BUSINESS BRIEFS
Toyota led auto industry in 2008 worldwide sales
Advertiser news services
NEW YORK — Toyota Motor Corp. sold more cars and trucks worldwide than any other automaker last year, seizing the crown General Motors Corp. held for 77 years. But with its overall sales having fallen for the first time in 10 years and the entire industry mired in a slump, there's little for the Japanese company to celebrate.
GM said yesterday it sold 8,355,947 cars and trucks around the world in 2008, falling about 616,000 vehicles short of the 8.972 million Toyota announced Tuesday.
GM said the shortfall was mainly caused by the economic downturns in the U.S. and Europe that slashed vehicle demand in those major markets, where Toyota doesn't have as large of a presence.
Meanwhile, GM received the second piece of its government loan package yesterday, a $5.4 billion installment that will allow the giant automaker to pay its bills and avoid running out of cash.
The latest installment, which came five days later than scheduled, brings to $9.4 billion the amount that GM has received in loans from the U.S. Treasury Department. The company is to get another $4 billion Feb. 17 when it submits a plan to the government to show how it will become viable.
PARSONS CHOSEN TO HEAD CITIGROUP
NEW YORK — Citigroup Inc. said yesterday that board member Richard Parsons — the former CEO of Time Warner — will be taking over as chairman.
Parsons succeeds Win Bischoff, who became chairman in December 2007 after the company let go of Charles Prince, its embattled CEO and chairman at the time. The move is effective Feb. 23.
Bischoff is not putting himself up for re-election at the board's annual meeting this spring, and will retire later this year, Citigroup said.
APPLE'S HOLIDAY PROFIT UP SLIGHTLY
Apple Inc. said yesterday its profit in the holiday quarter edged up 2 percent and beat Wall Street's expectations, buoyed in part by growing iPod sales outside the U.S.
The iPod and iPhone maker's predictions for the current quarter came in lower than analysts were predicting, but investors seemed happy to focus on the results rather than the forecast. In extended trading after the report was released, Apple's shares jumped $9.83, or 12 percent, to $92.66.
In a conference call, Apple gave no new details on the health of Chief Executive Steve Jobs, but Tim Cook, the chief operating officer who is handling day-to-day operations in Jobs' absence, attempted to assure analysts that Apple will continue to do well no matter who's in charge.
