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U.S. markets recover from steep losses
DETROIT, Aug. 20 (UPI) -- Ford Motor Co. plans to cut its $27.3 billion debt load "as fast as we can," Ford Chairman William Ford Jr. said Friday.
The only Detroit automaker to decline a federal bailout last year, Ford may be at a disadvantage as rival General Motors Co. prepares to offer the public common and preferred stock.
Ford said the automaker is profitable and hiring again and fears GM's planned IPO could dampen demand for Ford Motor shares, The Wall Street Journal said.
"To the extent that we have been the only automaker available in the sector I am sure that some money will be rebalanced into GM." Ford told a business breakfast in Detroit.
Ford has $27.3 billion in debt while the reorganized GM owes $8.1 billion after emerging from bankruptcy last year. GM accepted $50 billion from the U.S. Treasury, which owns 61 percent of the reorganized company.
Bill Ford said Ford was considering whether to sell luxury Lincoln vehicles to consumers outside North America. Ford sold its Swedish Volvo brand to China's Zhejiang Geely Holding Group Co. this month and is dropping the 72-year-old Mercury nameplate.
Ford sold Land Rover, Jaguar and Aston Martin earlier to concentrate on its Ford division, whose sales are up 27 percent.
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JAKARTA, May 24 (UPI) --
Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
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LISLE, Ill., May 24 (UPI) --
A new special operations tactical vehicle has been unveiled by three U.S. companies.
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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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