Toyota must start again, "from the bottom up," new president Akio Toyoda said Thursday. Speaking at a news conference in Tokyo, the grandson of Toyota Motors’ founder said the company will focus on tailoring its product lines to customer demand in each region. Toward that end, Toyoda named an executive vice president to head each region
The "prince" is taking the wheel of Toyota as the world’s largest automotive manufacturer stands at a crossroads.
General Motors, the nation’s largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday. A bankruptcy petition will be filed at 8 a.m., according to a source with direct knowledge of the bankruptcy proceedings. President Barack Obama will address the nation shortly before noon on Monday to explain the rationale for the filing, and his hopes that this is the best route for a turnaround, two officials close to the situation told CNN.
When times are tough and consumers are “trading down” to buy more inexpensive goods, you’d think that a discount retailer like Target would flourish. After all, it’s the place you go for quality clothes at affordable prices cheap-chic designer Isaac Mizrahi offers a line low-cost home accessories, and perhaps a grocery item or two
Muzak, the company that put pop, string-filled arrangements of rock songs in your elevator, filed bankruptcy papers Tuesday after it missed a $105 million payment to creditors. The pipeline of easy listening will continue to flow as Muzak restructures its debt during the Chapter 11 process, the company said. “Muzak is a solid business with an outstanding customer base, but we are burdened with substantial debt obligations established over a decade ago,” Muzak CEO Stephen Villa said.
Hundreds of workers from one of Hong Kong’s largest telecommunications companies stormed out of work Tuesday, chanting protests about possible job cuts. An estimated 350 contract workers at PCCW walked off the job for a half-day and staged a protest outside the company headquarters, chanting slogans such as: “We are against pay cuts. We are against layoffs.” Organizers told CNN that PCCW hired about 2,000 to 3,000 workers from other companies and those workers have now been told they face at least a 10 percent salary cut and might lose their jobs