According to a report here in Washington, survey done basing oil and gas company executives, many are seeing the future cars running on renewable energy.Renewable energy sources include air, water, solar energy and wood. Their collection cost is more than the fossil fuel, which has an indirect cost. Also, the fossil fuel has an issue of global warming.

A recent survey has been conducted in America which included 100 chief financial officers. Out of these, 9 out of 10 speculated that renewable energy will hold a large number of shares in the coming 5 years.  1 to 5 of them thought that renewable energy shares will be more than double.

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If you are thinking that electronics’ makers sailing smooth despite economic downturn, you need to think again at least the revision of profit forecast from Panasonic seems to suggest so. The company has slashed its profit forecasts by 40% for the present fiscal year.

Panasonic was expecting to make 560b yen in the current fiscal year that to end next March, but now the company has cut it down to 340b yen.

According to the company, the current economic slowdown that started in the US was spreading in other parts of the world and just like other businesses it was hitting sales of electronics’ makers as well.

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High value of the yen and intense decline in the US car market became the cause of 41% fall in Nissan half-year profits.

Nissan made a net profit of 126bn yen between April and September, while it was 212bn yen a year earlier.

There was an overall 4.7% rise in sales, but in the US it fell 3.4%.

Nissan, looking ahead, has also warned that its profits for the financial year by the end of March can drop more than two thirds.

The company is expecting a net annual profit of 160bn yen, while it was 484bn yen a year back that is well short of the company’s 340bn yen previous forecast.

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Because of an industry-wide slowdown in sales, the French carmaker Renault announces 6,000 job cuts.

According to Renault, about 4,900 jobs would be cut in France while the number would go 1,100 in other European countries.

However, a severe reaction has been shown by the French unions to the news and CGT union has called for one-day strike on Thursday.

The CGT union is asking President Nicolas Sarkozy to arbitrate the issue. Almost 15% of Renault’s shares are owned by the French government. …read the rest of this entry»