Bernie's Feed
Feb 11, 2014

UAW’s future hinges on vote at VW’s Tennessee plant

, Feb 11 (Reuters) – If the United Auto
Workers wins this week’s historic election at Volkswagen’s
three-year-old Chattanooga factory, the union could use the
victory as a springboard to organize other foreign-owned plants
in the South and revive its waning influence on the U.S. labor
movement.

The UAW appears to have its best chance of a major victory
in 30 years. But its bid to represent VW’s 1,550 hourly workers
faces fierce resistance from local politicians and national
conservative groups and is too close to call on the eve of a
three-day secret-ballot election that closes Friday night.

Feb 3, 2014

VW Tennessee worker vote on UAW to be held February 12-14

WASHINGTON/DETROIT (Reuters) – A historic, far-reaching vote of blue-collar workers at Volkswagen AG’s Tennessee plant on whether they wish to be represented by the United Auto Workers will be held February 12-14, the German automaker and U.S. union said on Monday.

The secret-ballot election will be conducted by the National Labor Relations Board, VW said.

Feb 3, 2014

January auto sales yo-yo from brand to brand

DETROIT (Reuters) – U.S. automakers Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) saw January auto sales plummet, missing analysts’ estimates for the month.

But early sales results were mixed for other companies and brands, with Chrysler Group, a unit of Fiat Chrysler Automobiles (FIA.MI: Quote, Profile, Research, Stock Buzz), and Nissan North America (7201.T: Quote, Profile, Research, Stock Buzz) reporting increases and topping analysts’ estimates, while Toyota Motor Sales USA (7203.T: Quote, Profile, Research, Stock Buzz) missed on a year-to-year decline.

Jan 31, 2014

Detroit finance plan distributes pain unequally among claimants

DETROIT (Reuters) – Detroit has circulated a plan for its finances that would require concessions from pension funds, seek reduced payments to some bondholders, and declare that a major interest-rate obligation is a disputed claim that is not part of the settlement, according to a city report.

The proposals, described in a copy of the report obtained by Reuters, are a major step in Detroit’s historic bankruptcy case, a blueprint for how Emergency Manager Kevyn Orr proposes to treat more than $18 billion in debt and long-term liabilities.

Jan 30, 2014

AutoNation profit rises as Mercedes sales jump

Jan 30 (Reuters) – AutoNation Inc, the largest U.S.
automobile dealer group, sped by Wall Street’s quarterly
earnings expectations on robust sales of luxury cars like
Mercedes-Benz and BMW, and its shares rose as high as 6.4
percent.

AutoNation said on Thursday that its fourth-quarter income
from what it calls new premium-luxury vehicles increased 28
percent to $102.7 million. The segment accounted for 46 percent
of total new-vehicle income.

Jan 30, 2014

AutoNation handily beats Street fourth-quarter earnings expectations

By Bernie Woodall

(Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the largest U.S. automobile dealer group, sped by Wall Street earnings expectations on Thursday on robust sales of luxury cars like Mercedes-Benz and BMW.

“The shining star really’s got to be Mercedes-Benz for introducing two new products simultaneously at different ends of the spectrum with the CLA and the S-Class,” said AutoNation Chief Operating Officer Mike Maroone in a telephone interview. “Demand for those products was extraordinary.”

Jan 30, 2014

AutoNation handily beats Street Q4 earnings expectations

Jan 30 (Reuters) – AutoNation Inc, the largest U.S.
automobile dealer group, sped by Wall Street earnings
expectations on Thursday on robust sales of luxury cars like
Mercedes-Benz and BMW.

“The shining star really’s got to be Mercedes-Benz for
introducing two new products simultaneously at different ends of
the spectrum with the CLA and the S-Class,” said AutoNation
Chief Operating Officer Mike Maroone in a telephone interview.
“Demand for those products was extraordinary.”

Jan 29, 2014

Profit warning shows remodelled Fiat-Chrysler faces rocky road

MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research) has cut its 2014 profit forecast after a slump in Latin American earnings, underscoring the task the carmaker faces as it completes a merger with U.S. arm Chrysler and shifts its focus away from Italy to create a true global player.

Turin-based Fiat, which this month bought out Chrysler’s minority investor in a $4.35 billion (2.62 billion pounds) deal, said on Wednesday the new Fiat Chrysler Automobiles (FCA) group would have its primary listing in New York, with a secondary listing in Milan.

Jan 29, 2014

Profit warning shows remodelled Fiat faces rocky road

MILAN/DETROIT, Jan 29 (Reuters) – Fiat has cut its
2014 profit forecast following a slump in Latin American sales,
underscoring the task the carmaker faces as it completes a
merger with U.S. arm Chrysler and shifts its centre of gravity
away from Italy.

Turin-based Fiat, which this month bought out Chrysler’s
minority investor in a $4.35 billion deal, said on Wednesday the
new Fiat Chrysler Automobiles (FCA) group would have its primary
listing in New York, with a secondary listing in Milan.

Jan 29, 2014

Ford concerned Argentina, Venezuela may bite into 2014 profit

, Jan 28 (Reuters) – Ford Motor Co on
Tuesday joined a growing number of multinational companies
expressing concern that economic turmoil in Venezuela and
Argentina could spell trouble for 2014 profits.

High inflation in Argentina and Venezuela, along with
concern about how the two countries’ governments will try to
steady their economies has Ford rethinking its annual forecasts
for South America.