Ford reports profit

Ford Motor Company today reported a third-quarter profit of almost $1 billion on cost cutting and a recovery in its North American business. America's No. 2 carmaker said it would be "solidly profitable" in 2011.

The North American unit posted its first operating profit in more than four years, helped by higher pricing and increased market share.

Ford warned, however, that a stronger North American operation won't be enough to offset the European market, which is expected to be severely hurt this quarter and into 2010.

The company reported a profit of $997 million, or 29 cents a share, compared with a year-ago loss of $161 million, or seven cents a share, a year earlier. The North America posted a pretax profit of $357 million.

Revenue fell to $30.9 billion from $31.7 billion.

The North America unit, which accounts for 42% of Ford's overall vehicle sales, had lost $2.6 billion a year earlier.

The recent government "cash for clunkers" trade-in rebate program; job cuts, lower costs for materials and consumers purchasing more high-end models equipped with technological features, triggered the rebound.

INM

Independent News & Media Plc today announced that it has issued a circular to shareholders convening an extraordinary general meeting of the Company (EGM) for 11.00 a.m. on 26th November, 2009. This follows the board’s announcement on 28th August, 2009 that INM had conditionally agreed to dispose of its entire shareholding in INM Outdoor South Africa, for gross sale proceeds of ZAR1,100 million (approximately €98 million).

Food industry calls for immediate VAT cut to curb cross-border shopping

Food and Drink Industry Ireland, the IBEC group that represents food and beverage companies, today called on the Government to reduce excise duty by 20% and the VAT level to 18% in advance of Christmas. These reductions will help reduce prices to consumers and curb the expected exodus of Irish shoppers to the North over the Christmas period.

FDII Head of Consumer Foods Shane Dempsey said: “The recent TNS World Panel research showed that 250,000 Irish people travel to the North to shop. It is estimated that this has cost the Irish exchequer in the region of €430 million. In addition, cross-border shopping has contributed to significant job losses amongst retailers and suppliers as companies have cut costs, dropped prices and restructured to survive. Many food brands are reducing prices in an effort to offer even greater value to Irish consumers. These measures reflect retailers and brands’ efforts across the economy to bring prices into line with the North."

President Obama discusses the economy at a meeting of the President's Economic Recovery Advisory Board: