– Honda says its earnings rose nearly 74 percent, to $620 million, in the quarter ended in Dec. 31 on robust sales both at home and in the U.S., as well as cost-cutting efforts and the yen’s recent weakness against the dollar. Sales rose 11 percent, to $13.2 billion. Honda sold 652,000 vehicles worldwide in the quarter, up 1.2 percent from 644,000 a year earlier.
– Kmart Corp. has asked a bankruptcy court to opt out of a sponsorship agreement with the Daytona 500. The discount retailer, which sought Chapter 11 bankruptcy protection Jan. 22, called the Daytona 500 contract an unnecessary use of its much-needed cash. In April 2000, Kmart agreed to pay International Speedway Corp., a racetrack owner, $685,000 this year and $735,000 next year to become an official sponsor and official mass retailer of the Daytona 500, which will be held Feb. 17.
– Ford Motor Co. has awarded Lear Corp. and its partner the contract to make tire-pressure monitoring systems for the Explorer sport-utility vehicle. Federal legislation mandates that such systems be installed on all new cars and light trucks sold in the U.S. beginning in November 2003.
– Federal and state officials say highway spending is likely to be cut by $9 billion the next fiscal year because of shortfalls in fuel-tax receipts. Officials say construction projects begun likely would not be interrupted, and other projects could be delayed to offset a shortfall. Highway funding is part of President Bush’s budget, which awaits Congressional approval.
– Hitchmaker Hidden Hitch has developed a new bike carrier that folds and swings away from the rear access doors of vans and SUVs. The carriers are designed to protect the vehicle’s paint by keeping the bicycles away from the auto’s body. The bikes can carry three and four bikes and list from $258.48 to $315.92. Visit www.hiddenhitch.com or call 877-869-6787.
