GM orders cutbacks in discretionary spending
Article Abstract:
After General Motors Corp. ordered its managers and employees worldwide to slash discretionary spending, such as overtime, consultants, travel, off-site meetings and food and beverage service, industry analysts decided that GM is settling in for a protracted fight with its striking workers. The strike, which has idled 122,400 workers, halted GM's North American production and is costing GM $75 million daily, is expected to last at least until mid-July. GM remains confident with $13.6 billion in cash and another $20 billion in credit at the end of the first quarter. The UAW, meeting in Las Vegas at its annual convention, also is confident, predicting an eventual union victory.
Comment:
GM orders its managers and employees worldwide to cut discretionary spending during strike
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Ford, Republic Industries to organize dealership network in Rochester, NY
Article Abstract:
Ford Motor Co. (Dearborn, MI) and Republic Industries Inc. (Fort Lauderdale, FL) have agreed to form an alliance in order to consolidate Ford and Lincoln dealerships in Rochester, NY. Eight Rochester area dealerships agreed in principle to establish a so-called "Ford Retail Network." These dealers nine stores are expected to be consolidated into two or three Ford and Lincoln Mercury cars and light trucks retail outlests. Ford's other such established networks in other cities have resulted in a reduction of cost and a consolidation of retail distribution. Retail distribution usually accounts for between 25% and 30% of the cost of the car.
Comment:
Automaker and auto retailer work together to consolidate Ford and Lincold Mercury dealerships in NY
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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GM contains its quarterly loss at $809 million
Article Abstract:
General Motors Corp. (GM) posted a third quarter loss of $809 million caused by the recent strike. GM says that its labor problems are behind it and it expects to report strong results for the fourth quarter. Auto sales in Europe and North America are expected to stay strong fueled by the advent of new vehicles. Wall Street analysts agree with the optimistic forcasts presented by GM executives for the fourth quarter.
Comment:
Posted a 3d qtrr loss of $809 mil caused by recent strike, says 4th will be better, largely from sales of new vehicles
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Comment about this article or add new information about this topic:
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