Difference between revisions of "Index.php"

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US car giant General Motors (GM) has reported a sharp drop in quarterly profits, in part due to its loss-making European operations.
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Pressure is rising on Greece's national unity government to agree tough reforms demanded by the country's lenders.
  
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Net profit for the first three months of the year was $1.35bn (�830m), compared with $3.41bn a year earlier.  
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The EU, IMF and European Central Bank have made further spending cuts, labour market reforms and bank rescues a condition of extending a new bailout.
  
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GM Europe made a loss of $300m in the period, compared with breaking even a year ago, while goodwill adjustments reduced profit by $600m.
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European Commission Vice President Neelie Kroes told a Dutch newspaper that there would be "absolutely no man overboard" if Greece left the euro.
  
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However, record demand in China helped push overall revenue up 4% at $37.8bn.
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Greek party leaders are meeting on Tuesday amid a general strike.
  
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Record profits
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A previous meeting on Sunday night proved inconclusive, leading to further last-minute talks between Prime Minister Lukas Papademos and the troika of official lenders on Monday.
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"The US economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors," said GM chief executive Dan Akerson.
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"New products are starting to make a difference in South America, but Europe remains a work in progress."
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The leader of the left-wing Syriza party coalition, Alexis Tsipras, repeated a call on Tuesday either for Greece's debts to be written off, or else for the country to pause its debt repayments for three years.
  
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The carmaker also raised its sales forecast for this year, estimating sales of 14 to 14.5 million vehicles compared with its previous estimate of 13.5 to 14 million.
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Meanwhile, public transport and the country's ports ground to a halt as two of the largest Greek public-sector unions began a strike on Tuesday in protest at continuing austerity.

Revision as of 20:44, 3 May 2012

Pressure is rising on Greece's national unity government to agree tough reforms demanded by the country's lenders.

The EU, IMF and European Central Bank have made further spending cuts, labour market reforms and bank rescues a condition of extending a new bailout.

European Commission Vice President Neelie Kroes told a Dutch newspaper that there would be "absolutely no man overboard" if Greece left the euro.

Greek party leaders are meeting on Tuesday amid a general strike.

A previous meeting on Sunday night proved inconclusive, leading to further last-minute talks between Prime Minister Lukas Papademos and the troika of official lenders on Monday.

The leader of the left-wing Syriza party coalition, Alexis Tsipras, repeated a call on Tuesday either for Greece's debts to be written off, or else for the country to pause its debt repayments for three years.

Meanwhile, public transport and the country's ports ground to a halt as two of the largest Greek public-sector unions began a strike on Tuesday in protest at continuing austerity.

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