Word: autos
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...there are some Old Economy businesses showing signs of strain for reasons having little to do with the U.S. situation. Take the auto industry - please! Even if DaimlerChrysler didn't have to worry about its U.S. business, it would have to cope with what industry strategist Autopolis expects will be a 7% decline in European vehicle sales this year. Autopolis' Graeme Maxton explains that the global slowdown just happens to have coincided with a weak point in the auto cycle. After record sales for the past few years, consumers don't have to replace their shiny new cars...
When credit-card companies want something really badly, what do they do? They pay cash, of course. And that's just what they did, along with a lot of banks, retailers and auto lenders who contributed millions of dollars to key members of Congress as well as to President George W. Bush's campaign and Inaugural festivities. Last week that generosity paid off, with interest, when the Senate passed a new bankruptcy law. The bill could generate billions of dollars in extra revenue for creditors by making it more difficult for Americans to walk away from debts and regain their...
...more and more studios are following the trend set by Miramax Films, which is to hold a killer bash the day before the Oscars. It certainly doesn't preclude a post-Oscar party, but partying before the awards has the advantage of avoiding all those insincere, glazed smiles and auto-gush about "It was an honor just to be nominated...
...presidential complex will house an enormous collection of memorabilia and gifts from the Clinton years. Already, thousands of boxes of materials are sitting in the former warehouse of an auto dealership in Little Rock. The storage is temporary--planners hope to have the library constructed within several years--and already the materials are slowly being sorted and organized...
...bounce. Before the bell, the Commerce Department reported that February retail sales - need I remind anyone that consumer spending is two thirds of the U.S. economy and its safety net in hard times? - dropped 0.2 percent, dramatically lower than Wall Street forecasts for a 0.3 percent gain. And without auto sales - think lower interest rates and car loans - it was even worse...