Casual dining sites see empty seats

For the first time in years, the $70 billion casual dining industry - sit-down eateries that generally serve alcohol and sell entrees from $10 to $20 - is taking a hit, as the slowing economy dulls the nation's appetite for casual dining. Some of the big names - from Applebee's to Cheesecake Factory to Outback Steakhouse - report recent slides in sales; many of their stocks are hovering at 52-week lows.

Some folks are eating out less. Others are trading down to fast food. Some are skipping dessert or ordering less wine. The result is that casual dining's growth is slowing. Other factors driving the downturn include rising gas costs, higher credit card costs and a weaker real estate market.

(2006-07-21 19:58:30 SGT) [Biz] Permalink

NYT to cut paper size, close plant

news.yahoo.com :

The New York Times plans to make the size of its flagship newspaper narrower and close a printing plant, resulting in the loss of 1,050 jobs. A printing plant in Edison, N.J will be closed, resulting in the loss of 800 jobs. The newspaper itself will be narrower by one and a half inches; the redesign will result in the loss of 250 production jobs. The changes, set to take place in April 2008, are expected to result in savings of $42 million.

(2006-07-21 19:50:34 SGT) [Biz] Permalink

Mercedes to launch hybrid car in 2008

channelnewsasia.com :

The first hybrid Mercedes car will be launched at the start of 2008, DaimlerChrysler said. A hybrid Mercedes S Class was presented at the recent Frankfurt car show, which the firm said would be launched in the US and Japanese markets.

Soaring fuel prices have led to a rise in sales of hybrid vehicles, which use a combination of petrol and electric propulsion which cuts consumption and emissions. Japanese automakers have stolen a march on competitors, launching several hybrid cars, most notably Toyota with its Prius.

- Mercedes joining the hybrid bandwagon, now that's news - because the European makers have been championing "clean diesel" for ages. Might we expect similar announcements from the likes of BMW?

(2006-07-21 18:03:21 SGT) [Energy] Permalink

Indian airlines may delay, cancel orders

business-times.asia1.com.sg :

India's airlines, Asia's biggest customers for Airbus SAS and Boeing Co last year, may slow or even cancel orders as they face difficulty raising funds amid mounting losses. Investors have shunned share and debt offerings as they await an industry shakeout. The carriers need to fund the purchase of more than 200 planes valued at US$32 billion ordered from Airbus and Boeing.

The number of planes flying in India has doubled in the past three years as six new carriers started operations, pushing fares down by a third. Airlines also face rising costs for jet fuel, pilots, engineers and landing rights. 'There's going to be a bloodbath in the industry,' said Kalpesh Parekh, an analyst at ASK Raymond James in Mumbai.

(2006-07-21 17:53:33 SGT) [Biz] Permalink

Malaysia Airlines announces further route cuts

channelnewsasia.com :

Malaysia Airlines announced further cuts to its routes, dropping some flights to China, Indonesia and Japan as part of cost-saving measures aimed at reversing its flagging fortunes. The changes are part of a three-year plan to revive the carrier's fortunes after it posted a 1.3 billion ringgit ($354 million) loss for the 2005 financial year.

Malaysia Airlines announced the beginning of its "route rationalisation plan" which involves cutting certain domestic destinations and long-haul international routes in March, which included the axing of flights to cities in India, China and Europe.

- Earlier, Air New Zealand also made route cuts, citing high fuel prices. At this rate, the world will be "getting bigger", not smaller.

Japan raises rates for first time in 6 years

news.yahoo.com :

Japan's central bank raised interest rates for the first time in six years, lifting its key rate to 0.25 percent from zero and affirming the end of a long era of deflation and economic stagnation.

The Bank of Japan joined central banks in the United States and Europe that have already embarked on a credit-tightening cycle, although Japanese interest rates remain minuscule and are likely to stay low for a long time yet.

- At only 0.25%, the yen carry trade isn't quite dead yet. But might this signal the beginning of the end of the ongoing party? (ie. 1. borrow yen cheap 2. buy just about anything else 3. pocket the difference).

(2006-07-21 17:38:42 SGT) [Biz] Permalink

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