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Gm - 25k Jobs And Health Care Cut

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Ouch.

http://www.tiscali.co.uk/news/newswire.php...y_template.html

GM to cut 25,000 jobs after huge loss

17/10/2005 13:36

DETROIT (Reuters) - General Motors Corp. on Monday posted a quarterly loss of $1.6 billion, much worse than Wall Street had expected, and announced a deal with the United Auto Workers union to cut its health-care costs.

GM also said it plans to eliminate at least 25,000 manufacturing jobs.

The world’s largest automaker, which lost more than $1.4 billion in the first half of the year amid deepening financial woes, posted a loss of $1.6 billion, or $2.89 a share, for the third quarter. The company had a profit of $315 million in the year-earlier quarter

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Didn't all of GM's profits last year come from the financial division anyway, with car manufacturing making an overall loss?

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So, how many years from a giant at the heart of USA manufacturing to, effectively, a basket case?

Not many.

This must affect the average Joe's feeling about the future.

The old sneeze cold saying.

I suspect the bosses just wish they could upsticks and have all manufacturing in the low wage economies.

The USA unions must be worried if they are accepting lower benefits for members.

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So, how many years from a giant at the heart of USA manufacturing to, effectively, a basket case?

Not many.

If you got the rust belt then you can see that's already the case. Things have moved to Mexico or China.

Germany is now the world's largest exporter, I wonder if Mr Brown would like to go over there to lecture them on their failures.

Edited by BuyingBear

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So, how many years from a giant at the heart of USA manufacturing to, effectively, a basket case?

Not many.

This must affect the average Joe's feeling about the future.

The old sneeze cold saying.

I suspect the bosses just wish they could upsticks and have all manufacturing in the low wage economies.

The USA unions must be worried if they are accepting lower benefits for members.

Had a read of TheInquirer today: 2 million engineers created every year in China, all as good as their Western counterparts. India also creates 1 million every year. In the UK, being an Engineer is regarded in the same light as being a plumber - see last weeks New Scientist mag.

So, houseprices at an all time high, giving us one of the highest cost-bases in the world. And we treat the few Scientists/Engineers we have like dirt. Not looking good for Future UK, is it?

Sure, the US has problems, but we aren't far behind.

Nomadd

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Had a read of TheInquirer today: 2 million engineers created every year in China, all as good as their Western counterparts. India also creates 1 million every year. In the UK, being an Engineer is regarded in the same light as being a plumber - see last weeks New Scientist mag.

So, houseprices at an all time high, giving us one of the highest cost-bases in the world. And we treat the few Scientists/Engineers we have like dirt. Not looking good for Future UK, is it?

Sure, the US has problems, but we aren't far behind.

Nomadd

I think some still don't get this thing about China.

I was thinking of starting a thread asking how many here could remember or knew about the Cultural Revolution.

That was what, 30 years ago? We in the West then thought that China was regressing.

How wrong.

I agree with you about attitudes to engineers here.

MPs who are engineers, MPs who are lawyers?

The legacy that is the curse of the British class system.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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