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Ford cuts production in Europe

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March 19, 2009 – Comments (4)

Ford cuts production in Europe

The crisis in Europe's shrunken car industry deepened today when Ford cut production and extended the shorter working week at two of its core continental plants.

Ford executives battened down the hatches for a prolonged downturn in demand stretching years ahead by warning of more cutbacks to come.

Their comments came as consultants said cumulative cash burn this year could be between €18bn (£16.6bn) and €30bn and revenues could plunge by up to €60bn via a 20% slump in output. They forecast a wave of bankruptcies among suppliers as assembly line volumes collapse by a third this year.

 

World Bank sees slower China growth

The World Banktoday cut its forecast for China's growth this year from 7.5% to 6.5%, amid deepening gloom about exports, but cautioned against hasty moves to bump up its stimulus package.

US electrical chain delays British megastore launch

he US-based electricals retailer Best Buy will not open its doors in Britain until next April at the earliest, the group's international chief executive Bob Willett has admitted.

New nationwide strike hits France

 

Hundreds of thousands of French workers are expected to join the country's second nationwide strike in two months.

Unions are protesting against President Nicolas Sarkozy's economic policies. Unemployment has reached two million and is expected to rise further.

 

Will the Euro collaspe before the US Dollar???

4 Comments – Post Your Own

#1) On March 19, 2009 at 7:19 AM, MarketBottom (29.38) wrote:

Bernanke runs risk of inflationary depression

THE US economy "continues to contract", inflation will remain subdued and the country will perhaps slip into deflation.

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#2) On March 19, 2009 at 7:42 AM, PrestonCheek (32.89) wrote:

Thats a very good question.

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#3) On March 19, 2009 at 8:21 AM, MarketBottom (29.38) wrote:

For those that pay attention to Turning Points, the 825 area of the S&P 500 deserves special attention.

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#4) On March 19, 2009 at 10:07 AM, MarketBottom (29.38) wrote:

The next down move for the markets coming before mid June will be vicious.

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