This is the day current and retired UAW members at General Motors have been fearing. In stark terms union members are finding out just how much their benefits, their jobs, and what they've come to expect will be changing as GM restructures either in or out of bankruptcy.
General Motors says it may offer current shareholders a reverse stock split that would give them one share of new stock for every 100 shares they currently own.
In the devastating slump that has forced two of Detroit’s automakers to the brink of bankruptcy, the United Automobile Workers union stands to become one of the industry’s few winners.
GM CEO Fritz Henderson is a straight shooter. It's one of the things about him that I like. That said, how many of us believe the man when he says GMs latest restructuring plan is the final "fix" for the auto maker? Count me among those who are skeptical.
Stocks bounced back from a swine flu-induced drop Monday as traders scooped up shares of drug makers and pharmacies.
The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday.
The government is increasingly likely to convert a $13.4 billion loan to GM into equity, giving taxpayers a big stake in the struggling auto maker, sources told CNBC.
It's been a long 10 months since the Screen Actors Guild's contract with the major studios, the AMPTP, expired. But the long battle certainly didn't guarantee a victory. The proposed contract that SAG's board voted to approve Sunday is pretty darn similar to the deal the AMPTP offered nearly a year ago.
Chrysler Chief Executive Robert Nardelli says the U.S. government and Fiat will appoint a new board of directors if Chrysler joins forces with the Italian automaker.
Revenue may be down and the pressure to slash costs intense, but some U.S. companies say job cuts are not an option.
March sales fell sharply for General Motors, Ford Motor and Chrysler, but not as much as industry analysts had feared for any of the companies. Sales of Japanese automobiles also fell, though less steeply than they did for U.S. automakers.
Automakers were set to release their March U.S. vehicles sales on Tuesday amid continued uncertainty about the future of U.S.-based car makers.
Movie and TV schedules haven't been interrupted, so it's easy to forget that Hollywood is still mired in labor conflict. Screen Actors Guild members have been working without a contract since their deal with the studios expired last summer. Now a fringe group of SAG members are pointing fingers and calling names, asking the government to investigate the antitrust practices of the media giants.
If you thought March 31 would be the day the government would make a final pronouncement on GM and Chrysler, it's time to think again.
Citi analyst Deborah Weinswig downgrades Wal-Mart shares to hold from buy, citing fears that proposed legislation intended to make it easier for employees to unionize will boost Wal-Mart's labor costs and hurt its ability to compete.
This afternoon, the UAW members at Ford overwhelmingly voted in favor of changing their contract with the auto maker.
Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens. It wasn't the Great Depression. It was the 1981-82 recession, widely considered America's worst since the depression.
With the economy weakening, chief executives want Wall Street to see them as tough cost-cutters who are not afraid to lay off workers. But plenty of job cuts are not trumpeted in news releases, the New York Times reported.
Hearst Corporation said Tuesday that it would close or sell The San Francisco Chronicle unless it could wring concessions from its unions, raising the prospect of San Francisco becoming the largest city in the country to lose its dominant newspaper, the New York Times reports.
With the UAW and Ford announcing they have agreed on a plan to re-work funding of union's Voluntary Employee Beneficiary Association, it is an important step not only for Ford, but GM and Chrysler as well.