General Motors reported a big drop in second-quarter earnings Tuesday on one-time restructuring costs in international markets, as car sales dipped in the cooling North American market. Net income for the biggest US auto maker was $1.7 billion, down 42 percent from the year-ago period. GM said overall performance remained solid, with growth in the … Read more
Cheap energy prices kept US inflation flat in June in another sign price pressures remain weak in the world’s largest economy, Labor Department figures showed Friday. The falling price of gasoline also helped hold down US retail sales, which contracted for the second straight month in June, the Commerce Department reported separately. Slow inflation has … Read more
As he rubs shoulders with leaders of the world’s other major economies, Donald Trump is in a bullish mood about the US recovery even if there are clouds on the horizon. “Stock Market at all time high, unemployment at lowest level in years (wages will start going up) and our base has never been stronger!” … Read more
US car sales continue to ebb in June, marking the sixth straight monthly decline, even as appetite for larger SUVs and light trucks persisted, according to industry figures released Monday. General Motors, the country’s largest automaker, and Ford reported total sales down about five percent for the month, with GM down for the second month … Read more
A world that heats up beyond that threshold will face a crescendo of devastating impacts ranging from deadly heatwaves to mass migration caused by rising seas, the experts warned in a commentary published in the science journal Nature. With 1.0 degree Celsius (1.8 degrees Fahrenheit) of warming so far, ice sheets that could lift oceans … Read more
While new car sales have slipped from 2016, robust demand for used vehicles means US car dealerships will still see strong sales this year, industry analysts said Wednesday. Jonathan Smoke, the chief economist for Cox Automotive, said the data already indicate the shift to more used vehicles is well underway. “Dealers are selling more vehicles … Read more
Falling US gasoline prices drove inflation and retail sales down in May, defying expectations and raising more questions about the economy and the pace of interest rate increases this year. The government data released Wednesday came out just hours before the Federal Reserve is widely expected to increase interest rates when concludes its two-day monetary … Read more
Falling US gasoline prices drove inflation and retail sales down in May, defying expectations and raising more questions about the economy and the pace of interest rate increases this year. The government data released Wednesday came out just hours before the Federal Reserve is widely expected to increase interest rates when concludes its two-day monetary … Read more
Auto makers offered big discounts over the Memorial Day holiday, but the response from US car buyers in May was not enough to definitively reverse months of sales declines. After seven years of gains, there were further signs that US car sales have plateaued, analysts said, as monthly sales data suggested a mixed picture amid … Read more
Car sales in the US slowed significantly in April, accelerating several months of declines that suggest the industry’s record sales streak may be behind it. The big three American automakers on Tuesday all reported sales fell in April compared to the same period last year. Many analysts had expected the retreat, forecasting an industry-wide decline … Read more
US auto giant Ford said Thursday its first quarter earnings would come in well below analysts’ expectations, as it projected industry-wide US and Chinese car sales would decline in 2017. Ford, the second-biggest US automaker after General Motors, projected first quarter adjusted earnings of 30 to 35 cents per share, falling far short of the … Read more
Americans’ strong appetite for light trucks and sport utility vehicles helped drive sales higher in February at some automakers, while others struggled with continued weakening demand for sedans and compact cars. GM and Nissan posted sales gains last month, while Ford and Fiat Chrysler’s US subsidiary reported declines compared to the same period a year … Read more
Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.33 per barrel at 1256 GMT, 32 cents below their last close. U. S. West Texas Intermediate (WTI) crude futures were down … Read more
U. S. Gulf Coast refiners are cashing in on rising fuel demand from Mexico, shipping record volumes to a southern neighbor that has failed to expand its refining network to supply a fast-growing economy. The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico becomes increasingly dependent on … Read more
The chief executive of Nissan says it was “the right decision” to sponsor the Rio Olympics, despite a slump in Brazilian car sales. Carlos Ghosn said there was a need to build a “much higher awareness” of the company’s products in Brazil. When Nissan took the decision to back the Games, the Brazilian market was … Read more