Word: autos
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...currency market consulting firm. "The good news for households is that food and energy prices are falling, although some might see this as a weakness in demand and a sign the economy is slowing." Englund says the drop below August's sales levels are mostly due to extremely weak auto sales, as people have had difficulty getting loans due to tighter credit and higher rates. "Our view is that the current downturn will equal or surpass the downturn of late 1990, early 1991," says LaVogna...
...service companies in its wake. On Adam Opel Street, Lear Corporation makes seats for the Corsa, while parts makers Mitec AG and Robert Bosch are across town. Uwe Laubach, head of the local chapter of the IG Metall union, says as many as 900 temporary workers in the local auto industry have lost their jobs in recent weeks. "The situation is dramatic," says Michael Lison, head of the industry association Automotive Thüringen...
Cerberus LLC, the New York-based private-equity company that runs Chrysler is prepared to take what is described as a significant stake in any new auto company that may be created by merging General Motor and Chrysler. Many observers had concluded that Cerberus believed it had been burned after buying an 80.1% stake in the struggling No. 3 automaker in 2007. At one point, there was speculation that Cerberus was trying to find a way to unload its ownership in the car company. However, an executive familiar with the talks tells TIME that Cerberus is not preparing to walk...
Turmoil on Wall Street and Main Street has forced the two struggling auto titans to consider the kind of merger that might have been unthinkable only a year ago. In an email monday to Chrysler employees, the company's CEO Robert Nardelli confirmed that Chrysler was holding discussions with potential partners, including GM. "I can tell you that we have approached and have been approached by third parties who are interested in exploring future possibilities with Chrysler," said Nardelli...
...Apple can build a playlist, like the new “Genius” feature, to go with a chosen song, it should be smarter about auto-selecting media for your device. Another small annoyance is the lack of an unlimited monthly music subscription in iTunes, a choice offered at Microsoft’s Zune Store, among others...