Toyota shifts U S plant output amid weak sales
Toyota Motor Corp plans to shift production to meet demand for smaller cars, shutting down San Antonio and Princeton Indiana plants for three months to reduce pickups stock. The moves affect about 700 temporary workers though full-time staff will be kept with retraining. Industrywide U S sales fell 10 percent in six months as high gas prices cut pickup and SUV demand.
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GE plans spin off of consumer and industrial units
Fairfield based General Electric says it aims to spin off its consumer and industrial businesses including lighting and appliances. The move targets portfolio reshaping for faster growth with about 300,000 employees and roughly 13 billion dollars in sales last year. The company previously signaled a sale or spin off of the appliance unit.
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Wall Street avoids Fed lending as credit improves
Washington reports that for the week ending July 9 investment firms did not borrow from the Federal Reserve emergency lending program and commercial banks pared back. Borrowings had fallen from 6.1 billion to 1.7 billion, after peaking at 38.1 billion in early April following Bear Stearns crisis and JPMorgan Chase takeover aided by Fed backing.
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Mortgage rates edge up as housing slump deepens
Freddie Mac reports 30 year fixed at 6.37 percent, up from 6.35. Five year ARM rises to 5.82 while 15 year fixed slips to 5.91. One year ARM stays at 5.17. May pending home sales fall 4.7 percent to a third lowest on record amid record foreclosures and falling prices.
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