Daimler Group has decided today to suspend the majority of its production in Europe, as well as work in selected administrative departments, for an initial period of two weeks. An extension of this halt will depend on further developments. Wherever operations need to be continued, the company will take appropriate precautions to prevent the infection of its employees.
The suspension applies to Daimler’s car, van and commercial vehicle plants in Europe and will start this week. Continue reading
Ford is suspending vehicle and engine production at its manufacturing sites in continental Europe in response to the growing impact of the Coronavirus. Effective from Thursday, March 19, it is expected that this action will continue for a number of weeks.
The action follows the World Health Organization’s designation of Europe as the new epicenter of the coronavirus epidemic with the number of reported cases growing significantly in recent days and expected to continue to rise rapidly. Ford’s decision to temporarily halt production also will contribute towards the efforts to contain the virus spread.
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The United Auto Workers (UAW), General Motors Co., Ford Motor Company and Fiat Chrysler (FCA) announced late yesterday that they are forming a COVID-19/Coronavirus Task Force to implement enhanced protections for manufacturing and warehouse employees at all three companies. Insiders say the UAW wanted an immediate shutdown but the CEOs wouldn’t have it.
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Reality emerging everywhere…
Ferrari has decided to suspended production in Maranello and Modena prompted by the Italian Government’s decree on COVID-19 issued on 11 March, as well as previous decrees. Ferrari had continued production “whilst placing employees’ well being as its main priority.”
Ferrari says it is now experiencing the first serious supply chain issues, which no longer allow for continued production. Continue reading
Hyundai Motor America is reinstating its Assurance Job Loss Protection program for customers who might be affected by the uncertain business and financial environment created by the coronavirus (COVID-19) pandemic. Sister brand Genesis is doing the same in an attempt to head off a sales slump as consumer demand plummets.
Originally started in January 2009 the result of the financial crisis, the Job Loss Protection program was the first of its kind for an automaker in the U.S.
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Our friends at Pew Research Center note that one of the key pieces of advice offered by health experts is: If you feel sick, stay home. This begs the question that Pew answers in its latest research report: As coronavirus spreads, which U.S. workers have paid sick leave – and which don’t?. Herewith excerpts from this non-partisan fact tank. As a neutral source of data and analysis, Pew Research Center does not take policy positions.
The U.S. and South Korea are the only two countries in the Organization for Economic Cooperation and Development where paid sick leave is not guaranteed, according to a 2018 report from UCLA’s World Policy Analysis Center. All European Union member countries have some form of paid sick leave, though the details vary.
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Lithium Ion battery explosions?
The U.S. Consumer Product Safety Commission says a recall involves Yamaha Line 6 Relay G10, G10S (G10SR), and G10T Digital Wireless Guitar System (G10 Family of Products) that allows an electric guitar to be connected wirelessly to an amplifier.
“The lithium-ion battery can overheat, and the battery cover can separate with force, posing fire and injury hazards.” (This appears to be an explosion – editor) Consumers should immediately stop using the recalled products and contact Yamaha to receive a free repair for the G10 Family of Products, and a full refund for the G10T USB charging cable. Continue reading
SEC Chairman Jay Clayton and staff doing what they can to help telecommunications and shareholder proposals. Let’s hope Trump doesn’t shut down the government again.
The Securities and Exchange Commission today said it has published guidance to assist public companies, investment companies, shareholders, and other market participants affected by COVID-19 with upcoming annual shareholder meetings. The guidance is designed to help companies hold meetings, including through the use of technology, and engage with shareholders while complying with the federal securities laws.
Affected parties can announce in filings made with the SEC the changes in the meeting date or location or the use of “virtual” meetings without incurring the cost of additional physical mailing of proxy materials. Continue reading
Still lagging is testing, but at least some movement finally to ease testing blocks.
Beleaguered President Trump has used his power to tell an adjourned Republican Senate and working House of Representatives that he is declaring that the outbreak of coronavirus disease (COVID-19) in the United States constitutes a national emergency. Our $19 trillion economy was expected to grow 2% this year. At 0% it equals more than $380 billion of losses.
This means that Trump is correcting or allowing to come about what were his previous misstatements this week, which caused a reign of confusion. Now the Secretary of Health and Human Services can exercise the authority to temporarily waive or modify certain requirements of the Medicare, Medicaid, and State Children’s Health Insurance programs and of the Health Insurance Portability and Accountability Act Privacy Rule throughout the duration of the public health emergency declared in response to the COVID-19 outbreak.
Ex-Formula One driver Mark Webber with the new Porsche 911. Not surprisingly, he praised the sports car.
The Executive Board and Supervisory Board of Porsche Automobil Holding SE in Stuttgart wants to increase the dividend for the fiscal year 2019 by 41% to €3.11 (prior year: €2.21) per preferred share and €3.104 (prior year: €2.204) per ordinary share. This corresponds to a payout of 952 million (prior year: €676 million), of which €476 million is attributable to the holders of preferred shares.
On 19 May 2020 the annual general meeting in Stuttgart will decide on the proposed dividend if the COVID-19 Pandemic doesn’t prevent it. Continue reading
Daimler AG has decided not to hold the company’s Annual Shareholders’ Meeting as scheduled on 1April 1, 2020, but to postpone it to a later date in 2020.
“This will inevitably lead to a corresponding postponement of the resolution on the allocation of profit and of the dividend payment.”
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NASCAR has finally decided to postpone the race events at Atlanta Motor Speedway this weekend and Homestead-Miami Speedway next weekend. This follows days of maneuvering to keep the events going and salvage some revenue from merchandising sales and TV rights.
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The Glass House acting more decisively then White House? Our $19 trillion economy was expected to grow 2% this year. At 0% it equals more than $380 billion of losses.
Ford Motor Company has just released a statement that despite the actions and rhetoric of the Trump administration further steps are needed to protect the health of its workers. The FMC action comes after Trump’s Wednesday address from the Oval Office, which immediately had to be corrected by Administration and other government staffers for it blatantly false assertions.
“In recent days, though, we concluded the issue has taken on a different dimension,” said Ford, “and (we) are continuing to act in real time to keep our people safe and help limit the spread of the virus in communities where we live and work.” Continue reading
“We at Volkswagen of America are disgusted by positions taken by U.S. Soccer.”
The U.S. Soccer Federation apologized after it contended in court documents that women on its national team had lesser responsibilities and physical abilities than their male counterparts and should be paid less than men. This blatantly sexist assertion drew widespread criticism and ignited a player protest the Associated Press reports.
USSF President Carlos Cordeiro’s weak and mild expression of regret on Wednesday night came after The Coca-Cola Co. lambasted the federation for supporting lesser pay for its female stars. Coca-Cola called the federation’s assertion in documents filed earlier this week “unacceptable and offensive.”
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China – Future Export Base for Global Markets?
Trade and viruses are global.
China exported 680,000 Passenger Cars in both 2018 and 2019, says Alan Kang, Senior Market Analyst at LMC Automotive Consultancy. “If we compare this volume with total domestic production of 21 million units last year, there is no denying the limited scale of Chinese vehicle exports, at just 3% of total output in 2019,” he observes.
“The data for 2010 and 2016 show that overseas OEMs accounted for just 11% and 19% of China’s exports, respectively.” Continue reading →