Posts Tagged ‘Chrysler’
GM / Chrysler Updates May 29, 2009
May 29, 2009Chrysler updates May 20,2009
May 20, 2009GM, Chrysler to cut up to 3000 dealers
May 14, 2009Updates: April 24, 2009
April 25, 2009International Monetary Fund Says World Economy Will Shrink This Year
Voice of America – USA
A new report by the IMF estimates that the world economy will shrink by one
and three-tenths percent this year. That would be the worst performance in
more …
Economic outlook remains bleak as world leaders gather
USA Today – USA
As the world’s finance ministers and central bank chiefs descend on
Washington for this weekend’s annual meeting of the IMF and World Bank, …
By Chris Isidore, CNNMoney.com senior writer
Last Updated: April 24, 2009: 6:13 AM ET
NEW YORK (CNNMoney.com) — Chrysler LLC faces the most difficult, and important, week in its 84-year history as the automaker tries to close three difficult deals in order to avoid bankruptcy
Will Kokomo Become A Ghost Town?
April 23, 2009The auto workers tsunami has begun, when it will end is anybody’s guess!
From what I have been seeing things look to be more than terrifying for Kokomo, Indiana. Yet here is the thing, in a recent survey 76% want to see GM and Chrysler go bankrupt and not get any more bailout money! That does not bode well for Kokomo. As is the town has a near 20% unemployment rate. Total number of auto worker: 7695 employees ( approx.) not counting those at Delphi for which I don‘t have figures. Whats next is anybody’s guess! here are the links from CNN:
Autoworkers: ‘If we go down, so does this town’
Kokomo, Indiana is ground zero for auto industry layoffs. Workers say if nothing is done to save their jobs, the town is done.
Steve Hargreaves, CNNMoney.com staff writer
Last Updated: April 22, 2009: 2:37 PM ET
NEW YORK (CNNMoney.com) — For the average American, this recession is scary enough.
If you’re an auto worker in Kokomo, Ind., living in a town with nearly 20% unemployment and working for a company that could go belly up any day, it’s downright terrifying.
Let GM and Chrysler go bankrupt, Americans say
76% of survey respondents want to see the automakers face bankruptcy
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: April 9, 2009: 4:14 PM ET
NEW YORK (CNNMoney.com) — Americans are fed up with the Detroit drama.
Three out of four Americans would rather see General Motors (GM, Fortune 500) and Chrysler face bankruptcy than watch the government pour yet another round of bailout cash into the big U.S. automakers, according to a CNN/Opinion Research poll released Thursday.
Unemployment Rate 8.5 Percent, 663K Jobs Lost in March / Highest Level Since 1983
April 3, 2009G20 or not the numbers are in and they look grim to say the least. The national unemployment rate jumped to 8.5% with 663,000 jobs lost in March. Now GM may face bankruptcy and Chrysler will have to form an alliance with another car maker. Thousands would be affected! It will be like a huge boulder crashing into a pond and the shock wave will be felt throughout the entire economy.
Here are the government figures:
Employment Situation Summary
Technical information:
Household data: (202) 691-6378 USDL 09-0328
http://www.bls.gov/cps/
Establishment data: (202) 691-6555
Transmission of material in this release
http://www.bls.gov/ces/ is embargoed until 8:30 A.M. (EDT),
Media contact: (202) 691-5902 Friday, April 3, 2009.
THE EMPLOYMENT SITUATION: MARCH 2009
Nonfarm payroll employment continued to decline sharply in March (-663,000), and the unemployment rate rose from 8.1 to 8.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months. In March, job losses were large and widespread across the major industry sectors.
Well, here are todays links:
Unemployment Rate Jumps to 8.5 Percent, 663K Jobs Lost in March
By Annys Shin
Washington Post Staff Writer
Friday, April 3, 2009; 10:00 AM
The nation’s unemployment rate shot up from 8.1 to 8.5 percent last month, new figures out today show, as employers continued to slash jobs in the face of slumping demand.
The economy shed 663,000 jobs in March, the fourth straight month in which job losses have topped 600,000, according to Labor Department data.
A total of 5.1 million jobs have been lost since the recession began in December 2007, and more than 13 million people are unemployed.
Unemployment Hits Highest Level Since 1983
Unemployment Levels Have Risen Across the Country, but Jobless Rates Still Vary Widely From Region to Region
By ALICE GOMSTYN
ABC NEWS Business Unit
April 3, 2009
Despite better-than-expected reports on everything from housing to manufacturing this week, recession-wary U.S. companies are still shedding hundreds of thousands of jobs. The government reported that the nation’s employers cut 663,000 workers in March, pushing the unemployment rate up to 8.5 percent, the highest in nearly 26 years.
Since the recession began in December, 2007, 5.1 million jobs have been lost, with almost two-thirds of the decrease — 3.3 million job cuts — occurring in the last five months, the U.S. Bureau of Labor Statistics reported today.
General Motors info Here
Big Three CEOs Flew Private Jets to Plead for Public Funds
November 20, 2008Boy, How Dare They!
They are using scare tactics saying that refusal to bail them out could bring about a Depression! People, we are headed to a Depression any way you look at it so why should we bail them out? We have our own problems. As one of the congressmen pointed out, Why don’t they sell their Private Jets and fly back in coach? Let them apply for bankruptcy like everybody else! What, they don’t like the idea of being economically challenged? Boy, Give Us A Break!
You can go Here for the shocking news of the encounter in Congress and Here!
Let Detroit Go Bankrupt
“Detroit needs a turnaround, not a check.”
The British tried a bailout when their auto industry was in trouble and that didn’t work. They threw billions at the problem only to have them come back asking for more!!! Check it out here: How billions failed to fix UK’s car industry
Ford posts $3B operating loss
November 7, 2008It seems that the auto industry is really hurting in this economic crisis. The news is not good and bound to get worse. Here are some of the links:
Ford posts $3B operating loss
NEW YORK (CNNMoney.com) — Ford Motor reported a $3 billion operating loss in the latest quarter, and said Friday it would reduce staff and capital spending in order to preserve its dwindling cash.
Ford said it would cut salaried employment costs by 10%, as it cut the pay of managers and likely would move to reduce staffing levels as well. It also said hourly staffing would be reduced by an additional 2,600 workers.
FXSTREET.COM
By Poornima Gupta and Kevin Krolicki
DETROIT, Nov 6 (Reuters) – Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can’t clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.
Without new funding or a wrenching restructuring, executives have raised concern about the automaker’s ability to finance its operations from existing cash beyond the first half of 2009, said the sources, who were not authorized to discuss Chrysler’s performance.
Hunterseekers The Next Great Economic Depression 