Business

GM Eliminates Jobs

Vicky Hunter - Jun 7, 2005 / 8:05 am | Story: 9924

General Motors Corp. plans to eliminate 25,000 jobs in the United States by 2008 by closing additional assembly and components plants, part of a plan to revive its struggling North American operations. Speaking to shareholders at GM's 96th annual shareholder meeting in Delaware Tuesday morning, chairman and chief executive Rick Wagoner said the capacity and employment reductions will generate annual savings of roughly $2.5 billion US. Full story
Irving Oil Ltd. and Repsol YPF SA of Spain confirmed Tuesday they plan to open a Saint John-based terminal by 2008 to ship and process liquefied natural gas. Under terms of the agreement, Saint John-based Irving and Madrid-based Repsol will form a new company, called Canaport LNG, which will construct, own, and operate the terminal. The companies had announced their intentions to build the terminal in September. Full story
Sears Holdings Corp. posted a small first-quarter loss Tuesday in the company's first financial results since Kmart Holding Corp.'s March 24 acquisition of Sears, Roebuck and Co. In the three-month period ended April 30, Sears lost $9-million (U.S.), or 7 cents a share, on revenue of $7.6-billion. The results include a $90-million charge related to a change the company made in how it accounts for certain inventory costs. Without the accounting change, the company reported a profit of $81-million, or 65 cents per share. A year ago, the company reported a first-quarter profit of $91-million, or 94 cents per share. Full story
BMW AG said Tuesday that sales of its cars were up 7.5 per cent in May from the same month a year ago, driven by demand for its BMWs and Mini line, as sales broke the half-million mark for the first time. The German auto maker said sales for the first five months of the year increased 8.4 per cent, rising to 517,184 from 477,098. Full story

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