Brown out at White House
Friday, April 3, 2009
Gerald Celente is Right
Costco closes it's Costco Home centers in Tempe AZ and in Kirkland WA.
There are two more giant buildings that are going to add to the Home Depot Expos that closed as well.
Maybe we can turn them into homeless shelters? Just an idea.
WSJ article link: http://online.wsj.com/article/BT-CO-20090402-702092.html
There are two more giant buildings that are going to add to the Home Depot Expos that closed as well.
Maybe we can turn them into homeless shelters? Just an idea.
WSJ article link: http://online.wsj.com/article/BT-CO-20090402-702092.html
Ouch Toyota and Honda now
I was just sent this article. HHHmmmm.
This is from Bloomberg.com
Toyota Borrows From Japan-Owned Bank to Finance U.S. Car Sales
Share | Email | Print | A A A
By Doron Levin and Naoko Fujimura
April 3 (Bloomberg) -- Toyota Motor Corp. borrowed from a Japan-owned bank in the first quarter to finance U.S. car sales as private investors demanded up to 50 percent more interest for the company’s debt.
“Our higher cost of funds shocked us,” following the bankruptcy of Lehman Brothers Holdings Inc. in September, George Borst, chief executive officer of Toyota Financial Services- America in Torrance, California, said yesterday. “We’ve been turning over rocks everywhere” to find capital to lend to buyers of Toyota, Scion and Lexus automobiles in the U.S.
Toyota, the world’s largest carmaker, is offering near- record incentives to lure consumers as demand plunges. The company posted better-than-expected sales in the U.S. last month in part because it increased incentives per vehicle by 88 percent from a year ago, according to Edmunds.com.
“Toyota needed the loan as it’s not making money in the U.S.,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd. in Tokyo, which manages $28 billion. “This will make it easier for other carmakers to ask for government aid.”
The carmaker’s finance arm borrowed an undisclosed amount from the bank, Borst said. Honda Motor Co. and Mazda Motor Corp. have said they also plan to apply for loans from the Japan Bank for International Cooperation, a government-controlled bank. Both carmakers forecast losses for the quarter ended March 31.
Toyota’s Loss
Toyota jumped 7.3 percent to 3,700 yen at the 3 p.m. close in Tokyo, after the Japanese currency weakened to 100 against the dollar for the first time in five months. Honda added 1.7 percent, and Mazda rose 3.8 percent.
Toyota has forecast a loss of 350 billion yen ($3.5 billion) for the year ended March 31 and it may post a loss of 224 billion yen in the current fiscal year, according to the median of 20 analyst estimates, compiled by Bloomberg.
The carmaker lost the top credit rating from both Moody’s Investors Service and Standard & Poor’s Ratings Services in February. Moody’s cut Toyota to Aa1 from Aaa and S&P lowered the carmaker to AA+ from AAA.
Denso Corp. the world’s largest listed carparts maker and an affiliate of Toyota, had its credit rating cut to Aa2 from Aa1 by Moody’s today. The partsmaker said it will have a loss for the year ended March 31 as Toyota slashed production.
The carmaker’s sales in the U.S. plunged 39 percent last month. Still, that was less than the 41 percent drop forecast by analysts as the company offered an average of $1,600 in incentives on each model. In Japan, Toyota’s sales dropped 32 percent in March.
Bond Yields
Toyota sold 80 billion yen in 10-year bonds priced to yield 2.012 percent in February. That compares with 150 billion yen of 10-year bonds sold in August 2002, priced to yield 1.337 percent. The extra yield over government bonds of similar maturity that investors demand to own the company’s 50 billion yen bond due in March 2012 surged to 213 basis points yesterday, up from 54 basis points on Oct. 31, according to data compiled by Bloomberg.
On March 3 Japanese media reported that Toyota, the world’s largest automaker, was negotiating a five-year loan of about $2 billion from JBIC. Toyota executives denied that the loan constituted a government “bailout.”
Last year the carmaker borrowed from 330 financial institutions worldwide in 18 currencies, Toyota’s Borst said.
The U.S. arm of Toyota Financial Services Corp. borrowed the equivalent of $25 billion in 2008 for financing of cars and trucks, Borst said. He declined to say how much Toyota plans to borrow this year.
This is from Bloomberg.com
Toyota Borrows From Japan-Owned Bank to Finance U.S. Car Sales
Share | Email | Print | A A A
By Doron Levin and Naoko Fujimura
April 3 (Bloomberg) -- Toyota Motor Corp. borrowed from a Japan-owned bank in the first quarter to finance U.S. car sales as private investors demanded up to 50 percent more interest for the company’s debt.
“Our higher cost of funds shocked us,” following the bankruptcy of Lehman Brothers Holdings Inc. in September, George Borst, chief executive officer of Toyota Financial Services- America in Torrance, California, said yesterday. “We’ve been turning over rocks everywhere” to find capital to lend to buyers of Toyota, Scion and Lexus automobiles in the U.S.
Toyota, the world’s largest carmaker, is offering near- record incentives to lure consumers as demand plunges. The company posted better-than-expected sales in the U.S. last month in part because it increased incentives per vehicle by 88 percent from a year ago, according to Edmunds.com.
“Toyota needed the loan as it’s not making money in the U.S.,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd. in Tokyo, which manages $28 billion. “This will make it easier for other carmakers to ask for government aid.”
The carmaker’s finance arm borrowed an undisclosed amount from the bank, Borst said. Honda Motor Co. and Mazda Motor Corp. have said they also plan to apply for loans from the Japan Bank for International Cooperation, a government-controlled bank. Both carmakers forecast losses for the quarter ended March 31.
Toyota’s Loss
Toyota jumped 7.3 percent to 3,700 yen at the 3 p.m. close in Tokyo, after the Japanese currency weakened to 100 against the dollar for the first time in five months. Honda added 1.7 percent, and Mazda rose 3.8 percent.
Toyota has forecast a loss of 350 billion yen ($3.5 billion) for the year ended March 31 and it may post a loss of 224 billion yen in the current fiscal year, according to the median of 20 analyst estimates, compiled by Bloomberg.
The carmaker lost the top credit rating from both Moody’s Investors Service and Standard & Poor’s Ratings Services in February. Moody’s cut Toyota to Aa1 from Aaa and S&P lowered the carmaker to AA+ from AAA.
Denso Corp. the world’s largest listed carparts maker and an affiliate of Toyota, had its credit rating cut to Aa2 from Aa1 by Moody’s today. The partsmaker said it will have a loss for the year ended March 31 as Toyota slashed production.
The carmaker’s sales in the U.S. plunged 39 percent last month. Still, that was less than the 41 percent drop forecast by analysts as the company offered an average of $1,600 in incentives on each model. In Japan, Toyota’s sales dropped 32 percent in March.
Bond Yields
Toyota sold 80 billion yen in 10-year bonds priced to yield 2.012 percent in February. That compares with 150 billion yen of 10-year bonds sold in August 2002, priced to yield 1.337 percent. The extra yield over government bonds of similar maturity that investors demand to own the company’s 50 billion yen bond due in March 2012 surged to 213 basis points yesterday, up from 54 basis points on Oct. 31, according to data compiled by Bloomberg.
On March 3 Japanese media reported that Toyota, the world’s largest automaker, was negotiating a five-year loan of about $2 billion from JBIC. Toyota executives denied that the loan constituted a government “bailout.”
Last year the carmaker borrowed from 330 financial institutions worldwide in 18 currencies, Toyota’s Borst said.
The U.S. arm of Toyota Financial Services Corp. borrowed the equivalent of $25 billion in 2008 for financing of cars and trucks, Borst said. He declined to say how much Toyota plans to borrow this year.
Thursday, April 2, 2009
Two great blogs to follow.
Mike, Feveriam on Youtube and at www.feveriam.wordpress.com Fantastic commentator.
Todd, www.americansolutionsforum.com a friend of mine. Deep thinker. And he's a great guy too.
SO
Todd, www.americansolutionsforum.com a friend of mine. Deep thinker. And he's a great guy too.
SO
Frodo Baggins spotted in London G20 Protests
You can believe it or not. But pictures don't lie. See for yourself.
Monday, August 11, 2008
Fantastic book.... Go Glenn Beck
Just listened to "An inconvenient book" read by the author Glenn Beck. What a stud. It was very informative and common sense.
I wonder is Al Gore will read it. Probably not since he is an idiot.
I wonder if John Edwards will read it. Oh yeah, he is to busy dodging questions about his AFFAIR. What a douche bag.
Keep up the good work Democraps.
I wonder is Al Gore will read it. Probably not since he is an idiot.
I wonder if John Edwards will read it. Oh yeah, he is to busy dodging questions about his AFFAIR. What a douche bag.
Keep up the good work Democraps.
Subscribe to:
Posts (Atom)
Posts
