Friday, February 25, 2011 myBiz Blog
MarketWatch 2.27.11 by Kelly Cuene

 

Stay current with what is happening in the business world each week:

GM Making a Comeback Two years after filing for bankruptcy protection, General Motors Co. posted 2010 results that were its strongest annual performance in more than a decade and forecast further growth this year. GM earned $4.7 billion for the year, its first annual profit since 2004 and its best yearly performance since 1999 when the sport-utility-vehicle craze fueled earnings. Results marked a dramatic turnaround since GM's crack-up two years ago and re-assembly through a U.S. government bailout and a whirlwind trip through bankruptcy-court. Source: Wall Street Journal

Gas Prices Expected to Rise Significantly Due to unrest in the middle east, especially in Libya, gas prices are expected to rise as oil exports slow. A violent uprising against leader Muammar Gaddafi's 41-year rule in Libya has deterred some shippers from sailing to that country, with some vessels refusing to dock at Libyan ports or turning back. Investors fear instability in Libya and elsewhere could spread to other major oil producers in the region, causing oil prices to spike earlier this week. Libya is the 12th largest exporter of oil in the world. Source: Reuters, ABC News, NY Times

Boeing Wins $35 Billion Contract with Pentagon In a somewhat surprising turn of events, Boeing beat out rival European Aeronautic Defense and Space Co. (EADS) in a bidding process to produce aerial fueling tankers for the U.S. Air Force. EADS is the maker of the Airbus planes. The news helped stocks advance Friday morning and Boeing climbed 2.4% after news of deal emerged. European Union officals and lawmakers in the southern U.S., where EADS had planned to build a production facility, expressed disappointment. The Pentagon's decision follows a protracted and controversy-plagued contest that has lasted almost a decade. Some say the choice now threatens to launch a fresh trans-Atlantic political spat and feed perceptions in Europe that the U.S. defense market—the world's biggest—remains largely closed to European defense suppliers. Source: Wall Street Journal