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GM: Bankruptcy recommended
http://www.prudentbear.com/bearschat/bbs_read.asp?mid=260427&tid=260427&fid=1&start=1&sr=1&sb=1&snsa=A#M260427
The horrible truth is that the base business at General Motors isn't operating well. Its share of U.S. auto sales has dropped below 25 percent. Standard & Poor's this week cut the outlook on its BBB- rating on GM, already the lowest investment- grade level, to negative, saying ''the rating could be lowered at any point if we came to doubt'' that the company's financial situation was improving.
Cole from the Center for Automotive Research told the Detroit News in January that ''the conditions are falling into place like a weather front. Our objective is to give people a picture of what could happen and address it before they have to scrape it off the wall.'' The U.S. auto industry, he said, is ''on the edge of going out of control. This is absolutely not sustainable.''
There's a twist to Cole's warning about the threat of bankruptcy. His father, Edward, was president of General Motors from 1967 to 1974.
The horrible truth is that the base business at General Motors isn't operating well. Its share of U.S. auto sales has dropped below 25 percent. Standard & Poor's this week cut the outlook on its BBB- rating on GM, already the lowest investment- grade level, to negative, saying ''the rating could be lowered at any point if we came to doubt'' that the company's financial situation was improving.
Cole from the Center for Automotive Research told the Detroit News in January that ''the conditions are falling into place like a weather front. Our objective is to give people a picture of what could happen and address it before they have to scrape it off the wall.'' The U.S. auto industry, he said, is ''on the edge of going out of control. This is absolutely not sustainable.''
There's a twist to Cole's warning about the threat of bankruptcy. His father, Edward, was president of General Motors from 1967 to 1974.
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http://www.prudentbear.com/bearschat/bbs_read.asp?mid=260824&tid=260824&fid=1&start=1&sr=1&sb=1&snsa=A#M260824
GM to cut white-collar jobs - report
Up to 28% of nonunion positions could be eliminated
By Heather Wilson, MarketWatch
Last Update: 4:38 PM ET March 20, 2005
SAN FRANCISCO (MarketWatch) -- General Motors is planning to cut its nonunion staff, according to a published report Sunday.
The anticipated announcement comes days after the company slashed its 2005 earnings outlook.
The cuts to the automaker's salaried white-collar staff could be as deep as 28 percent, reports the Wall Street Journal's online edition.
GM reportedly is seeking ways to make further cuts in its North American operations, including getting health-care concessions from its United Auto Workers union, the Wall Street Journal reported. The company's announcement last week that it will miss its full-year profit forecast was mainly due to losses in its North American business.
. . .