INDUSTRY RELATED NEWS
June 16 (Financial 24) -- Lear Corp., the world� second- largest maker of auto seats, fell the most in six months after Barclays Capital downgraded the stock and said the company� financial restructuring may leave little for shareholders. The auto-parts supplier is trying to negotiate revised loan terms after getting a waiver through June 30 on some conditions and taking a 30-day grace period for $38 million in interest payments that had been due June 1. Lear has struggled as its biggest customer, General Motors Corp., and other carmakers have cut production because of slumping U.S. sales.
Lear Corp. Seat Maker
June 16 (Belfast Telegraph) IRELAND -- Large beef processors are using Northern Ireland cattle prices to force down farmgate prices across the water, beef farmers have claimed. Northern Ireland� prime cattle market has been moulded into a private supply pool used to manipulate market price across Britain and the Republic, the National Beef Association has said.
Irish Beef
June 14 (Courier Journal) SPRINGDALE, AR -- Tyson Foods said it had a larger-than-expected loss in the three months ended March 28 because of declining beef sales and one-time costs. The world's largest meat producer noted that it expects the drop in pork demand amid worries about the H1N1 influenza outbreak to be short-lived. In its fiscal second quarter, Tyson's sales dipped 1 percent to $6.31 billion. The company posted a loss of $104 million, compared with a $5 million loss a year earlier.
Tyson