Word: auto
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Dates: during 2000-2009
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...Ironically, while the buyout agreement could help cut GM's payroll, it could also end up exacerbating its other major problem, crippling employee retirement costs. John Murphy, the auto analyst for Merrill Lynch, warned in a note to investors, "The accelerated retirements at GM may result in a lower active headcount, but further exacerbates GM's already heavy burden of 2.5 retirees to active workers. Furthermore, GM continues to structurally shrink as it loses market share in the U.S., which means that a smaller company is supporting more retirees. Until GM stabilizes market share, rationalizes capacity at every point...
...them. Serbian-born Zeljko Stojanovic, 19, joined the march with fellow high school students of foreign origin from the Parisian suburb of Saint-Denis. "They want to close off immigration and doom young people to the lousy jobs nobody else will take," said Stojanovic, who wants to be an auto mechanic. "We're the ones who'll suffer if the bosses can just fire people without cause." Privileged university students saw matters no differently. Said Florian Louis, 22, a history student at the prestigious L'Ecole des Hautes Etudes en Sciences Sociales: "Maybe you can talk about labor flexibility...
...began closing plants, slashing more than $20 billion in debt and eliminating 20,000-plus jobs to return the moribund company to profitability. Many observers--especially France's sometimes intractable unions--expected similar tough love in early February, when Ghosn unveiled his ambitious four-year plan for the European auto giant, which has had an increasingly close joint partnership with Nissan since 1999. But, quelle surprise, so far Ghosn's quality-enhancing, production-boosting, profit-focused project has avoided layoffs. "Renault is not in the same critical situation Nissan was, so the methods we're using to improve things...
...auto industry in particular--still the bellwether for a globally successful manufacturing sector in many European countries--managers have had to make tough choices that have proved politically controversial. In Europe, unions still have considerable political power, not to mention seats at the board of directors table. DaimlerChrysler has said it is looking for a reduction of 14,500 jobs at Mercedes, while Volkswagen in February announced 20,000 job cuts. In such an environment, Renault appears to be defying gravity by promising ambitious results without the pain of slashing labor costs. Indeed, Ghosn is pledging to increase annual...
Almost everything about his plan is a gamble. Waiting until 2009 for full results means that the market may be dominated by "disappointing business news that Ghosn himself has warned of," says Christophe Laborde, an auto-industry analyst for ING in Paris. That could undermine Renault's share price, Laborde continues, and force Ghosn to respond with wider job cuts such as rivals have made. Meanwhile, Philippe Martinez, head of the automotive sector at the General Confederation of Labor, France's labor union, is pleased that the plan has avoided firings. But he would also like to see "significant numbers...