Germany's Volkswagen AG says it started off the year with brisk car sales, as deliveries outside Europe — particularly in China — helped more than offset declines in its home market. Europe's largest automaker said Tuesday overall January sales were up 17.4 percent to 491,900 from 419,100 in January 2012.
Shares of Tesla Motors took a ride Monday after a weekend article in the New York Times claimed that its electric sedan, the Model S, ran out of power during an East Coast road trip and had to be towed to a recharging station. Shares recovered somewhat after Tesla's CEO and others questioned the story.
I am not sure how to define it, but what the Italians seem to be stumbling over is a lack of global reach. Outside market understanding entails extensive effort and often requires a presence in that market, in order to identify that market’s unique needs. This does not come cheap.
The planned $1.1 billion steel mill in Osceola carries the promise of a long-term economic boost for northeast Arkansas, but investors — including the state — face a number of risks. Legislators must decide whether it's worth borrowing $125 million, then giving $75 million of it in grants to Big River Steel LLC.
Boeing acknowledged Friday that it may not be able to deliver 787s as fast as hoped. The company said it has told customers expecting the next 787 deliveries that those planes have either been delayed, or are at risk for a delay. Boeing is still building the long-range, fuel-efficient planes, and it reiterated that it has no plans to slow production.
American Axle & Manufacturing Holdings Inc. said Friday that its fourth-quarter net income soared, helped by a hefty tax benefit and an increase in vehicle production. The Detroit-based auto supplier earned $319.9 million, or $4.21 per share, up from $31.1 million, or 41 cents per share, in the same quarter the year before.
Dell is trying to reassure shareholders about its proposed $24.4 billion acquisition by a group led by its founder, saying it considered a number of strategic options before agreeing to the deal. Dell Inc. laid out the advantages of the transaction in a regulatory filing Monday, three days after a major shareholder ridiculed the buyout as a rotten deal that undervalues the business.
New technologies and industries inevitably outpace older ones. When analog became obsolete, digital took over. LCD TVs gradually buried CRTs. And those who cling to obsolescence (beyond what the market dictates, that is — see the untimely incandescent ban) are left behind.
Nissan Motor Co. suffered a 35 percent plunge in October-December profit to 54.1 billion yen ($579 million) as global sales languished, especially in China, where anti-Japanese sentiment flared over a territorial dispute. Quarterly sales dipped 5.3 percent from a year earlier to 2.2 trillion yen ($23.5 billion), Yokohama-based Nissan said Friday.
U.S. wholesalers cut their stockpiles slightly in December while their sales were unchanged, suggesting businesses were cautious at the end of a weak quarter. The Commerce Department says wholesale business stockpiles dipped 0.1 percent in December from November, after a 0.4 percent rise the previous month. Inventories of furniture and automotive goods fell by the most in more than three years.
The U.S. trade deficit narrowed sharply in December because exports rose while oil imports plummeted. The smaller trade gap means the economy almost surely grew in the October-December quarter — an improvement from the government's estimate last week that it shrank in the final months of 2012.
With its annual meeting looming and its stock on the decline, Apple is facing a rebellion from an influential investor who wants the company to stop stockpiling cash and give it to shareholders instead. Greenlight Capital said Thursday that it is suing Apple in a New York federal court over the company's proposal to make it more difficult for it to issue preferred stock.
A one-off gain from the sale of an investment helped boost German automaker Daimler AG's net profit in the fourth quarter of 2012, offsetting the impact of higher costs. The company, based in Stuttgart, said Thursday that net profit was €2.3 billion ($3.1 billion), up from €1.79 billion in the same quarter last year, thanks to the sale of a 7.5 percent stake in European defense company EADS.
On March 1, across-the-board spending cuts, known as sequester, will hit the federal budget. The sequester is designed to get the deficit under control, economists argue that the cuts are too deep. Scott Pelley speaks with President Obama on whether the sequester could trigger a recession.
Ally Financial Inc. said Tuesday it posted fourth-quarter net income of $1.45 billion, reversing a year-ago loss, helped by a tax benefit and growth in auto financing. Ally, the former finance arm of automaker General Motors, now operates as an auto finance company and bank.
Cummins net income slid 31 percent in the fourth quarter as the recession in Europe and slowing growth elsewhere cut into demand for its engines, but it did better than most had expected and shares rose in premarket trading Wednesday. After a strong start to the year, demand began to soften and the company cut expenses to offset weak revenue, which slide 13 percent in the final three months of the year.
Swedish truck maker AB Volvo saw profits tumble in the fourth quarter as sales slumped 17 percent on weakening demand in key markets, the company said Wednesday. The net profit in the final three months of 2012 was 793 million kronor ($125 million), down from 4.72 billion kronor in the same period a year earlier. Sales fell to 71.8 billion kronor from 86.5 billion kronor in the fourth quarter of 2011.
German industrial orders increased in December, suggesting business is beginning to pick up in Europe's largest economy. The Economy Ministry said Wednesday orders were up 0.8 percent over November, according to seasonally adjusted figures. That comes after a 1.8 percent decline in November.
Charges related to its ailing European business and a drop in the value of its assets saw ArcelorMittal SA, the world's largest steel maker, post a near $4 billion loss for the fourth quarter. The company, based in Luxembourg, said Wednesday its net loss widened to $3.99 billion (€2.94 billion) from $1 billion in the same period a year ago. Sales fell 14 percent to $19.3 billion, as both prices and volumes declined year on year.
Vestas Wind Systems A/S, the world's largest maker of wind turbines, posted a 23 percent rise in revenue in the fourth quarter but saw its losses deepen for the full year amid tight competition and a market slowdown. The Danish company said its revenue in the last three months of 2012 reached €2.5 billion ($3.4 billion), driven by an increase in deliveries. It didn't provide a quarterly profit or loss figure.
U.S. manufacturing is off to a good start in 2013. Economic activity in the manufacturing sector continued to expand in January 2013 for the second consecutive month, and the overall U.S. economy grew for the 44th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
Oil and gas giant BP's profit fell nearly 80 percent in the fourth quarter in results released Tuesday, dragged down by payouts related to the Gulf of Mexico oil spill. BP said that net profit fell to $1.62 billion in the three months ending Dec. 31, down from $7.69 billion in the same period the year before. BP took a loss of $3.85 billion for its settlement of all federal criminal charges with the U.S. government.
Delphi Automotive saw its fourth-quarter net income cut in half as the auto parts retailer booked restructuring and acquisition costs. The company, formerly part of General Motors, made $136 million, or 43 cents per share, from October through December, compared with $290 million, or 88 cents per share, a year earlier. Revenue fell 3.3 percent to $3.8 billion.
Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers. The complex agreement announced Tuesday will allow Dell Inc.'s management, including founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year, as the world's top automaker continued on a comeback roll as sales surged, especially in the U.S. Toyota's October-December profit jumped 23 percent to 99.91 billion yen ($1.09 billion), compared to the same period the previous year. Quarterly sales edged up 9 percent to 5.3 trillion yen ($58 billion).