Realistbear Posted April 21, 2006 Share Posted April 21, 2006 http://news.bbc.co.uk/1/hi/business/4930704.stm BREAKING NEWS US problems fuel huge Ford loss Ford suffered a $1.19bn (£629m) loss in the past three months as it incurred huge costs from its planned job-cutting and plant-closure program. The car giant, trying to stem falling sales in its home market, made a $1.2bn profit this time last year. The company's North American unit made a $2.9bn loss over the period, leading Ford's boss to say he was "not satisified" with its performance. Ford is cutting 30,000 jobs and closing 14 plants to reduce its costs. Or, as the Bulls would say, Ford is experiencing a return to more normal business with a soft landing that promises higher profits in the future after excess workers and less profitable factories are consolidated. Tick tock, tick tock..... Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted April 21, 2006 Share Posted April 21, 2006 Somebody find SpringtimeForHitler...he thinks unemployment is not an issue at the moment. Quote Link to comment Share on other sites More sharing options...
doomwatch Posted April 21, 2006 Share Posted April 21, 2006 Four wheels and a board make a jolly good Ford, guaranteed to go if you push it. Quote Link to comment Share on other sites More sharing options...
Bingley Bloke Posted April 21, 2006 Share Posted April 21, 2006 Oooh I'm positively salivating at the thought of one day reading the same type of story about estate agents. It's no longer a case of 'if', so much as 'when'. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted April 21, 2006 Author Share Posted April 21, 2006 I am wondering if any Bulls will try to spin this story for us all? Recession, what recession? Quote Link to comment Share on other sites More sharing options...
Guest Posted April 21, 2006 Share Posted April 21, 2006 Recession? But we're not in recession, realistbear. They cut interest rates throughout the last recession, and will cut them through this one. But when were rates last cut, huh? Quote Link to comment Share on other sites More sharing options...
Spring In The Air Posted April 21, 2006 Share Posted April 21, 2006 Oh well, you asked for it. Peugeot are closing down in Coventry. Toyota and Honda are increasing production at their UK plants. Ford are a company with problems but I won't list them, we all know what they are. Last time I was in the States every other car was of Japanese origin. So, globalization causes problems in home markets in Europe and the USA. Wow! another new story! But, what this really means, of course, is that your oft-expressed long-hoped-for increases in interest rates just aren't going to happen. A bit of rationlisation here, a redundancy there, a factory taking on more people here ... Boring really. Just an economy ticking over and adjusting to change. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 21, 2006 Share Posted April 21, 2006 Of course they're not going to raise the rates. We were going into recession in 2005, and we're now skirting recession still. Rate-lowering happens every time. We will end up accepting devaluation of sterling and everyone will get squeezed on general price increases in an inflationary recession. We're still ******ed and I don't know why, Spring, you have to put us through the mincer on this one. Since I started observing, last year, it's just a matter of time now. F***'ed if they go UP F***'ed if they go down. Quote Link to comment Share on other sites More sharing options...
MarkG Posted April 21, 2006 Share Posted April 21, 2006 They cut interest rates throughout the last recession, and will cut them through this one. Rates were near historical highs at the start of the last recession, which gave plenty of room to cut. It's a lot harder to justify cutting rates from near historical lows, particularly when the rest of the world is raising them. IMHO Britain is going to see an undeniable recession (rather than the recession we've been in for several years which has been hidden by fake figures, easy credit and government spending), but be unable to cut rates due to high inflation. Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted April 21, 2006 Share Posted April 21, 2006 Realist Bear I assume you know your credibility is in shreds by this ridiculous misquoting. The 30,000 job losses were announced ages ago and are planned to be spread over time til 2012. As well you know. I note you chose to remove that part from your quote and replace with a full-stop. From the same article: "The firm's sweeping restructuring programme - designed to return its US business to profitability by 2008 - meant it has been saddled with $1.7bn in one-off financial charges. Excluding these costs, Ford said it made a $458m profit over the period." Quote Link to comment Share on other sites More sharing options...
Seamaster Posted April 21, 2006 Share Posted April 21, 2006 Or, as the Bulls would say, Ford is experiencing a return to more normal business with a soft landing that promises higher profits in the future after excess workers and less profitable factories are consolidated. Tick tock, tick tock... Funny, I just watched the BBC report on Ford today, and it was all about a routine announcement of their quarterly financial figures with a passing mention of the impact of restructuring costs announced months ago. I switched to CNN and got pretty much the same coverage. Not a single mention of any new job losses. This isn't spin, it's ********. Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted April 21, 2006 Share Posted April 21, 2006 Or, as the Bulls would say, Ford is experiencing a return to more normal business with a soft landing that promises higher profits in the future after excess workers and less profitable factories are consolidated. Cars are actually really cheap, I don't mean that in a flippant way, don't get me wrong, however I could walk into a Ford garage this afternoon and walk out with a brand new car with a modern design, safety, features and gadgets for less money in actual terms than my father paid in the early 90's, and they were knocking cars out at a discount during the last recession. However, the running of a car is a different matter, this is the "utility" of travel, in terms of petrol, insurance, breakdown cover, MOT's, parking/speeding fines, tolls of various sorts, and even obtaining a driving license in the first place, things have inflated a greatdeal since then, however the actual chunk of metal is better value than before. I think I may try lease hire in the future, once you get above a certain threshold it's actually cheaper to lease one and leave your money in the bank accruing interest whilst avoiding all the depreciation costs. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted April 21, 2006 Author Share Posted April 21, 2006 Funny, I just watched the BBC report on Ford today, and it was all about a routine announcement of their quarterly financial figures with a passing mention of the impact of restructuring costs announced months ago. I switched to CNN and got pretty much the same coverage. Not a single mention of any new job losses. This isn't spin, it's ********. it's the BBC! Call them spinners if you like but their bulletin says it all. Here is CNN's "spin", looks the same to me: http://money.cnn.com/2006/04/21/news/compa...dex.htm?cnn=yes Ford posts $1.2 billion lossNo. 2 automaker misses Wall Street forecasts, hurt by losses in auto operations, charges for plant closings. By Chris Isidore, CNNMoney.com senior writer April 21, 2006: 9:15 AM EDT NEW YORK (CNNMoney.com) - Ford Motor Co. reported a $1.2 billion net loss Friday as losses in its auto operations caused it to miss Wall Street forecasts. The nation's No. 2 automaker said that excluding one-time items such as charges for plant closings, it earned $458 million , or 24 cents a share, in the first quarter. Analysts surveyed by earnings tracker First Call were forecasting 25 cents. The company earned 62 cents a share excluding items a year earlier. Including a $2.5 billion pre-tax charge for plant closings, Ford's net loss of $1.2 billion was equal to 64 cents a share. That compares with net income of $1.2 billion, or 66 cents a share, a year earlier. The net loss is the bottom line. Quote Link to comment Share on other sites More sharing options...
Seamaster Posted April 21, 2006 Share Posted April 21, 2006 The net loss is the bottom line. And not 30,000 new job losses, as your thread title suggests. Whatever. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted April 21, 2006 Author Share Posted April 21, 2006 (edited) And not 30,000 new job losses, as your thread title suggests. Whatever. 30,000 job losses will be new to the people who are affected. I am afraid the Reuters wire agrees with the BBC. Deny the job losses if you like but reality is reality. And a loss is a loss. Try to spin it if you like but I think the figures speak for themselves and the BBC got it right. http://today.reuters.com/business/newsarti...RD-EARNS-DC.XML Ford, which is closing 14 plants and cutting up to 30,000 factory jobs in North America, posted a first-quarter net loss of $1.19 billion , or 64 cents per share, compared with a profit of $1.21 billion, or 60 cents per share, a year ago. http://news.bbc.co.uk/1/hi/business/4930704.stm Ford is cutting 30,000 jobs and closing 14 plants by 2012 to reduce its costs. http://www.rte.ie/business/2006/0421/ford.html Ford loses $1.2 billion in first quarter April 21, 2006 14:57 Ford Motor Company has posted a massive quarterly loss of $1.2 billion in the face of a sales decline and a restructuring plan that envisages up to 30,000 job cuts . 30,000 jobs looks like the number to me. Edited April 21, 2006 by Realistbear Quote Link to comment Share on other sites More sharing options...
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