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...drop and Chrysler's fell 42%. Nissan's sales dropped 44%, Toyota fell 35% and Honda fell a similar amount. "We cannot continue to operate at these levels or the entire industry is going to go down," said Mike DiGiovanni, GM's director of market analysis, who acknowledged the steep drop in sales in October and November was devastating to the company's finances...
...clear he wasn't deterred by his mixed victory. In fact, say many analysts, the opposition's successes probably made him more determined to have Venezuelan voters revisit the term-limits issue as soon as possible. The price of oil, the fount of his revolutionary largesse, is in steep decline; inflation is topping 30%; and Chávez will have a harder time whipping up anti-yanqui< fervor among his supporters now that the more liberal Barack Obama is about to replace Chávez's conservative archenemy, George W. Bush. "Chávez is envisioning tougher times ahead," says...
Meanwhile, a National Retail Federation survey showing a 7.2% increase in Thanksgiving-weekend retail spending vs. the year before failed to convince skeptics on Wall Street who still expect a dismal holiday shopping season overall. Even though Thanksgiving sales were stronger than many expected, the steep price markdowns did not augur well for retailer profitability...
Rock Outreach. If you can't get to the original Rock & Roll Hall of Fame in Cleveland, the museum has opened a 25,000-sq.-ft. branch in downtown New York, focusing on that city's contribution to the music world. Admission is a steep $22, but the money buys you a look at David Byrne's Stop Making Sense suit, letters between Paul Simon and Art Garfunkel when they were teenagers, and a urinal from CBGBs, the legendary Lower East Side punk-rock club, which closed in 2006. 76 Mercer Street, New York City...
...like Scrooges, unmoved by the government's newly unveiled 20 billion pound fiscal stimulus package and a cut in value-added tax. And unless retailers persuade consumers that redemption - for individuals, for businesses and for the wider economy - lies in more generous spending, Britain's downturn threatens to be steep indeed. According to the British Retail Consortium, retail sales account for a fifth of the nation's economy, with the sector responsible for some 8% of GDP and employing 11% of Britain's total workforce...