Report says euro has contributed to development and low inflation
Thursday 01 May 2008
General Motors, the American car maker, enjoyed booming profits from new markets in Asia and Latin America that compensated for a deterioration in its home market. Investors cheered the latest quarterly results from the car maker, which showed a $1bn profit from its international business. Overseas sales now account for 64 per cent of the company's revenue, and Rick Wagoner, the chief executive, called growth in some Asian markets "tremendous". GM was the first Western car maker to sell a million vehicles in China and growth has been spurred by rising living standards in emerging economies.
The overseas performance was a bright spot in the first three months of the year, when losses in the North American division quadrupled to $812m. Debt-burdened US consumers are holding off on big purchases such as cars, and those that do buy are increasingly choosing smaller, less expensive vehicles to save money on petrol. Strikes at GM's suppliers and a $1.45bn writedown of its ailing consumer finance division GMAC also contributed to an overall group loss of $3.25bn, but the figures was smaller than Wall Street had feared.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...