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Gap - USA - General Motors, Toyota Heading Further Apart
The Japanese car maker posts record profit while the Detroit company unveils new cost cuts
Los Angeles,Cal,USA -Los Angeles Times, by John O'Dell -Feb 8, 2006: -- The yawning gap between the world's two biggest automakers widened Tuesday as Toyota Motor Corp. posted record fiscal third-quarter profit while General Motors Corp. introduced a new round of cost-cutting to help halt its mounting losses... "It's a case of the rich getting richer and the poor getting poorer," said analyst Shelly Lombard at GimmeCredit, a New York corporate bond research firm... GM, under pressure from billionaire investor Kirk Kerkorian to accelerate its turnaround efforts, announced that it would halve its annual dividend to $1 a share, cut Chief Executive Rick Wagoner's salary by 50%, trim the pay of several other top executives by 30% and freeze retired salaried workers' health benefits...
posted by Unknown @ 1:31 PM
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