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GM's record loss of $39 billion is a stunner that has investors once again questioning whether the country's largest automaker is any closer to consistently turning a profit. For what it's worth, I think GM will get there, and I'll explain why in a bit.
I'm here at the Media and Money conference, hosted by Nielsen and Dow Jones. Michael Eisner is speaking on the future of content, and about running his investment firm, the Tornante Company. But here's what else he said. He thinks the Hollywood writers are misguided and they shouldn't have gone out on strike: "This is a stupid strike."
The Writers Guild is marching on, as it's day three of the strike. But they're not alone, as the top three Democratic presidential candidates are coming out in favor of labor. This is not the first time the party has supported workers, but one might argue Hollywood writers are the least blue collar of any guild.
Ford Motor agreed to keep three U.S. plants open and pour significant new investment into its other manufacturing facilities as part of a tentative contract with the United Auto Workers, union officials briefed on the deal said on Monday.
The Writers Guild contract expired at midnight--though there's no strike just yet, it is NOT looking good. The rhetoric last night was so angry and stubborn on both sides, I'm predicting a strike by mid-week next week. The WGA says the producers association "refused to continue to bargain until we agree that the hated DVD formula be extended to Internet downloads." HATED? Ouch.
The writers strike all comes down to money, but how much is really at stake? Right now the writers get 4 cents for every DVD sold and they want to increase that to 8 cents. The 4 cents formula is old, based on VHS, which used to be very expensive to produce. So back in the mid 80s the writers and producers agreed to give writers 1.5% of 20% of DVD revenues (assuming production costs were about 80%).
I'm in front of the Writers Guild headquarters in Los Angeles and right now the leadership of the guild is meeting to ratify to decision to strike and to plan the details of exactly when writers should walk of the job. At the Writers Guild meeting at the LA Convention Center last night, 3,000 writers rallied to push a strike forward and it became clear that this WGA leadership means business.
U.S. film and television writers went on strike Monday, after last-minute talks aimed at averting the Writers Guild of America's first walkout in almost two decades collapsed.
Union officials say a strike by Hollywood writers will begin Monday morning unless a last-minute deal is reached over the weekend with studios on a new contract.
Hollywood writers said they would strike for the first time in nearly 20 years but left open the door for last-minute talks to avert a crippling walkout.
As their contract with screenwriters was about to expire, labor negotiators for film and TV studios trying to avert Hollywood's first major strike in 20 years said they were deadlocked on Wednesday.
Europe's major indexes closed lower Tuesday as investors remained cautious in the run up to Wednesday's Federal Reserve decision and in the wake of a generally disappointing batch of major earnings reports.
Chrysler CEO Bob Nardelli said Monday he has a three-pronged strategy to return the company to profitability that starts with listening to the company's detractors.
I watched the latest vote results from rank and file United Auto Workers at Chrysler and thought to myself, "what do these people want?" Through the weekend an estimated 11,000 UAW have rejected the tentative contract the union agreed to with Chrysler. Some 6,000 have voted in favor of it.
Train service started back up throughout much of France but many commuters in Paris biked, roller-bladed and even used children's scooters Friday as city transit workers kept up a second day of strikes against proposed economic reforms.
A new four-year contract between General Motors and the United Auto Workers will transfer an estimated $46.7 billion worth of retiree health care liability from the company to the union and will significantly reduce labor costs, the company said Monday.
Ford Motor, considered the weakest of the three U.S.-based automakers, could agree on a new contract with the United Auto Workers union fairly quickly and without the strikes that marked negotiations with General Motors and Chrysler, analysts said on Thursday.
Need proof the Big 3 may be on the verge of doing some good, perhaps even great things? Check out the latest management coup with Ford hiring Jim Farley away from Toyota to become the U.S. automaker's main man running marketing and communications.
With a conviction Chrysler executives have lacked in the past, the automaker's new president, Jim Press emphatically told reporters Wednesday night the struggling American automaker will change.