Heavy vehicles speeding ahead

(FIN24) - The motor retail industry finds itself in a period of consolidation following three years of significant growth, says Brand Pretorius, McCarthy Motor Holdings chairperson.

 

Pretorius said the passenger vehicle segment was the only part of the market that showed a decline on 2006's overall performance, with a 9.7% decrease to a total of 434 633 units in 2007.

"This market segment is usually the most sensitive to any negative developments in the market such as a decline in business and consumer confidence, an increase in interest rates and the introduction of the National Credit Act in June 2007," said Pretorius

 

Read more at FIN24

Schwarzenegger, Battling Deficit, Tries Again to Revamp Budget

(Bloomberg) -- California Governor Arnold Schwarzenegger is trying for a third time to overhaul state spending as he grapples with a growing deficit and resistance from Democrats who want higher taxes to fill the gap.

The governor, delivering his annual State of the State Address yesterday, called for a constitutional amendment requiring California to set aside a portion of surplus revenue during flush years to stabilize the budget in lean times. He said he will propose a spending plan tomorrow that cuts most programs in the state to eliminate a $14 billion shortfall in the coming fiscal year.

Schwarzenegger, a former bodybuilding champion and Hollywood actor, was swept into office in 2003, in part on voter angst over how his predecessor Gray Davis managed the most populous U.S. state's perennial budget problems. The state's finances are hamstrung by mandatory spending increases and a boom-and-bust cycle of revenue tied to income taxes.

 

Read more at Bloomberg

U.S. Stocks Gain, Led by Technology, Health Care; Pfizer Rises

(Bloomberg) -- U.S. stocks gained after Hewlett- Packard Co. said it won't be hurt by an economic slowdown and Goldman Sachs Group Inc. told clients to buy drug companies.

Hewlett-Packard, the biggest personal computer maker, gained for the first time in nine days after its technology chief said sales of touch-screen products ``far exceeded'' company expectations. Johnson & Johnson, Pfizer Inc. and Merck & Co. rallied after Goldman analysts said some drugmakers will continue to grow earnings even as the economy slows.

 

Read more at Bloomberg