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Auto-asphyxiation: Probable death of US auto industry
"The Dow was trading at a hair above 200 points, the Soviets had just declared themselves a nuclear power and the US population was half of today's level. Much has changed since 1950, but the share price of the world's largest car company, General Motors, is back to where it was in those heady days of American industrial supremacy and there is rampant speculation it is heading to zero, with Ford - which yesterday announced the departure of its chief financial officer - not far behind.
The collapse in domestic auto sales to the lowest level since 1992 and a poor outlook make it likely that Detroit's big three, rounded out by privately held Chrysler, will burn through much of their cash by late next year. Bets on their debt in financial markets give low odds to their creditors getting all their money back over the next five years. CMA Datavision puts the probability of default for Ford and GM at 90 and 97 per cent respectively.
But the rumours of the US auto industry's death may be exaggerated. Even under a nasty sales scenario, voluntary bankruptcy filing makes little sense. It would do nothing to boost demand and, after concessions on wages and healthcare by unions last year, would not result in much better labour terms. Bankruptcy would help shed unsecured debt, but this is not the US auto industry's big problem. It is that their cost structures are still too big for their shrunken domestic market share, currently about 44 per cent, down from a virtual monopoly 35 years ago.
The easy credit that put more cars on American roads than licensed drivers is history. After decades of management miscues, though, executives in Detroit have made big adjustments in order to sell better cars to a smaller slice of a shrinking market. The credit crisis is gaining speed, but it is far from certain to catch up with an industry that now has the pedal to the metal." "The Dow was trading at a hair above 200 points, the Soviets had just declared themselves a nuclear power and the US population w... more -
GM and Chrysler: possible merger?
General Motors is in preliminary talks about a possible merger with Chrysler, a deal that could drastically remake the landscape of the auto industry by reducing the Big Three of Detroit automakers to the Big Two.
The talks between G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler, began more than a month ago, and the negotiations are not certain to produce a deal. Two people close to the process said the chances of a merger were “50-50” as of Friday and would most likely still take weeks to work out.
A merger would be a historic event, with two of the most iconic names in American industry coming together to survive in an increasingly difficult environment. Both have roots dating back decades in Detroit and, with Ford, long dominated the auto industry — until Japanese and other foreign car makers began making inroads into the American market.
The auto industry is being pummeled from all sides — by high gas prices that have soured consumers on profitable S.U.V.’s, by a softening economy that has scared shoppers away from showrooms, and by tight credit that is making it difficult for willing buyers to obtain loans. Both G.M. and Chrysler have been struggling with product lineups that are out of sync with consumer demand for smaller, more fuel-efficient cars. General Motors is in preliminary talks about a possible merger with Chrysler, a deal that could drastically remake the landscape of th... more -
GM Claims 100 Miles-a-Gallon Volt
General Motors Corp. said it reached a preliminary agreement that clears the way for U.S. regulators to certify the Chevrolet Volt, an electric vehicle that can be recharged at home or with a 1.4-liter gasoline engine, as the first 100 mile-per-gallon car. General Motors Corp. said it reached a preliminary agreement that clears the way for U.S. regulators to certify the Chevrolet Volt, an... more
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GM won’t advertise during Super Bowl
Automaker, looking to cut expenses, may air spots before, after game
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Automobiles Review - Car News, Car Reviews, Auto Shows, Photos, Videos
AutomobilesReview.com is Web Blog and Online Community specialized in representing car news, car reviews, tuning and auto shows to the World Wide Web users. AutomobilesReview.com is Web Blog and Online Community specialized in representing car news, car reviews, tuning and auto shows to the... more
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Beyond Chevy Volt, Electric Cars From Cadillac, Pontiac - Plug-in Car Rumors - Pop...
Even as General Motors executives used the company’s boisterous 100th birthday bash today to pull the wraps off the production Chevrolet Volt, GM designers and engineers are quietly laying the foundation for what could become a full range of plug-in cars that the company refers to as Extended-Range Electric Vehicles, or E-REVs.
Scheduled to head for production in November 2010, the eagerly-awaited Volt is a cross between a pure electric vehicle and more conventional hybrids, such as the popular Toyota Prius. And like the Prius, Chevy’s new entry features a distinctive body. But under the skin, Volt shares much of its platform with GM’s global compact architecture, known as Delta. That means it has a lot in common with upcoming products like the new Chevy Cruze.
"The reason it’s on a global architecture is to make it possible to do other variants," said Bob Lutz, GM’s vice chairman and product chief. Even as General Motors executives used the company’s boisterous 100th birthday bash today to pull the wraps off the production Chevrol... more -
General Motors executive doesn’t recognize global warming as fact — He should be f...
So why is such a high level executive publicly denouncing corporate policy? If GM really cared about global warming and the environment they would get rid of this denier immediately. So why is such a high level executive publicly denouncing corporate policy? If GM really cared about global warming and the environmen... more
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GM unveils Volt on company's 100th anniversary
"The Volt is due in showrooms by November of 2010." GM's Lutz said in an interview that the car won't be ready sooner because of the complexity in building an entirely new powertrain
"GM said the Volt will cost about 80 cents to fully charge at a rate of 10 cents per kilowatt-hour, which is about the national average. After that, the batteries will be recharged by a small gasoline engine that allows the car to travel hundreds more miles. GM said the engine will be able to run on E85 ethanol, a blend of 85 percent ethanol and 15 percent gasoline."
The Volt sounds pretty good .....I want one now! "The Volt is due in showrooms by November of 2010." GM's Lutz said in an interview that the car won't be ready soo... more -
Adoption of Genetically Engineered Crops in the U.S.-ERS/USDA Data
It's getting harder to avoid GM foods. Certified organic, locally grown food....the only way to go.
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GM to invest $500 million in small car plant
SAN FRANCISCO (MarketWatch) -- General Motors Corp. said Thursday it will invest more than half a billion dollars in its Ohio plant, where the new Chevrolet Cruze compact will be built as part of the automaker's sweeping plans to more align production with changing consumer tastes. SAN FRANCISCO (MarketWatch) -- General Motors Corp. said Thursday it will invest more than half a billion dollars in its Ohio plant, w... more
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Gm Provides Teaser Pictures of Chevy Volt
General Motors is likely a month away from fully revealing the production version of its Chevrolet Volt electric vehicle. The Volt has generated a lot of buzz for the company and the vehicle’s success is critical in showcasing GM as a major player in eco-friendly, high-technology vehicles. General Motors is likely a month away from fully revealing the production version of its Chevrolet Volt electric vehicle. The Volt has... more
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International guidelines will promote food safety of plant and animal biotech prod...
WASHINGTON, D.C. (Friday, July 04, 2008) - The Biotechnology Industry Organization congratulates the Codex Alimentarius Commission for approving key guidelines to further promote the safety of products from agricultural plant and animal biotechnology. The Codex Commission took final action today at its 31st session in Geneva, Switzerland.
The Codex Alimentarius Commission and its member countries approved today
• the Annex on Food Safety Assessment in Situations of Low-Level Presence of Recombinant-DNA Plant Material in Food (LLP Annex),
• the Annex on Food Safety Assessment of Foods Derived from Recombinant DNA-Plants Modified for Nutritional or Health Benefits, and
• the Guideline for the Conduct of Food Safety Assessment of Foods Derived from Recombinant-DNA Animals.
Sharon Bomer Lauritsen, executive vice president, food and agriculture for the Biotechnology Industry Organization (BIO), issued the following statement in response to action taken this week by the Commission:
“On behalf of its members, BIO commends the actions taken by Codex this week. These standards represent Codex’s commitment to promoting food safety for consumers, while embracing scientific advances and fostering trade of biotech-derived agriculture products.
“BIO and its members applaud the U.S. government and other governments around the world for moving these science-based guidelines to adoption by Codex.
“Adoption of guidance related to food safety assessments of low-level presence is essential to facilitate international trade while regulating incidental or trace amounts of biotechnology events in food and feed products. The new guidance recognizes that low-level presence is a natural part of plant biology, seed production and the distribution of commodity crops, and it can be managed in ways that ensure food safety and minimize trade disruptions.
“Adoption of the guidelines for risk assessment of the safety of foods derived from genetically engineered (GE) animals represents a policy breakthrough in the area of animal biotechnology. Codex standards are recognized as international benchmarks and act as models for governments in the establishment of their own food safety policies.
“Approval of the guidelines can now pave the way for the United States and other countries to develop science-based regulatory processes to govern the use of GE animals. GE animals are being developed to advance human and animal health, enhance food production, mitigate environmental impact and provide for high-tech industrial products.
“The Codex-approved texts on plant and animal biotechnology serve as science-based guidance, which will further enhance consumer safety and health while promoting the trade of biotech-derived products. This represents a tremendous step forward for farmers, traders and biotechnology industries in the United States and around the world.”
In 2006, the Codex Task Force on Foods Derived from Biotechnology agreed to draft an international guidance for food safety assessment of low-level presence of biotech products authorized as safe for use in food, feed, grain and derived products in one or more countries, including country of cultivation, but not yet in the country of import. In September, 2007 the members of the Codex Task Force unanimously agreed on the draft Annex that was considered and adopted by the Commission this week.
The Codex Alimentarius Commission was created in 1963 by the United Nations Food and Agriculture Organization (FAO) and the World Health Organization (WHO).
Codex, which comprises about 165 countries worldwide, is a scientific body that develops the international standards for food safety aimed at protecting public health and promoting fair trade practices. WASHINGTON, D.C. (Friday, July 04, 2008) - The Biotechnology Industry Organization congratulates the Codex Alimentarius Commission for... more -
Dear Ford, GM and Chrysler...
The BIG 3 are an American embarrassment. We as citizens should boycott these companies until they devote themselves FULLY to creating smart, efficient, sustainable products that speak to the innovation, ingenuity and creative power of the United States.
No more excuses. Innovate or DIE! The BIG 3 are an American embarrassment. We as citizens should boycott these companies until they devote themselves FULLY to creating ... more -
UK Forestry Commission decide on GM trees
University of Southampton researchers want to establish a settlement of GM poplar trees for biofuel research.
The Forestry Commission confirmed the application, but said no decision had been taken yet. University of Southampton researchers want to establish a settlement of GM poplar trees for biofuel research. ... more -
Say no to GMOs! - Getting started
Say No To GMOs! provides information, activities and resources for Texas and beyond. The goal is to inform the public and encourage grassroots action that will insure consumer choice and a genetically viable future. Say No To GMOs! provides information, activities and resources for Texas and beyond. The goal is to inform the public and encourage gr... more
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GMO containment?
The CBC's national news takes a look at how GM crops are being monitored in Canada.
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Carmaker GM loses another $15.5bn
General Motors has reported a net three-month loss of $15.5bn (£7.8bn) as North American sales fell by 20%.
GM took a $3.3bn charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
It also wrote off $1.3bn because of reduced values of big, used cars, which cut the value of formerly leased cars owned by its financing unit, GMAC.
Without one-off charges, GM lost $6.3bn compared with a net profit of $891m in the same period of 2007.
It is the third biggest quarterly loss in the carmaker's history.
GM shares fell 4.7% in early trading.
Read more... General Motors has reported a net three-month loss of $15.5bn (£7.8bn) as North American sales fell by 20%. ... more -
U.S. Jobless Rate Hits 4-Year High
The nation's unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. The nation's unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes... more
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Farmers putting sunscreen on their fruit
Farmers in California have begun slathering fruit and vegetables with sunscreen after discovering that it is not just people who can suffer adverse effects from the sun's rays, the Telegraph reports.
The vegetable equivalent of a liver spot on an apple can slash its value, as can sun-induced blistering and blemishes on crops like tomatoes and grapes.
So farmers in arid or drought-hit regions of the United States are spraying a sun block onto their crops to protect their sale prices.
Spraying on sunscreen helps to protect against some of the damage fruit and veg undergo in a natrual environment, particularly costly cosmetic imperfections, according to a California company that makes such a spray.
Purfresh is marketing SPF 45 spray Purshade, which is engineered to deflect ultraviolet and infrared light while allowing photosynthesis.
Mmm, delicious. Would you eat a fruit or vegetable that had been sprayed with these kinds of chemicals? Could you even tell, in the supermarket or green grocers? Would you buy a fruit or vegetable that had some sun damage, or does your food have to be *just perfect*? Farmers in California have begun slathering fruit and vegetables with sunscreen after discovering that it is not just people who can s... more -
Illegal genetically modified soya oil uncovered in swoop
"Two-thirds of restaurants, cafes, pubs and takeaways tested in a Trading Standards swoop in Surrey were found to be breaking the law on GM foods. Officers who visited 56 premises found 37 (66%) were cooking food in oil made from genetically modified soya without labelling the dishes. It is illegal for caterers to use GM ingredients without telling customers.
Trading Standards manager Peter Denard said labelling advice was now being sent to over 2,500 caterers in Surrey. None of those found to be using GM oil illegally was aware of the EU-wide labelling rules, which came into force in 2004, he said. Restaurants using GM oil must state it clearly on their menus or on a prominent notice.
"Consumers have a right to make an informed choice on the type of food they eat, whether it be GM or non-GM," said Councillor David Harmer."
Is the restaurant you eat in using GM foods? You have the right to ask. "Two-thirds of restaurants, cafes, pubs and takeaways tested in a Trading Standards swoop in Surrey were found to be breaking the... more
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