January 9, 2012 |
General Motors Co. and its joint ventures in China recorded record sales last year in the world's largest automotive market, despite a marked cool-down in growth. The company sold 2.55 million vehicles in 2011, up 8.3% from the year before, GM said Monday. "GM stayed ahead of the competition despite a slowdown in the growth of industry demand thanks to our broad portfolio of appealing vehicles," Kevin Wale, president and managing director of the GM China Group, said in a written statement.
November 24, 2011 |
Despite the struggling global economy, investors for the last two years have gotten used to corporate America generating robust earnings gains. But the profit picture now is getting cloudier: Although third-quarter results again were stellar, Wall Street analysts have slashed estimates for the current quarter and the first period of next year. "Earnings growth is very quickly decelerating," said David Rosenberg, chief market strategist at money manager Gluskin Sheff & Associates in Toronto.
November 10, 2011 |
General Motors Co. saw its profit slide in the third quarter, hurt by losses in Europe and a slowing global economy. Although the nation's largest automaker has posted a string of seven consecutive profitable quarters, its earnings in the latest period fell 15% to $1.7 billion, or $1.03 per share, from $2 billion, or $1.20 a share, in the same period last year. Revenue rose 7.6% to $36.7 billion. "We produced a solid quarter generating our best results in North America and China, the world's most important auto markets and where GM is a market leader," said Dan Akerson, GM's chief executive.
August 26, 2011 |
Even if the U.S. economy avoids sliding back into recession, the continuing weakness is beginning to inflict long-term damage on many families and businesses that will make a full-blown recovery much harder to achieve. The devastating recession that started four years ago hit a nation flying high on a housing boom and helium-inflated clouds of consumer spending. But the current slowdown is striking a nation already on its economic knees. "That's the danger right now: You've got an economy that didn't recover," said Ethan Harris, Bank of America's chief economist for North America.
June 16, 2011 |
Stocks tumbled on a fresh batch of troubling economic data and mounting fears over Europe's debt crisis. The Dow Jones industrial average fell 178 points Wednesday to a 12-week low. The slide erased Tuesday's 123-point gain. Traders also bailed out of many commodities. Crude oil futures sank below $95 a barrel for the first time since February. Some investors rushed back to U.S. Treasury bonds, pushing their yields down. The 10-year T-note's yield fell to 2.97% from 3.1% on Tuesday.
June 3, 2011 |
Shoppers appeared to be more cautious last month in spending for clothing and other items as rising gas and food prices took up a bigger chunk of their disposable income, raising some concern about a possible slowdown in sales over the summer. Major retail chains reported a modest 4.9% gain in sales last month compared with a year earlier, below analysts' predictions of a 5.4% rise, according to Thomson Reuters' tally of 24 retailers released Thursday. At the Westfield Culver City mall, shoppers said that rising temperatures had put them in the mood to browse for swimsuits and other summer apparel.
May 7, 2011 |
The American economy created a healthy batch of new jobs in April for the third straight month, allaying fears of a stall in hiring due to higher oil prices and concerns about an economic slowdown. The Labor Department said Friday that employers last month added 244,000 new net jobs across a broad spectrum of industries. That was similar to the payroll growth numbers in March and February. But the unexpectedly strong report on hiring was clouded by the news that the jobless rate for April edged up to 9%, from 8.8% in March after dropping continuously since November's rate of 9.8%.
April 29, 2011 |
Two new snapshots of the economy — one showing a sharp slowdown in first-quarter economic output and the other a surge in weekly unemployment claims — underscored the fragility of the recovery, its vulnerability to global shocks and the long road still ahead for millions of American workers. Many analysts shrugged off the report that gross domestic product grew just 1.8% in the first part of the year — down from 3.1% in the fourth quarter last year. Economists said the slowdown was caused mostly by temporary factors such as the harsh winter weather and a surge in oil and food prices, which took a bite out of consumer spending and the nation's trade.
March 30, 2011 |
In his first speech to Hollywood since becoming head of the Motion Picture Assn. of America nine days ago former Sen. Christopher J. Dodd delivered a reassuring message about the state of the movie business. Dodd, speaking at the annual gathering of the cinema owners in Las Vegas on Tuesday, acknowledged concern about this year's falloff in theater attendance — which is down about 20% so far this year — but predicted that the slowdown would be temporary. "I for one do not believe the sky is falling," Dodd said.
February 9, 2011 |
Robert Morley owns one of the hottest commodities in Silicon Valley ? shares of Facebook Inc. ? but his big worry has been how to unload the stock. Morley got the shares as part of his pay when he was controller of the social-networking giant in 2007 and 2008. The likely value of the stock promptly ballooned as the Internet company's popularity and business prospects surged. Soon the stake accounted for an uncomfortably high percentage of Morley's personal wealth, and he wasn't the only Facebook shareholder in that predicament.