Tag Archives: COVID-19

Federal Deficit for FY 2020 To Date – $2.8 Trillion or +$1.9 Trillion Year-over-Year

Posted on 10 August 2020 by Ken Zino

The cumulative federal budget deficit for the first 10 months of fiscal year 2020 reached $2.8 trillion, +$1.9 trillion more than the deficit recorded during the same period last year. Revenues were 1% lower and outlays were 51% higher through July 2020 than during the same 10-month period in fiscal year 2019. Continue reading →

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GM Loses $800 Million in Covid Q2. NA Sales Drop -62%

Posted on 29 July 2020 by Ken Zino

However, GM post-bankruptcy is in a stronger position  – financially and with a wiser, faster acting management team – than it was when Wall Street speculation sent global markets plummeting in 2008-2009. The deep recession that ensued was turned around by the Obama Administration, but the non-protected classes in lower income and racially harassed populations never recovered. Continue reading →

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Daimler Reports Ugly Q2 2020 Results as Sales Drop -34%

Posted on 23 July 2020 by Ken Zino

The Group’s total sales decreased by -34% to 541,800 passenger cars and commercial vehicles (Q2 2019: 821,700). Revenue slipped significantly by -29% to €30.2 billion (Q2 2019: €42.7 billion). EBIT was minus -€1,682 million (Q2 2019: minus -€1,558 million). Adjusted EBIT, reflecting the underlying business, was minus -€708 million (Q2 2019: plus €2,447 million). Continue reading →

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Census Bureau: Millions of Americans Who Get Health Coverage from Employers Could Lose It During COVID-19

Posted on 23 July 2020 by Ken Zino

The occupations among those affected during the pandemic and therefore most at risk of losing health coverage: food preparation and serving; building and grounds cleaning and maintenance; personal care and service; and retail sales. Collectively, 39.6 million people worked in these jobs in 2018, representing 23.6% of all workers. Continue reading →

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Porsche Global Sales Drop -12% at 116,964 Through June

Posted on 22 July 2020 by Ken Zino

China remains the sports car manufacturer’s largest single market in terms of volume. In addition, Korea and Japan were strong markets in the region with sales of 4,242 and 3,675 units respectively, each showing double-digit growth rates over the prior year. 32,312 cars were supplied to European customers. In the US, Porsche supplied 24,186 cars between January and June – a -20% drop – under the fumbling Trump administration’s failure to address the COVID crisis. Continue reading →

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4 July 2020 – We Hold These Truths to be Self-Evident

Posted on 4 July 2020 by Ken Zino

Jefferson, rightly regarded as the clearest, most eloquent writer, created what remains one of our core documents. It simply states that all of us equals could work at Life, Liberty and the Pursuit of Happiness. This of course led from our Articles of Confederation, to our Declaration and thence to one of the finest organizing documents of the 18th or any other century – our Constitution Continue reading →

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Ford, Wayne State University and ACCESS Coalition Expand Mobile COVID-19 Testing

Posted on 1 July 2020 by Ken Zino

Since launching in April, the mobile testing operation has added four Ford Transits – each fully equipped for mobile COVID-19 testing – as clinical test vehicles to conduct and support testing for symptomatic and asymptomatic individuals. Continue reading →

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RumbleOn Posts Q1 Net Loss of -$22 Million

Posted on 30 June 2020 by Ken Zino

“Looking ahead, we are focused on the successful launch of the third generation of RumbleOn.com in Q3, which will improve powersport dealers’ ability to compete in a meaningful manner in online-only transactions… Continue reading →

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Global Vehicle Sales Improve but COVID Wave 2 Lurks

Posted on 29 June 2020 by Ken Zino

This now looks like a long shot to AutoInformed with the US leading the way in spreading new infections and fatalities from the maskless and clueless Trump misadministration.  In the US, a repetition of the ‘cash for clunkers’ scheme could potentially lift sales, “but this has yet to be fully debated or agreed,” says LMC. Continue reading →

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New FCA Italy Covid Credit Line €6.3 billion

Posted on 24 June 2020 by Ken Zino

FCA is Italy’s largest industrial group, directly employing 55,000 people at its 16 plants and 26 dedicated R&D sites. In addition, more than 200,000 further jobs in highly specialized Italian supplier businesses are linked to the successful continuity of the FCA’s operations. A further 120,000 jobs at 12,000 enterprises of all sizes in the distribution and services sectors also support the Italian automotive industry. Continue reading →

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Pennsylvania Sues Carlisle to Stop Swap Meet

Posted on 19 June 2020 by Ken Zino

Carlisle Events appears to be in a tenuous legal position since it asked for a waiver on June 9, 2020, according to the suit. Then never filed a response to inquiries about how guidelines would be followed. Continue reading →

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Penske Automotive – May Business Improving

Posted on 9 June 2020 by Ken Zino

“Since the COVID-19 pandemic began impacting operations in the second half of March, we took actions to reduce costs and preserve our liquidity position.  Based on these actions, I expect further improvements to our operating results in June and into the second half of the year as the economy continues to recover,” said Penske Automotive Group CEO Roger Penske. Continue reading →

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COVID-nomics – Plague Meets the Dreary Science

Posted on 8 June 2020 by Ken Zino

The UK consumer new car finance market reported new business volumes 97% lower in April 2020 compared with the same month in 2019, and a fall of 37% in the first four months of 2020.  The percentage of private new car sales financed by FLA members was 94.5% in the twelve months to April 2020. Continue reading →

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Hershey Swap Meet Cancelled!

Posted on 31 May 2020 by Ken Zino

With ongoing COVID-19 concerns and Pennsylvania’s legal constraints on more than 25 people gathering, the Hershey Region Chapter, has just said (30 May) on their Facebook page that the enduring event of 65 years taking place at the beginning of October is cancelled. Continue reading →

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Canada Contracts GM to Make 10 Million Face Masks

Posted on 26 May 2020 by Ken Zino

Canada received its Medical Device Establishment License on April 22 and the company built and installed the mask making machinery, sourced materials and trained its workers in approximately one month. Continue reading →

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