GM posts massive quarterly loss

General Motors Corp. posted a massive quarterly loss as high gasoline prices slammed sales of big sport utility vehicles and rising costs for everything from raw materials to health care eroded profits. The world's largest automaker posted a loss of $1.6 billion in the third quarter.

The pressure is mounting on GM, with its main auto parts supplier in bankruptcy, its share price at multiyear lows, and once-robust sales of gas-guzzling SUVs stalled. GM stock is down about 30 percent so far this year, compared with a 2 percent drop in the S&P 500 index.

China requests for Australian uranium

channelnewsasia.com :

Australia said that it could give resource-hungry China direct access to its huge uranium deposits if Beijing signs pledges the nuclear material would not be used for military purposes. China has a ravenous appetite for energy to power its rapidly growing economy and is already a major purchaser of Australian coal and natural gas.

Australia has about 40 percent of the world's known uranium reserves but has only three operating uranium mines, two in South Australia and one in the Northern Territory. The country has no nuclear power industry. In 2004, Australia exported 9,648 tonnes of uranium, 39 percent of which went to the United States, 25 percent to Japan, 25 percent to the European Union, 10 percent to South Korea and one percent to Canada.

(2005-10-17 22:13:51 SGT) [Energy] Permalink

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