Times of Malta (Enlarge photo)

A long line of Ford trucks for sale are seen at a Ford dealership in Broomfield, Colorado. Ford Motor Co. announced detailed plans for building more fuel-efficient cars in North America.

Ford Motor Co. posted a record €5.5 billion quarterly loss as it wrote down the value of slumping truck and SUV operations and revamped plans in a bid to break its reliance on the gas-guzzlers that have been its franchise vehicles for a decade.

The second-quarter loss was deeper than analysts had forecast and Ford shares fell by 15 per cent. Its bonds also traded lower.

Ford cautioned that it did not expect a US economic turnaround until 2010 with oil prices remaining "high and volatile" and no relief for the high prices for steel and other commodities that have hit automakers hard.

In response... // Times of Malta

Bleeding cash and with its very survival uncertain, Ford Motor, an icon of American automaking, will try to import some of its success from across the Atlantic.

Ford reported its worst-ever quarterly loss on Thursday and announced plans to bring over six small, fuel-efficient models it makes in Europe and start selling them in North America, where Ford is losing billions on its truck-heavy line-up.

The company burned through nearly $US11 billion ($11.44 billion) of its cash stockpile in the past year and reported a second-quarter loss of $US8.7 billion.

Ford is trying to save itself by quickly morphing from a truck company into a car company. But the help from Europe will not arrive until 2010: it takes time to retool US plants, and importing the cars directly is too costly.... // The West Australian

HOME PRICES, SALES CONTINUE UPWARD TREK

Existing homes in the Jacksonville area continued to show slight monthly gains in sales and price while yearly comparisons again declined, according to data released Thursday by the Florida Association of Realtors.

Single-family home sales from May to June were up 2.1 percent to 1,013. Compared with the same month last year, sales decreased by 20 percent.

The median sales price came in at $197,000 compared with $193,200 in May. A year ago in June the median price was $212,200.

Condominium sales in June went up 20.5 percent from May to 135 units. The median sales price jumped from $154,700 to $182,000. Last June, sales were 9 percent higher at 149 with median prices 5 percent lower at $173,200.

Housing sales tracked by FAR have shown modest... // RedOrbit

The company's pre-tax operating loss from continuing operations, excluding special items, was $1 billion, a decrease when compared to profit of $483 million in the second quarter of 2007. The revenue, excluding special items, was $38.6 billion, down from $44.2 billion in the second quarter of 2007.

On an after-tax basis, Ford's operating loss from continuing operations, excluding special items, was $1.4 billion or $0.62 per share, compared with... // Automotive Business Review

HOME PRICES, SALES CONTINUE UPWARD TREK

Existing homes in the Jacksonville area continued to show slight monthly gains in sales and price while yearly comparisons again declined, according to data released Thursday by the Florida Association of Realtors.

Single-family home sales from May to June were up 2.1 percent to 1,013. Compared with the same month last year, sales decreased by 20 percent.

The median sales price came in at $197,000 compared with $193,200 in May. A year ago in June the median price was $212,200.

Condominium sales in June went up 20.5 percent from May to 135 units. The median sales price jumped from $154,700 to $182,000. Last June, sales were 9 percent higher at 149 with median prices 5 percent lower at $173,200.

Housing sales tracked by FAR have shown modest... // istockAnalyst.com

DETROIT- Ford Motor Co. on Thursday reported a second-quarter loss
of $8.7 billion, or $3.88 a share - the company's worst quarterly
results ever. The company cited slumping sales, especially of trucks, in a sour
U.S. economy with $4-a-gallon gasoline, as well as rising material
costs.
Prior to this quarter, Ford's worst three-month periods were in
1992, when it lost $6.7 billion in the first quarter, mainly
because of accounting-rule... // Tucson Citizen

LOUISVILLE, KY (WAVE) - The rocky road for Ford's future in Louisville has ended. Thursday morning, Mayor Jerry Abramson and Gov. Steve Beshear announced big changes for both of Louisville's Ford plants that will eventually bring back jobs and pump money into the economy. WAVE 3's Elizabeth Donatelli reports.

After much speculation, it is now finalized. Ford will keep both of its plants in Louisville, but there will be changes coming to them - much as the face of the national economy continues to change.

"Louisville has had more lives than most cats, when you consider all of the different scenarios we have gone through," Gov. Beshear said at Thursday's announcement. The industry appeared dead at times, but Beshear says it's now here to stay.

"The company is betting its future success... // WAVE

But the help from Europe won’t arrive until 2010: It takes time to retool U.S. plants, and importing the cars directly is too costly.

“You have the gap before the plan can be fully executed,” said Jeff Schuster, executive director of global forecasting for J.D. Power and Associates. “You kind of have to weather the conditions, and you have to weather the fact that you’re still the old company in transition.”

Ford has successfully sold cars in Europe for years, and it made billions of dollars selling trucks to Americans. But U.S. drivers have recoiled this year from high gas prices and bolted for smaller cars.

Most of the European models will be built in North... // Scranton Times

Jul 25 2008 By John Cranage , Automotive Correspondent

Ford has announced the biggest quarterly loss in its 105-year history only weeks after selling Jaguar Land Rover to Tata Motors of India for £1.15 billion.

The US company, which stripped JLRs figures out of its results statement for the April-June period, said it was in the red to the tune of $8.7 billion (£4.4 billion), or $3.88 a share.

The deficit, which compared with a net profit of $750 million (£379 million) in the same period last year, was largely due to the £8 billion cost of restructuring the business and layoffs at its North American operations, although the continuing slump in sales of its erstwhile flagship SUVs and trucks also played a part.

It was the sixth loss in eight quarters since chief executive... // Birmingham Post

ETROIT - It began simply enough, the turnaround of Ford Motor Co.’s European business. Ford of Europe asked its customers what they liked about its cars and how to make them better.

The questions - and answers - led to a line of popular and award-winning European vehicles, and a template for the new North American models Ford is counting on to save the company.

"We developed a product strategy based on the customers’ words," said Derrick Kuzak, Ford group vice president for global product development.

Kuzak’s team asked the question when he ran European product development, a job that saw Ford drastically improve the style, quality and overall appeal of its cars.

"They wanted cars that were great to look at, great to sit in, had great fuel economy, unmistakable Ford looks and... // Boston Herald

Toronto stocks slip after rising 100 points at open

TORONTO (Reuters) - The Toronto Stock Exchange's main index slid in early trade on Friday, after jumping 100 points immediately after the open, as financials fell and resource shares came off earlier gains along with commodities. The S Reuters Limited. All Rights Reserved.

Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without... // ReportonBusiness.com

Toronto stocks slip after rising 100 points at open

TORONTO (Reuters) - The Toronto Stock Exchange's main index slid in early trade on Friday, after jumping 100 points immediately after the open, as financials fell and resource shares came off earlier gains along with commodities. The S Reuters Limited. All Rights Reserved.

Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without... // ReportonBusiness.com

Ford Motor Co. today solidified plans for its two Louisville production facilities, notifying local and state officials that it plans to spend more than $100 million on improvements at the plants.

Dearborn, Mich.-based Ford (NYSE: F) will add six small vehicles, already produced in Europe, to its North American production.

As reported earlier this week, the company will convert three truck and sport utility vehicle plants, including the Louisville Assembly Plant, into small-car production facilities by 2011. The Louisville Assembly Plant has produced the Ford Explorer SUV since 1990.

At a news conference Thursday afternoon, Bill Russo, manufacturing manager for Ford’s North American car, SUV and crossover vehicle lines, said Ford officials plan to retool Louisville Assembly Plant... // Louisville Business First

HELENA, Mont. (AP) _ In big, wide-open Montana, a state trooper might have to drive more than 100 miles to answer an emergency call, and routinely puts several hundred miles on the odometer in a day.

With gasoline at $4 a gallon, all that driving is tearing up the Highway Patrol's budget.

It is the same story elsewhere around the country, especially in big, sparsely populated Western states with vast stretches of highway. State police agencies nationwide are scrambling to reduce gasoline use and find the money to cover their costs. Some are beginning to worry that they will have to cut back on hiring officers.

North Dakota is not facing such a dire prospect, though gas prices are having an impact, the state Highway Patrol says.

"The state and the Legislature actually provided us... // WDAY

THE world's third-biggest car maker, Ford, posted a record quarterly loss of $US8.7 billion ($9.1 billion) and accelerated its conversion to fuel-efficient vehicles to wean itself from money-losing trucks.

Ford shares fell the most in almost seven years after the company reported a second-quarter deficit of $US3.88 a share compared with a profit of $US750 million, or US31c, a year ago. The loss included $US8 billion in pretax write-downs for plant closures and the falling value of truck leases at Ford Motor Credit.

The car maker said it will double production of hybrid vehicles, sell more European cars such as the Fiesta in the US and convert three North American truck factories to make a redesigned Focus and other small cars.

The revamp is a response to record petrol prices that... // Brisbane Times

THE world's third-biggest car maker, Ford, posted a record quarterly loss of $US8.7 billion ($9.1 billion) and accelerated its conversion to fuel-efficient vehicles to wean itself from money-losing trucks.

Ford shares fell the most in almost seven years after the company reported a second-quarter deficit of $US3.88 a share compared with a profit of $US750 million, or US31c, a year ago. The loss included $US8 billion in pretax write-downs for plant closures and the falling value of truck leases at Ford Motor Credit.

The car maker said it will double production of hybrid vehicles, sell more European cars such as the Fiesta in the US and convert three North American truck factories to make a redesigned Focus and other small cars.

The revamp is a response to record petrol prices that... // Sydney Morning Herald

Bleeding cash and with its very survival uncertain, Ford Motor Co, an icon of American automaking, will try to import some of its success from across the Atlantic.

Ford reported its worst-ever quarterly loss on Thursday and announced plans to bring over six small, fuel-efficient cars it makes in Europe and start selling them in North America, where Ford is losing billions on its truck-heavy lineup.

The company burned through nearly $11 billion of its cash stockpile in the past year and reported a second-quarter loss of $8.7 billion.

Ford is trying to save itself by quickly morphing from a truck company into a car company. But the help from Europe won't arrive until 2010: It takes time to retool US plants, and importing the cars directly is too costly.

Industry watchers wonder... // NDTV.com

The company said it has sufficient liquidity to weather the latest downturn in the U.S. auto market without additional borrowing. Ford borrowed $23.4 billion in 2006 to fund its North American turnaround.

"We are pleased that we went to the capital markets at the right time," Ford President and CEO Alan Mulally said in a conference call with investors and media. "We have the scale, the expertise and the financing to execute our plan."

Wall Street wasn't impressed, at least initially. Ford shares dropped 58 cents, or 9.6 percent, to $5.45 in morning trading.

The company said it will retool the Michigan Truck plant in suburban Detroit, shifting its products from large SUVs to make global vehicles off the European Focus platform by 2010.

The SUVs made at Michigan Truck — the Lincoln... // Oakland Tribune

Loblaw profit drops minus lift from lower charges

OTTAWA (Reuters) - Loblaw Companies Ltd , Canada's biggest supermarket chain, reported an 18 percent rise in second-quarter profit on Friday on smaller restructuring charges, but said that earnings fell after one-time items were stripped out. Profit increased to C$140 million ($138.6 million), or 51 Canadian cents a share, in the period ended June 14, from earnings of C$119 million, or 43 Canadian cents a share, in the same period last year.

Toronto stock index set to open higher, data eyed

TORONTO (Reuters) - The Toronto Stock Exchange's main index is expected to open higher on Friday, as investors scoop up shares after Thursday's big slide, but cautiousness over the outlook for the U.S. economy may weigh. The benchmark slipped more... // ReportonBusiness.com

TORONTO (Reuters) - The Toronto Stock Exchange's main index sank more than 2 percent on Thursday in a broad decline sparked by losses in financial-services shares as sour data highlighted concerns over the U.S. economic outlook. Agnico-Eagle Mines was among the biggest decliners by weight, losing 7.8 percent, after it reported a weaker than expected quarterly profit, a lower production outlook for the year, and warned of a jump in project costs over the next two years.

Loblaw profit drops minus lift from lower charges

OTTAWA (Reuters) - Loblaw Companies Ltd , Canada's biggest supermarket chain, reported an 18 percent rise in second-quarter profit on Friday on smaller restructuring charges, but said that earnings fell after one-time items were stripped out. Profit increased to C$140... // ReportonBusiness.com