Bernie's Feed
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.

Nov 7, 2013

Former welder apt to lead UAW would keep the torch out of talks

DETROIT (Reuters) – Dennis Williams, expected to become the next leader of the United Auto Workers union, is apt to carry on the less confrontational policies of current president Bob King, union and industry officials said.

Secretary-Treasurer Williams, 60, will most likely head the slate of half a dozen proposed officers to be announced on Thursday by the U.S. union, said several people familiar with the UAW leadership’s thinking who asked not to be identified. The group will be up for election at the union’s convention next June.

Nov 1, 2013

U.S. government shutdown dampens October car sales

DETROIT (Reuters) – The 16-day U.S. government shutdown in early October appeared to dampen consumers’ appetite for new cars, as seven of the top eight automakers reporting monthly sales on Friday missed analysts’ expectations.

Industry sales in October rose 10.6 percent to 1,208,036 vehicles, according to industry research firm Autodata. Analysts had expected a 12 percent increase.

Nov 1, 2013

October sales miss expectations at Chrysler, Ford

DETROIT, Nov 1 (Reuters) – U.S. October auto sales for Ford
Motor Co and Chrysler Group LLC rose by
double-digits from a year earlier, but missed analysts’
expectations.

Automakers reporting monthly sales on Friday were expected
by analysts to show a gain of 12 percent to about 1.22 million
vehicles, or 15.4 million vehicles on a seasonally adjusted
annualized basis.

Oct 30, 2013

Fiat cuts 2013 profit forecast on weak Latin America

MILAN/DETROIT (Reuters) – Italian carmaker Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) cut its 2013 profit and sales forecasts on Wednesday as a third-quarter slump in Latin America offset a strong performance at Chrysler, the No.3 U.S. automaker it controls.

Fiat slashed the bottom end of its trading profit forecast to 3.5 billion euros ($4.8 billion) from 4.0 billion euros, below analysts’ lowest estimate of 3.65 billion.