Word: profitability
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...news for consumers who are finding CDs that yield 4% and money-market accounts that pay 3%. But the competition for money - which will surely intensify as new bank holding companies like Morgan Stanley, Goldman Sachs and American Express amp up efforts to attract deposits - is also squeezing banks' profit margins, further straining an already weak industry and stressing smaller banks, many of which didn't go hog wild making risky loans in the first place. "Higher rates are a short-term fix," says Camden Fine, president and CEO of the Independent Community Bankers of America. "Eventually, you feel...
...government, though, would only be able to pocket that profit if everyone paid back their mortgage in full, which even in good times is not the case. Historically, about 1% of all mortgages end up in foreclosure. That would mean during normal times this program would end up costing the government 0.2% of all the loans it originates. (Read It's the Housing Market, Stupid...
...Iran?” In another parallel to “Quantum of Solace,” the plot centers on the hot topic of environmentalism. In this case, the bad guy tries to manipulate environmental leaders to turn the planet’s trash surplus into personal profit. You might think that these elements would develop into some sort of political commentary, but you’d be wrong. The acting may be nugatory and the storyline skeletal, but the film does provide a bare framework for car chases and fights. The action sequences are wittily choreographed, if hokey...
...Toyota, the industry behemoth, just recorded its seventh consecutive month of declining sales, and the company's second-quarter net profit plunged nearly 70%. Toyota has cut its earnings forecast for the fiscal year ending March 2009 to $6 billion, which is just one-third the profit it made the previous year. "You are looking at the deepest downturn that Japanese automakers have ever seen," says Chris Richter, senior research analyst at CLSA, a Hong Kong-based brokerage house. "They've faced downturns before, but not downturns in virtually every global market simultaneously. Even Honda Civics and Toyota Priuses aren...
...have never faced before. Sacred cows are being sacrificed to preserve earnings: Honda announced today that it was pulling out of Formula One racing to focus on its core business. Toyota, which has seen its stock drop more than 50% since the beginning of the year, established an Emergency Profit Improvement Committee chaired by company president Katsuaki Watanabe. Since forming the committee last month, Toyota has planned cuts to production, as well as layoffs for 50% of its contract workers by the end of March and a 10% reduction in winter bonuses for managers...