News Summary: Daimler 1Q profit slides

News Summary: Daimler 1Q profit down 60 percent in slow European economy

Associated Press

DAIMLER DOWN: The maker of Mercedes-Benz luxury cars said net profit fell to 564 million euros ($733 million) from 1.42 billion euros a year ago. Revenue was down 3 percent at 26.1 billion euros.

EURO RUTS: Daimler laid much of the blame on economic problems afflicting Europe. The economy of the 17 countries that use the euro currency is in recession and struggling to reduce excessive levels of government debt.

ROUGH ROAD AHEAD: Daimler said it expected U.S. and Chinese markets to grow but warned that European car sales will decline further this year.

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