News Briefs - Oct. 18
The Latest Headlines:
- Delphi Narrows 3Q Loss
- OPEC Expects Cuts Forecast for 2005 Oil Demand
- Amex Officials to Continue Listing Allied Holdings
- OPEC Expects Cuts Forecast for 2005 Oil Demand
Delphi Narrows 3Q Loss
Vehicle parts maker Delphi Corp. said its third-quarter net loss was $114 million or 20 cents per share, compared with a loss of $353 million or 63 cents a year earlier.Revenue rose 1.3% to $6.65 billion, the company said in a statement. Excluding restructuring charges and a reduction in tax benefits, Delphi would have had a net loss of $66 million or 12 cents, matching the average estimate of analysts, Bloomberg reported.
"The third quarter was a more challenging environment than we experienced in the first half of 2004, with increased commodity pressures, low production volumes, product launch issues and lower attrition," said J.T. Battenberg III, Delphi's chairman and president.
OPEC Expects Cuts Forecast for 2005 Oil Demand
The OPEC oil cartel said that record prices would slow the growth in demand during 2005.OPEC, producer of about one-third of the world's oil, said world consumption would rise by 1.61 million barrels a day to 83.41 million barrels a day. That is 130,000 less than predicted last month, OPEC said in its monthly report.
The cartel also said its members are pumping at record rates, equal to 30.12 million barrels a day in September, Bloomberg reported. Transport Topics
Amex Officials to Continue Listing Allied Holdings
Allied Holdings, Decatur, Ga., said Oct. 11 that its stock would continue to be listed on the American Stock Exchange after Amex officials gave the company more time to file financial reports and comply with the exchange’s listing standards.Allied failed to file a quarterly report required by the Securities and Exchange Commission for the second quarter ended June 30, triggering a process to delist the stock.
On Sept. 27, Allied officials said Amex had notified them that the company would have 60 days to comply with the listing standards, or face delisting. Allied said it would file the necessary reports on or before Oct. 25. Transport Topics
