March 9 (Reuters) - Japan's current account balance swung to
its largest deficit on record in January, with the income
surplus tumbling about a third from a year earlier, adding to
pressure on an already falling yen. Here are some details of the new records being set: * BUDGETS: -- Japan had a current account deficit of 172.8 billion yen
($1.8 billion) in January, its first time in the red since
January 1996 and much bigger than a forecast of 15.3 billion
yen. The deficit came as the global... Read Full Story
* Overall US Feb auto sales down over 41 pct vs prior year * Ford, GM slash Q2 production plans * Results point to deeper recession, need for aid - execs
(Adds Japan share prices, detail on GM/Delphi talks) By Kevin Krolicki DETROIT (Reuters) - U.S. auto sales dropped by
more than 41 percent in February to the lowest level in almost
three decades as deepening economic uncertainty drove Americans
away from big purchases and new debt despite aggressive
discounts from major automakers... Read Full Story
DETROIT (Reuters) - America's largest automaker
has been left dependent on the kindness of strangers -- its
fate in the hands of bureaucrats as much as car buyers. But as the Obama administration weighs whether and how to
proceed with a request from General Motors Corp for up
to $30 billion in federal aid, some experts and even
consultants who have worked for the automaker, say a massive
cash injection now may not cure everything that ails GM. What GM needs, they say, is a radical shake-up... Read Full Story
DETROIT (Reuters) - America's largest automaker
has been left dependent on the kindness of strangers -- its
fate in the hands of bureaucrats as much as car buyers. But as the Obama administration weighs whether and how to
proceed with a request from General Motors Corp for up
to $30 billion in federal aid, some experts and even
consultants who have worked for the automaker, say a massive
cash injection now may not cure everything that ails GM. What GM needs, they say, is a radical shake-up... Read Full Story
* Opel board approves restructuring plan * Opel, including Vauxhall, to be made independent unit * No decisions yet on extent of job cuts or plant closures
(Adds report on potential government aid) By Christiaan Hetzner RUESSELSHEIM, Germany, Feb 27 (Reuters) - The European unit
of U.S. carmaker General Motors said it planned to spin
off its German arm Opel and needed 3.3 billion euros ($4.2
billion) in state aid to avert job cuts and site closures. Following weeks of speculation about... Read Full Story
* CAW deal would cut GM costs by several dollars an hour
* Moves GM closer to up to C$7 billion in loans
* Finance minister calls CAW-GM deal "good news"
* Union set to hold talks with Chrysler, Ford within days By John McCrank TORONTO (Reuters) - General Motors Corp is
a step closer to securing billions of dollars in emergency
loans in Canada after striking a tentative cost savings deal
with the Canadian Auto Workers union. If ratified, the deal with GM Canada will lead to savings
of... Read Full Story
* Current account swings to record deficit in January * Income surplus tumbles as overseas dividend payments shrink * Nikkei average hits 26-year closing low By Yuzo Saeki TOKYO, March 9 (Reuters) - Japan's current account balance
swung to its largest deficit on record in January, with the
income surplus tumbling about a third from a year earlier, adding
to pressure on an already falling yen. The first deficit in 13 years came as the global financial
crisis dried up demand for Japanese... Read Full Story
* Overall US Feb auto sales down over 40 pct vs prior year * Ford, GM slash Q2 production plans * Results point to deeper recession, need for aid - execs By Kevin Krolicki DETROIT (Reuters) - U.S. auto sales dropped by more
than 40 percent in February to the lowest level in almost three
decades as Americans pulled back from taking on more debt in an
economy showing signs of spiraling from bad to worse. The results mark the 15th consecutive monthly drop in auto
sales and come as a deepening... Read Full Story
* US autos task force reviews plans at White House * Task force advisers to visit GM, Chrysler in Detroit * Dealer group requests revision in aid program * GM shares end 22 percent lower
(Adds White House comments, auto dealers) By John Crawley WASHINGTON (Reuters) - Senior members of the Obama
administration autos task force met at the White House
Friday to review restructuring plans for General Motors Corp
and Chrysler LLC, while dealerships pressed the
government to revise a plan aimed... Read Full Story
DETROIT (Reuters) - Ford Motor Co
Wednesday announced a plan to cut its $25.8 billion in
automotive debt by about 40 percent by offering creditors cash
and new shares as it looks to slash financing costs at a time
of plunging sales and tight credit. Ford shares declined 15 percent after the announcement of
the plan to cut its debt by up to $10.4 billion, which could
increase the number of shares outstanding. Standard & Poor's cut its corporate credit rating on Ford
to "CC" from "CCC... Read Full Story
