Toyota Retakes Global Auto Sales Crown from GM
(DETROIT) — Toyota has once again dethroned General Motors as the world’s top-selling automaker. The Japanese company sold 9.7 million cars and trucks worldwide in 2012, although it’s still counting. GM sold 9.29 million. Both companies saw higher sales, but Toyota’s growth was far larger as it rolled out new versions of popular models like the Camry. GM executives promised sales growth this year, especially in the U.S. Both companies say publicly that they don’t care about who wins, but concede that the crown is an important morale booster for employees. (MORE: Taking Down Toyota: Automakers Aim to Unseat Corolla as World’s Top-Selling Car) GM was the top-selling carmaker for more than seven decades before losing the title to Toyota in 2008. But GM retook the sales crown in 2011 when Toyota’s factories were slowed by an earthquake and tsunami in Japan. The disaster left Toyota dealers with few cars to sell. The company has since recovered. Toyota’s comeback from the earthquake, ...
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Google Glass Will Be Made in the USA by Foxconn
Google‘s high-tech glasses will be manufactured in California, according to multiple reports, in the latest example of an American tech company choosing to build one of its products in the United States. Google’s highly touted computerized spectacles, known as Google Glass, will be assembled by Foxconn Technology Group, the Taiwanese industrial giant that builds many of Apple‘s products, at a plant in Santa Clara, California, according to reports in the Financial Times and Bloomberg. Google’s decision comes just months after Apple CEO Tim Cook announced plans to spend $100 million to build one of the existing Mac lines in the U.S. Apple’s plans were highlighted by President Obama during his 2013 State of the Union address. Obama has called for tech companies to increase U.S.-based manufacturing, and although there are signs of an uptick, there remains considerable debate about whether this is a long-term trend or a short-term byproduct of the U.S. economic recovery. Foxconn, ...
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Judge Approves American-US Airways Merger
(NEW YORK) — American Airlines won bankruptcy court approval Wednesday to combine with US Airways and form the world’s biggest airline. “The merger is an excellent result. I don’t think anybody disputes that,” Judge Sean H. Lane said before issuing his decision. (MORE: The Battle for the Future of American Airlines) But the judge declined to sign off on a proposed $20 million severance package for Tom Horton, currently the CEO of American’s parent AMR Corp. The approval is an important milestone for American, which filed for Chapter 11 in November 2011 after having long resisted using the bankruptcy process to cut labor and other costs. The merger still needs approval from Department of Justice antitrust regulators and US Airways shareholders. It is expected to close by the fall. The combined airline will have 6,700 daily flights and annual revenue of roughly $40 billion. The new American Airlines will fly slightly more passengers than United, the current No. 1. It will be run ...
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Prudential fined for failed bid for AIG's Asia arm
LONDON -- Britain's financial services regulator has fined insurer Prudential PLC 30 million pounds ($45.5 million) and censured its chief executive, over the company's handling of a failed bid to acquire rival the Asian subsidiary of American International Group in 2010....
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Despite the Rosy Reports, Very Few People Go to the Movies Frequently Nowadays
Are you a frequent moviegoer? That’s the term the Motion Picture Association of America gives to someone who sees at least one movie per month in the theater. And the association’s report says that across the board for all age demographics, there was an increase in frequent moviegoers last year. A Los Angeles Times story concerning the MPAA’s 2012 data pointed out that there was an especially sharp rise in older frequent moviegoers: 5.8 million Americans ages 40 to 49 went to the movies at least once per month in 2012, compared to 3.3 million the year before. The 50-59 frequent moviegoer bracket rose from 3.1 million to 3.3 million, and the 60+ group increased from 4.1 million to 4.6 million. In fact, every age group saw an increase in frequent moviegoers in 2012. These “super fans” are extremely important to the movie business, too: Though they constituted only 13% of the population, they accounted for 57% of all movie tickets sold last year. And they helped make for a strong ...
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