1.
U.S. markets recover from steep losses
DETROIT, Sept. 4 (UPI) -- U.S. Ford Motor Co. Chairman Bill Ford Jr. says the No. 2 automaker has plans to fix its problems in North America.
In an interview with Newsweek, Ford said, "We understand that it requires extraordinary action, and we are taking that." The interview was posted on Newsweek's Web site.
The Detroit News said the Dearborn, Mich.-based automaker plans to announce its third restructuring in five years later this month. The announcement would be an extension of the company's January plan when it said it would cut 30,000 jobs and close 14 plants in North America by 2012.
Bill Ford's comments to Newsweek were similar to what he said in an e-mail to employees last Friday.
"The business model that sustained us for decades is no longer sufficient to sustain profitability," he said in the employee e-mail.
Ford already has decided to sell Britain-based Aston Martin. The Sunday Times of London says likely buyers could include a management group led by Aston Martin Chief Executive Ulrich Bez and a private equity firm headed by former Ford CEO Jacques Nasser.
Ford's North American losses have continued in 2006, with a first half loss of $1.44 billion.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
