Feb 9, 2011 online at www.uawlocal2250.com
February is Women’s Heart Health month. There is a Women’s Committee meeting Thursday, Feb. 10 after first shift at the Union Hall. There is also a Veteran’s Committee meeting Thursday, Feb. 10 after first shift at the Union Hall.
From the Education Committee: Let us not forget that this Friday, Feb. 11 is “White Shirt Day”. This is the day back in 1937 that GM and the UAW negotiated our first contract. Be sure to wear your white shirt or white T-shirt.
Reports of potential profit sharing payouts are sprouting up all over the media. The familiar “unnamed sources” are providing the information. The Wall Street Journal and Bloomberg reported $3000 or more. A Detroit Free Press article raised that to $3200. UAW Vice President Joe Ashton said yesterday that this year’s payment will “far exceed” any payment we have gotten before. GM spokeswoman Kim Carpentersaid the automaker has to complete its 2010 accounting before it can finalize its profit-sharing amount. Due to SEC regulations regarding “quiet periods” prior to earnings reports, no one can officially state the amount. We should get the official word next Monday, Feb. 14, and we will communicate the amount as soon as it is announced. We should also get word then about the possibility of putting any or all of the amount in your PSP.
There has been a lot of Toyota news lately. As most of you have already heard, the NHTSA was unable to find any evidence that electronics were at fault in sudden unintended acceleration events in Toyota vehicles. They continue to blame floor mats and faulty accelerator pedals. Earlier this week, Toyota reported quarterly operating profit that was down 48 % versus last year, even as other makers report improved earnings (Honda is expected to out earn Toyota for a third straight year and Nissan profits are up 78% and within spitting distance of the much larger Toyota). Once again the strong yen is a major culprit in falling earnings as Toyota imports far more vehicles into the U.S. than either Honda or Nissan. With each one yen of appreciation Toyota loses over $350 million. They are using a target of 86 yen per dollar, even though it is trading at 82 and has gotten as strong as 80. And one more thing – almost three-fourths of Toyota’s earnings are coming from the finance side…
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