US vice president Joe Biden says the US government’s wager on the motor industry has paid off.

THE great-grandson of the man behind the automobile revolution has said he would not rule out the possibility of reopening the plant Ford closed in Cork in July 1984.

Bill Ford, who struggled for five years to steer Ford Motor Company towards financial stability, is stepping down as chief executive and is being replaced by Alan Mulally, a top executive from aircraft manufacturer Boeing.

Solid employment data renewed Wall Street’s inflation worries and sent stocks skidding today, with a bond sell-off overshadowing a fresh drop in oil prices.

US stocks rose moderately today as investors digested Tuesday’s gains, which followed the Federal Reserve’s signal that it may be nearing the end of its streak of short-term interest rate hikes.

FORD Motor company said it swung to a loss in the third quarter as sales of sport utility vehicles declined, and chief executive Bill Ford Jr warned of “significant plant closings” to help slash costs in North America.

Bill Koenig, Bloomberg

Losses by the owner of British-made upmarket car brands Jaguar and Land Rover contributed to a 38.5% fall in first quarter earnings at Ford, it emerged today.

Wall Street looked askance at earnings reports yesterday, with investors bidding stocks sharply lower despite healthy profits at companies such as 3M and Ford.

Ford is hinting at further job cuts on top of 5,000 already announced this year.