What the papers say: November 27
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What car-related news is making the national press today? Find out here with our daily review.
The Financial Times reports on 'recession summits' being between Government ministers and UK car industry bosses. Car makers are asking for a multi-million pound package of state funding.
Help now or face job losses and closures
The Times also covers the 'summit' between ministers and car makers, reporting that closures and job losses could be just months away if nothing is done. The paper reports that help is required within weeks.
Thanksgiving message for OPEC
OPEC will be looking closely at how much demand for fuel is generated by America's Thanksgiving celebration. The cartel believes the amount of fuel used, as families travel to reunite for the holiday, will give a strong indication of how it will need to regulate oil production to shore up the price of crude.
Porsche feels the pinch
The Financial Times reports that Porsche has announced a programme of cuts to reduce costs. The company said that revenues fell by 15% over the past four months, and that the outlook was 'dire'. Details of the cost-cutting programme have yet to be revealed.
Toyota loses top rating
The Financial Times reveals that Toyota yesterday lost its position as one of the few companies to still hold the top credit rating from all three main agencies. Toyota's rating was downgraded when Fitch cut its assessment of the company's long-term borrowing position by two notches.
Verdict is passed on global car industry
The Times also covers Toyota's fall from the highest credit rating, and claims credit agency Fitch is a passing verdict on the entire global car industry.
Catalytic convertors reduce profit
Johnson Matthey, the company that produces parts for catalytic convertors has warned its profits could fall by up to 15% in the next six months.
No medals for Bernie
Bernie Ecclestone's plan to present gold, silver and bronze medals to drivers on the podium look set for rejection by the FIA. The Times reports that Ecclestone believes such a system would encourage more overtaking.
Empty halls in LA
The Times reports that the general malaise of the US car industry was reflected at the recent LA motor show, with the usually-busy halls practically empty.
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