Weeks after United Auto Workers members approved a new deal with General Motors, the union’s Ford workers ratified a new collective bargaining agreement with the only major American automaker not to go through bankruptcy in 2009.
The United Auto Workers ratified the first new collective bargaining agreement with General Motors after 2009′s managed bankruptcy kept the automaker alive. The deal is good for four years.
With the UAW’s contracts with the Big Three automakers already expired and operating under an extension, it appears that General Motors will be the first to strike a new deal that gives back some of the concessions workers made to help the company survive bankruptcy in 2009.
Assuming market conditions remain favorable and a bond sale goes well, the new Chrysler — less than two years removed from bankruptcy — says it will have the federal government paid back for loans it made to keep the company afloat by the time August rolls around.
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Domestic auto sales in February were up 27 percent over the same month a year ago, led by a staggering 46 percent increase for General Motors. Ford posted gains of 10 percent while Chrysler jumped 13 percent. The annualized sales were 13.4 million vehicles, far surpassing analysts’ expectations.
The United States has reached an agreement with the Motors Liquidation Co — the part of General Motors that split off during bankruptcy and holds the company’s unwanted assets — to establish a trust to clean up 89 sites (many of which contain hazardous materials) that were abandoned when the More…
This morning, the Labor Department announced that the number of people making initial jobless claims increased sharply last week, up by 37,000 to 464,000. The sustained, high number of initial claims feeds the sustained, high jobless rate. Economists say initial claims need to fall into the 300,000s to demonstrate More…
The Obama administration on Tuesday outlined a new set of proposed rules for automobile fuel efficiency and emissions. The new rules follow an announcement in May that the administration had reached a deal with automakers and state governments to create a unified national standard.
“This action will give our More…
As the Senate this week debates legislation placing the tobacco industry under the oversight of the Food and Drug Administration, Sen. Lamar Alexander (R-Tenn.) is proposing an amendment that would give every taxpayer an equal share in the 60 percent of General Motors just acquired by the federal government. More…
Robert Reich, economist and former Clinton administration labor secretary, doesn’t think much of General Motors expected bankruptcy filing today, as the nation’s largest automaker prepares for a de facto government rescue and takeover. If the United States really wanted to help GM, Reich wrote in an op/ed for More…
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