QUOTE OF THE DAY
“We know GM designed two different plungers and springs. They made an affirmative decision to use the cheaper one.”
Joan Claybrook, former head of the National Highway Traffic Safety Administration Article, 1D
Ford to offer 50th-anniversary Mustang
NEW YORK - Ford is building a limited-edition Mustang GT to honor the pony car’s 50th anniversary.
The company will build only 1,964 special cars, honoring the year when the Mustang first went on sale.
The automaker also is celebrating the anniversary of the Mustang in New York, where the car was first displayed at the 1964 World’s Fair.
It’s displaying a Mustang on the 86th-floor observation deck of the Empire State Building. It’s the first time that has been done since 1965, when Ford put a Mustang convertible there.
This time, it’s repeating the stunt with a bright yellow 2015 Mustang convertible.
Ukraine crisis a drag on Russia economy
MOSCOW - Russia’s economy slowed sharply at the start of the year as the crisis in Ukraine spooked investors into pulling money out of the country. But with Russian President Vladimir Putin still enjoying high popularity ratings, the economic damage is not yet likely to soften his politics in the region, analysts say.
In the first official estimate of the Ukrainian turmoil’s effect on growth, Economy Minister Alexei Ulyukayev said Wednesday that the economy expanded just 0.8 percent in the first quarter from a year earlier - far short of the previous prediction of 2.5 percent. Compared with the previous quarter, the economy contracted 0.5 percent.
Russian markets have been rattled by the tensions with neighboring Ukraine, where Russia annexed the Black Sea region of Crimea last month. The main stock index tanked 10 percent in March, wiping out billions in market capitalization. In the first three months of 2014, the ruble lost 9 percent against the dollar, making imports more expensive, while spooked investors pulled about $70 billion out of the country - more than in all of 2013.
- The Associated Press
QVC to enter France despite soft market
QVC Inc. is planning to expand into France, betting that the television-shopping network can thrive even in a heavily regulated country with a stagnant economy.
Saying he could care less about sluggish economic growth or high unemployment, QVC Chief Executive Officer Mike George said the company will begin broadcasting from Paris in the second quarter of next year. The company bucked conventional wisdom more than three years ago when it entered Italy during a steep recession.
“We can take share, even in a soft economic environment,” George said. “A lot of people thought we were crazy to launch in Italy.”
Sales in the southern European country have more than tripled in the past two years despite political turmoil and a shrinking economy. That gave George confidence to enter France. The move will push its reach to eight countries outside the U.S.
EU commissioner knocks Uber taxi ban
A Brussels court’s decision to ban cars using Uber Technologies Inc.’s taxi application from picking up passengers in the city is “crazy” and protects a “cartel,” European Union Commissioner Neelie Kroes said Tuesday.
Uber, backed by Google Inc.’s investment arm and Amazon.com Inc. founder Jeff Bezos, is working to expand from the U.S. into Europe and Asia, and is available in 70 cities.
“This decision is not about protecting or helping passengers,” said Kroes, who is in charge of promoting technology and innovation in Europe. “If Brussels authorities have a problem with Uber, they should find a way to help them comply with standards.”
The Brussels ruling is the latest setback for Uber, which is seen as a threat by some traditional taxi drivers.
Representatives of San Francisco-based Uber didn’t immediately respond to a request for comment.
French President Francois Hollande attempted to impose a 15-minute pickup delay on Uber and other private car services, which was struck down in February by the constitutional court.
- Bloomberg News
Google quarterly figures under forecast
SAN FRANCISCO - The mighty Google machine faltered a bit in the first quarter.
Revenue came in $100 million short of expectations, while earnings per share missed by 12 cents.
Still, Larry Page, Google’s chief executive, called it “another great quarter” in a news release Wednesday announcing the company’s results. He added, “We got lots of product improvements done, especially on mobile.”
As Internet users migrate to mobile devices, Google earns less on its ads. Average cost-per-click, a key metric of what advertisers pay Google each time someone clicks on an ad, fell approximately 9 percent from the first quarter of 2013.
The search and advertising giant said it had revenue of $15.42 billion for the quarter that ended March 31, up 19 percent from the first quarter of 2013. Analysts had expected revenue of $15.52 billion.
Earnings per share were $6.27. Analysts had forecast $6.39. Shares rose $20, or 3.75 percent, to close at $556.54, before the earnings report was released.
Business, Pages 24 on 04/17/2014