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10 New Statistics For Fort Lauderdale Real Estate Investors}

10 New Statistics For Fort Lauderdale Real Estate Investors}

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Submitted by: Mike Benton

As of today, January 18, 2012, mortgage applications are up by 23.1% for the month of January. This is great news for home buyers and investors alike, as it may be an early indication that we could see some substantial improvements in the Fort Lauderdale real estate market this year. Here are 10 more statistics that lead us to believe that 2012 will be a great year for home buyers and investors looking to buy one of the existing Fort Lauderdale homes for sale.

1. Florida existing home sales rose 11% y/y in November, moderating slightly from the 13% y/y increase in October. Though metro areas may lag behind the state sales rate, Fort Lauderdale real estate is in high demand by investors and international buyers. The state sales rate increase is encouraging, and our level of sales activity is consistent with this information.

2. Good news! Bank repossessions in Florida are down 33% in November according to RealtyTrac. This is a good indication that perhaps fewer homeowners and investors are going upside down on their mortgage payments. However, it could also be a sign of massive foreclosure delays due to improper documentation have falsely deflated the number of foreclosures, in which case it would be too early to celebrate. Time will tell, but the fact that income rates in the Miami and Fort Lauderdale areas are expected to rise would suggest otherwise. Our hope is that increased income levels in the area will support home ownership.

3. More specifically, South Florida sales increased by 14% in November 2011. This is exciting news for those of you with Fort Lauderdale homes for sale. We can thank international buyers who have come to this area in search of a primary or secondary homes for sale in Fort Lauderdale. These buyers typically purchase homes with all cash transactions, causing a significant sales increase during the month of November. In Miami 64% of re-sales were all-cash transactions up from 62% a year ago, according to Dataquick. Meanwhile, CentralFlorida sales rose 10% y/y (versus +14% y/y in October), while North Florida sales rose 15% y/y (versus +9% y/y in October).

[youtube]http://www.youtube.com/watch?v=mjdqVZ-HmCE[/youtube]

4. Statewide median prices held steady in November, an improvement over the trend we saw in October 2011. Statewide foreclosure delays would suggest that the price stabilization is temporary. Though the statewide unemployment rate is 10%, the unemployment rate in the Fort Lauderdale and Miami metro areas is lower at 9%. This rate is expected to decrease again in 2012, which may help offset the effects of the looming foreclosure backlog. Buyers who have more cash in pocket are more likely to buy when interest rates are as low as they are right now.

5. Florida condominium sales rose by 2% to 5,590 units in November 2011. Though Fort Lauderdale condo sales decreased by 1%, West Palm Beach condo sales increased 19% y/y, and sales in Tampa rose 8%. Even more interestingly, Miami sales improved 2% y/y. Fort Lauderdale condos for sale do continue to sell if priced well enough, and even then Fort Lauderdale condo prices have increased by 19%. Even better is the fact that statewide condo prices rose by 4% in November to $86,700.

6. Real estate listings in Florida key markets are down, but the reasons for this remain unclear. It could be that a temporary decrease in bank owned real estate listings have defrayed the number while the shadow inventory grows larger. It could also be that the severe negative equity situation for many real estate owners is slowing down the listing rates. The monthly supply of real estate listings in most major metro areas in Florida (Orlando, Tampa, Broward, Dade) are all below the national average of 7.6. Then again, the number of mortgages not being paid in Florida are higher than the national average. Again, we suspect that negative equity and foreclosure delays have deflated the real estate listings number. We have read that there is about a 19 month backlog of statewide distressed inventory, not including bank owned properties. Yikes.

As real estate professionals, we wish the Broward County supply of shadow inventory would make its way to MLS. We see a shortage of real estate inventory here for our buyers, who often compete for properties and put in 2-3 contracts before having an offer accepted.

7. The rental market is improving. Occupancy and rental rate trends improved across most Florida markets during the 3rd quarter of the year. More specifically, Miami (+3.6%), Tampa(+3.3%) and Fort Myers (+2.3%) recorded the largest y/y increases in rent, while West Palm Beach (+0.7%), Fort Lauderdale (+1.7%), and FortMyers (+2.3%) showed less significant improvements. While Miami and Tampa may represent the highest increases in rental rate trends, the rental market in Fort Lauderdale is alive and well. The rental conditions across the state of Florida have improved over the past year, and we only expect that to get better in 2012.

8. November 2011 was the best month yet for Fort Lauderdale real estate sales, with an increased sales rate of 22%. August was also a good month, with sales increasing by 19%-perhaps due to the back to school effect. Many people put contracts on homes during that time of year before school starts.

9. So far, January mortgage applications are at an all time high at a 23.1% increase, which suggests that this rate of growth will continue. At least, we hope it will. This spike in mortgage applications means that many people are seeing the light at the end of the tunnel, and theyre not afraid to bank on it. The people who act before others are usually those who make the most money from their investments. Were hoping thats the case with the cowboys/cowgirls in this new economic frontier.

10. Mortgage interest rates are at an all time low, which makes for an inviting scenario for those with cash in pocket. Between the influx of international buyers who buy property with all cash transactions and the number of new home buyers and investors taking advantage of the low interest rates right now, we think there is more reason than not to feel optimistic about the Fort Lauderdale real estate market.

More good things are happening than bad in the Fort Lauderdale housing market-there is a light at the end of the tunnel, and its not a train, folks. You can read more about the Fort Lauderdale real estate forecast for 2012 in our recent article on this topic, too.

About the Author: Mike Benton is a real estate professional specializing in short sale and foreclosure properties in the greater Fort Lauderdale area. Learn more or find the best Fort Lauderdale homes for sale at

FortLauderdaleForeclosures.org

.

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isnare.com

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<div class=Day 1 report of Wikimania 2006
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Day 1 report of Wikimania 2006

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This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Sunday, August 6, 2006

Wikimania 2006 is the second annual Wikimedia conference. Hosted by the Berkman Center for Internet and Society at the Harvard Law School campus in Cambridge, Massachusetts, it began August 4 and will run until August 6.

Wikimania began with a keynote presentation from Jimmy Wales, the founder of Wikipedia and the Wikimedia Foundation. Wales played a short portion of a clip from a recent episode of U.S. television program The Colbert Report discussing Wikipedia. In the clip, Colbert says that “any website that has a longer entry on truthiness than Lutheranism has got its priorities straight.” His keynote continued by re-emphasising Wikimedia’s mission, as stated by Wales in a Slashdot interview: “Imagine a world in which every single person on the planet is given free access to the sum of all human knowledge. That’s what we’re doing”.

Wales stated that Wikipedia is “not as good as Britannica — yet”. Additionally, he also stated that in the coming year, Wikipedia will be making “a turn towards quality”. “We have always had this goal, but we all know we’re not there yet – in the coming years one of the themes is going to be a turn towards quality.” said Wales.

He then introduced Brad Patrick, the general counsel and recently-appointed interim CEO of Wikimedia. Patrick said he found Wikimedia after reading Wales’ list Ten Things That Will Be Free on Lawrence Lessig‘s blog. After discovering the Wikimedia Foundation, Patrick emailed Wales about meeting for lunch. He had lunch with Wales a few months later and was hired as general counsel shortly after.

Wales went on to describe Wikia, the company he co-founded with Angela Beesley. He announced that Wikia has received venture capital, allowing them to hire full-time engineers to work on the MediaWiki software. He emphasized that Wikia, has “a total commitment to free knowledge and respect for communities.”

Later, Wales announced that the One Laptop Per Child project will be including Wikipedia as the first element in the content repository. He also announced that the board has approved Wikiversity as “a center for the creation and use of free learning materials and activities”. Wikiversity will “create and host a range of free-content multilingual learning materials for all age groups in all languages”. It will be launched soon with a three language, six month, beta trial period.

Wales described a project called Wikiwyg: a WYSIWYG editor for the wiki. Wikiwyg is an attempt to make the wiki easier to edit. “An intelligence test by making it hard to edit, just does not work,” noted Wales. While the release date is uncertain both Wikia and Socialtext are devoting full-time engineers to the project.

Wales emphasized the need to focus on quality. He also briefly discussed the commitment in the German Wikipedia to rolling out a stable version. He stated that if we do not have it rolled out by next year’s keynote “we are making a big mistake”.

Wales finished his keynote by giving an update on his Ten Things That Will Be Free and proposing “that the foundation seek funding to hire community coordinator and recruiters for important languages where we currently do poorly”.

 This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
This article features first-hand journalism by Wikinews members. See the collaboration page for more details.

Other notable speakers included Ward Cunningham, Lawrence Lessig, Eben Moglen and many members of the Wikimedia communities.

The day wrapped up with a poster reception and a party celebrating Wikia’s 250,000 articles and Wikia’s founders Angela Beesley and Jimmy Wales birthdays.

Archived copies of many of the presentations are available on the Wikimania wiki.

Retrieved from “https://en.wikinews.org/w/index.php?title=Day_1_report_of_Wikimania_2006&oldid=798998”
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<div class=Sony net profit falls by 95%
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Sony net profit falls by 95%

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Saturday, January 31, 2009

One of the world’s largest media conglomerates Sony has announced that its net profits have plummeted by 95% in the months of October and December quarter. Sony also stated that its revenue fell too by 25%, from $31.64 billion to $23.78 billion.

Sony’s most popular products: TV, digital cameras, mobile phones, and computers were hit by the crisis with a loss of $175.9 million as sales drop. This is a big difference to Sony’s last year profit of $2.2 billion.

The Chief Financial Officer Nobuyuki Oneda said, “From the second half of September last year, there has been a sudden deterioration in the economy, and with the effects of foreign exchange it has had severe consequences on our business.”

Analyst David Gibson stated that its TV’s sales really dragged them down this quarter.

Retrieved from “https://en.wikinews.org/w/index.php?title=Sony_net_profit_falls_by_95%25&oldid=4517206”
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<div class=Several police officers killed in suicide bombing in Afghanistan
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Several police officers killed in suicide bombing in Afghanistan

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Thursday, July 5, 2007

At least five to ten police officers in Afghanistan have been killed and at least 11 others were wounded after a suicide bombing in the southern part of the country in the town of Spin Boldak at a checkpoint.

Police officers were having lunch inside a room at the checkpoint when the bomber, who was also dressed in a police officer’s uniform, walked in and detonated his explosives. At least two rooms were destroyed, according to police.

“We were eating lunch around 1330, when a suicide attacker wearing police uniform entered the post and blew himself up,” said Bismillah Khan, commander of the local police in Spin Boldak who could only confirm that “five border police are killed and 11 are injured.”

No one has claimed responsibility for the attack.

Retrieved from “https://en.wikinews.org/w/index.php?title=Several_police_officers_killed_in_suicide_bombing_in_Afghanistan&oldid=4460655”
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4 Tips For Attracting More Customers To Your Online Shop

4 Tips For Attracting More Customers To Your Online Shop

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1. Have a sale

If sales remain the number one strategy of merchant companies, it is not for nothing. It remains the best way to attract customers. Of course, it’s not a question of selling off all your products, but of selecting a few. You may decide to make some of the most expensive products in your range available. Alternatively, you can also offer attractive discounts on products that are difficult to sell. The method varies, but the important thing is to be consistent throughout your site.

A good example of this strategy is the fnac.com website. Its balances are set at very regular intervals (summer, winter, etc.). This makes it possible to create an expectation on the part of customers who know when to go to the site.

2. Propose welcome offersAnother technique that is effective and simple to implement is the use of welcome offers. The principle is simple: you reward the registrations on your site by offering advantages (a discount on the basket, free delivery…). Once your customer has made his first order, he will be more inclined to come back, and you will also have his email address to send your promotions.

A good example of this practice is the field of online casinos. A site such as bonus.ca fr allows you to identify the best casino welcome offers and bonuses. This is an excellent way for casinos to attract new customers on a regular basis.

3. Take care of your social networksIn 2020, it is unthinkable not to have social networks for a large online shop. We advise you to target a network on which to rely for the majority of your communications (Facebook, Twitter or Instagram, depending on the product and the target clientele). If you can, call on a community manager, who will know how to manage your communication campaigns. Keep in mind that this is a double-edged sword: communicating directly with your customers can boost your ratings, but you will also have to manage the influx of comments that are not always pleasant.

For inspiration, check out the cmhalloffame.fr website, which gives you the best pearls of community managers of major brands. This shows the interest in creating a bit of buzz!

4. Create a blogYou think you don’t have time to make a blog? Big mistake. It is indeed the best way to take care of your natural referencing. The equation is simple: the more you publish optimised articles, the more your site will go up in Google’s results. It’s as simple as that. In a less tangible way, it also helps you build your reputation and deliver quality content to potential future customers. So don’t neglect this tool!

A good example of a well-thought-out blog is lorealprofessionnel.fr. The brand asserts its influence by giving look advice… While discreetly promoting its products.

Follow these four tips and you will be sure to find new customers for your online shop!

<div class=Wikinews interviews Amir Abbas Fakhravar about Iranian nuclear intentions
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Wikinews interviews Amir Abbas Fakhravar about Iranian nuclear intentions

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Tuesday, April 9, 2013

File:Amir Philly 2.jpg

Iran has been operating a nuclear program for years and announced opening a new uranium facility on Tuesday. Its claims over nuclear enrichment are for a nuclear power program, although this requires 5% enrichment as opposed to the 20% enrichment level they claim the right to pursue which is more commonly used in nuclear bombs.

Wikinews interviewed Amir Abbas Fakhravar, the President of the Iranian Freedom Institute which is based in Washington DC, United States, also a research fellow at the The Institute of World Politics, about the Iranian nuclear program in light of recent talks with this week with the P5+1 group of countries.

((Wikinews)) What is your role at the Iranian Freedom Institute?

Amir Abbas Fakhravar: I am the President and Founder of the Iranian Freedom Institute.

((WN)) Iran seems unwilling to give up its nuclear programme, do you think they will eventually given the UN [United Nations] sanctions?

AAF: The only way Islamic Regime in Iran will give up its nuclear program is either full operation and military attack by the West or total oil sanctions. 85–90% of the the Islamic Republic’s money comes from crude oil sales. This money does not go to the Iranian people, but instead funds the nuclear program, the Revolutionary Guards, basijis, Hezbollah, and other terror operations worldwide. The Islamic Republic will be forced into abandoning its nuclear program when oil sanctions dry up the money supply.

((WN)) Do you feel the Islamic Republic of Iran is trying to provoke a response from the Western nations (USA, UK, France, Germany)?

AAF: A limited military response from the West which will not be for a regime change would be a gift to the Islamic Republic, and would feed the narrative of “overreaching, imperialistic Western governments” perpetuated by the regime. The IR is well aware of the rapid decline in support from the Iranian people and is looking for a way to gain back some of that support, even superficially. An attack from the west would buoy the regime and damage the work being done by the opposition.

((WN)) What is the need for Iran to have a nuclear programme, are they doing it for energy or for weapons?

AAF: Iran makes clear its intentions for the nuclear program through its actions. The regime expresses desire to annihilate Israel almost daily, and has repeatedly refused negotiation and inspection of its nuclear sites. Also you can find several type of energies in Iran and at all they don’t need to have this expensive and dangerous nuclear energy. For sure Islamic republic of Iran wants to have Nuclear bomb.

((WN)) If Iran does not listen and change course with regards to its nuclear program, do you think that the United Nations will apply more sanctions?

AAF: It took a very long time to sanction the Islamic Republic to the extent it is now, and since the UN continues to send negotiators to the table to discuss Iran’s nuclear program, tighter sanctions at this point in time are unlikely. It is our responsibility at Iranian opposition to inform United Nations about this regime’s threat to international community. We should move much more organize[d] and faster to cut Islamic Republic’s diplomatic relationship with the world. Our campaign on oil sanctions showed us it is possible.

((WN)) Do you think that the United States is particularly unhappy and international relations are poor considering that Iran recently captured a drone and refused to return it?

AAF: While a failure militarily and with regard to foreign policy, the captured drone incident is a relatively small event in the context of ongoing tensions between the United States and the Islamic Republic.
Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_Amir_Abbas_Fakhravar_about_Iranian_nuclear_intentions&oldid=4635268”
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<div class=World’s most expensive hotel-casino opens in Las Vegas
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World’s most expensive hotel-casino opens in Las Vegas

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Friday, April 29, 2005

The world’s most expensive hotel-casino ever has opened in Las Vegas, Nevada. The casino, which was designed and built over a period of five years, cost US$2.7 billion to construct. The hotel stands nearly fifty stories above the Las Vegas valley, with a 180-foot tall mountain in front of the main entrance.

Numerous lavish touches contributed to the high expense of the development. The sign in front of the Wynn property has an unusual mechanical design, with a large piece containing the Wynn logo, which can move vertically up or down as different announcements are presented.

“I think it’s going to start a shift of power. It’s been the south for a long time. Things will start moving to the north because of Wynn Las Vegas, Sheldon Adelson with the expansion of the Venetian, the New Frontier — that whole area will become the new hot area of Las Vegas for the next decade or so,” gaming expert Anthony Curtis told Las Vegas KLAS TV.

As the property opened to the public, developer Steve Wynn greeted visitors at the front entrance.

“It’s always fascinating to watch people enter the thing and get their first moment after we open the doors,” Wynn told the Las Vegas Review-Journal.

File:WynnSign.JPG

Analysts are not too concerned about the cost of the Wynn development. Wynn paid off the cost of The Mirage hotel-casino in 18 months, much earlier than the planned seven years for which the debt had been scheduled for repayment.

“If you remember the opening of The Mirage in 1989, Wynn needed to make a nut of $1 million a day. Everyone thought he was nuts; ‘couldn’t be done,’ they all said,” Las Vegas history department Chairman Hal Rothman told the Las Vegas Review-Journal.

Wynn sold his interest in Mirage Resorts to MGM Grand (which became MGM Mirage and is now run by Kirk Kerkorian) for US$6.4 billion back in 2000, then turned around and purchased the property for the Wynn hotel-casino for US$275 million. The property was previously the home of the Desert Inn.

The hotel has 2,359 rooms, and a few hundred deluxe suites and “parlors” for high rollers. The casino has 1,960 slot machines and 137 table games on a 111,000 square foot casino floor. A Ferrari–Maserati dealership and the Le Reve stage show, featuring a million gallon water tank, round out the expensive offerings.

A round of golf will go for US$500 on the elaborate golf course located behind the main building.

All of these specifications add up to a record construction cost of over one million US dollars per room. Other expensive Las Vegas properties cost a fraction of the price, such as the Bellagio, which cost half the price at US$533,000 per room. The most expensive hotel property in the world was previously the Grand Wailea Resort in Maui, Hawaii, which cost US$775,000 per room.

“Yes, (Wynn) may be in over his head, but then he has found ways to survive before,” Las Vegas professor Bill Thompson told the Las Vegas Review-Journal.

Several of Wynn’s largest competitors spoke with admiration of the property and looked forward to its impact on Las Vegas.

“I’ve never understood the hand-wringing about something new, especially in Las Vegas and Atlantic City,” Harrah’s Chairman and CEO Gary Loveman told the Las Vegas Review-Journal.

Other casino bosses from the Mandalay and the MGM Mirage had positive comments as well, hoping to pick up some new business from the development.

“It’s a positive in terms of bringing more visitors,” Mandalay Resort Group President and CEO Glenn Schaeffer told the Las Vegas Review-Journal.

“Steve will build a great property and bring new people to town. If we’re doing what we’re supposed to be doing, then we’ll pick up some of that business also,” MGM Mirage Chairman and CEO Terry Lanni told the Las Vegas Review-Journal.

Thousands of visitors gathered for hours in front of the property before it opened. Security guards had to monitor the number of visitors entering the building.

“I think it’s spectacular,” David Schwartz, coordinator of the Gaming Studies Research Center at the University of Nevada Las Vegas told Reuters.

“People were pushing and shoving,” Las Vegan Kathie Anderson told Associated Press.

“There is nobody in the world who creates such entertaining and beautiful casinos,” British billionaire Richard Branson told Associated Press from the casino floor. “I would say every other casino must be nervous. He’s lifted the bar dramatically,” Branson said.

“This would be hard to top,” Las Vegan Marlene DeMarco told Reuters.

Retrieved from “https://en.wikinews.org/w/index.php?title=World%27s_most_expensive_hotel-casino_opens_in_Las_Vegas&oldid=4467276”
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Using Beautifully Design Business Cards To Promote Business

Using Beautifully Design Business Cards To Promote Business

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Submitted by: Johnray Daniels

Advertising and promotions are two different ideas. Advertising basically concentrates on showcasing the products or services being offered whereas promotions focuses more on building the brand of the business. Promotions highlight your business to customers and generated new sales and increases sales. It tells the market that you are open for business in the most creative and affordable way. This is why promotion is ideal for business owners who are on a shoestring budget.

The biggest question now is which promotional tool to use. There are actually plenty of low cost tools you can use these days. It s always best to start with business card printing. The business cards are simple tools that will let you differentiate yourself and your business from your competitions. They will let you reach out to your target customers in the most attractive and compelling manner.

If you are looking for an innovative promotional strategy, then what you need is the business cards. Despite being old school, these cards can be innovated in order to come up with attractive designs. In the recent years, new printing techniques are available that will help you create the best business cards. You can virtually use any color, font, card stock, and texture that will ensure to produce the best card that has the best look and feel. If you want your business or your message to stand out, you need to make sure that your cards are beautifully designed.

[youtube]http://www.youtube.com/watch?v=GDmQ0rqdPsk[/youtube]

With this approach in mind, it would be easy for you to promote your new product line or your business to your target customers. You have a huge range of design choices to choose from. Even if you simply want to introduce yourself to your customers, the wide design choices will let you create cards that best reflect your business image.

In designing your cards, it is important to remember the different design elements. You can t just throw in any design you want and assume that people will respond to it positively. As much as possible you create a design that reflects your business and the message that you want to convey to your customers.

Careful planning is the key to an effective business card design. You need to plan ahead in order to come up with the right design that will appeal to your customers. If there is a certain feeling that you want to convey with your cards, you need to carefully pick the right elements to incorporate in your business card templates in order to evoke the right feeling. If you are not too familiar with business card design, you can always hire a graphic designer and hire the right printing company to ensure you get the best cards for your business. They will help all throughout the process and make sure you have the best cards.

It doesn t actually take a lot to create your business cards. If you know your goal and what you want to achieve with your cards, it would easy for you to create the design that will let you achieve that goal. Business cards are cost effective to generate market exposure, sales, and repeat customers. With the right budget and design, you can easily accomplish your goals and get endless sales opportunities.

About the Author: For more information and inquiries about the article feel free to visit:

printplace.com/printing/business-card-printing.aspx

and

printplace.com/printing/business-card-templates.aspx

Source:

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<div class=GM and Chrysler receive Canadian loans amid US restructuring ultimata
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GM and Chrysler receive Canadian loans amid US restructuring ultimata

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Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

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<div class=UEFA Cup: quarter-final first leg round up
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UEFA Cup: quarter-final first leg round up

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Thursday, April 5, 2007

All four quarterfinal matches occurred Thursday in the UEFA Cup, with all three Spanish sides remaining in the competition winning their games. Only one match ended in a draw, that being the game between AZ Alkmaar and Werder Bremen.

Retrieved from “https://en.wikinews.org/w/index.php?title=UEFA_Cup:_quarter-final_first_leg_round_up&oldid=851952”
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