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RIDOT speeding up work on one entrance to Iway bridge

PROVIDENCE - Governor Carcieri weighed in on another day of heavy traffic faced by many commuters two days after the opening of the new Iway bridge, according to projo.com.

At the least, he said, traffic should be the same as it was before. But last evening's commute, he told John DePetro this morning on WPRO-AM, "Right now it's worse than normal."

After more complaints about the traffic, the state may try to open the Wickenden Street entrance onto the new Iway bridge in four weeks.

The new entrance, which is under the hurricane barrier in India Point Park near the old Shooters night club, was not scheduled to open until the spring.

Posted by Peter C. T. Elsworth  at 9:53 AM to Traffic | Permalink | Comments 0

Toyota Reports 11 Percent Jump in Profit

TOKYO -- Japan's top automaker Toyota said Wednesday its July-September quarter profit rose 11 percent on solid overseas sales and raised its earnings forecast for the full year, according to the Associated Press

Soaring gasoline prices have boosted the appeal of Toyota's hybrid Prius and fuel-efficient models, such as the Camry and Corolla. Although sales were stagnant in Japan, Toyota sales were strong in North America, Europe, Asia and emerging markets.

Toyota's net profit for the fiscal second quarter rose to 450.9 billion yen ($4 billion) from 405.7 billion yen the same period the previous year. Sales increased 11 percent to 6.490 trillion yen ($57 billion), the company said in a statement.

Posted by Peter C. T. Elsworth  at 9:46 AM to Toyota | Permalink | Comments 0

General Motors Loses $39 Billion

DETROIT -- General Motors Corp. posted a company record $39 billion loss in the third quarter, as a charge involving unused tax credits brought an abrupt end to a string of three profitable quarters for the nation's largest automaker, according to the Associated Press.

The loss reported Wednesday was one of the biggest quarterly corporate deficits ever, and it sent GM's shares down more than 5 percent in premarket trading.

GM attributed the third-quarter loss to a $38.6 billion noncash charge largely related to establishing a valuation allowance against accumulated deferred tax credits in the U.S., Canada and Germany, as well as mortgage losses at GM's former financial arm, GMAC Financial Services.

But accounting rules require that companies expecting to keep losing money cannot keep carrying deferred tax credits indefinitely and must write down their value.

"I think you'd have to have a Ph.D. in accounting to understand it," Wagoner said during an interview on "The Paul W. Smith Show" on WJR-AM.

"It doesn't have any impact at all," he said. "I would encourage people not to overreact in a negative way to it."

What might be considered more troubling for GM, though, is continuing losses in its home market, North America, where it reported a net loss from continuing operations of $247 million without the charge for the latest quarter. That compares with a net loss of $667 million in the year-ago period.

The company's overall net loss amounted to $68.85 per share, compared with a net loss of $147 million, or 26 cents per share, in the third quarter of last year.

Posted by Peter C. T. Elsworth  at 9:38 AM to GM | Permalink | Comments 0

Oil prices up, closing in on $100 a barrel

VIENNA, Austria -- Record oil prices edged closer to $100 a barrel Wednesday amid expectations of declining U.S. supplies. The weak dollar and OPEC's apparent reluctance to pump more crude into the market also boosted prices, according to the Associated Press.

Light, sweet crude for December delivery surged $1.24 to $97.94 a barrel by midday in Europe after earlier reaching a record $98.62 in electronic trading on the New York Mercantile Exchange.

Traders remain worried about whether supplies will be adequate to meet demand for heating fuel in the approaching Northern Hemisphere winter. News of an attack Monday on an oil pipeline in Yemen added to those concerns.

Posted by Peter C. T. Elsworth  at 9:32 AM to Crude oil market | Permalink | Comments 0