1) GE (General Electric) announced they will freeze pensions for about 20,000 salaried U.S. employees in order to help the ailing conglomerate cut debt and reduce its retirement fund by $8 billion dollars. Presently, the company has $105.8 billion dollar debt. Their pension plans are among it biggest liabilities and is underfunded by about $27 billion dollars. This move will not effect present retirees who are collecting their pensions.
2) Twenty-one days into the strike, the UAW (United Auto Workers) and GM (General Motors) contract talks have taken a turn for the worse. The snag is product commitments for U.S. factories for new vehicles, engines, transmissions and other items represented by the union. GM is losing $80 million dollars a day, while striking workers are earning about one fifth their regular pay as $260 a month strike benefits.
3) The U.S. railroads slump is getting worse from the slowdown as manufacturing threatens U.S. economy. Trucking is also feeling a slowdown with less than truckload cargos decreasing, although long haul trucking seems to be holding up. Truck rates have dropped, which is pulling some freight business away from trains.
4) Stock market closings for – 7 OCT 19:
Dow 26,478.02 down 95.70 Nasdaq 7,956.29 down 26.18 S&P 500 2,938.79 down 13.22
1) Presidential hopeful Bernie Sanders is pushing for measures to give workers a greater ownership in companies, thus transferring power and influence. This would be accomplished by requiring companies to periodically transfer stocks to a fund controlled by employees, giving workers a vote in managing the company while also receiving dividends. Nothing has been said on how to prevent companies from simply moving off shore, as has happened in the past.
2) Tesla, the manufacturer of electric automobiles, is gearing up for production of the Model Y, a crossover SUV with a simpler interior and longer range batteries with a reported 400 mile range. Tesla stock fell more than 10% last week over concerns of demand, profitability and the China-U.S. trade war.
3) Reportedly, China will use rare earths to retaliate against the U.S. in the trade war. This is a group of 17 chemical elements used in a wide range of products, from consumer electronics to military equipment. Chinese newspapers are filled with rhetoric asserting that the U.S. will have no option but to acquiescent to China’s economic policies. Eighty percent of U.S. rare earth imports come from China. However, this strategy by China may accelerate mining of rare earths in California and Australia.
4) 29 MAY 19 Stock market closings: Markets down over concerns of slowing economic growth.
Dow 25,126.41 down 221.36 Nasdaq 7,547.31 down 60.04 S&P 500 2,783.02 down 19.37
Investment, finance/banking & retail powerhouses; Berkshire Hathaway, JP Morgan Chase & Amazon, seem to be in collaboration for a new healthcare venture that is speculated to be one of a kind in the healthcare sector. The deal seems to be under wraps.
What is somewhat known is that the venture is supposed to be beneficial to their respective employee healthcare benefits. Perhaps making healthcare cheaper for all Amazon employees per se?
The wait and see game on this venture continues……-SB
Goldman Sach’s rolled out a new review/performance based system to rate and grade employees performance at the work place. The new system allows employees to attain, receive information and feed back from their supervisors and managers.
This innovative system allows employees and managers to get feedback among themselves all year round. Entitled Ongoing Feedback 360+ allows employees more interactons and communication with their superiors on many work related issues and allows the managers to communicate to the employee on how to handle different work related issues, in a timely fashion.
The Ongoing Feedback 360+ will be used to allow direct communication with management and the employees at Goldman Sach’s, in a real time based ordinance. -SB