CAIRO, Feb 8 (Reuters) - General Motors temporarily suspended its operations in Egypt due to a currency crisis, a company source told Reuters on Monday.
"The entire sector has a currency crisis. We cannot make a car without some of the parts. We stopped production temporarily yesterday until we can clear the imports held up in customs," the source said.
(Reporting Ehab Farouk; Editing by Louise Ireland)
"We are not very ambitious. I should be careful about talking about work-life balance, but the Americans just work harder.”
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As U.S. inflation worries grow, some investors are preparing for the 10-year U.S. Treasury yield to breach a 16-year high of 5% hit last October. Bond yields, which move inversely to prices, have climbed in recent weeks as signs of persistent inflation erode expectations for how deeply the Federal Reserve will be able to cut interest rates without further fueling consumer prices. Many investors are betting further weakness lies ahead for bonds.
This company told investors it might go out of business.
HOUSTON (Reuters) -Exxon Mobil Corp on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. The largest U.S. oil company, which is in the process of closing a $60 billion deal for top shale oil producer Pioneer Natural Resources, posted first-quarter earnings of $8.22 billion, or $2.06 per share, compared to an $11.43 billion net profit a year ago. Earnings from oil and gas production fell 14% on lower natural gas prices and refining tumbled 67% on weaker margins and investment and tax costs.