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The U.S. trade deficit expanded at its fastest pace in more than ten years in July, accelerated by rising oil prices and increased demand for auto parts and industrial supplies.

The gap between imports and exports rose 16% – the largest percentage increase since February 1999 – to $32 billion in July from a revised $27.5 billion in June that was larger than previously reported, the Commerce Department said. After …

The U.S. trade deficit expanded at its fastest pace in more than ten years in July, accelerated by rising oil prices and increased demand for auto parts and industrial supplies.

The gap between imports and exports rose 16% – the largest percentage increase since February 1999 – to $32 billion in July from a revised $27.5 billion in June that was larger than previously reported, the Commerce Department said. After eliminating the influence of prices, which are the figures used to calculate gross domestic product (GDP), the trade gap widened to $38.8 billion from $35.8 billion.

Imports surged 4.7% to $159.6 billion, fueled by an increase in oil prices and strong demand for industrial materials. Crude oil prices rose to an average $62.48 a barrel from $59.17 in June. And imports of capital goods, which include cars and auto parts, jumped to $30.2 billion from $28.9 billion.

The government’s Car Allowance Rebate

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The U.S. economy shed 693,000 jobs in December, a showing that was far worse than economists had expected and that may even have been the biggest monthly loss of jobs in more than 30 years, analysts said of a closely watched survey of business employment released yesterday (Tuesday).

The monthly ADP Employer Services (ADP) survey - which tracks private non-farm payroll employment - stunned economists, showing a surprising increase from the 476,000 jobs lost in November.

The decline was the worst in the history of the survey, which began reporting in 2001. And if the findings are matched by the official government jobs report, due out Friday, it would be the biggest employment drop since the U.S. recession of 1975.

“This is an eye-poppingly bad number,” Art Hogan, the New York-based chief market analyst at Jefferies & Co. (JEF), told Bloomberg News. “The economy is in

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Tuesday January 6, 2009 Navivest

Alcoa (AA) today, announced a series of planned actions, that it hopes will help it weather the economic downturn.

Some of the actions the company plans on undertaking, include the reduction of aluminum smelting output by 750,000 metric tons, which is roughly 18% of its annual production, the elimination of 13,500 positions, or 13% of its global workforce and 1,700 contractor positions, reduce capital expenditures by 50% and the sale of four “non-core” business units. The company will also put in place, a hiring and salary freeze.

Alcoa expects to take after-tax charges of $900-$950 million in the Q4 2008 period. 80% of this charge is expected to be non-cash.

Alcoa deems these steps necessary, as according to the company President and CEO Klaus Kleinfeld, “these are extraordinary times, requiring speed and decisiveness to address the current economic downturn, and flexibility and foresight to be prepared

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MAN AG Buying VW Brazil Unit; Siemens Settles Probe for $2 Billion; Mattel Pays $12 Million for Tainted Toys; Ireland Banks Getting a Bailout; Housing Market Facing Confidence Collapse; Boeing Raises Dividend; U.S. Homes Lose $2 Trillion in Value

German manufacturing and engineering titan MAN AG said it will acquire Volkswagen Truck and Bus from Volkswagen AG (OTC: VLKAY). The 250-year-old MAN AG is Europe’s third-largest truckmaker, and this purchase marks its first major South American investment, Bloomberg reported. Siemens AG (ADR:SI) will pay more than $1.3 billion to settle corporate corruption charges that ...

Alcoa (AA) which usually kicks of the earnings season, by being the first large company on a calendar fiscal year to report earnings, has on Tuesday 10/07/08, reported third quarter 2008 earnings that failed to meet Wall Street Forecasts.

The company reported earnings per share of $0.33 vs the $0.63 that it reported in the same period last year, on revenues of $7.2 billion, vs the $7.39 billion that the company realized in the same period last year. Revenues in the second quarter of this year came in at $7.6 billion. Wall Street was expecting EPS of $0.54, on revenues of $7.23 billion.

According to the company’s CEO Klaus Kleinfeld, “Recently, aluminum prices have fallen steeply and demand has softened further, while input costs remain high,” said Kleinfeld. “The resulting margin squeeze will have a greater impact going forward, but will be somewhat mitigated by the easing of energy prices and a

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Alcoa (AA) earnings are the traditional kick off of every quarterly earnings season. I don't really follow this name much simply because, while it's a basic material, aluminum is not exactly my favorite. But I'd like to show readers the reality behind the numbers, while the seals on CNBC were clapping and hooting and hollering about the "beat". I'd also like to show you a trend you will be seeing this earnings season, and the ones coming - higher input costs. And squeezed profit margins - we've been warning about this "era" coming since last summer. It's now here.First to the "great news" - Alcoa "beat" estimates - 66 cents versus 65 cents. So the seals cheer "better than expected". It's a joke. 90 days ago Alcoa was expected to do 77 cents, 60 days ago that was lowered ...