Toyota Motor slashed its profit forecast Thursday, warning the global auto industry faces an “unprecedented” crisis as Asian stocks tumbled on fears the US is sinking deeper towards recession. The Japanese giant became the latest automaker to reveal plunging profits due to the financial crisis, following on the heels of BMW, Nissan and Honda. Toyota , vying [...] "eliotcobb.com"
China said Thursday it hoped the United States would adhere to free trade under Barack Obama, while defending exchange rate policies criticised by the president-elect during his campaign. “We will continue to follow a mutually beneficial foreign policy, we believe in free trade, and we believe America also believes in free trade,” foreign ministry spokesman Qin [...] "eliotcobb.com"
Russian President Dmitry Medvedev could resign from his post in 2009 to pave the way for Vladimir Putin to return to the Kremlin, Vedomosti newspaper reported on Thursday, citing an unidentified source close to the Kremlin. Medvedev Wednesday proposed increasing the presidential term to six years from four years, a step the newspaper said was part [...] "eliotcobb.com"
Democratic officials say Barack Obama’s fellow Chicagoan Rahm Emanuel has agreed to be White House chief of staff. One of Obama’s first decisions as president-elect was to ask the Illinois congressman to run his White House staff. Emanuel accepted Thursday after struggling over family and political considerations. Emanuel serves in the House Democratic leadership and will have [...] "eliotcobb.com"
Gov. Arnold Schwarzenegger has proposed $4.4 billion in tax increases and billions more in spending cuts to close California’s worsening budget deficit, declaring: “We must stop the bleeding.” Schwarzenegger on Thursday called for a special session of the state Legislature to address a deficit that has grown to $11.2 billion just six weeks after he signed [...] "eliotcobb.com"
Italy’s famously impolitic Prime Minister Silvio Berlusconi described U.S. President-elect Barack Obama on Thursday as “young, handsome and even tanned.” Berlusconi appeared to be joking about America’s first black president at a news conference following talks with Russia’s president. The Italian leader, who has a history of controversial remarks, was asked by a reporter about the prospect [...] "eliotcobb.com"
President-elect Barack Obama has drafted a star-studded short list of cabinet candidates, with political heavyweights Caroline Kennedy, Robert F. Kennedy, Colin Powell and John Kerry among the most notable names being eyed by his transition team. llinois Democrat Rahm Emanuel has already accepted Obama’s offer to be the next White House chief of staff, reports NBC. The [...] "eliotcobb.com"
Sen. Norm Coleman’s narrow lead over DFL challenger Al Franken in the U.S. Senate race narrowed even more, guaranteeing a recount that would be the state’s biggest ever and could stretch well into next month.Coleman declared victory Wednesday morning, when his unofficial lead over Franken stood at 725 votes out of nearly 2.9 million cast, [...] "eliotcobb.com"
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