April 28, 2011 online at www.uawlocal2250.com
As of this writing, there has been $3500 collected for the March of Dimes/March for Babies! This is an all-time high for one shift! Once again this workforce has shown its extraordinary generosity. Thanks for all you do!
From Automotive News: Honda reported a quarterly profit that missed analysts' estimates, after Japan vehicle sales dropped and last month's record earthquake disrupted output. The automaker said net income plunged 38 percent to 44.5 billion yen ($545 million) for the fiscal fourth quarter that ended March 31, lower than the 93.8 billion yen average of analysts' estimates compiled by Bloomberg. Sales fell 2.9 percent to 2.2 trillion yen. Honda and rival Japanese carmakers are working to restore full operations after last month's earthquake and tsunami damaged parts factories and power plants, causing shortages of components and electricity. Honda said earlier this week it expects its global output to return to normal levels by the end of the year. "Even if production comes back, sales may not," said Yuuki Sakurai, president at Fukoku Capital Management Inc. in Tokyo. "May sales, June sales may be close to zero as the companies won't have much to sell."
From the Detroit Free Press: Chrysler said today it intends to pay off its $7.5 billion in government loans by selling new debt, an investment from Fiat and a new loan agreement with institutional investors. The Auburn Hills-based automaker said it plans to use the proceeds of the term loan and the debt offering, with the $1.27 billion that Fiatsaid it would invest in Chrysler last week to acquire an additional 16% in Chrysler to pay off the government loans. Chrysler owes $5.8 billion to the U.S. Treasury and $1.7 billion to the Canadian governments as part of a 2009 restructuring that allowed it to emerge from Chapter 11 bankruptcy. Chrysler said today it plans to complete the repayment by the end of June. Fiat currently owns 30% of Chrysler. The company did not break down the amount of money it is seeking to borrow or say how much new debt it plans to issue through securities. Marchionne has said he wants to refinance Chrysler’s debt because the interest rate is higher than commercial market rates. The effective interest on the borrowings from the U.S. is as high as 14% and as much as 20% on the Canadian debt.
From the Wall Street Journal: Hyundai Motor Co. posted a 47% jump in first-quarter net profit, giving the world's fifth-largest auto maker sales a strong start to a year that's expected to see strong growth both from its U.S. push and from weakness among quake-hit Japanese rivals. First-quarter net profit jumped to 1.877 trillion South Korean won (about $1.75 billion) from 1.281 trillion won a year earlier, the company said in a statement Thursday. Operating profit climbed 46% from a year earlier to 1.828 trillion won from 1.256 trillion won, while sales rose 21% to 18.233 trillion won from 15.021 trillion won. Operating profit margin rose to 10% in the first quarter from 8.2% a year earlier.
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