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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Nov 17, 2009
Page
2
General Motors reports a 1.2 billion third quarter loss, far smaller than earlier months, and outlines a plan to start repaying 6.7 billion in U.S. loans from a contingency fund. CEO Fritz Henderson signals stability while caution rises about market strength and costs from European restructuring and dealer closures.
A coalition of top executives from Nissan FedEx PG&E A123 Systems and Johnson Controls Saft launches the Electrification Coalition to push Congress for tax credits loan guarantees and public charging support to electrify the U S vehicle fleet with 14 million electric cars by 2020 and over 100 million by 2030. The plan calls for 120 billion in eight years and a national network of charging stations plus home charging equipment and battery advances.
Vonage Holdings Corp agreed to pay 3 million to 32 states including Ohio to settle an investigation into some business practices and to issue refunds to affected customers. The company said no wrongdoing was found. The states share the settlement to cover legal costs and Vonage refunds are in addition to the 3 million.
U.S. October retail sales rose 1.4 percent led by autos, but ex auto gain stood at 0.2 percent as consumers face tight credit and rising unemployment. Analysts warn the holiday season may be subdued with cautious spending likely through year end, while GDP growth rebounds and stimulus fades.
Federal Reserve Chairman Ben Bernanke told the Economic Club of New York the Fed will monitor the dollar while keeping interest rates at record lows to support the recovery. Analysts noted he sought to bolster confidence without promising market action, leaving the possibility of intervention as a distant option if the dollar plunges further.
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