Auto sales dropped during November
Detroit - Auto sales fell in november, and though they still outpaced a dismal October, the results were disappointing to U.S. automakers who introduced a flurry of discounts to lure buyers to showrooms. Sport utility vehicle sales slid again.
General Motors Corp.'s sales were down 11.3 percent. Ford Motor Co. said sales fell 18 percent compared with last November. Toyota Motor Corp.'s sales were up 5.5 percent.
Delta reports huge quarterly losses
ATLANTA - Delta Air Lines Inc., the nation's third-largest carrier, said it lost a whopping $1.14 billion in the first six weeks of its bankruptcy case.
Delta revealed the $6.04 a share loss for the Sept. 15 to Oct. 31 period in a filing Wednesday in U.S. Bankruptcy Court in New York. It had already reported a third-quarter net loss of $1.13 billion for the three months ending Sept. 30.
China will bail out state-owned firm
SHANGHAI, China - China has arranged a 5 billion yuan ($618 million) bailout for one of the nation's biggest state-run conglomerates - a collection of textile and drug businesses set up in 1992.
China Chengtong Group, a state-owned assets management company, will take over China Worldbest Group and help the Shanghai-based conglomerate cope with outstanding loans of 25 billion yuan ($3.1 billion).
EU bank increases key interest rate
FRANKFURT, Germany - The European Central Bank raised its key interest rate by a quarter point to 2.25 percent Thursday but said it was not a sign that more increases were in the offing.
The first rate increase in five years came amid objections by some politicians and economists who argued against any action that could slow the 12-nation region's growth.
See more business stories at augustachronicle.com/business.
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