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Chrysler reports $690 million first quarter loss

Updated: Monday, May 12, 2014 |
Chrysler reports $690 million first quarter loss story image
DETROIT (AP) - Chrysler Group lost $690 million in the first quarter due to charges related to its merger with Italian automaker Fiat SpA.

Fiat paid $3.65 billion to acquire Chrysler's remaining shares in January. As part of the deal, Chrysler agreed to pay $700 million to upgrade its factories.

Chrysler took a $672 million charge in the first quarter to meet those commitments. It also booked a $540 million non-cash loss to extinguish debt.

Without those one-time items, Chrysler would have earned $486 million, more than double the $166 million it earned in the January-March period a year ago.

Revenue rose 23 percent to $19 billion.

Worldwide vehicle sales jumped 10 percent to 621,000, as Chrysler saw strong sales of the new Jeep Cherokee SUV and Ram pickup.
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WASHINGTON (AP) -- After a quiet trading week due to the Thanksgiving holiday, investors are looking ahead to a flurry of economic reports due out this week.

This morning, the National Association of Realtors releases pending home sales index for October. Tomorrow, the Institute for Supply Management releases its manufacturing index for November as the Commerce Department releases construction spending for October. Automakers release vehicle sales data for November. Wednesday the Labor Department releases revised third-quarter productivity data and the Federal Reserve releases its Beige Book.


TOKYO (AP) -- Japanese industrial output rose 1.4 percent in October from the month before, below forecasts and a decrease from the year before.

Government data released Monday also showed retail spending fell in October from a year earlier.

The slowdown in China has reverberated in Japan, the world's third-largest economy, which fell back into recession during the summer, contracting 0.8 percent in the July-September quarter.

The government said last week it will draft a supplementary budget and provide cash handouts to pensioners to counter weak demand.

Factory output fell 1.4 percent in October from a year earlier as production of chemicals, nonferrous metals and telecoms equipment dropped.


WASHINGTON (AP) -- Black Friday shopping is shifting from hours spent in line to more time online.

Total sales on Black Friday fell 10 percent to $10.4 billion this year, down from $11.6 billion in 2014, according to research firm ShopperTrak. And sales on Thanksgiving dropped by the same percentage, to $1.8 billion.

A big reason for the decline is increased online shopping, as Americans hunt down deals on their smartphones, tablets and desktop computers. And many retailers are offering bargains even before Thanksgiving, limiting the impact of Black Friday specials.

Online sales jumped 14.3 percent on Friday compared with last year, according to Adobe, which tracked activity on 4,500 retail websites. Online deals accounted for 40 percent of total sales, while email promotions drove 25 percent more sales compared with 2014.


WASHINGTON (AP) -- President Barack Obama is keeping tradition to support small businesses.

Obama and daughters Malia and Sasha visited Upshur Street Books in Washington's Petworth neighborhood Saturday. The three skimmed books in the fiction section of the dimly lit store with bright green walls and miniature Christmas lights hung on the ceiling. The president emerged from the store with a brown shopping bag full of books.

The trio moved to the Adams Morgan neighborhood for a stop at Pleasant Pops cafe and market, where the president treated his daughters to fresh fruit popsicles.

Obama has shopped other Washington bookstores including Kramerbooks and Politics and Prose on "Small Business Saturday." The Saturday after Thanksgiving is designed to drive business to mom and pop shops between the Black Friday sales and Cyber Monday deals.


WASHINGTON (AP) -- President Barack Obama, who's now in Paris for an international climate conference, has one hand tied behind his back as he tries to negotiate a legacy-making climate change pact.

Congress can't even agree whether global warming is real.

Scientists point to the global agreement as the last, best chance to avoid the worst effects of global warming. Obama has prodded other countries to make ambitious carbon-cutting pledges. He hopes the deal will become the framework to tackle climate change long into the future.

But Republicans have tried to undermine Obama by sowing uncertainty about whether the U.S. will ever make good on its own contribution.

Senate Republican leader Mitch McConnell and others have warned other countries not to trust any deal from Obama. Meantime, their allies are working to nullify Obama's emissions-cutting steps.


BOSTON (AP) -- Hillary Rodham Clinton is calling for $275 billion in new federal spending on infrastructure, kicking off what her campaign says will be a month-long focus on job creation.

The Democratic presidential candidate on Sunday promised to rebuild "ladders of opportunity" to help more Americans achieve a "middle-class lifestyle."

Clinton's campaign said she would allocate $250 billion to direct investment by the federal government in crumbling roads, bridges, transit and airports. An additional $25 billion would fund a national infrastructure bank, an idea that has been blocked repeatedly by congressional Republicans.

The new proposals are the most expensive portion of Clinton's economic agenda, which her campaign will be rolling out in the coming weeks.

Clinton was speaking at the launch of "Hard Hats for Hillary" in Boston.


NEWARK, N.J. (AP) -- The shelves of big-box retailers are crowded with gadgets to help us communicate and conduct business at greater and greater speeds. But those goods are still delivered the way they were in the era of the rotary phone and transistor radio.

It's a process fraught with the potential for disruption, particularly in the Port of New York and New Jersey.

Weather, labor issues and even computer problems can cause delays. But other factors are a concern as the ports prepare for larger ships plying a widened Panama Canal.

Truckers say they can barely handle the cargo that comes in now. Industry experts say ships can easily switch their routes if congestion causes delays.

Meanwhile, terminal operators and the authority that runs the ports are spending hundreds of millions of dollars to upgrade and expand their facilities.


LONG BEACH, Calif. (AP) -- The last C-17 Globemaster III built at a Southern California Boeing plant soared into history on Sunday with a flyover that marked the end of an era for the region's once-thriving aerospace industry.

The jet, which can hold more than 80 tons of cargo, will be housed in San Antonio, Texas, until it is delivered to the Qatar Emiri Air Force early next year.

The Long Beach facility assembled more than 250 C-17s over two decades but Boeing announced two years ago that it didn't have enough foreign orders to justify keeping the plant open.

With production ending, most of the 25-acre plant will be shuttered by year's end. About 2,200 employees are losing their jobs, although many have retired or transferred to other Boeing operations.

Boeing still has more than 16,000 employees in California, a nearly 50 percent cut in the workforce in the past decade.

There is hope for California's aerospace industry.

Last month, the Air Force chose Virginia-based Northrop Grumman Corp. to build its next-generation bomber. Northrop Grumman said last year it could create 1,500 new jobs in Palmdale under the $80 billion bomber contract.


NEW YORK (AP) -- New York City is beginning a new era in nutritional warnings this week: Chain restaurants will have to start putting a special symbol on highly salty dishes.

The first-of-its-kind rule takes effect Tuesday. It will require a salt-shaker emblem on some sandwiches, salads and other menu items that top the recommended daily limit of 2,300 milligrams of sodium. That's about a teaspoon.

The Board of Health approved the new warning in September. Health Commissioner Dr. Mary Bassett is expected to discuss it at a news conference Monday.

Public advocates cheer the measure. Experts say most Americans consume too much salt, raising their risks of high blood pressure and heart problems.

Salt producers say the city's policy is misguided, and restaurateurs say the city should leave the matter to federal regulators.

Washington Times