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AP Business NewsBrief at 6:45 a.m. EST
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| Copyright: | The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | | Source: | Associated Press | | Wordcount: | |
Toyota surprises with profit, boosts forecast
TOKYO (AP) _ Toyota Motor Corp. announced Thursday a surprise profit last quarter and trimmed its projected red ink for the year, underlining the gradual recovery under way for Japan's giant automakers. The world's largest car company attributed the unexpected profit _ its first after three losing quarters _ to government measures around the world designed to boost sales of environmentally friendly cars and other vehicles.
World stocks down ahead of European rate decisions
LONDON (AP) _ World stock markets fell Thursday after the U.S. Federal Reserve cautioned about the wider economic impact of rising unemployment. Investors awaited interest rate decisions in Europe later in the day. The Fed indicated Wednesday that it would keep its benchmark interest rate at near zero percent "for an extended period" even though it conceded that economic activity had picked up.
Oil slips below $80 as US dollar strengthens
SINGAPORE (AP) _ Oil prices slipped below $80 a barrel Thursday in Asia as the U.S. dollar strengthened. Benchmark crude for December delivery was down 57 cents to $79.83 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 80 cents to settle at $80.40 on Wednesday.
Opel workers in Germany stage protests
RUESSELSHEIM, Germany (AP) _ Opel employees walked off their jobs to attend a mass rally at the automaker's headquarters Thursday, protesting General Motors Co.'s decision to abandon the unit's sale to new owners the workers hoped would preserve jobs. Thousands of the 25,000 employees from Opel's four German factories vented their frustration and anger at GM, which after months of negotiations decided Tuesday to scrap the sale of a majority in Opel to Canadian auto parts maker Magna International Inc. and Russian lender Sberbank.
'Clunker' data show pickup-for-pickup trades
WASHINGTON (AP) _ Billed as a way for the government to put more fuel-efficient vehicles on highways, the popular $3 billion Cash for Clunkers program mostly involved swaps of old Ford or Chevrolet pickups for new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press. The single most common swap _ which occurred more than 8,200 times _ involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers.
Unilever reports 36 percent fall in Q3 profit
AMSTERDAM (AP) _ Unilever NV, maker of Dove soaps and Ben & Jerry's ice cream, saw net profit fall 36 percent for the third quarter, mostly because earnings in the same period a year ago benefited from the sale of operations. The consumer goods giant made €1.05 billion ($1.56 billion), down from €1.64 billion in the same period last year, when Unilever booked a €487 million gain on the sale of its seasonings businesses.
Insurer Cigna's 3Q profit grows 92 percent
INDIANAPOLIS (AP) _ Managed care company Cigna Corp. said Thursday its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year. Philadelphia-based Cigna earned $329 million, or $1.19 per share, in the three months that ended Sept. 30. That compared to $171 million, or 62 cents per share, in the same quarter of 2008.
Time Warner Cable 3Q profit falls 11 percent
PHILADELPHIA (AP) _ Time Warner Cable Inc. says its third-quarter profit fell 11 percent after paying higher interest expenses on debt incurred to separate from its parent, Time Warner Inc. But the nation's second largest cable TV operator says it revenue rose 4 percent in part due to price increases. It says higher video programming and employee costs also hurt earnings.
Cisco forecasts first revenue growth in a year
SAN FRANCISCO (AP) _ Cisco Systems Inc. doesn't want Wall Street to interpret its forecast for its first quarterly revenue growth in a year as evidence that the U.S. and other economies are roaring back. A slow improvement in orders is under way but the pace is still slow and the recovery is fragile, executives from the world's No. 1 maker of computer-networking equipment told analysts Wednesday.
Eurozone retail sales drop in Sept
BRUSSELS (AP) _ Retail sales in the 16 countries that use the euro dropped by 0.7 percent in September, European Union statistics showed Thursday, evidence the economic recovery will be slow and bumpy. The drop from August comes as high and rising unemployment and financial uncertainty continue to weigh on consumer confidence.
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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