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When Alan Mulally flew into town a little more than two years ago to take the top job at Ford Motor Co., many wondered what an aerospace executive from Seattle knew that Detroit's best and brightest did not.
Days before word that General Motors Corp. CEO Rick Wagoner was ousted by the Obama administration as part of a plan to provide GM with more federal aid, Mulally sat in his corner office on the 12th floor of Ford headquarters with a grin on his face.
Asked why he was smiling, he did not hesitate: Ford has won all of the concessions it needs from labor and investors to weather the industry's crisis -- even if car and truck sales continue to decline.
Just three months ago, Ford said it might have to join GM and Chrysler LLC in asking Washington for help if auto sales did not bottom out by May or June.
But Ford has since reached an agreement with the United Auto Workers to reduce labor costs, and Ford bondholders snapped up an offer to swap debt for equity in the company, money-saving moves that put Ford on a more level playing field with Asian rivals.
NEW YORK (Reuters) – Mounting job losses and plans to lay off more workers continued to weigh on the U.S. economy in March, according to private reports that have analysts and investors bracing for more grim U.S. government labor market data from the government on Friday.
U.S. private sector job losses accelerated in March to 742,000, more than economists' expectations, according to a report by ADP Employer Services on Wednesday. February's number was revised up to 706,000 job losses from a previously reported 697,000.
BEIJING, April 3 (Reuters) - A rebound in China's official purchasing managers' index (PMI) in March shows that the Chinese economy may have bottomed out, China's chief statistics official said. China's official PMI, a measure of activity in the manufacturing sector, rose to 52.4 in March from 49.0 in February, marking the first time the index has been in expansionary territory since September. A reading above 50 indicates expansion. [ID:nPEK365040]. "The continuous increase in PMI, along with positive signs I can witness from different places, showed that the Chinese economy may have started to warm up," Ma Jiantang, the head of China's National Bureau of Statistics, told the China Information Daily, the statistics bureau's mouthpiece. The March PMI also showed that China's economic stimulus measures had created demand and boosted growth, he said.
Originally posted by daeoeste
reply to post by pause4thought
Not the last post!!
I hope that we bring back some vital infrastructure to this country to create more jobs. I feel a green industrial revolution would be good for this country. Not a violent revolution. I do not mean the cap and trade "green" carbon economy that is being pushed by international banksters, I mean a society that uses technology to it's benefit to reduce our need for fossil fuels in as many areas as possible. If Ford is saying they want to compete, then they should move money to the R&D and make this technology available as soon as possible.