It's not as good as black ink, but General Motors' news that it doesn't need government loan money this month is a sign that it is finally starting to bring its gargantuan expenses under control. Ray Young, GM chief financial officer, said Thursday that the struggling automaker's fortunes have improved to the point that it won't need the $2 billion March installment, despite the request the company made less than a month ago.
GM says no thanks to March loan from feds
Retail sales down for 7th time in 8 months Retail sales fell in February for the seventh time in the past eight months. While the decline was less than expected, economists are still looking for continued weakness given the battering households are taking from a prolonged recession. The Commerce Department reported Thursday that retail sales edged down 0.1 percent last month, less severe than the 0.5 percent drop that economists had expected.
Long string of inventory declines continues Businesses slashed inventories for a fifth straight month in January as they struggle to cope with a deepening recession. The Commerce Department said Thursday businesses reduced their stockpiles by 1 percent in January, essentially in line with the 1.1 percent drop that analysts had forecast. The five consecutive declines marked the longest stretch of reductions since inventories were cut for 15 straight months from February 2001 to April 2002.
PPG plans more layoffs, plant closings Pittsburgh-based PPG Industries Inc., which makes paints and coatings, said Thursday it will slash 2,500 jobs and close more facilities as part of a new cost-cutting effort designed to save an additional $140 million a year. The deepest cuts will occur in its automotive coatings and industrial coatings units.
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The daughters of one of the cofounders of Target are expressing their alarm and shock at the discounter's recent moves to roll back its diversity, equity and inclusion initiatives that have come under attack from conservative activists and of last month, the White House.