Bernie's Feed
Nov 7, 2015

UAW says General Motors workers vote in favor of U.S. labor contract

DETROIT, Nov 6 (Reuters) – A majority of United Auto Workers
members voted in favor of a new four-year contract with General
Motors Co, but the pact has not been ratified yet because
skilled trades workers voted it down, the U.S. union said on
Friday night.

Skilled trades workers have the right to reject portions of
the national contract unique to them, according to the UAW’s
constitution, the union said.

Nov 7, 2015

Ford-UAW deal includes $9 billion in new investment -sources

DETROIT, Nov 6 (Reuters) – Ford Motor Co has pledged
to spend $9 billion over four years in new investment in the
United States if a tentative contract with the United Auto
Workers union is ratified by UAW Ford workers, people familiar
with the deal said on Friday.

Full details of the investment pledge were not provided by
the sources, but they said that a plant in Wayne, Michigan, will
receive new product to build and will remain open. There was
some concern of the plant’s future after Ford four months ago
said it would pull production of two small car models from the
plant.

Nov 6, 2015

UAW, Ford reach tentative contract deal, ratification vote next

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and the United Auto Workers on Friday reached a tentative agreement for a new four-year labor contract, the union and company said.

The proposed deal is likely to be approved by UAW leaders on Monday, and then will proceed to a ratification vote by Ford’s UAW members. The contract covers 52,700 Ford UAW members.

Nov 5, 2015

UAW workers at large GM plant in Fort Wayne, Indiana, approve pact

DETROIT (Reuters) – United Auto Workers members at the General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) truck plant in Fort Wayne, Indiana, approved a new four-year contract by a wide margin, joining momentum in favor of the deal as voting continues on Thursday.

The president of the UAW local in Fort Wayne said on Thursday morning that the vote was 1,839 to 1,311 in favor at the plant, which makes GM pickup trucks.

Nov 4, 2015

Honda drops Takata air bags after U.S. fine, ban on volatile chemical

WASHINGTON/DETROIT, Nov 4 (Reuters) – Honda Motor Co
said it was ditching air bag inflators made by Japan’s
Takata Corp, after the top U.S. auto safety regulator
on Tuesday fined the supplier $70 million and ordered it to stop
using a potentially dangerous chemical.

Regulators have linked eight deaths – all in cars made by
Takata’s biggest air bag customer Honda – to the inflators,
which use ammonium nitrate and can explode with too much force,
spraying metal fragments inside vehicles.

Nov 3, 2015

U.S. fines Takata, bans volatile chemical in its air bags

WASHINGTON/DETROIT (Reuters) – The top U.S. auto safety
regulator on Tuesday imposed a relatively modest $70-million
fine on air-bag supplier Takata Corp and ordered it to
stop making inflators that use ammonium nitrate.

The National Highway Traffic Safety Administration cited the
chemical as a factor in explosive air-bag ruptures that caused
seven deaths and nearly 100 injuries in the United States.

Nov 3, 2015

U.S. fines on Takata could be $200 million for faulty air bags

WASHINGTON/DETROIT (Reuters) – The top U.S. safety regulator on Tuesday has imposed a fine that could be as high as $200 million on air-bag supplier Takata Corp (7312.T: Quote, Profile, Research, Stock Buzz) and ordered it to quit making inflators that use ammonium nitrate as a propellant.

The National Highway Traffic Safety Administration cited the chemical as a factor in explosive air-bag ruptures that have caused seven deaths and nearly 100 injuries in the United States.

Nov 3, 2015

U.S. auto industry headed for record sales in 2015: GM

DETROIT (Reuters) – The U.S. auto industry is on track for a record year of annual sales, General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) said on Tuesday, as the top U.S. automaker and its rivals reported October sales that far exceeded expectations.

GM said the six-month rolling average for U.S. auto sales is 17.8 million on an annualized basis, which means the industry is on its way to beating the 1999 annual sales record.

Nov 3, 2015

VW opposing UAW skilled trades worker vote at Tennessee plant

DETROIT, Nov 3 (Reuters) – Volkswagen AG opposes
a union representation vote by a portion of workers at the
automaker’s sole U.S. vehicle assembly plant, according to a
letter to Chattanooga, Tennessee, employees issued Monday night.

Volkswagen has been the most open to the United Auto Workers
(UAW) union among foreign manufacturers with assembly plants in
the southern United States. But the company said the timing was
bad, a reference to its diesel emissions scandal, and that it
does not want the UAW to pare off a portion of the plant’s
workers for representation.

Oct 29, 2015

BorgWarner lowers 2015 profit, sales outlook again

DETROIT (Reuters) РBorgWarner Inc (BWA.N: Quote, Profile, Research, Stock Buzz), a maker of automotive fuel-saving turbochargers and emissions systems, on Thursday lowered its forecast for 2015 profit, as its biggest customer, Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz), suffers from a massive emissions scandal. BorgWarner lowered its 2015 full-year net earnings outlook, excluding items, to $2.95 to $3.00 per share versus the forecast of $2.95 to $3.10 per share it gave three months earlier. Early this year, the company said it would make $3.35 to $3.55 per share in 2015.

The Michigan-based company said its full-year 2015 net sales will fall between 5 percent and 6 percent, in part because of currency effects, from a July 30 forecast of down 2.5 percent to 5.5 percent. Early this year, the company saw 2015 net sales up 2 percent to 6 percent in 2015.