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  1. Join Date
    Feb 2008
    BEIJING (MarketWatch) -- Ford Motor Co.
    is in talks to sell its Volvo Car Corp. unit to China's state-run Changan Automobile Group, the National Business Daily reported Tuesday, citing an unnamed person familiar with the situation.
    "Changan Auto Group, Ford and Volvo are in high-level discussions about Changan Auto Group purchasing Volvo," the person was quoted in the paper as saying. "Anything is possible."
    Talks between Changan President Xu Liuping and the U.S. automaker began during the auto show in Guangzhou in November and acquisition was among the topics they discussed, the person said. The paper didn't provide further details of the talks.
    Changan Automobile Group is the parent company of Chongqing Changan Automobile Co.
    the Chinese partner of Ford Motor Co. and Mazda Motor Corp. Ford is considering the sale of its Volvo Cars unit as the U.S. auto maker scrambles to boost cash reserves amid a steep downturn in global auto sales.}

    China is where the money is. The question remains is napaso na China sa US investments are they still willing to invest more? But it looks like they don't have a lot of choice, not a lot of choices to park the paper they were given in exchange for their plastic goods
    Last edited by tidus1203; December 9th, 2008 at 04:16 PM.

  2. Join Date
    Nov 2005
    China should convert its paper assets to real assets

    tama yan... bumili sila ng car factory

    madami pa sila pwede bilhin

  3. Join Date
    Feb 2008
    That is nga why I don't really buy the exaggeration of job losses the BIG 3 CEO's are trying to paint. If they got bought out by someone else (malamang Chinese or Indian sila naman yung mapera ngayon eh) then they will just have new bosses... Job losses due to restructuring is all natural and it has to happen...

  4. Join Date
    Sep 2003
    Sila nga ang may kailangan, napaka arrogante pa nila!!!

    No Chrysler Bailout Until It Opens Up Its Books

    Dec. 9 (Bloomberg) -- Chrysler LLC says it’s almost broke and needs federal aid to survive. Perhaps that’s true. Yet taxpayers should be asking: How do we know?

    Sure, we can surmise from all the awful vehicles Chrysler makes that it’s losing mountains of dough. Really, though, we have no idea. We don’t even know who sits on the company’s board of directors. That’s because Chrysler and its owner, Cerberus Capital Management LP, won’t disclose the information.

    If the government, for political or economic reasons, decides to lend billions of dollars to General Motors Corp. or Ford Motor Co., fine, whatever. The American people are too numb now to get outraged over just any old bailout, even when it’s more money down the drain. As public companies, GM and Ford at least disclose their financials.

    With Chrysler, we don’t even know what the drain looks like, or where the plumbing leads. To be sure, one winner would be Cerberus, whose chairman is former Treasury Secretary John Snow. Transparency, this is not.

    What’s remarkable about the 14-page business plan that Chrysler Chief Executive Officer Robert Nardelli delivered to the Senate Banking Committee last week is how little information it contains.

    The summary starts out with so much blather about how well managed and innovative Chrysler is, you might wonder why it needs a bailout. Nardelli blamed Chrysler’s problems on the “perfect storm” of declining vehicle sales, the financial crisis and the global economic downturn -- as if the company were a finely tuned vessel before the waves unexpectedly kicked up.

    A Chrysler spokeswoman, Shawn Morgan, confirmed that the secret package didn’t include the company’s financial statements, audited or otherwise. She said the reason Chrysler doesn’t divulge such information, or the names of its board members, is “because we’re a private company.” A spokesman for Cerberus, Peter Duda, gave me a similar answer. When taxpayers rescue an outfit like Citigroup Inc., at least we know whom to blame.

    If Chrysler and Cerberus want the rights and privileges of private companies, they should stay away from our money. And if this is really just about saving jobs and helping the U.S. economy, then they should bare all and stop using American auto workers as human shields.

    [size=5]Until they do, Congress should tell Chrysler to get lost. [/size]

  5. Join Date
    Feb 2008
    I read somewhere (I will post the link if I find it) that the average hourly wage of a BIG 3 autoworker is $73. Yep $73 an hour! Toyota and Honda pays its autoworker $45 an hour. Do the math and do all the number of workers they have and it does make sense why they are in trouble.

  6. Join Date
    Nov 2005
    spoiled talaga mga unionized workers ng big 3 automakers

    the big 3 automakers remind me of our government owned & controlled corporations

    taas ng sweldo, dami benefits, pero operating at a loss, kelangan ng govt subsidy

  7. Join Date
    Sep 2003
    The Bailout is Dead!!! Thank you UAW for saving the American Taxpayer from more PAIN!!! Expect the US stock market the crash and burn tonight...

    $14B auto bailout dies in Senate

    WASHINGTON – A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end.

    Republicans, breaking sharply with President George W. Bush as his term draws to a close, refused to back federal aid for Detroit's beleaguered Big Three without a guarantee that the United Auto Workers would agree by the end of next year to wage cuts to bring their pay into line with U.S. plants of Japanese carmakers. The UAW refused to do so before its current contract with the automakers expires in 2011.

    The breakdown left the fate of the auto industry — and the 3 million jobs it touches — in limbo at a time of growing economic turmoil. General Motors Corp. and Chrysler LLC have said they could be weeks from collapse. Ford Motor Co. says it does not need federal help now, but its survival is far from certain.

    Alan Reuther, the UAW's legislative director, declined comment to reporters as he left a meeting room during negotiations. The union had no immediate reaction to the bailout's defeat.

    The stunning disintegration was eerily reminiscent of the defeat of the $700 billion Wall Street bailout in the House, which sent the Dow tumbling and lawmakers back to the drawing board to draft a new agreement to rescue financial institutions and halt a broader economic meltdown. That measure ultimately passed and was signed by Bush.

    Hourly wages for UAW workers at GM factories are about equal to those paid by Toyota Motor Corp. at its older U.S. factories, according to the companies. GM says the average UAW laborer makes $29.78 per hour, while Toyota says it pays about $30 per hour. But the unionized factories have far higher benefit costs.

    GM says its total hourly labor costs are now $69, including wages, pensions and health care for active workers, plus the pension and health care costs of more than 432,000 retirees and spouses. Toyota says its total costs are around $48. The Japanese automaker has far fewer retirees and its pension and health care benefits are not as rich as those paid to UAW workers.

    A pair of polls released Thursday indicated that the public is dubious about the rescue plan.

    Just 39 percent said it would be right to spend billions in loans to keep GM, Ford and Chrysler in business, according to a poll by the nonpartisan Pew Research Center. Just 45 percent of Democrats and 31 percent of Republicans supported the idea.

    In a separate Marist College poll, 48 percent said they oppose federal loans for the struggling automakers while 41 percent approved.
    Last edited by Monseratto; December 12th, 2008 at 05:45 PM.

  8. Join Date
    Feb 2008
    Hehehe in fact it was the UAW that was the problem why the talks collapsed. They don't want a time line being imposed by Republican senators when their workers will be paid the same as Toyota and Honda non-union workers.

  9. Join Date
    Sep 2003
    There will be a short-lived panic in the markets...European Stocks are already down 3-4% as we speak...

    "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight," Senate Majority Leader Harry Reid said.

    Republican Sen. George Voinovich of Ohio, adding, "The dominoes are already falling" throughout the United States."

    Last edited by Monseratto; December 12th, 2008 at 06:02 PM.

  10. Join Date
    Jan 2006
    Quote Originally Posted by Monseratto View Post
    The Bailout is Dead!!! Thank you UAW for saving the American Taxpayer from more PAIN!!! Expect the US stock market the crash and burn tonight...
    Not just the US stock market, this is global!!

    Monseratto, you might also want to thank the UAW for letting the rest of the world suffer.

    After the Senate rejected the US Auto Bailout...

    Wall Street tumbles as auto bailout stalls in Senate,4487391.story

    Toyota Drops After Auto Bailout Collapses in Senate

    Japanese stocks sink as U.S. auto bailout bill fails

    Asia stocks drop as Senate rejects US auto bailout

    German Stocks Fall Most in Week as U.S. Carmaker Bailout Fails

    Global stocks slump as rescue talks fail

    Last edited by AG4; December 12th, 2008 at 06:33 PM.

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GM in trouble