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Category Archives: economy
GM to Freeze U.S. Pension Plans and Convert to 401Ks
GM’s global pension plans were underfunded by $24.5 billion, an increase from $22.2 billion at the end of 2010, GM reported today in its year-end results. Of that potentially crippling debt $13.4 billion is in the U.S. Continue reading
Ford China Sales Plummet 42% in January? GM off 8%
Ford China reported January sales of 30,976 vehicles – a – 42% freefall compared with 53,340 vehicles in the same period last year, and just under 50,000 vehicles in December of 2011. General Motors also posted a drop of 8% in January to 246,654 vehicles – GM’s second-best January ever in China where it is well established. The open question is whether this is the beginning of a prolonged downturn in the Chinese economy that some western economists are predicting as a result of Chinese government policies to slow down growth. If so, it will be an unwelcome development for both GM and Ford with their weak balance sheets, and loss making operations in Europe. Things will become clearer when other automakers report China sales. Continue reading
Posted in auto news, economy, news, results, sales
Tagged auto informed, autoinformed.com, automotive news, buick china, chevrolet china, china sales, ford china, gm china, Ken Zino, results
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Chrysler Group Posts a Modest 2011 Profit of $183 Million
Chrysler Group earned a profit of $183 million for the full year 2011, up from a net loss of $652 million a year ago. The positive, if small, result came as the Italian owned company paid back a $551 million in debt to taxpayers. Chrysler’s net revenue for the year was $55.0 billion, up 31% from a year ago. Fourth quarter net revenue increased 41% to $15.1 billion, the best quarter since it emerged from a controversial taxpayer financed bankruptcy in 2009. Continue reading
BLS Says U.S. Unionization Rates Unchanged in 2011
The data also show that among full-time wage and salary workers, the median weekly earnings of union members were $938, compared to $729 for nonunion workers. Continue reading
Posted in economy, labor issues, news, news analysis
Tagged auto informed, autoinformed.com, automotive news, bls, hilda solis, Ken Zino, unionization rate, unions
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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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Ford Motor Company Posts 2011 Profit of $8.8 Billion
As a result of Ford’s 2011 financial performance, profit sharing payments will go to 41,600 eligible U.S. hourly employees. Under the UAW-Ford collective bargaining agreement, Ford’s North American pre-tax profits of $6.2 billion will generate approximately $6,200 on a full year basis. Based on first-half 2011 results, about $3,750 was paid per employee, which was distributed in December 2011. For the second half of 2011, about $2,450 per employee will be paid in March. Continue reading
U.S. New Auto Sales to Drop in January for Third Month
Retail transactions are thought to be the most accurate measurement of underlying consumer demand for new vehicles, so the New Year starts for automakers with mixed results. A weak recovery of some sorts is underway, but auto sales are nowhere near their pre Great Recession levels where the retail SAAR was routinely above 14 million units. Continue reading
Posted in auto news, economy, news analysis, results, sales
Tagged 2012 auto sales, auto informed, auto sales, autoinformed.com, automotive news, j.d power, january results, Ken Zino, results
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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
Midas Sued in Europe for Breach of Contract
The unwelcome development for Midas shareholders comes as the Midas board of directors is exploring the possible sale of the company during an ongoing strategic review. Share prices have ranged from a 52-week high of $9.50 to a 52-week low of $5.08. Currently Midas is trading at $8.46. Midas during the first nine months of 2011 had net earnings of $4.4 million ($0.32 per diluted share), an increase from $2.3 million or $0.17 per diluted share in 2010. Midas pays no dividend. Continue reading
Posted in aftermarket, auto news, economy, litigation, news
Tagged Alan D. Feldman, auto informed, autoinformed.com, automotive news, Ken Zino, mds, mesa, MESA S.p.A., midas
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U.S. Treasury Says China Continues to Undervalue its Currency
In what will undoubtedly become a Presidential campaign issue next year, as a result of the undervalued renminbi, China continues to increase its global export market share, and it remains heavily dependent on exports. Continue reading
Chevrolet Volt Hybrids for China arrive at Shanghai
Due to a combination of tariffs and incentives for locally-produced Chinese vehicles – at the core of China’s job creating industrial policy – the Michigan built Volt (more than $40,000 in the U.S. without government incentives) will be at about a $19,000 per hybrid disadvantage, not good news for UAW employees who build the Volt in Hamtramck. Continue reading
Milestones: U.S. Population of 312.8 Million on New Year’s Day
Through 2050, the United States is projected to remain in third place behind India and China among the world’s most populous countries with 423 million inhabitants. China of course has been the world’s largest auto market for three years now, and will likely remain so for the next decade. While this looks like a large increases in the number of persons in the U.S., the rate of population growth, is projected to decrease during the next six decades by about 50 %. The decrease in the rate of growth is mostly due to the aging of the population and, consequently, a dramatic increase in the number of deaths. From 2030 to 2050, the United States would grow more slowly than ever before in its history, potentially an economic disaster with potentially grave implications for economic expansion, revenue and national wealth. Continue reading
Posted in auto news, economy, milestones, news, people
Tagged auto informed, autoinformed.com, automotive news, census, china, Ken Zino, population growth
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Iran Threatens to Close Strait of Hormuz, Shut Off Oil Supply. Here We Go With Another Oil Crisis Caused by Despots?
The larger issue remains an amorphous U.S. strategy conducted and – alas – at times directed in Washington by big money interests that care not about the welfare of the United States or its citizens. U.S. energy policy going back to President Carter and the first OPEC oil embargo four decades ago has failed under one-term Carter and every successive President and Congress since – Democrat or Republican – to eliminate this security threat – as well as the corresponding national economic decline posed by oil imports and the resulting enormous transfer of U.S. wealth overseas. Continue reading
December New Vehicle Sales to End 2011 above 1 million
While new vehicle sales will be relatively strong, if the forecast holds, the auto sales volume means a seasonally adjusted annualized rate or SAAR of 11.2 million units nowhere near the 15-17 million rates of the middle of the last decade and the current rate in the EU, even with its Eurozone crisis. Continue reading
Posted in auto news, economy, news, results, sales
Tagged auto informed, autoinformed.com, automotive news, december results, j.d power, Ken Zino, results, u.s. auto sales
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