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U.S. markets recover from steep losses
DETROIT, Oct. 11 (UPI) -- Ford Motor Co. rejected a potential merger with General Motors Corp. before GM began talks with Chrysler LLC, The New York Times reported Saturday.
Sources close to the discussions said Ford ended its talks with GM last month. The talks involved the highest executives at both companies and ended when William Ford Jr., Ford's executive chairman, and its chief executive officer, Alan Mulally, decided the company would be more likely to turn around on its own.
All three U.S. carmakers have suffered catastrophic drops in sales, revenue and profits. Both Ford and GM sold about 1 million fewer vehicles last year than they did in 2002.
GM reported a second-quarter loss of $15.5 billion.
"These are not normal times," said David Cole, who heads the Center for Automotive Research in Ann Arbor, Mich. "The biggest problem is cash and whether these companies will have enough to survive this downturn."
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BISMARCK, N.D., May 24 (UPI) --
An official in North Dakota said it's important to move crude oil out of the Great Lakes region and into refineries along the southern U.S. coast.
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SCOTTSDALE, Ariz., May 24 (UPI) --
Commercially sold Samsung smartphones and tablets will feature defense-grade cyber and information security systems under a partnership with General Dynamics.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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