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Category Archives: labor issues
PBGC Says American Airlines Workers Should Worry About Pensions and Medical Care – So Should Taxpayers
The Pension Benefit Guaranty Corporation has called out what it says is misleading statements to American Airlines employees by its management about their pension plans under a bankruptcy reorganization. “American Airlines is telling their workers and retirees not to worry, … Continue reading
Posted in aviation, economy, financial results, labor issues, news, news analysis, people, results, transportation
Tagged american airlines, amr, auto informed, auto news, autoinformed, autoinformed.com, automotive news, Ken Zino, pbgc, pension, pension benefit guaranty corporation, zino
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December U.S. Unemployment at 8.5% Remains at Crisis Levels
The 200,000 employment increase is roughly half of what is needed each month to return the almost 20 million under-employed and unemployed back to full-time work as taxpayers in the still ailing U.S. economy. At this rate it will take a decade or more to return to pre-Great Recession levels. Since 80% of workers in the U.S. commute to work in a vehicle, the unemployment crisis hurts the auto industry’s prospects and its own fragile, mostly jobless, recovery that is underway. Continue reading
GM China Advanced Technical Center Nears Completion
GM intends to use Chinese battery suppliers in future electric vehicles – the latest setback for beleaguered U.S. workers who are facing grim employment prospects in the moribund U.S. economy. This is no longer a blue-collar or solely a UAW problem. College level white collar engineering jobs are at stake in advanced technologies touted by politicians as the key to returning the U.S. to global competitiveness. Continue reading
Posted in auto news, economy, electric vehicles, environment, labor issues, new vehicle, news, news analysis
Tagged auto informed, autoinformed.com, automotive news, china, China Advanced Technical Center, electric vehicles, EVs, GM, great recession, industrial policy, Ken Zino, unemployment
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GM Moves Canadian Healthcare off Balance Sheet to Trust
This means that GM Canada is free from any obligations associated with the cost of providing retiree healthcare benefits for eligible CAW represented retirees, surviving spouses and dependents. In exchange, GM Canada will transfer C$0.8 billion in cash and issue C$1.1 billion of notes to the HCT.
In its Q2 earnings GM had obligations of $4.7 billion in debt, $5.5 billion in preferred stock (U.S. government owns 26.5% of GM), $10.8 billion in unfunded pensions, and $10 billion in other post-retirement employee benefits. It’s not clear how GM is going to fund these. It looks like issuing more common stock is not feasible given current share price of ~$24, far below the IPO price of $33 and its high of $39.48. GM will report Q3 earnings tomorrow. Continue reading
Posted in auto news, financial results, labor issues, news, news analysis, results
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, canadian auto workers, caw, gm healthcare costs, hct, Ken Zino, news, results, uaw, veba, zino
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Toyota to Export U.S.-Built Sienna to South Korea. FTA that UAW Supported, Also Helps Non-Union Plant Exports
The Korea FTA is opposed by all organized labor groups, except the United Auto Workers Union, which in the view of critics sold out organized labor for the promise that 75,000 UAW-built vehicles would be exported to Korea. Thus far Ford and General Motors, all with new four-year UAW contracts, have not announced plans to export to Korea. Continue reading
PBGC Sues Bendix for Pension Debt from Plant Closing
The action against German-owned Bendix is the first time PBGC has had to go to court to compel a company to cover pension obligations from a plant closing. Continue reading
Posted in auto news, economy, labor issues, litigation, news analysis
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, bendix, bendix commercial vehicle systems, bnedix frankfurt kentucky plant, Ken Zino, pbgc, pension benefit guaranty corporation, pension defaults, pensions, zino
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Chrysler UAW Contract Ratified by Rank and File
As was the case with newly ratified UAW contracts at GM and Ford, a large part of the Chrysler UAW deal – in this case, $3.4 billion of claimed new investment of $4.5 billion – was part of previously announced business plans after Chrysler emerged from a controversial taxpayer-supported bankruptcy and reorganization in 2009. Continue reading
Posted in economy, labor issues, news analysis, results
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, chrysler uaw, Ken Zino, organized labor, uaw, zino
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President Obama and South Korean President Lee Defend Korean FTA at a Michigan General Motors Small Car Plant
President Barack Obama and South Korean President Lee Myung-bak toured the General Motors Orion Assembly Plant on Friday and spoke to several hundred workers and guests in support of the pending U.S-South Korean Free Trade Agreement. The rally came as U.S. long term unemployment remain at record post Great Depression levels. Korea is the fifth largest producer and fourth largest exporter of motor vehicles in the world, and – up to now – its car market has been closed. Continue reading
Posted in auto news, economy, labor issues, news analysis, people, results, sales
Tagged auto informed, autoinformed, autoinformed.com, chrysler, Ford, GM, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, president obama, trade imbalances, u.s trade deficit, uaw, unemployment, zino
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More Jobs to China as GM Will Develop a New Global Engine Family with SAIC and Pan Asian Technical Center
General Motors will develop an all-new global family of small-displacement “Ecotec” gasoline engines over the next several years in China in conjunction with the Shanghai Automotive Industry Corp. (SAIC), Shanghai General Motors (SGM) and the Pan Asia Technical Automotive Center (PATAC). Continue reading
Posted in auto news, economy, engineering, labor issues, manufacturing, news analysis
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, china, GM, gm engines, Ken Zino, saic, zino
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Chrysler UAW Reach Tentative Deal
Chrysler the smallest of the Detroit Three has agreed to a Chrysler UAW contract it was announced this morning. The UAW Chrysler proposed agreement includes $4.5 billion of investment to produce new models and upgraded vehicles and components by 2015, all of which will be invested directly into retooling and upgrading plants. At first look it appears to be a major victory for Sergio Marchionne, CEO of the Italian-controlled company, who was determined to hold the line on costs, which because of the U.S. government forced bankruptcy in 2009 are at $49 an hour – competitive with non-union auto plants. Continue reading
Obama Administration Submits Controversial FTAs to Congress. Largest Loss of Jobs since NAFTA Coming?
The AFL-CIO said the “The Korea agreement is the largest offshoring deal of its kind since NAFTA. If enacted, it likely will displace 159,000 U.S. jobs, mostly in manufacturing. And its glaring loopholes would allow unscrupulous businesses to import illegally labeled goods from China and possibly even from sweatshops in North Korea—potentially without any tariffs at all.” Continue reading
Posted in auto news, economy, fools 'n frauds, labor issues, manufacturing, people, transportation
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, fta, hyundai, jobs, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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UAW has Deal at Ford Pending Local Approvals. 5750 Jobs Added or Retained During Contract. Shared Prosperity Claimed
The tentative agreement is based of Ford’s promise to add another 5,750 new jobs and invest what’s said to be $16 billion to produce new models and upgraded vehicles and components by 2015, of which, $6.3 billion will be invested directly into retooling and upgrading plants. As is the current management practice in the ailing U.S. economy, the jobs claim includes so called retained jobs, as well as some new ones. All of this is contingent upon contract approval by local union members. Continue reading
Labor Demand Down Again, Continuing Unemployment Trend
nline advertised vacancies were down 43,500 in September to 3,947,100, according a Conference Board study released today. The September drop follows a decline of 164,000 in August and a decrease of 217,000 in July. The Supply/Demand ratio stands at 3.50, meaning there were 3.5 unemployed for every online advertised vacancy in August, the latest monthly data available for unemployment. Nationally, there are 10 million more people officially unemployed (9.98 million) than advertised vacancies under the “no jobs” Obama Administration. Continue reading
Posted in auto news, economy, labor issues, manufacturing, results
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, conference board, employment advertising, jobs, Ken Zino, labor demand, no jobs obama administration, u.s. unemployment, unemployment, zino
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Auto Industry Reputation Shows Big Gains as Airlines, oh, Crash
The latest Harris Poll that measures how the public perceives twenty-two of the nation’s largest industries shows huge shifts during the last two years. The biggest changes since 2009, when the survey was last conducted, are a huge improvement in the auto industry reputation as measured by the number of people who think that the auto industry is doing a good job of serving consumers, while there is also a “very large increase” in those who think the airline industry is doing a bad job. Continue reading
