Bernie's Feed
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’

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.

Oct 30, 2013

Fiat cuts 2013 financial targets as LatAm disappoints

DETROIT/MILAN (Reuters) – Italian automaker Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) cut its 2013 financial targets on Wednesday as a third-quarter revenue slump in crucial Latin American markets 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, saying that its third-quarter earnings took an 80 million euro hit from a weak Brazilian real.

Oct 30, 2013

Chrysler profit up 22 percent; 2013 sales outlook affirmed

DETROIT/MILAN, Oct 30 (Reuters) – Chrysler Group LLC on
Wednesday said its net profit for the third quarter rose 22
percent to $464 million, and it confirmed its full-year sales
forecast of $72 billion to $75 billion.

The No. 3 U.S. automaker’s net sales rose 13.5 percent to
$17.56 billion in the quarter.

Oct 28, 2013

Michigan governor defends Detroit bankruptcy filing approval

DETROIT, Oct 28 (Reuters) – Michigan Governor Rick Snyder
defended Detroit’s bankruptcy filing on Monday, stating in court
that he followed the state and federal constitutions while
addressing fiscal issues that had built up in Detroit for more
than half a century.

Snyder said the Michigan and U.S. constitutions do not
prevent actions that he took, even though the Michigan
constitution prohibits diminishing pension payments to retired
employees. Detroit’s emergency manager, Kevyn Orr, has indicated
that cuts to pension benefits would be part of a Detroit
bankruptcy restructuring plan.

Oct 28, 2013

Detroit’s finances “shocking,” city manager testifies

DETROIT, Oct 28 (Reuters) – Detroit’s financial status was
“shocking” when he first took office, the city’s emergency
manager said in federal court testimony Monday, and no
knowledgeable person ever has disputed his claim that the city
is insolvent, he added.

Detroit Emergency Manager Kevyn Orr painted a grim picture
of life in Detroit, from a fire department with faulty equipment
to blighted neighborhoods where school children say they are
afraid of “everything” as they walk to school or their bus
stops, at the start of what could be a pivotal day in the city’s
bankruptcy eligibility trial.