Word: nissan
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...Nissan hit the car industry with news that was worse than expected. It will not only post a very large loss for the year, it will cut 20,000 jobs...
What is more stunning than the $2.9 billion loss for the car company's fiscal year is that it represents the first operating loss Nissan has had in 14 years, according to Reuters. Read "Nissan's CEO on the Auto Industry's Woes...
Gettelfinger, however, says the terms of loan agreement are vague. "What's 'competitve'?" he asks, adding that he wants to be able to examine the books of Japanese companies such as Toyota, Honda and Nissan to see what they actually pay employees. "I'm not going to take somebody else's word for it," he said after his speech...
...negative stock-price momentum. Cross-shareholdings, a mainstay of traditional Japanese business practice in which companies hold shares of other firms to cement friendly relationships, make stock-price losses a broadly shared pain. Not only are Japan's megabanks involved in cross-shareholding; auto and electronics manufacturers like Toyota, Nissan and Sharp are too. Companies and financial groups own about 20% of the shares on the Tokyo Stock Exchange...
However, GM, the only suitor to emerge this fall, has said it's no longer interested; another potential suitor, Russian tycoon Oleg Deripeska, is fighting to keep his own empire from being shredded by economic distress. Renault-Nissan, a third potential suitor, is pulling back in the face of what its chief executive, Carlos Ghosn, has warned could be a long global downturn...