“Thousands of jobs at stake: peak body - The Age” plus 4 more |
- Thousands of jobs at stake: peak body - The Age
- 2009 semi-annual financial statements: Global financial crisis left ... - Presse Box
- Real cost of clunkers still to come - Sun-Journal
- Tata Motors: Signs of Global Auto Market Recovery - Wall Street Journal
- Russia's steel sector is ailing, recovery mid-2010 - Commodity Online
| Thousands of jobs at stake: peak body - The Age Posted: 25 Aug 2009 11:54 PM PDT The jobs of thousands of automotive workers will be secured by ensuring that supplies from a Tasmanian parts maker placed under administration are not interrupted, the industry's peak body says. Receivers took over bearings and gaskets maker Automotive Components Limited (ACL), less than two months after the Federal Government announced a $7 million ACL bail-out. About $5 million of the bail-out was banked by the company before the receivers arrived on Wednesday. Federal Chamber of Automotive Industries chief executive Andrew McKellar said a reliable supply chain is vital to the success of the Australian automotive industry. "Components supplied by ACL are crucial to the industry and swift action has been taken to ensure the company continues to trade,'' he said. "The jobs of thousands of automotive workers will be secured by ensuring that supplies from ACL are not interrupted,'' he said. "It has to be acknowledged that the Australian government has expended every effort in working with all stakeholders to ensure the future viability of this company.'' AAP  This posting includes an audio/video/photo media file: Download Now |
| 2009 semi-annual financial statements: Global financial crisis left ... - Presse Box Posted: 25 Aug 2009 11:32 PM PDT 2009 semi-annual financial statements: Global financial crisis left clear traces on Adval Tech(pressebox) Niederwangen, 26.08.2009, The Adval Tech Group suffered from the impact of the global financial crisis on the real economy in the first half of 2009. Sales declined steeply in all three key... Pressemitteilung inaktiv
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| Real cost of clunkers still to come - Sun-Journal Posted: 25 Aug 2009 11:25 PM PDT Say about three months, or so. That's when "cash for clunkers" should be revisited, to weigh its success or failure as a policy. As a government program, it's an absolute smash, as U.S. consumers and automobile dealers burned through $3 billion in taxpayer dollars faster than AIG planning a weekend retreat. As a policy, though, its reverberations for the American economy are still to be felt. Real concern should remain that the clunker incentive has pushed people into buying cars they cannot afford, through the assumption of new, burdensome debt. Also of concern is the acceleration of demand that clunkers caused within the sagging U.S. automotive industry, and what happens now, sans the promotion. After the frenzied saturation caused by clunkers, there could be a steep drop in the market for new cars. If so, the nascent progress made by the government in nudging General Motors and Chrysler from bankruptcy could be interrupted or, worse, stalled. One of the primary reasons justifying the government intervention in these companies is that their economic impact is vast, felt in just about every state. Policymakers, especially those who enthusiastically endorsed the clunkers program, should keep close tabs on its effects during the coming months, as we will. A scenario where the American automotive market slows like "a letdown after a sugar high," as the AP put it, could pose significant problems. Especially if Congress insists on overturning plans to shutter thousands of car dealerships across the country, as planned by both GM and Chrysler. While these plans are regrettable, keeping dealerships running when demand may tank, and supplies of vehicles may thin, would be shortsighted. (Many observers think the formula for success for American carmakers is, ironically, making fewer cars, to reduce manufacturing costs, keep retail prices stable and shrink the dealer network.) Cash for clunkers will have some short-term positives. It will get some older, inefficient vehicles off the road. It should boost an otherwise miserable year for American automobile dealers. And it will provide government with revenue from excise and sales taxes, which should prevent new increases. It was still a high-risk initiative, though, a giveaway swaddled in rhetoric about energy efficiency and foreign oil dependence. This was a program developed to sell cars, and sell cars it certainly did — some 800,000 in little over a month, a frenetic pace. What happens next is crucial. Will clunkers buoy dealers and automakers through rough economic times, or will it undo fledgling work done to return sustainability to the industry? Right now, everybody is counting the money, dealers for what's been sold, consumers for what's now owed, and government for what it spent. Calculating the real cost of clunkers, though, comes later. editorialboard@sunjournal.com This posting includes an audio/video/photo media file: Download Now |
| Tata Motors: Signs of Global Auto Market Recovery - Wall Street Journal Posted: 26 Aug 2009 12:22 AM PDT BY ANIRBAN CHOWDHURY AND SANTANU CHOUDHURYMUMBAI -- Tata Motors Ltd., which controls U.K.-based Jaguar and Land Rover, is seeing signs of a recovery in the global automotive market, Chairman Ratan Tata said Tuesday. "We are seeing signs of a recovery, but we will have to work hard to make this happen," Mr. Tata said at an annual shareholders' meeting. "There have been some encouraging signs on JLR. There are some products still to come." Tata Motors, maker of the Nano - the world's cheapest car - acquired Jaguar and Land Rover luxury marquees for $2.3 billion from Ford Motor Co. last year. ...  This posting includes an audio/video/photo media file: Download Now |
| Russia's steel sector is ailing, recovery mid-2010 - Commodity Online Posted: 25 Aug 2009 11:18 PM PDT NEW YORK (Commodity Online): Russia's crude steel sector is seriously hurt in 2009 with drastic fall in average monthly consumption of major industries utlising metals but a rapid recovery for the steel and aluminium sector by mid-2010 is foreseen by ResearchandMarkets in their just released Russia Metals Report. Intervention from the government and state banks have helped the two sectors to hold on despite the worst crisis in recent history, the report said. In the first five months of 2009, Russian crude steel output fell 32% year-on-year (y-o-y) to 21.94mn tonnes. While monthly output was up 7.1% y-o-y in May at 4.68mn tonnes, it was still down 31% y-o-y overall. The steel industry saw large cutbacks in Q109. Russia's largest producer of longs products, Evraz, reported that its production of construction steels in the quarter dropped by around 36% y-o-y to 960,000 tonnes. Average monthly consumption from the automotive industry, which is a major user of steel flat products, fell to just 6,500 tonnes, compared to an average of 170,000 tonnes in 2008, as a result of a collapse in the car industry. In spite of the signs of a recovery or stabilisation in Q209 the Russian metallurgical industry will decline in 2009, with crude steel output undergoing a 20% contraction to 55.1mn tonnes owing to the state of the economy and serious weaknesses observed in the automotive industry. While the domestic market looks dismal, the export market shows no sign of relief with more exposed steelmakers likely to fare worse. Most analysts believe that NLMK, which relies on exports for two-thirds of its sales, will perform worse than MMK, which sells two-thirds of its output within Russia. The export markets will be crucial to the recovery in Russian steel, particularly in the Middle East and China. While we expect a 20% fall in export volumes to 23.38mn tonnes in 2009, exports are set for a solid recovery in 2010 when they should rise by over 7% with continuing growth over the rest of the forecast period. Indeed, steel is likely to lead exports as Russian steelmakers devote more output to external markets amid sluggish domestic demand. By 2013, steel exports should exceed pre-recession levels at 31mn tonnes. Meanwhile, product diversification with more added value to output should limit the growth in imports, with imports rising by less than 4% in 2010, after collapsing by over 29% in 2009. By 2013, imports should total around 5.2mn tonnes - 12% of domestic consumption - compared to 6.1mn tonnes in 2008 when imports accounted for 16% of consumption. Predictions indicate a rise in the value of net exports from an estimated US$16.1bn in 2008 to US$17.9bn in 2013, an increase of 11% over the period. The financial crisis was a major blow to Russian steelmakers, many of which had become overleveraged due to expensive acquisitions at a time of high steel demand. State banks responded to the crisis by helping prop up the sector, with Evraz, Severstal and Mechel applying for and receiving loans of RUB8-15bn. Moscow's rescue measures which include extending credit by state banks have largely worked. While Mechel, Evraz and Severstal endure high levels of debt of US$5bn, US$8bn and US$4.7bn, respectively, due to recent foreign acquisitions, they have been able to roll on short-term loans, while NLMK and MMK have low leverage and now have no major debt problems after state intervention overcame concerns regarding their short-term debts. (Courtesy: Businesswire and Researchandmarkets)  This posting includes an audio/video/photo media file: Download Now |
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