Archive for the ‘Nissan’ Category

Euphoria of Obama’s Election Victory Fades Fast: Markets Down 10%; Toyota Says Auto Crisis “Unprecedented”

November 6, 2008

Toyota Motor slashed its profit forecast Thursday, warning the global auto industry faces an “unprecedented” crisis as Asian stocks tumbled on fears the US is sinking deeper towards recession.

The Japanese giant became the latest automaker to reveal plunging profits due to the financial crisis, following on the heels of BMW, Nissan and Honda.

From Breitbart

The headquarters of German luxury carmaker BMW are pictured ... 

Toyota , vying with General Motors for the title of the world’s top automaker, cut its annual profit forecast by more than half after a terrible year so far.

It now expects a 68 percent plunge in net profit to 550 billion yen (5.6 billion dollars) — the first drop in nine years.

“The financial crisis is negatively impacting the real economy worldwide, and the automotive markets, especially in developed countries, are contracting rapidly,” Toyota executive vice president Mitsuo Kinoshita said.

“This is an unprecedented situation.”

Elsewhere in the transport sector, European aircraft manufacturer Airbus warned it expects a sharp reduction in new orders in 2009 as the global economy slows.

Airbus A380.jpg

Amid the gloomy news, Asian stock markets fell heavily. Japan’s Nikkei stock index plunged 6.53 percent even before the Toyota warning, which came after the close of trade.

The drop wiped out gains seen a day earlier on hopes that US president-elect Barack Obama will get to work on fixing the world’s largest economy in the face of the worst financial crisis in decades.

“Now that the event is over, investors are sobering up and looking at the economic gloom,” said Mizuho Investors Securities broker Masatoshi Sato.

Seoul ended with a loss of 7.6 percent while Sydney shed 4.3 percent. Hong Kong shares were down 6.4 percent at midday.

The sharp falls came after the Dow Jones index slid 5.05 percent on Wall Street on Wednesday as investors braced for a gloomy economic ride after the euphoria of Obama’s election victory faded.

Read the rest:
http://www.breitbart.com/article.php?id=081106082217.v53hc2v7&show_article=1

The Next U.S. President and the Middle East

October 20, 2008

By Patrick Seale
The Middle East Times

PARIS — The Arabs should be aware that pressure is mounting in the United States to reduce dependence on Middle East oil – in other words to reduce oil imports. Whoever wins next month’s U.S. presidential election, whether it is Barack Obama or John McCain, is bound to want to shape a new national policy, less dependent on imported oil, for energy and climate change. Both candidates have vowed to do so.

At the  same time, several major car manufacturers – Nissan, Volkswagen, Daimler, BMW, Chevrolet, Renault – have announced plans to launch electric cars in the coming two or three years in response to increasing world-wide concern about carbon emissions. Pre-production models of electric cars are the talk of the current Paris motor show.

The Arabs  same time, several major car manufacturers – Nissan, Volkswagen, Daimler, BMW, Chevrolet, Renault – have announced plans to launch electric cars in the coming two or three years in response to increasing world-wide concern about carbon emissions. Pre-production models of electric cars are the talk of the current Paris motor show.

The Arabs should heed these early warnings that their current oil bonanza will not last forever – perhaps, at best, for another decade or two. Already, the expectation that the oil price would soar to $200 a barrel has turned into a mirage. Oil prices have dropped 55 percent since July, demonstrating the extreme volatility of the market.

What seems clear is that the Arabs – and indeed other oil producers – cannot hope to benefit indefinitely from the colossal wealth transfer of recent years. They should spend the coming years preparing for the day when oil may not be in such great demand.

Read the rest:
http://www.metimes.com/Op
inion/2008/10/20/the_next_us_
president_and_the_middle_east/2264/