Word: canadians
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...much of the year, the Canadian dollar, known as the Loonie after the lake-bird pictured on the one-dollar coins, was trading at par with the U.S. dollar. That squeezes manufacturers and grounds exports, since a strong Loonie deprives Canada of a cost advantage it has enjoyed for years. The Canadian dollar has weakened recently, but now the financial problems threatening to push Detroit's auto industry over the brink have also gripped the Canadian subsidiaries of GM, Ford and Chrysler. See the 50 Worst Cars of All Time
...marching orders from Detroit, expects to shed another 4,000 jobs with planned closures of a truck and transmission plant. This downsizing is needed to cope with overcapacity, but it's fostering bad blood between the car maker and its union. "We felt betrayed," says Chris Buckley, president of Canadian Auto Workers local 222, whose membership at GM Canada's assembly complex on Lake Ontario includes workers from the surplus truck plant. "It's never been this bad. We're on the verge of closing our doors...
Just as the Detroit Three are asking Washington for a financial lifeline, so too their Canadian counterparts want Ottawa to staunch hemorrhaging balance sheets. The difference is that in Canada the heads of the Detroit Three have left it to the CAW and the Auto Parts Manufacturers' Association to take the lead on a government bailout. "Obama is going to protect U.S. jobs," says CAW president Ken Lewenza, referring to President-elect Barack Obama. "The Canadian government has to play an active role or it could be left out in the cold manufacturing nothing...
...Toronto's Rotman School of Management. As a result, critics warn Ottawa and the Ontario provincial government against throwing good money after bad. "If there's a government bailout it will be helping companies at the center of losing jobs, and punishing companies who have created jobs," says veteran Canadian analyst Dennis DesRosiers of DesRosiers Automotive Consultants. The Detroit Three and their supplies have lost 55,000 jobs in Canada since 2000, compared with 40,000 jobs created by the Canadian assembly operations of Honda and Toyota...
...protection. However the wider, short-run repercussion might be too much to bear for the North American industry. "There's a real fear if one of the Detroit Three fails it will threaten the future of the others on both sides of the border," says Jayson Myers, president of Canadian Manufacturers & Exporters, the country's largest trade and industry association. Says Buckley of the CAW: "If GM fails, we'll lose hundreds of thousands of jobs in Canada. What kind of country are we leaving to our children...