May 19
WILMINGTON, Del., May 13 (UPI) — U.S. automaker Ford Motor Co. said Thursday it was aiming to reduce its $34 billion debt before it would resume paying dividends to shareholders.
Ford suspended dividends in 2006, The Detroit News reported. But at its annual meeting in Wilmington, Del., Executive Chairman Bill Ford Jr. said: “It’s very early days in our recovery, and we still have a lot of debt. And I think the most important thing we can do as a company is to get our balance sheet strengthened and in order.”
Ford also extended an invitation to Chief Executive Officer Alan Mulally to stay on the job indefinitely.
“Sixty-five is the new 55,” Ford said, a reference to Mulally’s age, which is 64.
Mulally said the company needs “to accelerate the improvement of our balance sheet.”
With Ford expecting to make a profit in 2010, “Shareholders have had pretty good news over the last year,” Mulally said.
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Tags: Dividends
May 19
DETROIT, May 13 (UPI) — U.S. auto giant General Motors Co.
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Tags: Turn Wheel, Wheel
May 19
KINGSTON, R.I., May 13 (UPI) — Flooding, a volcano and an oil spill are likely to contribute to higher prices for many goods, an associate professor in Rhode Island said.
The massive oil spill in the Gulf of Mexico has not disrupted ocean freight from reaching New Orleans yet, but “seventy percent of the coffee shipped to the United States goes through the Port of New Orleans,” noted associate professor Douglas Hales, an expert in supply chain management at the University of Rhode Island.
Large ships, however, would leave a trail of oil behind them if they rode through the oil-contaminated waters, he said.
If shipping is re-routed, the price of coffee would likely rise.
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May 19
NEW YORK, May 13 (UPI) — Crude oil prices headed lower in New York Thursday, dropping to less than $74 per barrel with traders reacting to a myriad of negative news.
The European Union’s statistical office Eurostat said Wednesday the gross domestic product in its 27 member nations grew a sluggish 0.2 percent in the first quarter. In China, high inflation has traders concerned its central bank will tighten monetary policy to slow growth. In the United States, the Energy Information Administration said crude oil inventories rose by 1.9 million barrels in the week ending May 7.
June delivery crude oil has dropped 14.1 percent off its high for the year, losing $1.82 from a prior settlement Thursday to $73.83 per barrel. Heating oil futures for June lost 0.0321 cents to $2.127 per gallon.
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Tags: Barrel, Crude Oil, Crude Oil Prices, Oil Prices
May 19
NEW YORK, May 13 (UPI) — U.S. stock indexes closed lower Thursday, despite a slight decrease in the number of first-time unemployment benefit claims filed in the week.
The U.S. Department of Labor said 4,000 fewer claims were filed in the week ending May 8. The four-week rolling average of filings claimed fell by 9,000 to 450,500, as claims have dropped for four consecutive weeks and for nine of the past 11.
By close, the Dow Jones industrial average lost 113.96 points, or 1.05 percent, to 10,782.95. The Standard & Poor’s 500 index lost 14.23 points, or 1.21 percent, to 1,157.44. The Nasdaq composite index fell 1.26 percent, 30.66 points, to 2,394.36.
On the New York Stock Exchange, 1,089 stocks advanced and 1,972 declined on a volume of 4.8 billion shares traded.
The benchmark 10-year Treasury note rose 11/32 to yield 3.537 percent.
The euro fell to $1.2519 from Wednesday’s $1.2628.
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Tags: Lower
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