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Posts displayed of the category: Business

15 Sep 2008 

 

Ford Motor Company president of the Americas Mark Fields has confirmed that Lincoln will sell the Ford Flex-based MKT crossover next year after a January Detroit show reveal. Lincoln showed the concept last January at Detroit. And Lincoln will unveil a refreshed MKZ at the Los Angeles auto show in November.

While an embargo prevents us from saying too much about these two models, we can say it looks like Lincoln will try to fill the price and prestige gap between Buick and Cadillac. While Lincoln would like to compete with Cadillac, it won't go after the European business the GM brand covets. Lincoln's reliance on front-drive platforms with AWD variants places it a half-notch below its American competitor.


Like the concept, the production MKT will have the 1941 Continental-style bow-wave grille first seen on the MKS and destined to become a Lincoln signature face, a chamfered surface parallel to the beltline and a thick C-pillar, with very little other than overall dimensions to hint at its connection with the Flex. It will come in six- or seven-passenger variants and will add a plethora of high-tech conveniences, including Blind Spot Monitoring and Cross Traffic Alert System. The latter uses two multibeam sonar modules in the rear quarter panels that alert the driver with an indicator light on the corresponding outside mirror when another vehicle enters the blind-spot zone.


Fields says the Mercury will go after less volume than Lincoln, with fewer models at lower prices. Alan Mulally's plans to bring in European Fords would seem to make badging the Mondeo as a Merc a natural, although Fields hinted against it. In Ford dealers, the smaller Mondeo would have to be priced above the Taurus in order to be profitable, but it would share the showroom with the Taurus and Fusion. In L-M dealers, Mercury could pull the Sable (which has no 2010 replacement anyway) and the Milan and use that space for the Mondeo.


Admin · 127 views · 5 comments
Categories: Business, Autos, Technology, Others
11 Sep 2008 
The Machinists union has a $140 million strike fund and can sustain support for striking Boeing Co. production workers for five or six months, President Tom Buffenbarger said Tuesday.


Speaking from the convention of the International Association of Machinists and Aerospace Workers in Orlando, Fla., Buffenbarger said support for the strike has been unwavering among delegates, even from local Machinists unions of airlines and other hard-hit sectors.



"This issue has united the convention," Buffenbarger said. The gathering takes place every four years.



Similarly, Marc Blondin, chief negotiator in contract talks covering 27,000 riveters, electricians, mechanics, painters and other hourly workers, said the strikers are prepared and resolved to stay out "as long as it takes" -- a mantra on picket lines -- to get an offer they're willing to accept.



On Sept. 3 union members voted 80% to reject a three-year package estimated by Boeing (BA, Fortune 500) at $34,000 in average gains per worker --bonuses averaging $6,400, raises averaging 11%, pension increases and a 3% cost-of-living boost. They voted by 87% to strike.



The walkout began Saturday morning after a 48-hour contract extension in which a federal mediator tried without success to break the impasse.



Starting three weeks into the walkout, union members are entitled to $150 a week in strike pay. Average pay at Boeing is more than seven times that amount, although about 5,000 of the most recently hired employees get less than $32,000 a year.



"That fund gets replenished every month from union members who are not on strike," although less will be coming in than going out, Blondin said.



In the first impact on air travel, RyanAir announced that the strike had resulted in a six-week delay in opening a new hub from Edinburgh, Scotland, with service to 11 European destinations. The opening has been pushed back to Nov. 5, when aircraft from its existing fleet will be available, deputy chief executive Michael Cawley said


Admin · 105 views · 1 comment
Categories: Business, Money
10 Sep 2008 
This story was written by CNNMoney.com writers Tami Luhby and David Ellis and Fortune.com writers Roddy Boyd and Colin Barr.


Beleaguered Wall Street firm Lehman Brothers will unveil "key strategic initiatives" for the firm, along with its expected third-quarter earnings, Wednesday morning before the market opens.



However, it may prove difficult for Lehman to convince investors that it will be able to raise the capital it needs to keep doing business after the 45% plunge in its stock price Tuesday.



The investment bank's shares hit their lowest level in more than 10 years Tuesday as investors grew ever more concerned about the company's future. Earlier in the day, Standard & Poor's placed Lehman (LEH, Fortune 500) on CreditWatch with negative implications.



"The CreditWatch listing stems from heightened uncertainty about Lehman's ability to raise additional capital, based on the precipitous decline in its share price in recent days," said Standard & Poor's credit analyst Scott Sprinzen. "Although the ratings ultimately could be affirmed, we do not currently rule out the possibility of lowering the ratings by more than one notch."



Shares fell early Tuesday morning following a report by Dow Jones that indicated talks between Lehman and Korea Development Bank had ended. It had been widely speculated in recent weeks that the state-run KDB was interested in buying a stake in Lehman.



Lehman closed Tuesday at $7.79, down from $14.15. The company's stock has plunged nearly 88% so far this year due to concerns about its ability to raise much needed capital.



Lehman is expected to post a second straight multibillion-dollar quarterly loss, and is reportedly considering several options to raise capital and reduce its exposure to further mortgage-related losses.


Admin · 78 views · 0 comments
Categories: Business, Money
06 Sep 2008 

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Admin · 176 views · 2 comments
Categories: Business
01 Sep 2008 
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Admin · 140 views · 2 comments
Categories: Business, Technology, Money

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