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June 29, 2007
Delphi workers ask: What next?Delphi Corp. workers in Flint and Saginaw -- which rely on the auto-parts maker for more than 3,000 jobs -- expressed resignation, reluctance and relief as they voted on a historic contract proposal Thursday, according to the Detroit Free Press. The pact would reduce wages for veteran workers, secure some jobs, lose thousands of others and propel Delphi from bankruptcy. But what matters more to the 17,000 UAW workers at Delphi is what the proposal means for their futures, whether they are closing in on retirement or starting their careers.
Posted by Oil Back Up Above $70 a BarrelOil prices shot back up above the psychologically important $70 a barrel mark on Friday, trading at a level last seen 10 months ago for the second time in two days on worries about gasoline supplies, according the Associated Press. With most U.S. refineries expected to increase output in the coming months after finishing maintenance, pressure on gasoline was expected to drop. Still, prices could remain high because increased refinery capacity puts greater demands on crude availability.
Posted by Chrysler sales to stay public as it goes privateThe Chrysler Group, preparing to go private under new ownership, plans to continue making public its monthly sales results, according to the Detroit Free Press. The long-held tradition is important to continue, in part to avoid the appearance that the automaker has something to hide, Steven Landry, Chrysler executive vice president of North America sales, global marketing and services and parts, told the Free Press in an interview Thursday.
Posted by United Auto Group Inc. to change name to Penske Automotive Group Inc.United Auto Group Inc. said it will change its corporate name to Penske Automotive Group Inc. effective July 2, according to the Detroit Free Press. The Bloomfield Hills-based owner and operator of 311 car dealerships said it will also change its ticker symbol to PAG on the New York Stock Exchange on Monday.
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