IBT Staff Reporter

120481-120510 (out of 154943)

Oil up past $69; distillates concern caps gain

Oil rose above $69 a barrel on Tuesday, lifted by an expected draw in U.S. crude stocks and better-than-expected U.S. retail sales data, but concerns about rising U.S. distillate inventories capped gains.

Opel says restructuring not based on politics

German carmaker Opel needs to cut capacity and workforce quickly to return to profitability, but any decision on restructuring the company would not be driven by political considerations, Opel Chairman Carl-Peter Forster said on Tuesday.

August sales rise boosts carmakers' spirits

News that European car sales rose for a third consecutive month in August helped lift the mood at the Frankfurt Motor Show, where automakers will showcase green technology they hope will transform the industry.

Qingyuan, Daimler in talks to develop electric van-source

Chinese electric car maker Tianjin Qingyuan Electric Vehicle Co is in talks with Daimler AG (DAIGn.DE) to develop an electric version of a van made at the German automaker's joint venture in southeast China, a source said on Tuesday.

Porsche FY unit sales drop outpaces revenue decline

The head of Porsche's (PSHG_p.DE) core sports car business said he was warily upbeat about a rebound in 2010 after unit sales sank nearly a quarter -- twice as fast as revenue -- in the fiscal year to the end of July 2009.

Best Buy profit misses by penny; outlook raised

Top U.S. consumer electronics chain Best Buy Co reported a lower-than-expected quarterly profit on Tuesday on weak sales of items such as videogames and cameras, but raised its forecast for the full year.

Opel labor aims to rescue Antwerp plant

Opel workers aim to avert closure of a Belgian factory in Antwerp following a takeover by Canadian automotive group Magna (MGa.TO) by shortening working hours there, Opel's labor leader said on Tuesday.

CAW aims to wrap up working-level Ford talks

The Canadian Auto Workers is working to complete a working-level exchange of information with Ford Motor Co (F.N) this week before returning to full-scale negotiations with the No. 2 U.S. automaker, the head of the union said on Monday.

Piech, other VW execs, open to more brands

Volkswagen's (VOWG.DE) powerful supervisory board chairman, Ferdinand Piech, left open the possibility of Europe's largest car maker acquiring further brands saying a dozen is easier to remember than ten.

Leno launches prime-time television experiment

Jay Leno launched his NBC prime-time TV talk show on Monday -- a venture whose success or failure is being closely watched by the industry -- with familiar offerings including a topical monologue and chats with fellow comedian Jerry Seinfeld and a repentant Kanye West.

MasterCard processed volume decline slows in U.S.

MasterCard Inc, the world's second-largest credit-card network, said processed volume in the United States declined less in July and August than in the second quarter, reinforcing sentiment that the industry is stabilizing.

Toyota sees lower 2010 Europe car sales

Toyota Motor Corp (7203.T) expects industry auto sales in Europe to remain flat or decline further in 2010, from 2009, as government incentive programs cease to inflate sales, the head of the automaker's European operations said on Monday.

Venice Fest short on prizes for local fare

The Italian press, which before the Venice Film Festival had celebrated the high number of Italian films in the festival's official selection, has gone into a period of soul searching and finger pointing after Italian films were for the most part excluded from the event's major prizes.

Fiat brand hopes for 7 pct Europe mkt share

Italy car maker Fiat SpA (FIA.MI) hopes for a 7 percent European market share for its Fiat brand at the year end, Fiat brand CEO Lorenzo Sistino said on Tuesday speaking at the Frankfurt Motor Show.

Lehman bust highlights analyst group-think disease

All of Wall Street's bank analysts were caught out by Lehman's collapse -- and few have redeemed themselves since. Just a handful have dared to issue a buy on bank stocks that have surged since March -- after they all failed to slap that sell on Lehman Brothers before it went bust a year ago.

Ssangyong hit unlikely to deter China carmakers

Cash-strapped South Korean automaker Ssangyong Motor (003620.KS) proposed a capital writedown on Tuesday that would slash the stake of SAIC Motor (600104.SS), its Chinese majority shareholder.

U.S. retail sales surge, producer prices up on energy

Sales at U.S. retailers rose at their fastest pace in three-and-half years in August and a gauge of manufacturing in New York State hit a near two-year high, bolstering views the economy was emerging from recession.

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