China’s car industry is quietly pressing Beijing for government help as it copes with a jarring slowdown, top Chinese auto executives
http://www.nytimes.com/2008/11/19/busin … .html?_r=1
According to The New York Times, "China’s car industry is quietly pressing Beijing for government help as it copes with a jarring slowdown." Until earlier this year, vehicle sales on the mainland were growing at double digits. That has turned into flat sales and the last couple of months and 2009 looks no better. China’s auto firms have been gearing up and spending to accommodate demand which is no longer there.
http://247wallst.com/2008/11/19/car-company-bai/
Et Tu, Toyota? tapping $5 billion from the Japanese government this month to lend to Japanese corporations that operate internationally.
http://www.businessweek.com/globalbiz/c … =rss_daily
The Nasty Class and Anti-Union Bias of Auto Bailout Opposition, or the Wall Street-Detroit
http://multinationalmonitor.org/editors … ndard.html
Background: There's a new Civil War going on when it comes to automaking in America. Japanese, Korean, and German automakers are now building 18 auto assembly plants in the United States, none of which is unionized. Kentucky (Senate Republican Leader Mitch McConnell) already has Toyota's biggest auto assembly plant outside Japan. Tennessee (Senate Rep. Bob Corker, who came up with the "chapter 11" bailout amendment) houses Nissan's North American headquarters. Alabama (Senate Rep. Richard Shelby) hosts Mercedez Benz and several other foreign automakers.
So there's no reason to suppose the good citizens of Kentucky, Tennessee, or Alabama are particularly excited at the prospect of handing over their taxpayer money to competing firms and their workforces.
http://robertreich.blogspot.com/2008/12 … ilout.html
MARKET FORCES AT WORK?
Unlike U.S.-listed companies, Japanese corporations do not disclose individual executive
compensation.
But Toyota's 25 board members made 3 billion yen for the past fiscal year, an average of roughly
$1 million each.
Honda's board cost's a TOTAL of 13 million
Their counterparts in Detroit made far more.
Rick Wagoner, GM chairman and chief executive: $2.2 million in 2008, $1 million in 2009
Fritz Henderson, GM president: $1.8 million in 2008, 30% cut for 2009
Bob Lutz, GM vice chairman: $1.75 million in 2008, 20% cut for 2009
Tom Stephens, GM executive vice president: $1 million in 2008, 20% cut for 2009
Gary Cowger, GM group vice president: $900,000 in 2008, 20% cut for 2009
Alan Mulally, Ford chief executive: $6 million in 2007, $2 million base salary for 2008
As we see, cuts are being made at all levels of the company and this is a good thing. But are they enough? If you are inclined to say yes, you should know these numbers represent only the base salaries for the mentioned executives. They do not include stock options or bonuses.
At Chrysler Tom LaSorda's last reported amount was $5.39 million in salary, benefits, bonus payments and stock
awards.
Since Chrysler is a private company, unlike the publicly traded GM, is not obligated to make his compensation public.
The Japanese Corps are NOT asking their workers, from the bottom up, for ANY pay cuts.
Detroit????
LaSorda has just told a Canadian House of Commons Committee that Chrysler needs 30% of total payments back from it's 10,000 Canadian workers OR they will leave.
Chrysler is seeking US$2.3 billion from the Canadian government, plus a break on a fight over taxes and major sacrifices from the Canadian Auto Workers.
Will that alone save Chrysler? Don't think so.
Wagoner has told the US Congress Committee he was working for a $1.00
LaSorda has said "No comment'" when asked what his pay cut is.
http://www.nytimes.com/2008/11/19/busin … .html?_r=1
According to The New York Times, "China’s car industry is quietly pressing Beijing for government help as it copes with a jarring slowdown." Until earlier this year, vehicle sales on the mainland were growing at double digits. That has turned into flat sales and the last couple of months and 2009 looks no better. China’s auto firms have been gearing up and spending to accommodate demand which is no longer there.
http://247wallst.com/2008/11/19/car-company-bai/
Et Tu, Toyota? tapping $5 billion from the Japanese government this month to lend to Japanese corporations that operate internationally.
http://www.businessweek.com/globalbiz/c … =rss_daily
The Nasty Class and Anti-Union Bias of Auto Bailout Opposition, or the Wall Street-Detroit
http://multinationalmonitor.org/editors … ndard.html
Background: There's a new Civil War going on when it comes to automaking in America. Japanese, Korean, and German automakers are now building 18 auto assembly plants in the United States, none of which is unionized. Kentucky (Senate Republican Leader Mitch McConnell) already has Toyota's biggest auto assembly plant outside Japan. Tennessee (Senate Rep. Bob Corker, who came up with the "chapter 11" bailout amendment) houses Nissan's North American headquarters. Alabama (Senate Rep. Richard Shelby) hosts Mercedez Benz and several other foreign automakers.
So there's no reason to suppose the good citizens of Kentucky, Tennessee, or Alabama are particularly excited at the prospect of handing over their taxpayer money to competing firms and their workforces.
http://robertreich.blogspot.com/2008/12 … ilout.html
MARKET FORCES AT WORK?
Unlike U.S.-listed companies, Japanese corporations do not disclose individual executive
compensation.
But Toyota's 25 board members made 3 billion yen for the past fiscal year, an average of roughly
$1 million each.
Honda's board cost's a TOTAL of 13 million
Their counterparts in Detroit made far more.
Rick Wagoner, GM chairman and chief executive: $2.2 million in 2008, $1 million in 2009
Fritz Henderson, GM president: $1.8 million in 2008, 30% cut for 2009
Bob Lutz, GM vice chairman: $1.75 million in 2008, 20% cut for 2009
Tom Stephens, GM executive vice president: $1 million in 2008, 20% cut for 2009
Gary Cowger, GM group vice president: $900,000 in 2008, 20% cut for 2009
Alan Mulally, Ford chief executive: $6 million in 2007, $2 million base salary for 2008
As we see, cuts are being made at all levels of the company and this is a good thing. But are they enough? If you are inclined to say yes, you should know these numbers represent only the base salaries for the mentioned executives. They do not include stock options or bonuses.
At Chrysler Tom LaSorda's last reported amount was $5.39 million in salary, benefits, bonus payments and stock
awards.
Since Chrysler is a private company, unlike the publicly traded GM, is not obligated to make his compensation public.
The Japanese Corps are NOT asking their workers, from the bottom up, for ANY pay cuts.
Detroit????
LaSorda has just told a Canadian House of Commons Committee that Chrysler needs 30% of total payments back from it's 10,000 Canadian workers OR they will leave.
Chrysler is seeking US$2.3 billion from the Canadian government, plus a break on a fight over taxes and major sacrifices from the Canadian Auto Workers.
Will that alone save Chrysler? Don't think so.
Wagoner has told the US Congress Committee he was working for a $1.00
LaSorda has said "No comment'" when asked what his pay cut is.