IAC units will finance their dividend payments with debt.
http://www.foxbusiness.com/story/markets/industries/media/ticketmaster-pay--mln-iac-report/

 

[Fivetears]

Cooper Tire cut production on weaker tire demand
Cooper Tire & Rubber Co. said it reduced production in its North American facilities during the second quarter in line with a decrease in demand for tires and projected shortages of certain raw materials. The production cuts are likely to cost the company $12 million to $14 million during the second quarter.
http://www.marketwatch.com/News/Story/cooper-tire-cut-production-weaker/story.aspx?guid={7109F1E3-3F8A-4AF5-B563-41813C2C7554}&siteid=msn

 

[Fivetears]

Illinois Tool Director Sheds Stock
ILLINOIS TOOL WORKS (ITW) is on its way toward nailing its full-year earnings forecast, and one longtime director has sold nearly $8 million in shares of the diversified manufacturer's stock. On Thursday Harold Smith sold 160,000 shares for $7.8 million, an average of $49.07 a share. The sales were made indirectly through Smith's trusts. The director continues to own 13.7 million shares indirectly and 1,199 shares directly. His holdings represent 2.6% of Illinois Tool's shares outstanding.
http://www.marketwatch.com/News/Story/cooper-tire-cut-production-weaker/story.aspx?guid={7109F1E3-3F8A-4AF5-B563-41813C2C7554}&siteid=msn