Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/31/2012 (1 year ago)

Catholic Online (www.catholic.org)

Company reports more profits, and improvements on the way.

General Motors has some good news for everyone, as the company's shares rose Wednesday on predictions of stronger profits and improved performance around the globe. South America posted exceptionally large profits for the company, while improvements in Europe look promising.

General Motors expects the European unit to improve and become profitable within the next few years.

General Motors expects the European unit to improve and become profitable within the next few years.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/31/2012 (1 year ago)

Published in Business & Economics

Keywords: General Motors, GM, cars, autos, Europe, South America, sales, shares


LOS ANGELES, CA (Catholic Online) - General Motors (GM) says they earned $1.48 billion from July through September of this year. The amount is down from $1.73 billion last year, but the company says the outlook is improving. 
South America had a particularly good sales season, turning around from a loss of $44 million last year to a profit of $114 million this year. 

Europe and North America continue to be weak spots for the automotive giant but GM says they have taken steps to improve the situation there. Operations in Europe have since been optimized with about 2,600 employees retiring or leaving the company and new savings of up to $300 million between workforce reductions and product line cuts. 

The company says more cuts may happen if needed, depending on sales. 

Investors are happy that GM is resolved to fix some of its problems and is now enjoying a healthier outlook. As a result, investor confidence in the company has grown.

The company's shares were up to $24.89 in early morning trading on Wednesday. 

General Motors also intends to bring new, more appealing vehicles and products to market, particularly in Europe, which remains a soft spot for the company. Although GM is predicting losses in Europe for next year, the outlook is improving with those losses projected to minimize, then turn to profits within the next three years. 

The company isn't simply looking at cost reductions either. Added to the cost cuts are reduced inventory, and new leadership. Some 23 new models of vehicles and 13 new engines will be on the market by 2016.

Certainly, not all of GM's troubles in Europe can be blamed on the company's product line and management. Europe has endured the worst recession since the end of World War II, and the markets are soft as people try to stretch their money. 

Governments are also buying fewer vehicles as they struggle with national debts that must be brought under control. 

Despite European austerity, GM is still projecting a return to profitability in the region by 2016. 

Outside of Europe, the outlook is much better and overall GM is expected to remain profitable for some time to come, making investors, and workers alike, very happy. 



---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More Business & Economics

Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... continue reading


Unemployment rate for black Americans at 11.4 percent, more than double the rate for whites Watch

Image of There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap.

By Catholic Online - (NEWS CONSORTIUM)

There remains a wide disparity in employment in the United States, in spite of efforts to close this broadening gap. Figures show that while unemployment nationwide is 6.1 percent, the unemployment rate for black Americans at 11.4 percent. LOS ANGELES, CA ... continue reading


A record 92,269,000 Americans jobless for month of August Watch

Image of So - there you have it: Things are STILL tough all over.

By Catholic Online - (NEWS CONSORTIUM)

It never went away, come rain or come shine form the past hot summer months . Many Americans remain idle and without work. According to the Bureau of Labor Statistics, a record 92,269,000 Americans 16 years of age and older didn't participate in the labor force ... continue reading


We owe HOW MUCH? New report reveals U.S. government owes $6 trillion to foreign entities Watch

Image of Foreign interests, including nations and businesses, own more than $6 trillion of U.S. government debt.

By Catholic Online (NEWS CONSORTIUM)

Foreign interests now own more than $6 trillion in U.S. government debt, a recent Treasury Department report on major foreign debt holders revealed. LOS ANGELES, CA (Catholic Online) - As of the end of June 2014, foreign-held debt totaled $6,013,200,000,000 in U.S. ... continue reading


Are you ready? Economic analysts predict bear market by end of 2014 Watch

Image of Economic analysts are predicting a significant drop in the market, which may be as high as 60%.

By Catholic Online (NEWS CONSORTIUM)

Two financial experts announced on August 27 that markets may face a fall of up to 60% by the end of 2014. LOS ANGELES, CA (Catholic Online) - David Tice, the president of Tice Capital and founder of the Prudent Bear Fund, reported that a jolt to international ... continue reading


Oh really Obama? President claims economic success while population dependent on food stamps hit all time high Watch

Image of The number of Americans on food stamps has not decreased since 2011, despite claims from President Obama that the U.S. economy has recovered under his policies.

By Catholic Online (NEWS CONSORTIUM)

Democrats are facing a tough midterm election, and with less than three months to go the party is scrambling to prop up the image of the U.S. economy in the minds of disgruntled voters. LOS ANGELES, CA (Catholic Online) - Yet one of the quickest shorthand ... continue reading


Here comes a boom! $7 trillion in untapped funds to flood global market Watch

Image of A report suggests that corporations and equity firms hold nearly $7 trillion in cash reserves that could bolster the world's economy.

By Catholic Online (NEWS CONSORTIUM)

A new boost to the global economic recovery may happen soon, as corporate giants and private equity firms prepare to tap into cash reserves of $7 trillion, stored since the current financial crisis began back in 2008. LOS ANGELES, CA (Catholic Online) - Investors ... continue reading


OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation Watch

Image of The timing of Obama's swank vacation has even the president's supporters worried.

By Catholic Online (NEWS CONSORTIUM)

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's ... continue reading


Religious orders NEED to understand economics Watch

Image of A letter from two high-ranking Catholic officials requests that religious orders gain a better understanding of finance and economics.

By Catholic Online (NEWS CONSORTIUM)

In a letter addressed to members of religious communities, Vatican officials requested that these groups should not be ignorant of economic realities connected to community life and a mission of serving the world in the name of the Church. LOS ANGELES, CA ... continue reading


THANKS, BARACK! Federal debt up $7 TRILLION under your watch. Watch

Image of By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By Catholic Online (NEWS CONSORTIUM)

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Corinthians 12:12-14, 27-31
12 For as with the human body which is a unity ... Read More

Psalm, Psalms 100:1-2, 3, 4, 5
1 [Psalm For thanksgiving] Acclaim Yahweh, all the ... Read More

Gospel, Luke 7:11-17
11 It happened that soon afterwards he went to a town ... Read More

Saint of the Day

Saint of the Day for September 16th, 2014 Image

St. Cornelius
September 16: Cornelius whose feast day is September 16th. A Roman priest, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter