Bernie's Feed
Dec 10, 2013

GM’s new president Ammann out to prove he is not a ‘bean counter’

DETROIT (Reuters) – General Motor Co’s (GM.N: Quote, Profile, Research, Stock Buzz) incoming president has gone to great lengths to prove that while he is the U.S. automaker’s chief financial officer, he is not just a “bean counter.”

Named to his new position on Tuesday, Dan Ammann will fill what many analysts and investors saw as a gap in his resume by managing GM’s regional operations around the globe and perhaps preparing himself to take over as CEO one day.

Dec 4, 2013

Insight – France vs U.S. in a tale of two layoffs

PARIS/DETROIT (Reuters) – Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.

Across the Atlantic, father-of-three Hassan Chnaiti took a buyout from French carmaker Peugeot earlier this year, as it prepared to close his plant near Paris. But having pocketed his severance pay, he will soon start work as a public bus driver, thanks to a job placement scheme funded by his former employer.

Dec 4, 2013

France vs U.S. in a tale of two layoffs

PARIS/DETROIT (Reuters) – Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.

Across the Atlantic, father-of-three Hassan Chnaiti took a buyout from French carmaker Peugeot earlier this year, as it prepared to close his plant near Paris. But having pocketed his severance pay, he will soon start work as a public bus driver, thanks to a job placement scheme funded by his former employer.

Dec 3, 2013

In largest-ever U.S. city bankruptcy, cuts coming for Detroit creditors, retirees

DETROIT, Dec 3 (Reuters) – A federal judge on Tuesday
formally declared Detroit bankrupt, a landmark ruling that
clears the way for potentially sweeping cuts to city worker
pensions and retirement benefits and for steep and possibly
precedent-setting losses to the cash-strapped city’s bond
holders.

The ruling by U.S. Judge Steven Rhodes, who cited the city’s
dismal finances and $18 billion owed to a multitude of creditors
in support of his decision, marks a watershed in the history of
Detroit. Once known as the cradle of the U.S. auto industry, the
arsenal of democracy and the birthplace of Motown music, Detroit
now adds an ignominious new title: largest bankrupt city in U.S.
history.

Dec 3, 2013

Detroit eligible for bankruptcy protection: U.S. judge

DETROIT (Reuters) – Detroit is eligible for the biggest municipal bankruptcy in U.S. history because the city is broke and negotiations with its thousands of creditors were unfeasible, a federal judge said on Tuesday in a wide-ranging ruling that also said the city could cut retiree pensions.

The ruling by U.S. Judge Steven Rhodes marks a watershed in the history of Detroit, once the cradle of the U.S. auto industry and now a symbol of urban decay and mismanagement.

Dec 3, 2013

Exclusive: United Auto Workers considers first dues hike since 1967

DETROIT (Reuters) – The United Auto Workers union is considering hiking membership dues by 25 percent, the first increase since 1967, as it faces dwindling membership and rising costs, a top UAW official and several union sources said.

The UAW, the richest U.S. union with $1 billion in assets, is also one of the most politically influential, contributing to the campaigns of Democratic politicians from the state level to presidential candidates. However, the union’s influence and finances have waned as membership has fallen 30 percent since 2005 to 382,500 members – a far cry from its peak of about 1.5 million members in 1979.

Nov 25, 2013

Analysis: VW in delicate dance with German union over Tennessee plant

DETROIT (Reuters) – Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) officials in Germany and the United States are performing a delicate dance with VW’s influential German union as they wrestle with the possible representation of workers at the company’s plant in Tennessee.

Volkswagen is trying to introduce its model of a German-style works council, which would help set work rules for white- and blue-collar workers, at its only U.S. plant, in Chattanooga.

Nov 7, 2013

UAW leaders give nod to Williams as next president

, Nov 7 (Reuters) – Dennis Williams, the
secretary-treasurer of the United Auto Workers, is the choice of
the union’s leaders to be its next president, the UAW announced
on Thursday.

Williams, 60, will stand for formal election at the UAW’s
convention next June.

Nov 7, 2013

UAW leaders give nod to Williams as next potential president

, Nov 7 (Reuters) – Dennis Williams, the
secretary-treasurer of the United Auto Workers, is the choice of
the union’s leaders to be its next president, the UAW announced
on Thursday.

Williams, 60, will stand for formal election at the UAW’s
convention next June.

Nov 7, 2013

Tesla reports third fire involving Model S electric car

DETROIT, Nov 7 (Reuters) – Tesla Motor Inc’s Model
S electric car has suffered its third fire in six weeks.

The Tesla Motors Club website is running pictures and a
story about another fire involving a Model S on Wednesday
afternoon that a company spokeswoman confirmed. The accident
occurred in Smyrna, Tennessee, where Nissan Motor Co
makes the Leaf electric car.