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Last week, President Obama nominated Ashton B. Carter, the Ford Foundation Professor of Science and International Affairs at the Kennedy School of Government, to become the new director of weapons procurement at the Pentagon. Carter, who has been an outspoken critic of wasteful and excessive defense spending, brings an already-impressive resume to the position, having served as assistant secretary of defense for international security during the Clinton administration. We applaud Obama’s wise selection and hope that Carter’s nomination signals a major change in the Defense Department’s procurement policy. The selection...
...Armory Show is the main event, featuring 243 galleries at Piers 92 and 94. If that seems too overwhelming, there are smaller venues, like Volta, an invitation-only showcase for galleries like Swiss dealer Haas & Fischer, with sculpture including Joshua Callaghan's "The 100 Year Anniversary Commemorative Model-T Ford," and London's Rokeby Gallery, with video artist Erica Eyres' short film about a female-only future. If you want to see actual Picassos, the city's museums are offering discounted admission. Armory Show: Piers 92 and 94 (12th Avenue at 55th Street); Volta: 7 West 34th Street...
...particularly galling to the United Auto Workers (UAW) that, in addition to numerous rounds of layoffs and givebacks dating back two decades, the union is being cast as the enemy in the U.S. auto industry's fight to survive. "Our contracts with Chrysler, Ford and GM represent only 10% of the cost of assembling of a vehicle. But most days, it seems like we get 110% of the attention," said UAW president Ron Gettelfinger in a recent speech. In the wake of GM's most recent quarter, in which the company lost $9.6 billion - $30.9 billion on the year...
...began to worry about rising health-care costs as far back as the 1950s, feared that the auto companies would one day not be able to meet their obligations. That that day is here is one reason the UAW made yet another concession. It reached an agreement with Ford to change the way the company contributes to the retiree health-care fund administered by the UAW. Instead of cash, Ford now has the option of issuing stock to fund up to 50% of the Voluntary Employee Beneficiary Association, or VEBA. It means that the health of UAW members is tied...
...bigger challenge financially is the JLR acquisition. Analysts say Tata Motors overpaid when it bought the loss-making British brands from Ford Motor in June, 2008. Just before the deal was announced, JLR reported an annual profit for the first time since it was acquired by Ford (the U.S. carmaker bought Jaguar in 1989 and Land Rover in 2000). But in the months leading up to the completion of the deal, sales of luxury cars and SUVs tanked as the global credit crisis worsened. JLR slipped back into the red, losing $383 million in the first half...