The Carlovers Magazine

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• Yen Surges to All-Time High Against Dollar
• Oil Prices Continue to Seesaw
• Plant Shutdowns Continue in Japan
• U.S. Housing Starts Plummet Nearly 23%
• Food, Oil Drive Up American Wholesale Prices
• Car Sales in Europe Edge Up 1%
• Superior Industries Swings to Quarterly Profit
• Daimler’s Dilemma: Too Much Cash
• BMW to Produce Hybrids in China
• Volvo Truck Names New CEO

Yen Surges to All-Time High Against Dollar Posted: The Japanese yen soared by as much as 5% against the U.S. dollar yesterday, driving the greenback to a record-low 76.32 yen. The previous low of 79.75 was set in 1995. The strong yen makes Japanese products, such as cars, more expensive abroad. Unfavorable exchange rates have been eroding the profits of Japanese automakers for more [...]

Oil Prices Continue to Seesaw Posted: Crude oil futures, which plummeted about $4 per barrel on Tuesday on the New York Mercantile Exchange, rose 80 cents yesterday to close at $97.98. Analysts predict that oil markets will remain volatile as attention swings from worries about Middle East unrest to shifting interpretations of how Japan's disasters will affect its petroleum consumption and [...]

Plant Shutdowns Continue in Japan Posted: Toyota Motor Corp. says its assembly plants in Japan will not resume operations until at least March 23. The company halted production on Monday, two days after a 9.0 earthquake and tsunami devastated northern Japan, and it had hoped to reopen its assembly plants yesterday. Toyota says the eight days of suspended output will reduce its [...]

U.S. Housing Starts Plummet Nearly 23% Posted: Builders broke ground on new U.S. homes at an annual rate of 479,000 units last month—barely above the record low pace set in April 2009, according the Dept. of Commerce. But when January's upwardly revised annual rate of 168,000 units is factored in, analysts say the number of homes under construction fell by only 5,000, [...]

Food, Oil Drive Up American Wholesale Prices Posted: Producer prices for finished goods jumped 1.6% from January to February, the biggest increase in eight months, as the cost of America's food and energy rose 3.9% and 3.3%, respectively, the Dept. of Labor reports. It was the largest month-over-month gain in food prices since 1974. The core producer price index, which excludes food and energy, [...]

Car Sales in Europe Edge Up 1% Posted: Consumers registered 1 million new passenger vehicles across Europe last month, 14,500 more than in February 2010, reports ACEA, Europe's auto trade group. It was the region's first year-over-year increase in 11 months. Demand jumped 15% to 224,400 units in Germany and 13% to 204,400 units in France. But sales dropped sharply in Italy (-21% to [...]

Superior Industries Swings to Quarterly Profit Posted: Superior Industries International Inc. netted $22 million in the fourth quarter of 2010, reversing a $4 million loss a year earlier. Revenue jumped by one-third to $191 million. The Van Nuys, Calif.-based maker of aluminum wheels says volume increased 18% year over year, and pricing improved 13%. For the full year, Superior swung to a $52 million [...]

Daimler’s Dilemma: Too Much Cash Posted: Daimler AG Chief Financial Officer Bodo Uebber tells Bloomberg News the company may boost its proposed €1.85 dividend ($2.58) per share because "we have more cash than deemed necessary." The news service notes that Daimler has already increased its capital investment and product development budget by one-third to €20 billion ($28 billion) over the next two [...]

BMW to Produce Hybrids in China Posted: BMW AG confirms it will assemble its first hybrid model in China: a plug-in hybrid version of its long-wheelbase 5 Series sedan. CEO Norbert Reithofer says the car, called the New Energy Vehicle, will be publicly unveiled in April during the Shanghai a...

Volvo Truck Names New CEO Posted: AB Volvo has named Olof Persson, 46, president of its construction equipment unit, to become president of AB Volvo and CEO of Volvo Group on Sept. 1. He will succeed CEO Leif Johansson, who will retire at age 65. On May 1 Persson will take the interim posts of executive vice president and deputy CEO. Volvo credits [...]

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