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December 2008 Archives
10:10 AM Tue, Dec 30, 2008 | Permalink |
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By Peter C. T. Elsworth  Email
GMAC, the automobile financing company, said Tuesday morning that it would immediately resume financing to a wider range of car buyers, a day after the......
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10:10 AM Tue, Dec 30, 2008 | Permalink |
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By Peter C. T. Elsworth Email
VIENNA, Austria -- Resurfacing concerns over the world economy sent crude prices lower Tuesday, eclipsing fears that the conflict between Israel and Hamas could inflame......
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9:54 AM Tue, Dec 30, 2008 | Permalink |
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By Peter C. T. Elsworth Email
TOKYO -- To get around the city, Yutaka Makino hops on his skateboard or rides commuter trains. Does he dream of the day when he......
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12:16 PM Mon, Dec 29, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Sales of small cars have taken the wildest ride in the auto business this year -- first up, then down -- and the gyrations may......
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2:02 PM Fri, Dec 19, 2008 | Permalink |
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By Peter C. T. Elsworth Email
It was hardly unexpected. President Bush today granted General Motors and Chrysler $13.4 bn billion in emergency loans to tide them over until the end......
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1:54 PM Fri, Dec 19, 2008 | Permalink |
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By Peter C. T. Elsworth Email
While oil prices firmed after the White House granted General Motors and Chrysler emergency bailout loans, the January futures contract was knocking about at levels......
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10:11 AM Fri, Dec 19, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion......
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2:18 PM Thu, Dec 18, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Oil continued its downward march Thursday as mass layoffs pushed the U.S. economy deeper into recession, signaling a drastic pullback on energy spending, according to......
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1:23 PM Thu, Dec 18, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The Bush administration is looking at "orderly" bankruptcy as a way to deal with the desperately ailing U.S. auto industry, the White House......
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9:34 AM Thu, Dec 18, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler is closing all its North American manufacturing plants for at least a month, the starkest move yet taken by U.S. automakers as......
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11:44 AM Wed, Dec 17, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors Corp. says it has put the brakes on construction of a new factory in Flint, Mich., that will make engines for......
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11:44 AM Wed, Dec 17, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors Corp. says it has put the brakes on construction of a new factory in Flint, Mich., that will make engines for......
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11:40 AM Wed, Dec 17, 2008 | Permalink |
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By Peter C. T. Elsworth Email
A 2.2 billion-barrel cut to crude production by OPEC failed to boost oil prices Wednesday, with markets already pricing in a reduced flow of oil,......
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11:37 AM Wed, Dec 17, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- U.S. oil consumption is expected to level off with virtually no growth between now and 2030 because of increases in energy efficiency, greater......
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11:35 AM Wed, Dec 17, 2008 | Permalink |
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By Peter C. T. Elsworth Email
ORAN, Algeria -- OPEC says it is cutting 2.2 million barrels a day from its output - the largest ever at one time - to......
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9:58 AM Tue, Dec 16, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Contrary to comments by auto brass and Congress, buyers wouldn't shun products from a U.S. automaker that filed for bankruptcy, according to a......
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9:26 AM Tue, Dec 16, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Oil prices rose to around $45 a barrel on Tuesday, a day before investors expect OPEC to announce a big production cut aimed at supporting......
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9:24 AM Tue, Dec 16, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Detroit automakers, teetering on the brink of collapse, are receiving strong signals from the White House that short-term help is on the way......
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10:30 AM Mon, Dec 15, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Gasoline prices in Rhode Island have dropped for the 13th straight week and have hit their lowest point in nearly five years, according to AAA......
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10:30 AM Mon, Dec 15, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Hybrid critics have long said that the cost of a new battery, if it failed after the car's warranty expired, would quickly wipe out an......
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10:27 AM Mon, Dec 15, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Jimmie Johnson, the driver of the No. 48 Lowe's Chevrolet, won his third consecutive Nascar Sprint Cup championship this year. Now he has his sights......
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10:08 AM Mon, Dec 15, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Oil prices rose sharply toward $50 a barrel Monday as investors anticipated OPEC will announce a large production cut at its meeting this week, according......
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10:04 AM Mon, Dec 15, 2008 | Permalink |
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By Peter C. T. Elsworth Email
ABOARD AIR FORCE ONE -- Detroit automakers got public reassurance Monday from President George W. Bush that short-term government help for the industry is in......
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9:56 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Well, the so-called auto bailout bill has failed and now all eyes are on President George W. Bush who apparently is concerned about leaving office......
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9:56 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Senate Republicans determined to block the $14 billion rescue package for Chrysler and General Motors have trotted out predictable rhetoric about the dangers of Big......
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9:50 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- With Congress failing to agree on a bailout for Detroit, the odds that General Motors and Chrysler will be insolvent by year's end......
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9:46 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Drivers clocked 9 billion fewer miles on the nation's roads in October even while gas prices were dropping, suggesting a downturn in driving......
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9:44 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- General Motors is saving every cent it can, from shutting down escalators at night to limiting workers' choice of pens, in case it......
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9:38 AM Fri, Dec 12, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The White House said Friday it will consider using the Wall Street bailout fund to prevent the U.S. auto industry from collapsing after......
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3:36 PM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A $14 billion auto industry bailout bill stalled in the Senate on Thursday, and Republicans demanded upfront concessions from the United Auto Workers......
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3:36 PM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Detroit's struggling automakers could do themselves and everyone else a favor by dropping their increasingly untenable four-year legal assault on California's efforts to regulate and......
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12:20 PM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Global oil consumption will drop this year for the first time since 1983, as an economic downturn in the West and slower growth in China......
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12:20 PM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The prospects of a $14 billion government rescue of the American auto industry seemed to vaporize Thursday morning as the Senate Republican leader,......
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12:20 PM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The top Senate Republican says he's against a $14 billion bailout for U.S. automakers, breaking with President George W. Bush, according to The......
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11:51 AM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
It seems an unlikely alliance: Rough and tumble motorcycle riders serving as protectors of military families from a lunatic anti-gay church. But the Patriot......
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10:18 AM Thu, Dec 11, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A House-passed bill to speed $14 billion in loans to Detroit's automakers stands on shaky ground in a bailout-weary Congress, undermined by Republican......
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3:39 PM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Senate Republicans say they have grave concerns about the agreement between congressional Democrats and the Bush White House to speed billions of dollars......
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1:56 PM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
An Emmett, Idaho, car dealership bearing the name of former Red Sox great Bill Buckner closed last week, according to Buckner's attorney. The news was......
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12:47 PM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Seventy-three dollars an hour. That figure -- repeated on television and in newspapers as the average pay of a Big Three autoworker -- has become......
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12:43 PM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
There has been no shortage of opinions throughout the debate over a federal bailout for Detroit's struggling automakers. But one group has been notably silent:......
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11:35 AM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- GMAC Financial Services, the financing arm of General Motors, said Wednesday that it hasn't raised enough capital to become a bank holding......
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11:28 AM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Majority Democrats and the White House have finalized a deal to spend $15 billion on emergency loans for struggling U.S. automakers, congressional officials......
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10:04 AM Wed, Dec 10, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A government "car czar" with the power to force U.S. automakers into bankruptcy would dole out $15 billion in emergency loans to the......
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11:41 AM Tue, Dec 09, 2008 | Permalink |
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By Peter C. T. Elsworth Email
HOUSTON -- Oil prices wavered Tuesday amid new reports that the anemic global economy will lead to an even sharper falloff in energy consumption through......
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11:41 AM Tue, Dec 09, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- When President-elect Barack Obama talked on Sunday about realigning the American automobile industry he was quick to offer a caution, lest he sound......
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11:36 AM Tue, Dec 09, 2008 | Permalink |
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By Peter C. T. Elsworth Email
MEMPHIS -- Auto parts retailer AutoZone Inc. said Tuesday its fiscal first-quarter profit fell slightly amid higher expenses and weak domestic same-store sales in a......
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11:32 AM Tue, Dec 09, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Senate Majority Leader Harry Reid said Tuesday that Congress could act on an auto bailout as early as the end of the day,......
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4:41 PM Mon, Dec 08, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Senator Christopher J. Dodd, the chairman of the banking committee, walking from his office on Monday. WASHINGTON -- An agreement between the White House......
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4:38 PM Mon, Dec 08, 2008 | Permalink |
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By Peter C. T. Elsworth Email
SIOUX FALLS, S.D. -- Oil prices rebounded from four-year lows and shot above $43 a barrel Monday as OPEC floated the possibility of a "severe"......
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4:54 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Richard Wagoner, chief executive of General Motors, Robert L. Nardelli, chief executive of Chrysler, Alan R. Mulally, chief executive of Ford, and Ron Gettelfinger,......
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4:45 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
COLUMBUS, Ohio -- Oil prices hit four-year lows Friday as employers cut the highest number of jobs in 34 years. The continuing decline in prices......
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4:43 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Chrysler Chief Executive Robert Nardelli told lawmakers considering financial support for the auto industry Friday that Chrysler would be pushed toward bankruptcy or......
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4:40 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- President George W. Bush and congressional leaders seized on the latest grim unemployment data Friday to try to fire up lukewarm support on......
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3:20 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
In addition to the jump in gas prices earlier in the year to the credit crunch later, the Big Three suffered another setback in that......
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2:40 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
The level of derision and scorn directed at the chairmen of the Big Three as they have made their case to Congress for $34 billion......
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2:37 PM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Backseat Driver: The week that was It is hard to imagine the automobile industry having a worse week. From the dreadful November sales numbers that......
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11:32 AM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- A deal between General Motors and Chrysler to merge, which withered this fall when neither side could get financing for the transaction done,......
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11:28 AM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
VIENNA, Austria -- Oil prices plummeted Friday as the already battered market reacted to unexpectedly high U.S. unemployment figures - the latest dramatic evidence of......
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11:25 AM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The worsening U.S. auto sales slump claimed another 2,000 workers Friday as General Motors Corp. announced layoffs at three more car factories, according......
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11:23 AM Fri, Dec 05, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A key House chairman warned colleagues that inaction on an auto bailout "would be a disaster," especially in light of Friday's bleak new......
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4:19 PM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
COLUMBUS, Ohio -- Oil tumbled below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four year lows, as unemployment......
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4:16 PM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- U.S. automakers drew fresh skepticism from lawmakers Thursday in a rocky confrontation over their pleas for an expanded $34 billion rescue package they......
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12:52 PM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Weymouth, Mass. - Nearly every day for the past 35 years, Ray Bean would shuffle over to his scooter, ride to his backyard garage, and......
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12:29 PM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Humbled U.S. automakers pleaded with Congress Thursday for an expanded $34 billion rescue package, but heard fresh skepticism in a bumpy encore appearance,......
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9:51 AM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
General Motors has promised Congress that it can recreate itself as a different kind of car company -- smaller, with a more cooperative relationship with......
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9:47 AM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- The United Automobile Workers union said Wednesday that it would make major concessions in its contracts with the three Detroit auto companies to......
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9:40 AM Thu, Dec 04, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- U.S. automakers are returning to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion......
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3:00 PM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- United Auto Workers President Ron Gettelfinger said Wednesday that the union is willing to change its contract and will delay billions of dollars......
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7:51 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A top Chrysler executive warned Wednesday that a carmaker collapse could send the economy spiraling into a depression, while the United Auto Workers......
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7:51 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
General Motors Corp. and Chrysler LLC warned Tuesday they could collapse without federal aid before the end of the month, as they joined with Ford......
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7:49 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
U.S. House Speaker Nancy Pelosi said she believes either Congress or the Bush administration will step in to aid domestic automakers because bankruptcy is "not......
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7:43 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- General Motors, increasingly desperate for a federal bailout to stave off financial collapse, told Congress on Tuesday that it was willing to drastically......
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7:41 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
STOCKHOLM, Sweden -- Sweden's Industry Minister Maud Olofsson says the government is ready to support U.S.-owned automakers Saab and Volvo but doesn't want to take......
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7:38 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Oil prices rose slightly Wednesday but remained near three-year lows as investors tried to gauge how much the slowdown in U.S. and Chinese economies will......
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7:36 AM Wed, Dec 03, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- A top executive of General Motors says bankruptcy isn't a viable option for struggling U.S. automakers, maintaining that a retooling plan being presented......
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4:21 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- November U.S. vehicle sales at General Motors and Chrysler plunged more than 40 percent, while Ford's sales dropped 31 percent, crushing hopes......
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4:21 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- November U.S. vehicle sales at General Motors and Chrysler plunged more than 40 percent, while Ford's sales dropped 31 percent, crushing hopes......
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4:19 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON - General Motors says it needs $4 billion in government loans this month and a total of $12 billion by late March to keep......
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4:14 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
Check out the video interview on YahooFinance: After Monday's rout, stocks were rallying sharply midday Tuesday thanks in part to semi-hopeful comments from Ford CEO......
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2:36 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- For the Big Three automakers to win over Washington lawmakers in their bid for federal aid, they will have to address a critical......
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2:36 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- General Motors' November U.S. sales plunged 41 percent, while Ford's dropped 31 percent, dashing hopes that the industrywide drop in vehicle demand......
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12:21 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- The Ford Motor Company told Congress on Tuesday that it wanted access to $9 billion in loans but that it could survive and......
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12:21 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
COLUMBUS, Ohio -- Oil prices dipped again Tuesday and gas prices hit their lowest levels since January 2005 with the United States officially in a......
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12:21 PM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
NEW YORK -- Ford says its November U.S. light vehicle sales tumbled 31 percent amid a continued slump in consumer spending and tight credit markets,......
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10:59 AM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- This time, GM Chief Rick Wagoner will drive a company car to Washington instead of flying by corporate jet as he seeks a......
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10:57 AM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DETROIT -- Ford will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before......
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9:37 AM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
LONDON - The car industry reeled from another day of grim headlines on Tuesday, with further news of production cuts and tumbling vehicle sales in......
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9:30 AM Tue, Dec 02, 2008 | Permalink |
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By Peter C. T. Elsworth Email
WASHINGTON -- Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and......
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11:18 AM Mon, Dec 01, 2008 | Permalink |
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By Peter C. T. Elsworth Email
COLUMBUS, Ohio -- Oil prices tumbled Monday as manufacturing activity in the U.S. hit a 26-year low, a showing that was much worse than expected,......
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11:15 AM Mon, Dec 01, 2008 | Permalink |
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By Peter C. T. Elsworth Email
DEARBORN, Mich. -- Ford says it is considering selling Volvo Car Corp. as the struggling U.S. automaker seeks to raise cash and weather the industry......
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