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AP Business NewsBrief at 4:15 p.m. EST(AP Online Via Acquire Media NewsEdge) GM says it needs $12 billion loans by late MarchWASHINGTON (AP) _ General Motors says it needs $4 billion in government loans this month and a total of $12 billion by late March to keep operating. The troubled automaker says it plans to slash its numbers of workers, vehicle brands and plants by 2012. Altogether, the auto giant is seeking up to $18 billion in government funding _ including a $6 billion line of credit in case market conditions worsen. Chrysler Nov. US sales drop 47 pct; GM down 41 pctNEW YORK (AP) _ November U.S. vehicle sales at General Motors and Chrysler plunged more than 40 percent, while Ford's sales dropped 31 percent, crushing hopes that the industrywide drop in vehicle demand might be easing as the U.S. automakers prepare to state their second case for a federal bailout. GM's sales fell 41 percent, while Chrysler's dropped 47 percent. Their overseas rivals posted abysmal results Tuesday as well. Toyota's November U.S. sales tumbled 34 percent, and Honda's fell 32 percent. Ford tells Congress it may be able to go it aloneWASHINGTON (AP) _ Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it. Unless one of Detroit's other Big Three auto companies goes bust, Ford expects to have enough money to make it through next year without government help, it said in a plan that projected the firm will break even or turn a pretax profit in 2011. Wall Street rebounds sharply after big dropNEW YORK (AP) _ Buyers returned to Wall Street Tuesday, sending stocks higher in a session that was marked by indecision even as the Dow Jones industrials closed up 270 points. Encouraging news from Ford Motor Co. and General Electric Co. calmed the market a day after a massive decline. Investors wary about the economy drew solace from Ford Motor Co. Chief Executive Alan Mulally, who said the automaker has enough cash to make it through 2009 and might not need government help. Rival General Motors Corp. said late in the day that it needs $12 billion in government loans to continue operating; the news briefly shook the market, but stocks rebounded before the close. Auditors fault Treasury oversight of bailout fundsWASHINGTON (AP) _ A government audit says the Treasury Department needs tougher controls to oversee the $700 billion financial bailout package. The Government Accountability Office's report to Congress on Tuesday says Treasury has no mechanism in place to track how the banking system has used the taxpayer money that had purchased $150 billion in bank stocks as of Nov. 25. US cruise ship outruns Somali pirates' gunsNAIROBI, Kenya (AP) _ The luxury American cruise ship steaming across the Gulf of Aden with hundreds of well-heeled tourists just might have been too much for Somali pirates to resist. But the six bandits, riding in two skiffs and firing rifle shots at the gleaming ship, were outrun in minutes when the captain of M/S Nautica gunned the engine and sped away, a spokesman for the company said Tuesday. Sears posts larger 3Q loss on weak US, Kmart salesCHICAGO (AP) _ Sears Holdings Corp. posted its biggest quarterly loss since financier Edward Lampert combined Sears and Kmart into one retail company, due mainly to hefty charges related to store closures and disappointing U.S. sales. The company also withdrew its operating profit outlook because of the country's economic woes. Its stock soared nearly 17 percent, however, amid broader market gains after the retailer announced it was closing more underperforming stores and hiring a trio of new executives. Fed extends key credit programs through April 30WASHINGTON (AP) _ The Federal Reserve has extended the life of key programs aimed at busting through credit clogs and restoring stability to financial markets. The Fed said Tuesday that the programs, originally slated to last through Jan. 30, will be extended through April 30. The Fed said it was taking the action "in light of continuing strains in financial markets." Beazer Homes 4Q loss balloons as revenue plungesStruggling homebuilder Beazer Homes USA Inc. said Tuesday its fiscal fourth-quarter loss more than tripled, and the chief executive told Wall Street he expects losses will likely continue through 2009. Beazer CEO Ian J. McCarthy told analysts that despite uncertainty over the depth of the economic downturn, "we should realistically expect that both (home sales) and average sales prices will be lower in fiscal 2009 and that we will again likely incur a loss for the year." Mortgage fraud incidents up 45 pct in 2QMIAMI (AP) _ Reported incidents of mortgage fraud grew by 45 percent in the second quartertype:bold,italic; compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released Tuesday showed. Florida properties led the way with about one-fifth of mortgage fraud incidents reported in the second quarter, the Mortgage Asset Research Institute reported. California was second, and Illinois third, the data showed. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |