US carmaker Chrysler has raised its annual profit forecast to $700m (£435m), after third-quarter results showed market share recovering.
The US carmaker previously expected to make only $200m in the current year.
Chrysler made a loss of $84m during the past three months, down by half from a $172m loss in the previous quarter.
Total revenues rose 5% to $11bn, helped by a 40% jump in sales for its new Jeep Grand Cherokee, pushing its US market share up to 9.6%.
At the time of its bankruptcy its market shares had been 7%.
"We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee," said the company's chief executive, Sergio Marchionne, commenting on the financial results.
Management of Chrysler was taken over by Fiat of Italy last year after the US company entered government-sponsored bankruptcy.
Fiat is helping the US company to bring a range of new cars to the US market over the coming months.
"Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive automaker," added Mr Marchionne.
Source:BBC
www.bbc.com
November 08, 2010
November 07, 2010
Microsoft boss Steve Ballmer in sale of shares
Microsoft chief executive Steve Ballmer has sold $1.3bn (£800m) worth of shares in the firm, the first time he has sold its stock in seven years.
"Even though this is a personal financial matter, I want to be clear about this to avoid any confusion," Mr Ballmer said in a statement.
Mr Ballmer said he was "fully committed to Microsoft and its success".
According to SEC filings he sold 49.3 million Microsoft shares at prices between $26 and $28 per share.
Sell-off continues
Mr Ballmer still holds 359 million shares, worth $9.6bn at Microsoft's current share price, which closed down 1.36% at $26.77 in US trading on Friday.
He said the sale of shares was made to diversify his investments and help his year-end tax planning.
His statement, published on Microsoft's website, also says that he hopes to "sell up to 75 million shares by year-end".
Microsoft's share price has been hit this year as investors worry about its ability to adapt to new ways of computing.
However, last month the firm announced a 51% rise in first-quarter profit, thanks to higher sales of its flagship Windows and Office software.
"Even though this is a personal financial matter, I want to be clear about this to avoid any confusion," Mr Ballmer said in a statement.
Mr Ballmer said he was "fully committed to Microsoft and its success".
According to SEC filings he sold 49.3 million Microsoft shares at prices between $26 and $28 per share.
Sell-off continues
Mr Ballmer still holds 359 million shares, worth $9.6bn at Microsoft's current share price, which closed down 1.36% at $26.77 in US trading on Friday.
He said the sale of shares was made to diversify his investments and help his year-end tax planning.
His statement, published on Microsoft's website, also says that he hopes to "sell up to 75 million shares by year-end".
Microsoft's share price has been hit this year as investors worry about its ability to adapt to new ways of computing.
However, last month the firm announced a 51% rise in first-quarter profit, thanks to higher sales of its flagship Windows and Office software.
November 05, 2010
Toyota profits continue to soar despite the strong yen
Profits at Japanese carmaker Toyota have continued to soar, with second quarter earnings nearly doubling to 98.7bn yen.
The company raised its profit forecast again, predicting earnings of 380bn yen ($4.7bn, £2.9bn) for the full year.
Executive vice president Satoshi Ozawa warned the strong yen was putting "production levels" in Japan at risk.
Sales were also boosted by green car subsidies in Japan, but these have now come to an end.
Mr Ozawa spoke of a continued "very tough business environment, characterised by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe, and falling demand following the end of the eco-car subsidies in Japan."
Source:BBC
www.bbc.com
The company raised its profit forecast again, predicting earnings of 380bn yen ($4.7bn, £2.9bn) for the full year.
Executive vice president Satoshi Ozawa warned the strong yen was putting "production levels" in Japan at risk.
Sales were also boosted by green car subsidies in Japan, but these have now come to an end.
Mr Ozawa spoke of a continued "very tough business environment, characterised by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe, and falling demand following the end of the eco-car subsidies in Japan."
Source:BBC
www.bbc.com
November 04, 2010
Nissan profits boosted by strong sales
Japanese carmaker Nissan has announced a fourfold rise in quarterly profits and raised its full-year forecasts.
Nissan reported a second-quarter net profit of 101.73bn yen ($1.26bn; £775m), up from 25.53bn yen a year ago, with sales up 21.4%.
It also raised its full-year profit forecast to 270bn yen from 150bn yen.
"Our first-half results demonstrate that Nissan's recovery efforts are working effectively," said Nissan chief executive Carlos Ghosn.
Nissan announced 20,000 job cuts at the height of the financial crisis.
The increase in sales outweighed the impact of the strengthening yen, which has dented the post financial crisis revival for some Japanese companies.
Source: BBC
www.bbc.co.uk
Nissan reported a second-quarter net profit of 101.73bn yen ($1.26bn; £775m), up from 25.53bn yen a year ago, with sales up 21.4%.
It also raised its full-year profit forecast to 270bn yen from 150bn yen.
"Our first-half results demonstrate that Nissan's recovery efforts are working effectively," said Nissan chief executive Carlos Ghosn.
Nissan announced 20,000 job cuts at the height of the financial crisis.
The increase in sales outweighed the impact of the strengthening yen, which has dented the post financial crisis revival for some Japanese companies.
Source: BBC
www.bbc.co.uk
November 03, 2010
Google in 'significant breach' of UK data laws
There was a "significant breach" of the Data Protection Act when Google collected personal data via its Street View cars, the UK's Information Commissioner has ruled.
But Google will not face a fine or any punishment, Christopher Graham added.
But Google will not face a fine or any punishment, Christopher Graham added.
BMW's profits boosted by strong Chinese sales
BMW's third quarter profits have risen 11-fold as it continues to benefit from a big increase in sales in China.
The German carmaker made a net profit of 874m euros ($1.2bn; £765m) in the three months to the end of September, up from just 78m euros a year earlier.
Its revenues rose 36% to 15.9bn euros, as global quarterly sales of its BMW, Rolls-Royce and Mini cars increased by 13% to 366,190 vehicles.
BMW said its Chinese sales almost doubled compared with a year earlier.
Its sales across mainland China, Hong Kong and Taiwan were 91% higher.
Sales in Western Europe added 1.8%, while those in the UK gained 13%.
In the US BMW saw quarterly sales advance by 9%.
BMW did not release a specific figure for India, only saying that the wider Indian car market had grown by 30% so far this year.
It added that its global profits had also been helped by higher retail prices.
The German carmaker made a net profit of 874m euros ($1.2bn; £765m) in the three months to the end of September, up from just 78m euros a year earlier.
Its revenues rose 36% to 15.9bn euros, as global quarterly sales of its BMW, Rolls-Royce and Mini cars increased by 13% to 366,190 vehicles.
BMW said its Chinese sales almost doubled compared with a year earlier.
Its sales across mainland China, Hong Kong and Taiwan were 91% higher.
Sales in Western Europe added 1.8%, while those in the UK gained 13%.
In the US BMW saw quarterly sales advance by 9%.
BMW did not release a specific figure for India, only saying that the wider Indian car market had grown by 30% so far this year.
It added that its global profits had also been helped by higher retail prices.
Toyota unveils a sporty Prius
NEW YORK -- Performance and fuel-efficiency are not usually words you hear in the same sentence. But who says hybrids can't be sporty?
Toyota said Tuesday that it will unveil the Prius PLUS Performance Package, a hybrid performance line developed by the automaker's racing division, at a car show in Las Vegas this week.
The tricked-out version of Toyota's popular gasoline-electric powered car will be available in limited production starting in April 2011. Toyota expects to have more information on pricing closer to the official launch date, according to spokesman Greg Thome.
While there are no changes to the car's powertrain, the package comes with a number of external features designed to make the Prius look more sleek and speedy.
Drivers will be able to have their Prius outfitted with a seven-piece body kit that has a "uniquely styled rear diffuser," as well as front and rear bumper spoilers and a side skirt.
The Prius PLUS is also lower than the standard version, with "sport-tuned lowering springs" and a rear "sway bar" to improve handling. In addition, the performance Prius has 17-inch forged wheels with low profile tires.
Toyota (TM) said the car will come replete with "exclusive floormats" and an exterior badge with the "PLUS" logo.
The package was developed to meet the "evolving demands of the growing hybrid segment," Toyota said in a press release. But it may also be designed to lure drivers that are wary of hybrid cars, which are often seen as less muscular than gas powered ones.
Toyota announces 6 new hybrids, electric cars
Despite the added weight from the body kit and other features, Toyota said the modifications will not impact the Prius' gas mileage.
"The end result is a more fun-to-drive, performance-enhanced Prius that maintains its industry-leading fuel efficiency," the automaker said.
Source: CNNMoney.com
Toyota said Tuesday that it will unveil the Prius PLUS Performance Package, a hybrid performance line developed by the automaker's racing division, at a car show in Las Vegas this week.
The tricked-out version of Toyota's popular gasoline-electric powered car will be available in limited production starting in April 2011. Toyota expects to have more information on pricing closer to the official launch date, according to spokesman Greg Thome.
While there are no changes to the car's powertrain, the package comes with a number of external features designed to make the Prius look more sleek and speedy.
Drivers will be able to have their Prius outfitted with a seven-piece body kit that has a "uniquely styled rear diffuser," as well as front and rear bumper spoilers and a side skirt.
The Prius PLUS is also lower than the standard version, with "sport-tuned lowering springs" and a rear "sway bar" to improve handling. In addition, the performance Prius has 17-inch forged wheels with low profile tires.
Toyota (TM) said the car will come replete with "exclusive floormats" and an exterior badge with the "PLUS" logo.
The package was developed to meet the "evolving demands of the growing hybrid segment," Toyota said in a press release. But it may also be designed to lure drivers that are wary of hybrid cars, which are often seen as less muscular than gas powered ones.
Toyota announces 6 new hybrids, electric cars
Despite the added weight from the body kit and other features, Toyota said the modifications will not impact the Prius' gas mileage.
"The end result is a more fun-to-drive, performance-enhanced Prius that maintains its industry-leading fuel efficiency," the automaker said.
Source: CNNMoney.com
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