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Obama Shuts Down “Car Czar” Idea, Treasury Secretary Geithner to Steer Ship
U.S. President Barack Obama has decided against naming a "car czar," and is instead asking U.S. Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. "Larry" Summers to head a task force on revamping the U.S. auto industry, Bloomberg News reported yesterday (Monday).
The president was under pressure to say who would handle the issue before tomorrow, when General Motors Corp. (GM) and Chrysler LLC must give progress reports on plans to restructure as a condition of $17.4 billion in U.S. Treasury loans. The so-called car czar – an approach that had some support in the American auto industry – was viewed…
17Feb2009 | Money Morning | 0 comments | ContinuedIntel Surprises Wall Street With Record Second Quarter, Strong Global Outlook for Remainder of Year
Thanks to soaring worldwide demand for PC chips, Intel Corp. (INTC) late yesterday (Tuesday) reported a 25% jump in second-quarter profits and provided a forecast for sales that exceeded analyst estimates.
Intel – the world’s biggest chipmaker – said it earned $1.6 billion, or 28 cents a share, up from profit of $1.28 billion, or 22 cents a share, from the same period last year. Revenue was $9.47 billion, a 9% jump from sales of $8.68 billion for the same quarter a year ago.
Analysts had expected the Santa Clara, Calif. chip giant to report earnings of 26 cents a share on…
16Jul2008 | Money Morning | Comments Off | Continued
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