gm chief blames weak share price on europe
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

GM chief blames weak share price on Europe

Arab Today, arab today

Arab Today, arab today GM chief blames weak share price on Europe

Detroit - AFP

The head of General Motors blamed the automaker's weak share price on the unsettled economic climate in Europe Tuesday as he prepared to address an annual shareholder's meeting. "There is a lot of uncertainty generally about the strength of a major trading partner," chairman and chief executive Dan Akerson told reporters. The US government -- which financed GM's 2009 bankruptcy -- still holds roughly 32 percent of GM's stock. Akerson said he has no discussions with the Obama administration about the potential sale of the government's stake. Fixing GM's own operations in Europe remains the company's top priority, added Akerson, who noted GM's European unit has succeeded in striking new labor agreements with unions in both Poland and Great Britain. GM's main German union, IG Metal, has been less receptive to GM's proposals, although negotiations continue. GM's Bochum, Germany plant is thought to be the most likely target of its ongoing European re-structuring effort but Akerson declined to comment on a possible closure. GM -- which saw earnings drop to $1 billion in the first quarter from $3.2 billion a year earlier -- is also continuing to move ahead with its broad cost cutting efforts throughout the company, he said. "We're probably 25 percent of the way there," Akerson said at a press conference, noting that GM had recently cut its advertising budget by between $200 million and $400 million. The GM chairman also said he was optimistic about the durability of the US economic expansion despite fears of a potential of recession next year if Democrats and Republicans can't overcome a political deadlock on future tax plans and deficit reductions. "I'm more optimistic than a lot of you in the press that our political leadership can reach an agreement," he said. GM shares were essentially flat in morning trade at $21.95, down sharply from a peak of $38.98 reached a couple months after its record-breaking November 2010 initial public stock offering.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm chief blames weak share price on europe gm chief blames weak share price on europe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm chief blames weak share price on europe gm chief blames weak share price on europe

 



GMT 11:40 2018 Friday ,05 January

Zuckerberg makes 'fixing' Facebook a personal goal

GMT 01:05 2014 Thursday ,13 February

Flora

GMT 21:50 2017 Wednesday ,25 October

Abdullah bin Zayed visits WorldSkills Abu Dhabi 2017

GMT 16:33 2017 Tuesday ,04 July

Hany Ramzy happy for positive reactions

GMT 20:11 2018 Wednesday ,05 December

EU wants INF Treaty 'preserved and fully implemented'

GMT 21:01 2018 Sunday ,25 November

Oil prices plummet amid U.S. drilling rigs down

GMT 13:01 2016 Sunday ,28 August

China's Top 500 Firms Report First Revenue Decline

GMT 04:46 2014 Thursday ,11 December

Taliban suicide blast kills 6 Afghan soldiers in Kabul

GMT 11:10 2018 Wednesday ,17 January

MP Hariri welcomes Sho
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday