GM may miss target for plug-in hybrid

CEO Wagoner says automaker pouring massive resources into battery-powered Volt, but can't promise it'll be ready by 2010 target date.

NEW YORK (CNNMoney.com) -- General Motors might not be able to hit its target to have its breakthrough electric-powered car the Chevrolet Volt in production by 2010, according to comments made by CEO Rick Wagoner during an online chat.
Wagoner, who participated in an online forum Thursday to mark the 100th anniversary of the automaker, said the company continues "to put massive resources into production as soon as possible." But he cautioned, "2010 would be great, but (we) can't guarantee that at this time."
The Volt, unveiled at the Detroit auto show a year ago, is a so-called "plug-in" hybrid that would have a lithium-ion battery that can be recharged on common household electric current.
GM says it should be able to travel up to 40 miles powered by just the battery. On longer trips the Volt would use a motor powered by gasoline or ethanol to charge the batteries, a system it calls "E-Flex."
Automakers end tough '07 with weak sales
GM (GM, Fortune 500) has already started to build advertising campaigns around the Volt, even though in the best-case scenario it is years away from production. It is seen as a way of trying to change public perceptions about the fuel efficiency and environmental responsibility of the U.S. automaker, which is more closely associated with large SUVs or pickup trucks.
"The Chevy Volt, and the E-Flex system, are really important for GM's, and I think the whole industry's, future," Wagoner said. "With the growing demand for oil, we need to diversify the sources of power for autos."
But GM and its suppliers still have work to do on developing a battery that can meet the demands for the car. Wagoner said GM is are currently bench testing batteries, but didn't give any more details about how those tests were going.
GM reported a drop in December sales Thursday that left its 2007 sales down 6 percent. Its market share fell to 23.7 percent from 24.6 percent a year earlier. While rival Toyota Motor (TM) also reported a drop in December sales, it ended the year with a 3.1 percent gain in sales, taking its U.S. market share up to 16.2 percent from 15.4 percent a year earlier.
The sales gains at Toyota were helped by a nearly 70 percent jump in sales of its Prius hybrid sedan, as well as its other hybrid offerings. The Toyota hybrids run on a combination of power from a traditional gasoline engine and an electric motor, but they are not plugged in to recharge the battery.
Those sales helped Toyota move past Ford Motor (F, Fortune 500) into the No. 2 spot in U.S. sales. It also helped its Toyota brand move past both Ford and Chevrolet to become the nation's best-selling brand.

Wall Street on the jobs

Futures cautiously higher ahead of December employment readings as recession jitters abound.

NEW YORK (CNNMoney.com) -- Stocks were poised for a modestly positive start Friday, although investors remained cautious ahead of the government's much-anticipated jobs report.
At 6:24 a.m. ET, Nasdaq and S&P futures were narrowly higher, suggesting gains at the start for Wall Street, but that could quickly change at 8:30 a.m. ET when the Labor Department releases its December report.
Economists surveyed by Briefing.com forecast the report could should employers added only 70,000 jobs in the month, down from a 94,000 increase in November. Since that's not enough job growth to keep up with increases in the labor pool, economists are also looking for the unemployment rate to rise to 4.8 percent from 4.7 percent, which would be a 17-month high.
But there are some economists who warn the report could come in weaker than expected, perhaps even showing a drop in Americans with jobs, especially since the government collected information from employers during a week when much of the country was hit by severe winter weather.
The report comes amid growing anxiety about the threat of a U.S. recession that has been fueled by surging oil prices. Oil futures reached $100 a barrel for the first time Wednesday and crossed that milestone during the trading session on Thursday, although once again it retreated below that benchmark before the close.
In early electronic trading on Friday, crude prices held steady near $99 a barrel, with a barrel of light sweet crude trading down 19 cents at $98.99 a barrel.
Jitters about the U.S. slowdown hammered stocks in Japan, where the benchmark Nikkei sank 4 percent as traders there returned from an extended holiday. European stocks got off to a positive start.
Stocks to watch Friday include Dow component Boeing (BA, Fortune 500), which reported late Thursday that commercial jet orders soared 35 percent in 2007 to 1,413, supported by demand for its new 787 aircraft, which saw orders more than doubled to 369 from 157 a year earlier.
But Scott Carson, the head of Boeing's commercial aircraft until told in-house publication Boeing Frontiers that he didn't believe the company would be able to have a fourth straight year of orders above 1,000 in 2008, citing the toll higher fuel prices will take on its airline customers.
Home furnishings and housewares retailer Bed Bath & Beyond (BBBY, Fortune 500) announced after the close Thursday that current quarter profit would miss Wall Street estimates and forecast sales at its stores open at least a year would be flat in the period. Shares plunged 6.6 percent in after-hours trading following the announcement.
General Motors (GM, Fortune 500) CEO Rick Wagoner said in an online chat Thursday that the company is still pushing to get its ambitious plug-in hybrid vehicle the Volt into production by 2010. But despite what he called "massive resources" being put into development, the company "can't guarantee that at this time," he said.
The Volt is designed to run solely on a rechargeable lithium-ion battery now in development for most trips. GM, which saw 2007 sales fall 6 percent in the face of higher fuel prices, has already started heralding the Volt in advertising campaigns, even though it is not yet available.
Also in the news Friday is Spark Networks (LOV), parent company of the popular dating site JDate.com, which has put itself up for sale, according to a report in the New York Times.

Dollar coins get more presidents

U.S. Mint celebrates Monroe, Adams, Jackson and Van Buren to spur use of the oft-ignored coins.

WASHINGTON (AP) -- Coming soon on new presidential dollar coins - Old Hickory, Old Kinderhook, Old Man Eloquent and the Last of the Cocked Hats.
The U.S. Mint, the maker of the nation's coins, on Thursday is unveiling the stately images of the next four presidents whose faces will appear on the front of the shiny gold-colored dollar coins next year. James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren will be the new additions to the presidential dollar coin series that started with George Washington in February.
Monroe, the nation's fifth president who was nicknamed the Last of the Cocked Hats - a reference to the hat worn by soldiers of the American revolution - will be the first of the 2008 presidential coins. The Monroe dollar coin will come out Feb. 14.
Up next: Adams, the country's sixth president who was nicknamed Old Man Eloquent because of his long speeches. The Adams coin will be put into circulation May 15.
The dollar coin bearing the likeness of Old Hickory, the moniker for seventh president Andrew Jackson because of his leadership in the War of 1812, will be rolled out Aug. 14. The Van Buren dollar coin, honoring the eighth president, will come out Nov. 13. One of Van Buren's nicknames was Old Kinderhook, a reference to his hometown in New York.
The Mint hopes the presidential series will breathe new life into dollar coins, which have suffered from little use in the past. The Susan B. Anthony and the Sacagawea dollar coins flopped - failing to get into cash registers and peoples' pockets.
The presidential dollar series is modeled on the Mint's popular 50-state quarter program, which lured millions of Americans into becoming coin collectors.
Like the quarters, the dollar coins will feature changing designs - four new presidents each year in the order they served in office. The president's faces are on the front of the coins, while the backs feature the Statue of Liberty. Some of the lettering, including "In God We Trust," was moved to the edge of the coins.
Some people believe the dollar coins won't gain wide acceptance unless the government gets rid of the dollar bill.
"We hope the next four presidential $1 coins will not only jingle in pockets but be spent as well," said Mint Director Ed Moy. "These coins are convenient. Each presidential $1 coin weighs less than four quarters, and they're especially useful for vending machines and mass transit," he added.
One problem hobbling the use of dollar coins in the past was that they weren't widely accepted in vending machines and mass transit systems around the country. To overcome such problems this time around, the Mint is launching a pilot program in the Washington metropolitan area aimed at stimulating business and bank demand for the coins. The effort will help the Mint identify impediments to widespread use of the dollar coins and find solutions for them.
"We will be working with several local retailers and banks in a concentrated area to facilitate the increased circulation of the presidential $1 coins," Moy said. "We want to see more of these coins used in daily transactions and given out as change like other denominations."
More than 800 million presidential coins were put into circulation in 2007, the Mint said. Those first four coins carried the images of Washington, John Adams, Thomas Jefferson and James Madison.

Hello Kitty chases young men

Japan's Sanrio says its 'Hello Kitty' character, traditionally popular with girls and young women, will soon appear on items targeted at young men.

TOKYO (AP) -- Hello Kitty is no sexist.
The cute cuddly white cat from Japan's Sanrio, usually seen on toys and jewelry for girls and young women, will soon don T-shirts, bags, watches and other products targeting young men, company spokesman Kazuo Tohmatsu said Friday.
"We think Hello Kitty is accepted by young men as a design statement in fashion," he said.
The feline for-men products will go on sale in Japan next month, and will be sold soon in the U.S. and other Asian nations, according to Sanrio.
The usual bubble-headed shape of Hello Kitty was slightly changed for a more rugged, cool look to appeal to men in their teens and early 20s.
For example, a picture of the cat on a $36 black T-shirt has the words, "hello kitty," instead of the usual dots for the eyes and nose.
Hello Kitty is one of mascot-obsessed Japan's biggest "character" hits, decorating everything from a humble $1 eraser to a $48,000 diamond necklace.
5 hot fashion trends for '08
The planned products mark the first time Sanrio is developing Hello Kitty items especially for males, Tohmatsu said.
But Sanrio had tried a "limited edition" collaboration in men's clothing with designers in Tokyo's chic Harajuku section earlier this year, and they proved popular, he said.
"Young men these days grew up with character goods," said Tohmatsu. "That generation feels no embarrassment about wearing Hello Kitty."

Oil hovers near $100 a barrel

Crude prices in record territory after touching milestone; traders await weekly inventory report.

NEW YORK (CNNMoney.com) -- Oil prices fell back early Thursday from the $100 a barrel level but remained in record territory as investors awaited the release of the government's weekly report on U.S. crude supplies.
U.S. crude for February delivery reached the $100 milestone for the first time ever on the New York Mercantile Exchange just after noon ET on Wednesday.
The surge was fueled by violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and talk of yet another drop in U.S. crude stockpiles.
Crude prices gave back some gains to settle the day up $3.64 at $99.62 on Wednesday, a new end-of-day record.
Prices eased early Thursday ahead of the latest government's stockpiles report. U.S. light, sweet crude for February delivery lost 31 cents to $99.31 a barrel in electronic trading on the New York Mercantile Exchange.
Analysts are expecting the inventory report - set for release at 10:30 a.m. ET, to show a 1.8 million barrel decline in crude supplies, according to a Dow Jones poll. It would mark the seventh straight week U.S. crude stocks have dropped.
Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said Wednesday from the NYMEX floor as oil made its dizzying climb.
The White House ruled out opening the Strategic Petroleum Reserve to temporarily relieve prices, and instead called for more domestic production.
In Nigeria, bands of armed men on Tuesday invaded Port Harcourt, the center of the oil industry, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.
At 2.1 million barrels per day, Nigeria was the world's eighth-largest oil exporter in 2006, according to the U.S. Energy Information Agency.
What $100 oil would cost you
A surprise fall in manufacturing activity sparked fears of yet another interest rate cut from the Federal Reserve. Interest rate cuts generally cause the dollar to fall - and oil prices to rise - as investors bail out of U.S. stocks and bonds and into commodities.
"The perception is that as the U.S. economy continues to weaken, the Fed will cut interest rates one more time," said Nauman Barakat, an energy trader at Macquarie Futures, the trading arm of Macquarie investment bank.
The Associated Press reported that several Mexican ports were closed due to rough weather.
PEMEX, the Mexican state oil company, could not be immediately reached for comment, but reports indicated the ports should be open by Thursday with minimal disruption to crude shipments.
At 1.7 million barrels per day, Mexico is the world's 10th largest exporter of crude and the second largest exporter to the United States behind Canada.
Oil has been on a tear over the last few months - rising from under $70 in August - as OPEC cuts from earlier this year began to eat into inventories in developed counties.
A falling dollar and reports pointing to tightening supplies as strong demand from developing countries swallows up new production gains have also pushed prices higher, as well as attracted a slew of investment money.
Crude has risen over five-fold since the start of 2002, largely for the same reasons.
Adjusted for inflation, oil is at or near the prices of the early 1980s. At that time, following the Iranian revolution and the outbreak of the Iran-Iraq war, oil traded in the high $30-a-barrel range, the equivalent of between $92 and around $103 a barrel in current prices, depending on the contract cited and the inflation calculation used.

Worries hang over Wall Street

Futures point to weak start for stocks as recession fears, surging oil prices rattle investors.

NEW YORK (CNNMoney.com) -- Stocks were poised for a weak open Thursday as concerns about the health of the economy hung over investors.
At 6:19 a.m. ET, Nasdaq and S&P futures were narrowly lower, suggesting a flat to slightly lower start for Wall Street.
Stocks tanked on Wednesday, with the Dow losing about 221 points, after oil prices reached the $100 a barrel level before closing just below that mark. A report that showed an unexpected decline in manufacturing for the first time in 11 months also ignited new recession fears.
Oil prices continued to hover near the $100 a barrel mark in early trading Thursday, with the price of U.S., light crude slipping 6 cents to $99.56 a barrel in electronic trading. But trading is likely to be volatile ahead of the release of the government's weekly inventory report, due at 10:30 a.m. ET.
Also on the economic calendar is a report on private sector employment from payroll services firm ADP, one on online job listings from Monster that showed a decline in December, as well as a report on layoffs from outplacement firm Challenger, Gray & Christmas which showed December layoff announcements well below November and year-earlier levels. All three reports come a day ahead of the government's payrolls report, which is forecast to show a modest gain of 70,000 jobs in December, down from a 97,000 increase in November. The unemployment rate is also forecast to rise to 4.8 percent from 4.7 percent.
November factory orders also are on tap Thursday, as is the weekly report on initial jobless claims.
In corporate news, State Street Corp. (STT, Fortune 500) became the latest financial services firm to report a hit from credit market problems as it said it a would take a $279 million charge, equal to 71 cents a share, to establish a reserve to cover legal exposure and other costs associated with the underperformance of certain fixed-income assets managed by its investment management arm. The reserve will be $618 million on a pre-tax basis.
Major automakers are set to report their December sales, with sales tracker Edmunds.com forecasting that the number of vehicles sold in the month slipped 3.6 percent decrease from the year-earlier period, but rebounded 16.8 percent from the weak November sales.
Edmunds sees relatively flat sales for General Motors (GM, Fortune 500) compared to a year earlier, a 6 to 7 percent decline at Ford Motor (F, Fortune 500) and Chrysler LLC, and slightly lower sales at major Japanese automakers, such as Toyota Motor (TM). Those sales will be reported throughout the day with Ford's noon report likely the first from the major automakers.
DVD-rental service Netflix (NFLX) and LG Electronics announced plans to have movies downloaded over the Internet to play on household televisions using a new LG-branded device. The device is due out in the second half of 2008.
The New York Times reports that privately held Landmark Communications has put the Weather Channel up for sale and that bids for the cable network and its Web site could top $5 billion, with media giants such as the NBC Universal unit of General Electric (GE, Fortune 500), News Corp. (NWS, Fortune 500) and No. 1 cable operator Comcast (CMCSA) among those interested in the property.
Overseas markets followed Wall Street lower. In Asia, Hong Kong stocks tumbled. Japanese markets were closed. European stocks fell in the early going.

The Sister of Two Kings

HRH PRINCESS GALYANI VADHANA 1923 - 2008
It is already difficult to be a sister of a king but Her Royal Highness Princess Galyani Vadhana was the sister of two Kings of Thailand.

HRH Princess Galyani Vadhana Krom Luang Naradhiwas Rajanagarindra was the elder sister of two Thai Kings.Like her brothers - HM King Ananda Mahidol (King Rama VIII, who passed away in 1946) and the reigning monarch HM King Bhumibol Adulyadej (King Rama IX) - Her Royal Highness commanded love and respect from Thais across the country.Like her mother HRH the Princess Sri Nagarindra, the Princess Mother, she was the patron of many foundations that work seriously for the well-being of Thais. HRH Princess Galyani Vadhana was born Her Serene Highness Mom Chao Galyani Vadhana on May 6, 1923 in London to HRH the Prince of Songkla and his consort Mom Sangwal - who was later the mother of two Thai kings. The princess was a direct granddaughter of HM King Chulalongkorn (King Rama V). On her birth certificate, her name was registered as "May". Later, HM King Vajiravudh (King Rama VI) graciously named her "Mom Chao Galyani Vadhana". Then in 1927, his successor HM King Prajadhipok (King Rama VII) elevated her to the rank of "Her Highness".Born in London, the princess was in the United Kingdom until the age of six months old, when her parents brought her back to Thailand. On 1 July 1925, her family moved to Germany, where HM King Ananda Mahidol was born on 20 September that year.In 1926, her parents had to travel back to Thailand to attend the funeral of HM King Vajiravudh and coronation of HM King Prajadhipok. So, the royal couple placed their children under the care of Champ Soleil in Lausanne - a place that Dr Francis B Sayre - former adviser to the Foreign Affairs Ministry - had recommended as having good hygienic standards. The princess and her brother were at the Champ Soleil for some months. By the time their parents picked them up, the young princess was already able to speak some French. In late 1926, HRH the Prince of Songkla took his family to the United States, where he pursued a degree in medicine at Harvard University, while his wife briefly studied psychology, cooking and nutrition at a college. In the United States, Her Highness Princess Galyani Vadhana enrolled at Park School for her kindergarten education. In 1927, her family welcomed their youngest member, a baby boy who would later become the world's longest reigning monarch. In 1928, HRH the Prince of Songkla graduated from Harvard University and returned to Thailand with his family. They lived in Sa Pathum Palace, with the Princess studying at the Rajini School.When the Princess was just six years old, her father passed away. A year after, Thailand changed from an absolute monarchy to a constitutional monarchy, and in 1933 her family moved to Lausanne.Back in Switzerland, the young princess was put under the care of Champ Soleil for two months so she could brush up on her French. After that, she attended the Miremont School for primary education.In 1934, HM King Prajadhipok abdicated and the Royal Thai Government invited Prince Ananda Mahidol to take the throne. In 1935, after her brother ascended the throne - as HM King Ananda Mahidol or King Rama VIII - the Princess was elevated to a higher rank of princess, Her Royal Highness. The family also rented a larger estate in Pully in honour of the young king. The estate was named "Villa Vadhana". In that year, the young princess enrolled at a girl's school, Ecole Superieure de Jeunes Filles de la Ville de Lausanne, where she also studied German and Latin. In 1938, she enrolled at the International School of Geneva, where she had demonstrated impressive academic performances. When she completed her secondary education, the Princess was the top scorer at her school and got the third best marks in Switzerland. In late 1938, she visited Thailand with her family. It was the first time HM King Ananda Mahidol had set his foot in Thailand as monarch. In 1942, the princess enrolled at the Lausanne University. Six years later, after the war, in 1948, she received the Diplome de Chimiste A. While there, she also studied literature and philosophy. In Switzerland, the Princess married Colonel Aram Rattakun Serireongrit and the couple had one daughter, Thanpuying Dhasanawalaya Sornsongkram. In 1950, the Princess returned to Thailand. With her love for teaching, she did not hesitate when her mother suggested she should take up a job teaching. In 1951, the Princess became a special lecturer in French language at the Chulalongkorn University's Faculty of Arts. She taught French Conversation, French Civilisation and French Literature. She taught there until 1958.In 1969, the Princess accepted an invitation to become a full-time lecturer at Thammasat University's Faculty of Liberal Arts. She was in charge of both teaching and administrative tasks as the head of French Language and French Literature Department and the director of foreign languages. The Princess taught French Language and French Literature to students. She also supervised classes conducted by both Thai and foreign teachers under her department. In 1973, the Princess successfully introduced a programme in French language and French literature. During her years at Thammasat, she was also a guest lecturer for Chiang Mai University's Faculty of Humanities. Despite her love for teaching, the Princess finally resigned from Thammasat in 1976 to tend to other obligations, and to help with her mother's work.However, even after stepping down from her full-time job, the Princess continued to be a guest lecturer at various universities. When she heard that the Prince of Songkla University's Faculty of Humanities suffered a shortage of teaching staff at its Pattani campus due to its remoteness and security problem, she agreed to stay at the campus to help conduct classes. The Princess has contributed to the country's education in various other ways. She sat on a committee to select who should win scholarships from the Office of Civil Service Commission to pursue degrees abroad. She chaired a committee that designed French exams for national entrance tests. In 1977, she also founded the Association Thailandaise Des Professeurs de Francais (Association of Teachers of French in Thailand) with the aim of providing a place where French-language teachers and lecturers could meet and exchange experiences to help improve their instruction. The Princess chaired the association from 1977 to 1981, and later remained as its honorary chairwoman. In 1978, Thammasat University bestowed her an adjunct professorship. xSince 1989, the Princess has supported students representing Thailand in the Academic Olympiads. She has also granted patronage to the Promotion of Academic Olympiads and Development of Science Education Foundation.The Siamese Association of University Women is under her patronage also. In addition to education, the Princess also did much social work. She was patron of the Thai Cardiac Children's Foundation, Foundation for Slum Children, Foundation for the Yuwaprasart Waitayopatham Hospital, Foundation for Children with Mental Disabilities, Foundation for Rajvithi Hospital, Green World Foundation and Hospital for Tropical Diseases Foundation. She has chaired many other foundations including the Kidney Foundation of Thailand and Breast Foundation. By granting her patronage, she worked closely with these organisations to try to ensure their work really benefited people, especially the underprivileged. In 1995, in the year of the Princess' sixth cycle birthday, HM King Bhumibol Adulyadej bestowed her with the title of Krom Luang Naradhiwas Rajanagarindra, a traditional Siamese custom dating back to the Ayutthaya period. In announcing the honoured title, His Majesty said the Princess was his only elder sister. She had been with him, through good times and bad, since they were very young. She was the one who had won his respect and the one who always supported him with the hope of making him happy. She had represented His Majesty to carry out various royal works and had always taken good care of their mother, which was a great relief to His Majesty. The King also appreciated the great contributions the Princess had done for the people of Thailand through various works. After her mother passed away in 1995, the Princess continued to carry out the Princess Mother's royal works. She was honorary chairwoman of the Princess Mother's Medical Volunteer Foundation and the Prostheses Foundation of HRH the Princess Mother. The Princess was also a writer. Based on her extensive travel experiences, her literary works included 'Bhutan: Green Island on Land', 'Is it cold in Siberia?', 'Turkey: Land of the Roman Emperors and Ottoman Sultans', 'Xinjian and Gansu: Pictures from Faraway Places', and 'Eastern China: Mountains, Lakes, Temples'.The princess also wrote books about her families. One of them was "Chao Nai Lek Lek - Yuwakrasat" (Little Royal Member - the Young King"), which she described as "not a book to honour His Majesty. It's the book an elder sister writes for her younger brother when he is celebrates his 5th cycle birthday on 5 December 1987, so that we together recall our childhood, both sadness and happiness, and share our stories with others".