Bernie's Feed
Apr 15, 2013

Ford sees profit in China after expansion push

SHANGHAI, April 16 (Reuters) – In 2006, as China’s
automobile market was fast becoming the juggernaut that by 2009
would overtake the United States in vehicle sales, Ford Motor Co
executives were spending only 10 percent of their time
working on Asia.

Now, China and the rest of Asia take up 35 to 40 percent of
weekly meetings of Ford’s top executives, many hooked in by
video conference from around the world.

Apr 15, 2013

Ford eyes doubling market share in China auto market

SHANGHAI, April 15 (Reuters) – Ford Motor Co Asia
chief Dave Schoch confirmed the company can double its share to
6 percent of the Chinese passenger vehicle market over the next
three years as it rolls out a spate of new products.

Schoch on Monday stood by the forecast he first made last
year.

“Yeah, I think we can probably get there,” Schoch said to
reporters ahead of the upcoming Shanghai auto show.

Mar 28, 2013

Protesters march in Detroit to block financial emergency law

DETROIT, March 28 (Reuters) – Protesters chanted slogans and
marched on government buildings in Detroit on Thursday in
support of a lawsuit that seeks to halt Michigan state-appointed
emergency managers taking over six economically strapped cities,
including the home of the U.S. auto industry.

The lawsuit, filed on Wednesday by a coalition of civil
rights and religious groups, labor leaders and elected city
officials, claims that Michigan’s emergency manager law enacted
in December “effectively establishes a new form of government”
in the state.

Mar 25, 2013

Automakers pitch in to help Detroit as state takeover begins

DETROIT (Reuters) – U.S. automakers joined other Michigan businesses on Monday in donating $8 million for new ambulances and police cars to Detroit as state-appointed emergency manager Kevyn Orr took over running the destitute city.

Bankruptcy attorney Orr slipped into city hall early on Monday before protesters opposed to his appointment had arrived to try to block his entrance. He later assured Mayor Dave Bing and city council members that he wants to collaborate with them in digging out of the city’s financial hole.

Mar 24, 2013

Detroit’s new czar faces deep decay of city’s neighborhoods

DETROIT (Reuters) – When the state-imposed manager of Detroit, Kevyn Orr, starts the job on Monday he will wade into a city of crumbling neighborhoods where police fail to respond to some calls, arson fires burn out of control and residents scour charred buildings for scrap metal to sell.

Except for the business district and a cultural area including a university, museum and some theaters, the city of Detroit, population 700,000, is in bad shape.

Mar 20, 2013

Exclusive: German union chief to VW Tennessee workers – Join UAW

DETROIT (Reuters) – The United Auto Workers has won the backing of the head of an influential German union in its effort to represent the hourly workers at Volkswagen AG’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) Chattanooga, Tennessee, assembly plant.

“In Chattanooga, you need union representation” to negotiate working conditions, IG Metall President Berthold Huber said in a letter distributed in early March to the plant’s 2,350 hourly employees. A copy of the letter was obtained by Reuters.

Mar 18, 2013

UAW nears breakthrough in VW organizing push

DETROIT, March 18 (Reuters) – The United Auto Workers union
could soon get a big boost in its efforts to represent hourly
workers at Volkswagen AG’s assembly plant in
Chattanooga, Tennessee.

Horst Neumann, VW’s board member in charge of human
resources, told reporters on Friday that the automaker was in
talks with the UAW about setting up a German-style labor board
at the Tennessee plant. It was an about-face for a company that
has resisted opening the U.S. plant to the UAW.

Mar 11, 2013

Ex-Detroit mayor convicted of widespread corruption

DETROIT, March 11 (Reuters) – Former Detroit Mayor Kwame
Kilpatrick, once seen as a rising star in Democratic Party
politics, was convicted on Monday on two dozen federal charges
of corruption and bribery during his seven-year tenure.

U.S. prosecutors accused Kilpatrick, 42, of widespread
corruption, extorting bribes from contractors who wanted to get
or keep city contracts, and turning the mayor’s office into
“Kilpatrick Incorporated” from 2001 until he resigned in 2008.

Mar 6, 2013

Johnson Controls explores auto electronics unit sale

NEW YORK, March 6 (Reuters) – Johnson Controls Inc
is exploring a potential sale of its automotive electronics
business, but has no “current intention” to sell its automotive
interiors unit, the company said on Wednesday.

Johnson Controls, the largest U.S. auto supplier with sales
of $5.5 billion in car interiors and electronics for fiscal
2012, has grappled with industry-wide pressure on margins, low
vehicle production in Europe and increased competition from
China.

Mar 6, 2013

Exclusive – Johnson Controls explores auto interiors unit sale: sources

NEW YORK/DETROIT (Reuters) – Johnson Controls Inc (JCI.N: Quote, Profile, Research) is exploring a potential sale of its automotive interiors unit, a move that would allow the diversified manufacturer to focus on higher-margin building controls and next-generation car batteries, three people familiar with the matter said on Wednesday.

Shares of Johnson Controls were up about 6 percent to $33.74 (22.44 pounds) on the New York Stock Exchange, valuing the diversified conglomerate at around $23 billion (15 billion pounds).