Americans are feeling better about their job prospects, pushing consumer confidence higher in May. But signs that shoppers are slowing their spending as stocks fall could pose a roadblock on the path to recovery. Already, reports show retailers’ business weakening in May after a solid spring season. Confidence’s slow climb back to health could take a hit if the European debt crisis continues to shrink Main Street America’s retirement accounts. The Conference Board, based in New York, said Tuesday that its Consumer Confidence Index rose to 63.3, up from April’s revised 57.7. Economists surveyed by Thomson Reuters had expected 59.
Toyota speed-up deaths may be higher
The government says unintended acceleration in Toyota vehicles may have been involved in the deaths of 89 people over the past decade. The National Highway Traffic Safety Administration said that from 2000 to mid-May, it had received more than 6,200 complaints involving sudden acceleration in Toyota vehicles. The reports involve 89 deaths and 57 injuries over the same period. Previously, 52 deaths were blamed on the problem. Toyota Motor Corp. has recalled more than 8 million vehicles worldwide since last fall because of problems with gas pedals, floor mats and brakes.
Nissan CEO: Demand high for electric car
Nissan Motor Co. CEO Carlos Ghosn says thousands of orders for the Leaf electric vehicle have convinced Nissan of consumers’ demand for it. Ghosn said Tuesday after a speech to the Detroit Economic Club that Nissan feels very comfortable with what it has undertaken. The president of Honda Motor Co.’s research and development unit recently questioned whether consumers will accept electric cars’ limited range or the time needed to charge them. Ghosn says Nissan is “not into a situation where we’re questioning ourselves about the technology. We’re in it.” The all-electric Leaf is set to go on sale in the U.S. in December. Ghosn said the company has received 13,000 preorders from U.S. buyers, who must put down a $99 deposit to get on the reservation list.
TiVo losses grow despite revenue
Digital video recorder pioneer TiVo says it lost more money in the first quarter than a year ago. Higher expenses wiped out an increase in revenue. TiVo Inc. said Tuesday that it lost $14.2 million, or 13 cents per share, compared with a loss of $3.9 million, or 4 cents per share, in the same quarter of 2009. Higher legal expenses hurt the bottom line. TiVo is suing satellite TV company Dish Network for alleged patent infringement. Revenue rose 11 percent to $61.4 million. Excluding hardware revenue, service and technology revenue came to $43.2 million, down from last year’s $48.5 million. The results were better than the forecast of analysts polled by Thomson Reuters. They were expecting a loss of 16 cents per share.
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