GMAC Posts $724 Million Loss
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Hurt by the housing slump, the home mortgage lender said  it lost $724 million in the fourth quarter.
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The company reported a fourth-quarter net loss of $2.58 billion,  citing a $6.1 billion charge related to transferring employees from a multi-employer pension fund.
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General Motors Corp.  will inject $1 billion into GMAC, its former finance arm said on Tuesday, a capital infusion needed to complete the sale of the automaker's majority stake in the face of escalating defaults in the U.S. mortgage market.
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The business racked up nearly &#36;1 billion in losses since 2001.
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MGIC Investment Corp , the largest U.S. mortgage insurer, recorded another losing quarter on Wednesday, as the bond insurance industry continues to grapple with rising defaults in the U.S. subprime mortgage market.
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The crisis in the US sub-prime mortgage market leads to losses at US consumer finance firm GMAC.
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The chip maker reported a larger-than-expected loss but showed progress in curbing its expenses and capturing a share of strong demand for personal computers.
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General Motors Corp. reported the largest annual loss for an automotive company Tuesday and said it is making a new round of buyback offers to US hourly workers as it struggles to turn around its North American business amid a weak economy
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The nationâs largest homebuilder posted a first-quarter loss of $128.8 million on charges to write off inventory and land values amid the continuing housing slump.
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Scandal-hit Mitsubishi Motors of Japan has reported a group net loss of $A1.824 billion in the first half of the 2004 business year, compared with a loss of $A1 billion a year earlier.
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General Motors Corp.  said on  Tuesday it was restating its net loss for the just-reported  second quarter, increasing the loss by $200 million to reflect  a tax provision related to the sale of its finance arm, GMAC.
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Countrywide Financial Corp ,  the battered mortgage lender being acquired by Bank of America  Corp , posted a $422 million fourth-quarter loss on  Tuesday, hurt by mounting defaults in a sinking housing market.
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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The company said its net loss in the fiscal third quarter ended Dec. 1 was $84.8 million, or 12 cents a share, compared with a net profit of $1.1 million.
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The restaurant giant posted a quarterly net loss of $711.7 million after taking a big charge for the sale of its outlets in Latin America.
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The loss, which came to $3.41 a share, was in contrast to a profit of $45.4 million, or 97 cents a share, in the quarter a year earlier.
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Advanced Micro Devices Inc , the world's second-largest maker of computer microprocessors, on Thursday posted a wider quarterly net loss due to a $1.68 billion charge related to its purchase of graphics chipmaker ATI.