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U.S. Forces Out GM CEO Wagoner
The Obama administration used the threat of withholding more bailout money to force out General Motors Corp. (NYSE:GM) Chief Executive Rick Wagoner and administer harsh medicine to Chrysler LLC, marking one of the most dramatic government interventions in private industry since the economic crisis began last year.
Mortgage Defaults, Delinquencies Rise
Defaults on home mortgages insured by the Federal Housing Administration in February increased from a year earlier. A spokesman for the FHA said 7.5% of FHA loans were “seriously delinquent” at the end of February, up from 6.2% a year earlier. Seriously delinquent includes loans that are 90 days or more overdue, in the foreclosure process or in bankruptcy.
Gold futures fall for second day as dollar rises
Gold futures fell Monday for a second straight session, as the U.S. dollar strengthened ahead of this week’s meeting of leaders from the Group of 20 nations, reducing gold’s appeal as an investment appeal. Gold for April delivery fell $9.90, or 1.1%, to $913.30 an ounce on the Comex division of the New York Mercantile Exchange.
EBay Wants to Put Skype in Your Pocket
After repeated experiments aimed at getting consumers to use Skype for cell phones, the eBay (NASDAQ:EBAY) unit may have a winner. On Mar. 31, the company will release a version of Skype for Apple’s (NASDAQ:AAPL) iPhone and iPod touch, as was previously speculated in the blog GigaOm.
Oil Falls a Second Day on Speculation Demand Will Remain Weak
Crude oil declined for a second day as tumbling equity markets indicated that economies and demand for fuel may weaken further. Global demand remains slack and oil is unlikely to reach $60 a barrel this year. Crude also dropped as the dollar strengthened to its highest against the euro in more than a week, limiting the appeal of commodities used to hedge against inflation.
Fifth Third to Sell 51% Stake in Its Payment Unit to Advent
Fifth Third Bancorp (NASDAQ:FITB) announced Monday that it has agreed to sell a majority interest in its payment-processing unit to private-equity firm Advent International Corp., a deal that further shores up the bank’s capital base following a $3.45 billion injection from the government.
Barclays Said to Opt Against Insurance After FSA Test
Barclays Plc (NYSE:BCS) won’t seek government asset guarantees after regulators said the U.K.’s third-biggest bank doesn’t need capital and as the lender plans to sell its iShares unit, said a person familiar with the situation. London-based Barclays will inform the Treasury of its decision by tomorrow’s deadline, said the person, who declined to be identified because the discussions are confidential.
Serious Threats to Sirius Radio
Timothy Der, a software engineer who lives in Los Angeles, was a fan of Fungus 53, a punk radio station on XM Satellite Radio. Alas for Der, Fungus 53 went off the air months after the July 2008 merger of XM into satellite radio rival Sirius. So Der canceled his subscription and switched to Internet radio. For Sirius XM Radio (NASDAQ:SIRI), such migrations spell trouble.
BlackBerry’s Consumer Push Is Coming at a Price for RIM
Despite a shrinking cellphone market, sales of BlackBerry devices are soaring. But concerns that a mass-market push is eroding profit margins have jostled the shares of Research In Motion Ltd. (NASDAQ:RIMM), and investors are divided on the BlackBerry maker’s prospects ahead of its earnings report Thursday.
Hyundai Seizes ‘Once-in-Lifetime’ Chance to Grab Toyota’s Sales
In the worst U.S. car market in 28 years, Hyundai Motor Co. (SEO:005380) is on a roll. The Seoul-based automaker has boosted sales in the U.S., where demand for Toyota Motor Corp.’s (NYSE:TM) models has plunged. The Genesis, Hyundai’s first luxury car for the U.S. market, won top honors at the Detroit car show in January and in three months the company will bring out its first hybrid in Korea. The stock has surged 34 percent this year.
Nokia Targets the U.S. Market
Is Nokia (NYSE:NOK) ready to change its fortunes in the U.S. market? The Finnish company has grown into the world’s largest mobile-phone maker by conquering country after country. But in the U.S., Nokia has steadily lost ground in recent years, watching its market share shrivel to single digits.
Wow – interesting information. I was unaware that Toyota is finally starting to see noticeable negative impacts. Hyundai has come out with some great new vehicles and must be giving them a run for their money.
Toyota got hit b/c American carbuyers got hit. Seems like 50% of the cars in DC alone are Toyotas.