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Skilled Trades Association November - December 2005 Archive December 2005 Dec 31, 2005 - By building factories overseas, manufacturers are sowing the seeds of their own long-term destruction by slowly reducing the wealth of Americans—their primary customers. In "Trades News Articles"
Dec 30, 2005 - GM's shares touched their lowest price in more than 20 years on Thursday, in keeping with the rough road the world's largest automaker has traveled in 2005 and uncertainty about the future. In "Trades News Articles"
Dec 25, 2005 - We would like to take this opportunity to wish everyone a very Merry Christmas and a Happy Holiday.
Here’s a new survey guaranteed to have General Motors board members nervously gnashing their teeth: nearly three-quarters of Americans wouldn’t consider buying a new vehicle from a bankrupt company. In "Trades News Articles"
Dec 24, 2005 - The retirement party on the 22nd for the newest retirees was well attended and we know that everyone had a great time. You can find the pictures from that event at the link above on at the link in the "Picture Archive". Please feel free to post comments under the pictures.
Dec 23, 2005 - Doug Orr's final Chairperson's report as the chair of the CAW199 GM unit is posted on the CAW199 web site. In "Trades News Articles"
Dec 22, 2005 - GM shares, which have lost more than half their value since the beginning of the year, fell an additional 4 percent Wednesday as investors fretted about billionaire Kirk Kerkorian's decision to sell part of his stake in the automaker. In "Trades News Articles"
Dec 21, 2005 - Billionaire investor Kirk Kerkorian, General Motors Corp.'s third-biggest shareholder, sold almost a fifth of his 9.9 percent stake in the company after the investment lost one-third of its value. In "Trades News Articles"
Dec 20, 2005 - In this holiday season of hope, let's spell out some reasons General Motors Corp. will survive the treacherous year ahead. In "Trades News Articles"
Delphi Corp., which filed for bankruptcy two months ago, said Monday it is withdrawing a wage proposal that angered its unions and will delay action to cancel its union contracts in an effort to reach a compromise on its restructuring plan. In "Trades News Articles"
Dec 19, 2005 - After months of slippery decline, full-size sport utility vehicles appear to have finally hit bottom and may be bouncing back. In "Trades News Articles"
Dec 17, 2005 - As GM gears up to launch its new line of full-size sport utility vehicles and pickup trucks next year, analysts remain skeptical of how beneficial they will be in turning around GM's losses. In "Trades News Articles"
Dec 16, 2005 - GM CEO Rick Wagoner on Thursday said the automaker should see improved revenue in 2006, driven by its new line of full-sized sport utility vehicles and trucks. In "Trades News Articles"
Dec 14, 2005 - Call it the class war economy--a shocking transfer of wealth out of the pockets of working people and the poor and into the overstuffed bank accounts of the super-rich. In "Trades News Articles"
Dec 13, 2005 - A bankruptcy by General Motors Corp. is not "far-fetched" if present trends at the company persist, Standard & Poor's said on Monday, shortly after cutting world's largest automaker's ratings deeper into junk territory. In "Trades News Articles"
The CAW Local 222 Oshaworker newsletter for December 2005 is now posted on their site.
Dec 12, 2005 - The winners of Ward’s 10 Best Engines awards for 2006 demonstrate U.S. auto consumers still can have it all: Many of the winning engines highlight sophisticated new technology that generates exhilarating performance – but also improves fuel economy. In "Trades News Articles"
Dec 11, 2005 - The United Auto Workers said Saturday it reached a tentative agreement on health care costs with Ford Motor Co. that will require "sacrifices" from workers and retirees. In "Trades News Articles"
"It's certainly going to be more difficult than a generation ago when if you wanted to work in the auto industry, you could," he says. "It's never going to be like the old days and the old days are only 20 years ago." In "Trades News Articles" Dec 10, 2005 - GM and billionaire investor Kirk Kerkorian's Tracinda Corp. on Friday said they have failed to agree on the terms under which a seat on GM's board would be made available to Kerkorian adviser Jerome York. In "Trades News Articles"
Dec 8, 2005 - The billionaire may be getting closer to the driver's seat: According to a media report, GM has asked a consultant to Kirk Kerkorian's investment firm to join its board. In "Trades News Articles"
Dec 7, 2005 - General Motors Corp. plans to cease production at its Oklahoma City plant during the first week of February 2006, officials have confirmed. In "Trades News Articles"
Dec 6, 2005 - Canada has awarded General Motors of Canada three 2006 EnerGuide Awards for the most fuel-efficient new vehicles in the large van and station wagon categories. This year, the Chevrolet Express Cargo, GMC Savana Cargo and the Pontiac Vibe received EnerGuide Awards. In "Trades News Articles"
General Motors Corp.'s GMAC financial services unit said Monday it has agreed to sell up to $20 billion in U.S. auto loans to Scotia Capital, the corporate and investment banking arm of The Bank of Nova Scotia. In "Trades News Articles"
Dec 5, 2005 - Troubled U.S. automakers and their allies on Capitol Hill are seeking billions of dollars in aid from the federal government ranging from health coverage for their workers to extra tax write-offs for themselves. They're also asking for one rhetorical favour: Please don't call the requests a bailout. In "Trades News Articles"
Dec 3, 2005 - Watch GM bounce back! Change is a fact of life for every auto maker but figuring out consumer behaviour is never easy. In "Trades News Articles"
Dec 2, 2005 - GM Canada's passenger car sales declined 2.1 per cent in November, but sales of trucks, including sport utility vehicles and minivans, grew 3.7 per cent. The month's sales gain in Canada compared with an 11.3 per cent tumble in U.S. sales for General Motors, pulled down by a 16.7 per cent drop in truck deliveries. In "Trades News Articles"
Toyota Motor Corp., which is challenging General Motors Co. to become the world's largest automaker, saw its number of recalled vehicles in the United States double in 2005, according to government records. In "Trades News Articles"
Dec 1, 2005 - After years of creeping concessions, United Auto Workers (UAW) rank and filers received an offer they had to refuse. When Delphi proposed to cut workers' wages by two-thirds on October 8, the anger and anxiety wasn't limited to those working in the struggling auto parts company's plants. In "Trades News Articles"
November 2005 Nov 30, 2005 - One of the great things about the globalization goblin -- at least if you're a CEO -- is that you can blame your loss of market share, or your red ink or your inability to execute a manufacturing or sales strategy, on cutthroat competition from low-cost overseas labour .In "Trades News Articles"
Nov 29, 2005 - Delphi said on Monday that it had withdrawn a proposal in bankruptcy court to void collective bargaining agreements and retiree health care plans. In "Trades News Articles"
National Review editor Rich Lowry blames the UAW for GM's troubles: If only the union hadn't selfishly demanded good benefits and high wages for line workers, the company's troubles would not have come to this. In "Trades News Articles"
Nov 28, 2005 - Standing under a fading blue sign that says BIRTHPLACE OF THE AMERICAN V6, Allan Taylor gestures at the factory behind him and grimaces. "Everything in there is obsolete," he says of the Buick engine plant. In "Trades News Articles"
Nov 26, 2005 - Al Taylor carries three newspapers for his long commute to work as he boards the noon bus Thursday. There’s a lot of reading time on the trip from St. Catharines to General Motors in Oshawa. In "Trades News Articles"
Rick Wagoner says a feared clash between bankrupt Delphi Corp. and the United Auto Workers that could ensnare General Motors Corp. is unlikely because all sides have too much to lose. In "Trades News Articles"
Nov 25, 2005 - Fate may play a card or two that will change things for everyone concerned, but it looks like future General Motors' consumers will benefit from the company's recent decision to close a bunch of plants and damage the lives of thousands of its workers and their families. In "Trades News Articles"
Nov 24, 2005 - Ending the jobs bank in the U.S. and leaving workers without a steady paycheque, could strike yet another blow to America's weakened economy, where job losses are expected to continue for a sixth year in 2006. In "Trades News Articles"
Now that General Motors Corp. has outlined a painful plan to close factories and shed 30,000 jobs, the big question is whether a raft of vehicles debuting next year can revive its sputtering sales. In "Trades News Articles"
Nov 23, 2005 - “Keep in mind this is three years out,” said Bill Shaw, who spoke at the news conference. “We have a history of working with our local leadership here in finding alternative opportunities for these employees." In "Trades News Articles"
Every big automaker has its share of underperforming models -- even Japan's successful automakers have dogs like the Toyota Echo, Nissan Quest and Honda Ridgeline. We don't pay attention to those vehicles and heap scorn on them like we do when GM foists a vehicle like the Pontiac Aztek on us. In "Trades News Articles"
GM Chairman and CEO Rick Wagoner said the GM needs "tough medicine" to bring down its structural costs and ultimately return to profitability. Even so, analysts remained sceptical that the cutbacks would revive GM. In "Trades News Articles"
Nov 22, 2005 - Doug Orr's Chairperson's report for November 22nd, 2005 is posted on the CAW199 web site today. Find it at the link above or if you prefer, in "Trades News Articles"
In a sign of just how many jobs GM will slash in the next three years, many in St. Catharines, Ont., are counting themselves lucky that the city is only set to lose 130 positions. In "Trades News Articles"
In St. Catharines, the Ontario Street West powertrain components facility, which employs 130, will close in 2008. "The surprise in Canada was the closing of Oshawa 2," commented industry analyst Dennis Desrosiers. In "Trades News Articles"
Nov 21, 2005 - "I think there has to be a Canadian impact," said Doug Orr, chairman of the GM unit of CAW local 199, which represents workers at GM's engine and components plants in St. Catharines that is beset by a series of problems. Doug was talking about the cuts in the North American operations expected today. In "Trades News Articles"
When automakers rolled out the first hybrid cars, drivers who wanted their spectacular fuel economy had to settle for weird shapes and a lack of luxury options. In "Trades News Articles"
Nov 20, 2005 - Talk about whiplash. Last Wednesday, GM touched lows not seen since the 1980s. By early Thursday, GM hit another new low, then rose 17 percent in less than two days to end the week at $24.05, almost where it started. In "Trades News Articles"
Nov 19, 2005 - To ease crushing financial pressure, quash talk of bankruptcy and bolster shares trading near historic lows, GM Chairman Rick Wagoner now plans to announce as early as next week a series of plant closures that are expected to eliminate at least 25,000 hourly jobs over the next three years. In "Trades News Articles"
GM is considering a 280,000-square-foot expansion to the Fort Wayne Ind. plant that could add jobs, company and union officials said. In "Trades News Articles"
- Nov 18, 2005 - "I'd like to just set the record straight here and now: there is absolutely no plan, strategy or intention for GM to file for bankruptcy,'' Wagoner said in a letter, which was included in a U.S. filing Thursday. In "Trades News Articles"
- Nov 17, 2005 - For hundreds of thousands GM's employees and former workers through the decades, it was unimaginable. And on Wall Street, as little as five months ago, it was unspoken. Now it might be unavoidable. In "Trades News Articles"
Nov 16, 2005 - Buyouts drain Big 3 brain power as analysts fear early retirements at automakers, suppliers will create a shortage of skilled workers. In "Trades News Articles"
Nov 15, 2005 - We are about to see the second wave of the attack on the North American working class. The first wave did not, of course, ever subside: the story of the past quarter century is a litany of increased pressure on the job, insecurity over keeping decent jobs, longer hours and increased debt to hang on to consumption standards, concern over social services, growing inequality, and the weakening of trade unions. This is all about to get dramatically worse. In "Trades News Articles"
In an effort to boost lagging sales in the U.S., GM today announced a new incentives program of "Red Tag" prices on 2005 and 2006 model cars and light trucks through Jan. 3. In "Trades News Articles"
Nov 14, 2005 - General Motors of Canada confirmed Friday it will invest $170 million in its St. Catharines engine plant, giving the city's mayor a little peace of mind. In "Trades News Articles"
Nov 11, 2005 - The CAW is preparing to declare war on any auto parts maker in Canada that tries to duplicate the effort by Delphi Corp. in the United States to slash wages by 60 per cent and drastically reduce benefits. In "Trades News Articles"
Many a company would be happy to have as much cash on hand as General Motors Corp. At the end of September, the Detroit giant had more than $19 billion in its coffers. In "Trades News Articles"
GM workers were wrapping up voting Thursday on an agreement endorsed by labour leaders that would require them to pay more for their health care. As workers voted, GM's stock traded lower than it has in 10 years. In "Trades News Articles"
The CAW Local 222 Oshaworker newsletter for November 2005 is now posted on their site.
Nov 10, 2005 - General Motors Corp.'s credit rating took another hit Wednesday as Fitch Ratings lowered its rating on the automaker's debt deeper into "junk" status. In "Trades News Articles"
General Motors Corp. overstated its 2001 earnings from continuing operations by $300 million to $400 million by incorrectly booking some credits from suppliers, the company said Wednesday. In "Trades News Articles"
Nov 9, 2005 - Autoworkers are facing the worst attack from Corporate America since the early 1980s. Auto parts maker Delphi is using a bankruptcy filing to demand a two-thirds wage cut, and General Motors is aiming to cut retiree health benefits by $3 billion per year. Similar demands from other companies are certain to follow. In "Trades News Articles"
Nov 8, 2005 - Doug Orr's Chairperson's report for November 8th, 2005 is posted on the CAW199 web site today. Find it at the link above or if you prefer, in "Trades News Articles"
GM's commercial mortgage unit can expect an investment-grade rating when its planned buyout is complete, a ratings agency said Monday. In "Trades News Articles"
Nov 7, 2005 - Facing the possibility of deep wage concessions and even job cuts, unionized workers at Delphi Corp. met Sunday to exchange information and discuss strategy. In "Trades News Articles"
Nov 6, 2005 - What looks like an increasingly bumpy road for North America's Big Three automakers could throw up danger signs for anyone looking at investing in Canada's large autoparts suppliers. In "Trades News Articles"
The October auto sales rate was at its lowest level in seven years, but the results could have been even worse if automakers hadn't gotten a significant boost from sales to corporate and rental-car fleets. In "Trades News Articles"
Nov 4, 2005 - General Motors Corp. is ramping up production even as its sales fall sharply, a move that could help the automaker stockpile enough cars and trucks to weather a possible strike by union workers at Delphi Corp. In "Trades News Articles"
The bond market has already taken the GM out of GMAC. Since GM said on Oct. 17 that it's considering the sale of a majority stake in lucrative General Motors Acceptance Corp., their bond prices have diverged markedly. In "Trades News Articles"
Nov 3, 2005 - "I have been yelling at the highest hills," Hargrove said, noting that the union has been pressing for government incentives to build new auto factories here while demanding action to open overseas markets for Canadian-built cars. In "Trades News Articles"
Ford Motor Co., whose North American auto operations lost money in four of the past five quarters, has considered closing as many as four plants in the U.S. and Canada, the president of the Canadian Auto Workers said. In "Trades News Articles"
Nov 2, 2005 - Doug Orr's Chairperson's report for November 2nd, 2005 is posted on the CAW199 web site today. Find it at the link above or if you prefer, in "Trades News Articles"
General Motors Corp.'s debt rating, already below investment grade, was cut two levels Tuesday by Moody's Investors Service, saying that the world's largest automaker might not be able to rebuild profits and sales. In "Trades News Articles"
General Motors Corp chairman Rick Wagoner and Toyota Motor Corp president Katsuaki Watanabe met in Tokyo today amid reports the two car giants are to reaffirm a tie-up in fuel cell development. In "Trades News Articles"
Nov 1, 2005 - GM Canada dealers and retailers delivered 29,641 vehicles in October 2005, an 11.1% decline over the same month last year. Car sales for the month were down 5.2% to 16,209 units while truck sales decreased 17.4% to 13,432 units. In "Trades News Articles"
General Motors dealers in the United States sold 257,623 new cars and trucks in October, down 23 percent from the same month a year ago. Car sales declined 12 percent and truck sales were off 30 percent. In "Trades News Articles"
Most of Delphi Corp.’s United Auto Workers employees may end up earning more by going fishing than by working for Steve Miller’s cut-rate wages. Read the full story at the link above or in the "Trades News Articles"
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