International Business News - VC http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif The executive chairman at auto supplier Visteon Corp. sold 1.4 million shares of common stock following their automatic conversion from restricted shares, according to a Securities and Exchange Commission filing Tuesday. http://www.ibtimes.com/articles/20081203/visteon-executive-chairman-sells-shares.htm Wed, 03 Dec 2008 12:01:46 EST A Wall Street rally Friday helped offset some of the losses posted by auto stocks earlier this week, allowing some of them to finish not too far below where they started. http://www.ibtimes.com/articles/20081121/auto-stocks-escape-volatile-week-of-trading.htm Fri, 21 Nov 2008 17:16:25 EST Shares of auto suppliers mostly fell Tuesday as hopes began to fade that Congress would approve a financial bailout for the automotive industry. Treasury Secretary Henry Paulson told Congress that the administration remains firmly opposed to using the government's $700 billion financial bailout fund for a $25 billion rescue package for the Detroit-based automakers, regardless of how badly they need the help. http://www.ibtimes.com/articles/20081118/secotr-snap-auto-suppliers-fall-on-bailout-woes.htm Tue, 18 Nov 2008 13:26:43 EST Standard & Poor's cut its ratings on two auto parts suppliers and warned several others could be next, citing the steep downturn in the auto industry. http://www.ibtimes.com/articles/20081113/s-p-cuts-2-parts-suppliers-warns-on-13-others.htm Thu, 13 Nov 2008 14:39:54 EST Auto-parts maker Visteon Corp. said Friday Michael F. Johnston is retiring from the company and will be succeeded by Chief Executive Donald J. Stebbins on Dec. 1. http://www.ibtimes.com/articles/20081107/visteon-ceo-to-replace-retiring-chairman-johnston.htm Fri, 07 Nov 2008 19:04:14 EST Canadian auto parts maker Magna International Inc. said Tuesday it lost $215 million in the third quarter, citing a continued decline in North American vehicle production that spread to European markets. It cut its full-year sales guidance and slashed its dividend, saying it doesn't expect demand for cars and trucks to improve anytime soon. http://www.ibtimes.com/articles/20081104/magna-swings-to-3q-loss-on-charges-lower-sales.htm Tue, 04 Nov 2008 18:37:35 EST Evidence of a recession grows higher WASHINGTON (AP)--Consumer spending dropped in September by the largest amount in four years, while incomes suffered because of Hurricane Ike. http://www.ibtimes.com/articles/20081031/business-highlights.htm Fri, 31 Oct 2008 18:35:42 EDT American Axle & Manufacturing Holdings Inc. said Friday it swung to a $440.9 million loss, blaming steep restructuring charges and a drop in sales stemming from lower light truck production. http://www.ibtimes.com/articles/20081031/american-axle-swings-to-440-9-million-3q-loss.htm Fri, 31 Oct 2008 13:15:40 EDT Auto parts supplier ArvinMeritor Inc. said Friday it will cut 1,250 jobs in an effort to slash its costs as it faces weak economies and slumping demand both at home and overseas. http://www.ibtimes.com/data/articleimgs/164370-arvin-meritor.jpg http://www.ibtimes.com/articles/20081031/arvinmeritor-will-250-jobs-lower-costs.htm http://www.ibtimes.com/articles/20081031/arvinmeritor-will-250-jobs-lower-costs.htm Fri, 31 Oct 2008 17:20:35 EDT A trio of major U.S. auto suppliers announced big third-quarter losses on Thursday, blaming steep drops in U.S. and European vehicle production. Executives for the companies said they're bracing for those declines to continue into next year. http://www.ibtimes.com/articles/20081030/visteon-trw-and-lear-all-report-big-3q-losses.htm Thu, 30 Oct 2008 16:37:45 EDT Among the earnings stories for Thursday, Oct. 30, from AP Financial News: CHICAGO (AP)--Newell Rubbermaid Inc. said its third-quarter profit skidded 68 percent, and it forecast weaker-than-expected fourth-quarter and full-year earnings because of falling consumer spending. http://www.ibtimes.com/articles/20081030/earnings-roundup-newell-rubbermaid-visteon.htm Thu, 30 Oct 2008 14:50:36 EDT Among the earnings projection stories for Thursday, Oct. 30, from AP Financial News: EDEN PRAIRIE, Minn. (AP)--Defense contractor Alliant Techsystems Inc. raised its full-year profit outlook on Thursday after turning in a strong first half. http://www.ibtimes.com/articles/20081030/outlook-roundup-alliant-techsystems-midas.htm Thu, 30 Oct 2008 10:31:16 EDT Visteon Corp. on Thursday cut its full-year sales outlook, citing continued vehicle production cuts in both North America and Europe and the strengthening of the U.S. dollar against the Euro. http://www.ibtimes.com/articles/20081030/visteon-cuts-sales-outlook-citing-lower-demand.htm Thu, 30 Oct 2008 09:26:51 EDT Visteon Corp. said Thursday its third-quarter loss widened on a drop in sales and hefty restructuring charges related to plant closures and job cuts. The auto supplier also said it plans to cut another 800 jobs worldwide on top of about 2,000 positions that were recently eliminated. It also is cutting benefits for some of its retirees. http://www.ibtimes.com/articles/20081030/visteon-3q-loss-widens-on-sales-drop-to-cut-jobs.htm Thu, 30 Oct 2008 10:30:09 EDT Steep drops in vehicle production both at home and abroad, along with the ongoing turmoil in the financial markets, are expected to push many auto suppliers to third-quarter losses and prompt more jobs cuts and plant closings as the companies struggle to survive. http://www.ibtimes.com/articles/20081029/auto-suppliers-expected-to-post-rough-3q-results.htm Wed, 29 Oct 2008 17:20:21 EDT Shares of automotive companies rose Wednesday, along with the broader market, after the Federal Reserve slashed a key interest rate by half a percentage point. http://www.ibtimes.com/articles/20081029/auto-stocks-gain-after-fed-interest-rate-cut.htm Wed, 29 Oct 2008 15:04:00 EDT Goodyear Tire & Rubber Co. said Friday W. Mark Schmitz, who served as chief financial officer for the past 14 months, has left the company to pursue other interests. http://www.ibtimes.com/articles/20081017/goodyear-cfo-departs-wells-named-as-replacement.htm Fri, 17 Oct 2008 09:14:32 EDT Shares of automotive suppliers plunged Monday, along with the broader market, amid a worldwide sell off that sent the Dow Jones industrial average down more than 500 points and below 10,000 for the first time in four years. http://www.ibtimes.com/articles/20081006/sector-snap-auto-suppliers-fall-with-markets.htm Mon, 06 Oct 2008 13:53:08 EDT Visteon Corp. shareholders aren't getting any relief from a federal appeals court. A three-judge panel has affirmed the dismissal of a lawsuit against the auto-parts maker. Shareholders who saw Visteon's stock plunge over five years had accused executives and an accounting firm of covering up problems. http://www.ibtimes.com/articles/20081006/appeals-court-rejects-visteon-shareholder-lawsuit.htm Mon, 06 Oct 2008 12:17:56 EDT Shares of auto suppliers, along with the bulk of the market, gave back much of their early gains Friday, after the House voted to approve the government's $700 billion financial rescue plan. http://www.ibtimes.com/articles/20081003/auto-suppliers-give-up-gains-after-house-vote.htm Fri, 03 Oct 2008 14:57:21 EDT