Toyota back on top as global auto sales champ

2:00 PM champ, Global, sales, Toyota No Comments

Paul A. Eisenstein , The Detroit Bureau – 3 days

Toyota has officially reclaimed its global sales crown, the maker confirming it produced 9.75 million vehicles in 2012.

That was slightly ahead of a preliminary tally Toyota forecast as the year came to a close and locks it in first place ahead of General Motors, which sold 9.29 million vehicles. Volkswagen, at 9.1 million, came in third for 2012.

Toyota’s sales were slightly lower than the company had projected earlier in the year, the shortfall reflecting the ongoing dispute between Japan and China over a chain of small, uninhabited islands both nations claim.

In customary fashion, Toyota officials downplayed the sales results. “Rather than going after numbers, we hope to make fine products, one by one, to keep out customers satisfied. The numbers are just a result of our policy. And our policy will continue unchanged,” Toyota spokeswoman Shino Yamada told the Associated Press.

Nonetheless, it marked a significant comeback for the Japanese giant which first captured the global sales crown in 2008, displacing GM after seven decades as the sales leader. The U.S. maker plunged into bankruptcy the following year, recovering only with the assistance of a massive government loan.

With production back to normal, Toyota saw its sales in the home Japanese market surge 35% in 2012 while overseas sales jumped 23%. Adding additional models to the “family,” the Prius line firmed up its position as the world’s best-selling hybrid nameplate.Toyota briefly fell to third in the global chase in 2011, the maker suffering significant production cuts in the wake of Japan’s March earthquake and tsunami. It didn’t fully restore its worldwide production network to normal operations until the end of the year.

But not everything went as well as expected – notably in China where Toyota was just one of many Japanese businesses to suffer as the dispute over the Senkuko Islands – which the Chinese call the Daioyu – flared up. A Toyota dealership was torched and mobs destroyed many of the maker’s products. Sales fell by roughly half in the early weeks of the dispute though they have begun to recover more recently.

Toyota did have some other issues, notably a surge of safety-related problems including additional recalls related to the maker’s unintended acceleration issue. In all, Toyota recalled more vehicles than any other maker in the American market in 2012, and it ended the year by agreeing to an estimated $1.2 billion settlement related to the unintended acceleration issue. Even so, most analysts say the maker’s reputation escaped with relatively little damage.

Toyota is forecasting another increase in sales for 2013, hoping to reach a record 9.91 million. That is still short of an earlier projection of at least 10 million, however.

General Motors officials have not yet set out their own forecast and that could depend on the strength of the ongoing U.S. recovery. Earlier this month, Chairman and CEO Dan Akerson said the maker expected sales in the States to reach somewhere between 15.0 million and 15.5 million for 2013.

The wild card is Volkswagen, the aggressive German maker laying out plans to snatch the sales ground by the time it wraps up its current, 10-year growth plan in 2016. The weakness of the home European market could delay that strategy, though VW hopes to offset that by stressing China, Latin America and the recovering U.S. market where it was one of the fastest-growing brands in 2012.

Copyright 2013 The Detroit Bureau

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Banks $8 total annual sales reach settlement on mortgage abuse

10:30 AM abuse, annual, Banks, mortgage, reach, sales, settlement, total No Comments

John W. Schoen, NBC News

Ten of the largest U.S. mortgage lenders have $8.5 billion to a settlement with federal authorities, the a case of review programme to identify the victims of abuse widespread foreclosure end agreed.

With the latest multi billion-dollar settlement, giant of the country mortgage lenders that mortgage confusion behind hope. But critics of the deal worry that it may leave millions of foreclosed homeowners that little or no relief from lenders, that confusion created the mortgage in the first place.

"I have serious concerns that this settlement banks to rock, what it debt and go past abuses under the rug without determining that the borrower have suffered the full damage may allow", Rep said Elijah E. Cummings, d-MD., Member of the House Committee on oversight and democratic Government and a voice, which critically about the Government controller handling the mortgage crisis.

OCC officials said on Monday that consumers are better served under the settlement, because claims are now faster, and that diversion of funds that will be used was can the cost of the review process to pay claims. By reviews from case to case, already more than 1.5 billion $ has spent, officials said.

"We started independent review of foreclosure, said OCC to fix what was broken, who was harmed as they compensate for the injuries to recognize," said Thomas Curry Comptroller in a statement the currency. "While today's announcement represents a significant change in direction, it meets the original objectives by ensuring that are the consumers, who will benefit and they benefit from a faster and more direct way."

In accordance with the agreement of banking giant six other mortgage lenders, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo $5.2 billion in aid, mortgage and $3.3 billion direct payments wrongly borrowers, will offer according to the Office of the Comptroller of the currency and the Federal Reserve.

The other seven lenders include Aurora, MetLife Bank, PNC, SunTrust and sovereign and US Bank.

Banks were among the 12 lenders and two mortgage service companies, cited by regulatory authorities in 2011 for the foreclosure who claims widespread abuse after that she improperly foreclosure had confiscated houses in the wave of registrations, which flooded after 2007 housing reduce the industry.

OCC officials said that 10 lenders have approved the settlement in principle, but the terms are not disclosed until they are completed. They said that continued discussions with other institutions ordered to review foreclosures, bank containing EverBank, OneWest, HSBC and sovereign.

When industry-wide foreclosure abuse almost two years ago surfaced, required to contact federal banking regulators, banks and service companies, consulting firms borrowers and check their cases to rent. Some 4.4 million letters were sent to potential applicants, applied 31 December within the period have reviewed their cases of which around half a million.

Consumer groups are working, to head off foreclosures, the review programme from the outset, have partly criticized as the consulting firms, carrying out the reviews and quotes from financial institutions for unlawful practices. Since then critics have called slow progress in the review of cases and compensate the victims of wrongful foreclosure.

Federal authorities said in June that the lender, the implementation of reviews would have to more than $125,000 debtors to pay their Hauser wrongly seized. But so far no borrowers have been paid, according to regulators.

Critics of Monday's settlement argued that there will be many wrong homeowners with no other recourse left, that significantly the amount lenders reduced ultimately have to pay it.

"For many people the end of the line", said Diane Thompson, a lawyer with the National Consumer Law Center. "This is a much lower number for banks in comparison compared to what they at risk for were."

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Retail sales SAG as Superstorm slowed buy sandy

12:30 PM Retail, sales, sandy, slowed, Superstorm No Comments

Reuters
Retail sales suggesting a loss of momentum in spending in the fourth quarter fell in October for the first time in three months as Superstorm Sandy which hit brakes on car purchases.

Other data on Wednesday showed little inflation, with wholesale prices in October for the first time since may, that the Federal Reserve latitude continue its easy monetary policy stance to the economy nurse back to health.

Retail sales 0.3 percent after an increase of 1.3 percent in the September last month dipped, so the U.S. Department of Commerce. Economists had sales fall 0.2 percent expected.

Retailers offered early read sales report on the Storm effects on the economy. Its full impact will probably be felt in the November data.

Analysts estimate that the storm, densely populated that the East Coast lashed and damage up to $50 billion, percentage point from fourth quarter GDP could shave less than a half.

"While we some positive repayment later in the quarter expect a soft start to the fourth quarter real consumption, this", said Peter Newland, senior economist at Barclays in New York.

The U.S. Department of Commerce said that it had received signs from companies, that the storm had both positive and negative impact on the sales data by October.

Sales of automobiles dropped by 1.5 percent, that largest fall since August last year, after one of 1.7 per cent in September. Automakers have blamed for the decline of the storm and expect a recovery in November.

Excluding auto, retail sales were unchanged last month after promotion from 1.2 per cent in September that said the U.S. Department of Commerce.

The storm also likely dented sales at clothing stores, the 0.1 percent dipped after rising 0.4 percent of the previous month.

Material sales surprisingly building fell 1.9 percent, defying expectations of a surge of purchases above. Sales rose 2.1 percent in September building materials and garden equipment.

Surprising 1.4 percent last month increased receipts at gas stations. Gasoline sales was expected, due to a decline in gasoline prices show some weakness which in the course of the month. Gasoline posted their largest decline in sales since May 2010.

The Labour Ministry said separately the seasonally adjusted producer price index 0.2 percent last month, the first decline since may after increasing by 1.1 per cent in September slipped.

Economists expected prices at farms, factories and refineries had to increase by 0.2 percent last month.

Wholesale prices excluding volatile food and energy prices costs also fell 0.2 percent, the biggest fall since October after his apartment in September. Economists had expected core PPI rising 0.1 percent.

The benign tone of the report producer price inflation should be fed room to give low interest rate environment. Consumer price inflation currently hovers around 2 percent target of the Fed.

The American Central Bank in September launched a third round of asset purchases, you buy $40 billion, every month until there are to improve the labour market value of mortgage-backed securities.

It hopes that the purchases for the borrowing costs are lower.

In addition to Superstorm sandy, the retail sales report marks the sluggishness of domestic demand.

Sales of electronics and appliances fell 1.0 percent the previous month of boost from purchases of Apple's iPhone 5 some discharge. Furniture sales fell 0.6 percent after dropping 0.2 percent in September.

So-called core retail sales, which exclude, building materials, gasoline, and cars, fell 0.1 percent after a 0.9 percent increase in September. Core sales correspond most likely consumer spending, the part of the Government report gross domestic product.

Last month autumn suspected that consumer spending slowed early in this quarter after in the period from July to September on a solid foundation.

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Retail sales rise for the first time in four months

2:00 PM first, months, Retail, sales No Comments

Deputy Beth Ann Bovino, S & P Chief Economist breaks CNBC Rick Santelli, the latest figures on retail sales and producer prices.

US retail sales rose in July for the first time in four months as demand and large for all cars rose from to electronics, a sign that consumers could ride faster economic growth in the third quarter.

The Commerce Department said retail sales last month increased, 0.8 per cent on Tuesday.

It was the largest gain since February and well above the expectations of analysts. By Reuters respondents economists had expected retail sales to rise 0.3 percent.

The report reinforces the view that temporary will prove to be the slowing down of economic growth in the second quarter.

It provides some relief for President Barack Obama, which re-elected November offer is been threatened by a weak labour market.

His campaign focused on the weak economy that has plagued Obama of the Presidency Republican challenger Mitt Romney.

The report could also a little water on hopes, that the Federal Reserve soon help to another bond purchase program for the economy start could splash.

Job creation in the United States slowed cooled dramatically in the second quarter as consumer spending and economic growth slows down. Job creation accelerates in July rose 8.3 percent unemployment.

Reference to a sharp rise in the private consumption expenditure in July, the so-called core measure of retail - auto excludes, gasoline and building materials - rose 0.9 percent. That was the largest gain since January.

Last month, sales of motor vehicles and parts rose 0.8 per cent. Receipts in electronics and appliance stores increased 0.9 percent. Sale of construction materials, won 1.0%, while the revenue as gas stations advanced 0.5 percent.

Car sales climbed 0.8 per cent.

Copyright 2011 Thomson Reuters.

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Apple wins order blocking sales of rival tablet

3:00 PM Apple, blocking, order, rival, sales, tablet No Comments

SAN FRANCISCO — A judge late Tuesday ordered Samsung Electronics Co. to halt sales of its Galaxy 10.1 tablet computer while the court considers Apple's claim the South Korean tech giant illegally copied the design of the popular iPad.

U.S. District Judge Lucy Koh said Apple Inc.'s lawsuit appeared likely to prevail.

"Apple has established a strong case on the merits," Koh said.

Koh had earlier said the two products are "virtually indistinguishable," but she declined in December to take the dramatic step of prohibiting sales of the Galaxy 10.1. She changed her mind after the U.S. Court of Appeals for the Federal Circuit told Koh to take another look at Apple's request for an injunction, ruling June 19 that it appeared the Cupertino-based company had a strong case. The Washington, D.C., court handles most patent appeals.

"Although Samsung has a right to compete, it does not have a right to compete unfairly, by flooding the market with infringing products," Koh wrote in her Tuesday order. She said Apple would be "irreparably harmed" if sales of the Galaxy 10.1 continued.

Samsung said it was disappointed with the court's decision.

"We will take necessary legal steps and do not expect the ruling to have a significant impact on our business operations, as we possess a diverse range of Galaxy Tab products," it said in a statement.

Koh ordered Apple to post a $2.6 million bond in case it ultimately loses the case.

The ruling is a small part of a much larger patent battle between the two tech giants, who are scheduled to go to trial next month in San Jose.

Apple filed its lawsuit last year, and the two companies are enmeshed in patent disputes around the globe revolving around smartphones and handheld computers. Samsung, with its Android-powered products, has emerged as one of Apple's chief rivals.

Apple also accuses the South Korean company of infringing patents related to the iPhone. Apple is seeking a similar injunction barring Samsung from selling one of its smartphones in the United States.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Strong iPhone sales send Apple profits soaring

9:33 PM Apple, iPhone, profits, sales, Soaring, Strong No Comments

CNBC's Jon Fortt listened into Apple's earnings call and shares highlights.

By Bill Briggs, msnbc.com contributor
Apple’s market muscle held firm Tuesday as the company — bolstered by thriving sales in Asia — surpassed analysts’ estimates and set second-quarter records in its sales of iPhones, iPads and Macs.

The tech titan posted quarterly revenue of $39.2 billion — second only to its all-time, quarterly revenue record of $46.33 billion, which it reported last December.

For the March quarter, Apple reported a net profit of $11.6 billion — or $12.30 per diluted share. A consensus estimate previously gathered by Thomson Reuters had predicted Apple would post quarterly revenue of $38.9 billion and $10.10 per share.

“We are very pleased,” Apple’s Chief Financial Officer Peter Oppenheimer said during a conference call. He dubbed the company’s second-quarter performance “outstanding.”

During the same quarter in 2011, Apple posted earnings of about $6 billion or $6.40 a share on revenue of $24.7 billion.

International sales accounted for 64 percent of the quarter’s revenue.

Apple shares, which have been under pressure in recent weeks after hitting record levels, jumped in after-hours trading.

Apple said it sold 35.1 million iPhones in the quarter — an 88 percent spike from the same period in 2011. That surge was “led by our Asia-Pacific and Japan segments, where sales more than doubled year over year,” Oppenheimer said. Compared to the same period last year, iPhone sales were five times higher in China, helped by the launch of the iPhone 4S in that market.

Additionally, Apple sold 11.8 million iPads (up 151 percent from last year’s quarter) and 4 million Macs, a 7 percent rise compared to 2011’s second quarter, establishing new March-quarter records for both desk-tops and portables.

Oppenheimer pointed to the “education market” for its recent iPad success, saying that during the second quarter the company sold more than two iPads for every Mac “to our U.S. K-12 customers.”

The only slide for Apple came in its iPod division. The company sold 7.7 million units during the second quarter, a 15 percent decline from the same period in 2011.

“Our record March quarter results drove $14 billion in cash flow from operations,” Oppenheimer added. “Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”

Leading up to Apple's announcement, made just after the closing bell, markets were jumpy given Apple’s massive footprint on the American financial landscape. Apple took some lumps, closing at $560.29 per share, down $11.41 or 2 percent.

But buoyed by the better-than-expected revenue and sales news, Apple’s shares rallied by 7 percent in after-market trading, recapturing nearly 50 percent of the correction the company experienced since its April highs, said Mark Newton, chief technical analyst at Greywolf E.P.

Newton further forecast “a bullish reversal by Friday, allowing for a likely retest of April highs in the weeks ahead.”

“Although (Apple) has shown above-average underperformance in the last few weeks, this was purely a short-term pullback as part of an overall uptrend,” Newton said. “And there hasn’t been sufficient weekly technical damage to turn overly negative on the shares."

Newton said, however, that “concerns remain” among investors about the “overall equity market” spanning the next four to six months.

But he added: “My feeling is that Apple should continue to show good technical relative strength versus the overall market and will require far greater signs of deterioration to warrant any type of cautious stance.”

At this stage, Newton foresees “an outside shot” at the company’s share price reaching $700 to $750 “before any additional weakness happens into the summer and fall months.”

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Microsoft's Windows battles slack PC sales

11:23 AM battles, Microsofts, sales, slack, Windows No Comments

Microsoft Corp's fiscal second-quarter profit fell very slightly as lagging computer sales to cash-strapped consumers in the United States and Europe hurt its core Windows business.

Companies and emerging markets are still hungry for new PCs, according to the latest data, but customers in mature markets are ditching their Windows-powered netbooks in favor of Apple Inc's iPad, Amazon.com Inc's Kindle or postponing a PC purchase until the economy improves.

"There's really three things that impacted the consumer side," said Peter Klein, Microsoft's chief financial officer, reflecting on the dip in computer sales.

"The supply chain from Thailand, there's some macro (economic factors) and certainly some competition from alternative form factors such as tablets and readers."

Tech research firm Gartner reported a 1.4 percent decline in global PC sales for the fourth quarter, aggravated by a shortage of hard disk drives caused by recent floods in Thailand.

Microsoft went further, estimating the PC market fell between 2 percent and 4 percent in the quarter, almost entirely due to the collapse in the market for netbooks, the small laptops which accounted for one in 12 PC sales last year.

As a result, Microsoft's key Windows unit reported a 6 percent dip in sales to $4.7 billion. The situation shows no immediate signs of improvement.

The company warned that the disruptions in Thailand will continue to affect PC sales in the first part of this year, while it has yet to feel the benefit of new lightweight laptops -- dubbed "Ultrabooks" by chipmaker Intel Corp -- which are just starting to hit stores.

There is also uncertainty over Windows 8, Microsoft's new, tablet-friendly operating system, which is expected later this year but has no firm arrival date.

"The PC environment is tough and this is reflected in the results," said Global Equities Research analyst Trip Chowdhry. "The question remains, what is going to be the growth catalyst? It's still too early to say whether Windows 8 will be the answer because it won't be released until later this year."

BEATS STREET

Overall, the world's largest software company reported net profit of $6.624 billion, or 78 cents per share, compared with $6.634 billion, or 77 cents per share, in the year-ago quarter.

The per share figure rose as Microsoft had fewer shares outstanding in the most recent quarter. It beat Wall Street's average forecast of 76 cents.

Sales rose 5 percent to $20.9 billion, in line with analysts' forecasts, helped by its Office, server software and Xbox businesses.

The figure was also boosted by the first inclusion of revenue from Skype, the online phone firm Microsoft bought last year, and a one-time gain of $225 million from favorable foreign currency rates.

"The results are pretty much in line with my expectations. We all expected the PC market to be weak and the Windows business was down because of that. But the server and tools business is growing well," said Sunit Gogia, an equity analyst at Morningstar.

Microsoft shares rose 3 percent after hours to $28.95 after closing at $28.12 on Nasdaq. The shares are level with their price a year ago, compared with a 3 percent gain in the Nasdaq.

XBOX, SERVERS GROW

Microsoft's other major units performed much better than Windows. The Office unit increased sales 3 percent to $6.3 billion, helped by relatively strong business tech spending, which is holding up much better than consumer spending.

The server and tools unit, which provides the software and services behind Microsoft's "cloud" -- or Internet-centric computing platform -- posted an 11 percent rise in sales to $4.8 billion.

The entertainment and devices unit reported 15 percent higher sales, largely due to booming sales of the Xbox game console, which has been rejuvenated by its hands-free Kinect sensor add-on. Microsoft has yet to see any jump in revenue from the new range of Windows phones made by Nokia and others, which it is now rolling out.

Microsoft's perennially money losing online services unit posted a 10 percent gain in sales, as the Bing search engine grabbed more market share, now taking 15 percent of U.S. Internet searches, just ahead of Yahoo Inc but still well behind market leader Google Inc.

The online unit managed to cut its losses 18 percent in the latest quarter to $458 million, helped by higher advertising sales. But Microsoft has lost more than $5 billion in the unit since it launched Bing in mid-2009, as it invests heavily to catch up with Google.

Copyright 2012 Thomson Reuters.

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Retailers reporting solid December sales

11:01 AM December, reporting, retailers, sales, solid No Comments

Many retailers reports solid sales gains for December, limit one decent holiday season.

But dealers based on heavy discounting to get buyers to buy in a difficult economic environment, raising concerns what it will take them back to spend to get in the coming months.

As retailers Thursday, Limited Brands Inc., reported their results of Macy's Inc. and teen posted strong sales growth reach the buckle retailers, beating analysts estimates.

The stragglers were target Corp., which profitability was slim customer service to get the below expectations.

Revenue figures are based on revenue at stores open at least a year. Is an important indicator for a dealer health, because it includes the results of businesses recently opened or closed.

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Apple keeps sales of Samsung tablets in EU

5:47 AM Apple, keeps, sales, Samsung, tablets No Comments

SAN FRANCISCO - Apple Inc. a victory in its multi-country patent infringement battle against Samsung Electronics achieved after a German Court excluded the Korean company from the sale of his Galaxy tab 10.1 throughout the European Union with the exception of the Netherlands.

Apple spokeswoman Kristin Huguet confirmed that a District Court in Dusseldorf, the injunction is granted.

This is the second major setback for Samsung, which has been locked in a battle with Apple about smartphones and tablets patents since April, and it happens because of similar complaints the Australian introduction of its latest Galaxy Tablet delayed.

A spokesman for Samsung US seeks comment no call back.

Apple said that Samsung Galaxy line of mobile phones and tablets "slavishly" copied the iPhone and the iPad. It has sued in the United States, Australia and elsewhere. Samsung has Apple universal.

"This is a right of intellectual property by an agency of the European Union granted" Florian Muller, a specialist and blogger on patent battles, said in his blog FOSS patents. "they can be enforced so EU wide, while the European patent law is still fragmented, require an other action in each country, looking to enforce them."

Mueller said that Apple has a separate process in the Netherlands as well as.

The Galaxy-tab 10.1 only recently was in Europe and in the early stages will be rolled out.

Samsung is one of the fastest-growing smartphone makers and has proven to be Apple's strongest competitor in the booming Tablet market with models in three sizes, but it remains a distant second in the region.

Patents battle has the potential to Samsung cripple, said Brian White, analyst at Ticonderoga, in a note to clients.

"Samsung is one of the few OEMs in the world with ability successfully in the Smartphone and tablet," he said. "However, if Samsung Apple's IP rights violated, believe we, Apple in the coming years still can enjoy continued success in these markets."

You use Galaxy products Google Android operating system, which competes directly with Apple mobile software.

Copyright 2011 Thomson Reuters.

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Cuba cigar sales by 2 percent in the past year reports

7:20 PM cigar, percent, reports, sales No Comments

HAVANA - exclusive seller and exporter of Cuban cigars Monday said that sales of the island coveted smokes rose recovering 2% in 2010, easily after a fall for two straight years amid the global economic crisis.

Were $ 368 million revenues last year Habanos SA Vice President Javier Terres reporter, until 2009 told US$ 360 million a year.

"We are moderately satisfied" Terres said Festival on the opening day of the 13th International cigars.

It is included the first positive growth in two years, but still down significantly from $402 million in 2007. Sales decreased 3 and 8% respectively in 2008 and 2009.

Also sales tell company officials by increasingly strong anti-smoking regulations in Spain, no. 1 market for the premium Cuban cigars are hand-rolled been injured.

Recently a law makes illegal 2 adopt, Jan. to light up in the European nation tapas bars, restaurants, discos, casinos, airports and even some outdoor areas.

However, Terres Spain said the top buyers in 2010, followed by France and China replaced Germany as the third largest importer.

In Latin America that largest cigar result came in Cuba - mainly from the sale to tourists, followed by Brazil and Mexico.

Washington's half century old trade embargo prevents that Cuban cigars being sold in the United States

Terres, officials said sales similar to its expected this year.

He added that the company is working to develop potential markets in Eastern Europe and the Middle East, and intends, further "Casas del Habano" or "Cigar houses," open where the aromatic Stogies lovers can sample.

There are currently 142 "Casas" around the world.

Habanos SA made its first public recognition also Monday a corruption investigation, the four top executives last year. The probe long been the subject of rumors that increased recently as the designation of origin a new Cuban Vice President of the company.

Marketing Director Ana Lopez said the case is ongoing and no conclusions were reached.

"We do not think that this (the image of the company) has influenced." We continue with the same effort ", said Lopez.

Habanos SA, a joint enterprise consisting of British-owned, Madrid-based Altadis and Cuban State company Habanos S.a., sold 27 premium brands including Cohiba and Montecristo.

More than 1,000 people from 80 countries, including tobacco executives and experts expected the cigar Festival, which runs through Jan. 25.

Copyright 2011 associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed are.

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