BEIJING (AP) -- China has established a homegrown company to make passenger jumbo jets, state media reported Sunday -- a step forward in the country's quest to become less dependent on Boeing and Airbus. China Commercial Aircraft Co. was established in Shanghai with registered capital of 19 billion yuan $2.7 billion, the official Xinhua News Agency said.
Europe's Airbus has forecast that China's domestic market will increase fivefold by 2026. Airbus and Chicago-based rival Boeing dominate the market for commercial airplanes carrying 100 or more people.
2008-05-09 GM to pay up to $200M to help end American Axle strike
A bitter, 10-week strike at auto parts supplier American Axle and Manufacturing Holdings Inc. could end soon now that General Motors Corp. has agreed to kick in up to $200 million to help settle the dispute, industry analysts said.
GM said in a regulatory filing Thursday that it would provide the financial support for temporary payments to supplement reduced wages, and to fund employee buyout and early retirement packages.
2008-05-08 Toyota reports 28 percent drop in fiscal 4th quarter profit
Toyota's profit for the fiscal fourth quarter dropped 28 percent from the previous year as a strengthening yen and lagging North American sales chipped away at the Japanese automaker's earnings.
Toyota, the world's second largest automaker after General Motors Corp., said Thursday its net profit fell to 316.8 billion yen ($3.05 billion; 1.98 billion euros) for the January-March quarter, down from 440.1 billion yen in the same period the previous year.
2008-05-07 Oil steady near $123 a barrel after record
Oil prices steadied in Asian trading Wednesday after hitting a record near US$123 a barrel in the previous session on worries over supply disruptions.
Prices were supported by concerns about supply disruptions in Nigeria, where production at a Royal Dutch Shell PLC facility was cut after a weekend attack. The main militant group in Nigeria's oil-rich southern region said Tuesday it is willing to cease hostilities if the federal government allows conflict mediation by a former U.S. president.
2008-05-06 Oil holds above $120 a barrel on supply worries
Oil futures held steady above $120 a barrel Tuesday in Asia after surpassing that mark for the first time in the previous session on threats to supply and a weakening of the U.S. dollar.
The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.
2008-05-06 Oil nears $123 on $200 oil prediction, supply concerns
NEW YORK (AP) -- Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.
A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday's buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say.
2008-05-05 Yahoo CEO on hot seat after rebuffing Microsoft's $47.5B bid
Yahoo Inc. Chief Executive Jerry Yang has gotten what he wanted: a chance to prove his company is worth more than the $47.5 billion that Microsoft Corp. offered to buy the Internet pioneer.
It will be a daunting challenge, as Yang will be pointedly reminded Monday when investors are expected to show how little they think of Yahoo without a takeover bid on the table. Faced with resistance from Yang and the rest of Yahoo's board, Microsoft withdrew its offer over the weekend.