General Motors and Chrysler are recovering from bankruptcy better than expected, but “they’re not out of the of the woods yet,” said Ron Bloom, senior manufacturing adviser to President Barack Obama. Bloom on Monday said the administration is pleased with the management of the two companies and is “hopeful, cautious … not yet confident” that they’ll fully recover. He also said he hopes GM can begin selling shares of stock to the public by the end of the year. “We’re not putting a firm line in the sand. We’re hopeful they’ll be able to do it by the fourth quarter,” said Bloom, who was instrumental in designing the federal government’s bailout of the automakers. Bloom spoke to reporters along with U.S. Sen. Debbie Stabenow, D-Mich., at her East Lansing office.
Assembly begins on stretched 747-8
The Boeing Co. began assembling the first 747-8 Intercontinental jet in Everett, the company announced over the weekend. The first work involved loading the wing panels and the spars used to support the full length of the wing into their assembly tools. “The 747-8 Intercontinental will provide out customers with increased levels of passenger comfort, greatly improved fuel efficiency and reduced emissions and noise,” said Mo Tahyavi, general manager of the 747 program. Deutsche Lufthansa was the first airline to order the redesigned 747. The company’s Nico Buchholz said it is “looking forward to welcoming the aircraft” into its fleet. The stretched plane offers 467 seats, 51 more than its predecessor.
The world spends more at McDonald’s
McDonald’s Corp.’s customers spent more money at the fast-food behemoth in April, boosting a key performance measure, the fast food chain said Monday. Around the globe, sales in locations open at least a year rose 4.9 percent last month. In the U.S., the figure climbed 3.8 percent. That’s slightly less than the gains made in March, but still the second-best posting in a year for the company’s American business. The measure is a key indicator of a restaurant chain’s performance because it excludes growth at sites that open or close during the year. Following a lull during the recession, restaurants have seen people more willing to spend money on food outside of the home, particularly in places where they don’t have to spend much.
Promotions hurt Dish earnings
Dish Network Corp. reported on Monday a 26 percent drop in first-quarter net income as the nation’s second-largest satellite TV company stepped up promotions to reel in customers. Dish’s earnings have fallen for four quarters in a row as promotions and higher advertising costs took a big bite. Dish earned $230.9 million, or 52 cents per share, for the January-March period. That compares with $312.7 million, or 70 cents per share, a year ago.
From Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
