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Non-Tech : GM - General Motors -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (91)	7/14/1998 10:04:00 PM
From: porcupine --''''>	Respond to of 543

"GM, UAW made progress in weekend talks - WSJ" NEW YORK, July 14 (Reuters) - Though General Motors Corp. and the United Auto Workers failed to settle their confrontation during the weekend, bargainers made surprising progress, the Wall Street Journal reported Tuesday. The company and the union could not make any headway on the issue that sparked the UAW's strikes in Flint, Mich., June 5: GM's demands for productivity-related changes in work rules at a metal stamping plant. Neither side had substantially altered its stance from the beginning, people close to the situation told the New York daily. These people caution that differences remain over GM's demand for assurances of labor peace after the Flint strikes are settled and over issues at a second striking Flint parts plant, among other matters. But nearly all of those issues appear likely to be resolved fairly easily once the stamping-plant dispute is settled, these individuals say. ((New York News Desk 212 859-1700))

To: porcupine --''''> who wrote (91)	7/14/1998 10:12:00 PM
From: porcupine --''''>	Read Replies (1) \| Respond to of 543

Strike pushing GM to consider deeper job cuts: "GM says company looking for ways to cut spending" DETROIT, July 14 (Reuters) - General Motors Corp. Chairman Jack Smith said on Tuesday the automaker will look for opportunities to cut its cash use because of mounting losses related to two ongoing United Auto Workers strikes. GM said its second quarter earnings were cut by $1.2 billion, or $1.79 a share, because of strikes at two parts plants in Flint, Mich. Its earnings for the period were reduced to $389 million, or $0.54 a share, compared with $2.0 billion, or $2.62 a share, adjusted to excludes results from Hughes defense operations GM sold last year. In saying GM needs to cut spending, Smith alluded to the company dropping slower-selling vehicles and closing assembly plants. "In order to protect key product programs, such as our new generation of full-size pickups, we are taking a close look at our spending priorities," Smith said in a press release. "We continue to examine all opportunities to reduce cash consumption, and we are carefully reviewing future spending for marginal products and facilities." Smith also said the company's stock repurchase program would be suspended until the strike's end. GM spent $1 billion to repurchase more than 14 million shares of its stock in the second quarter.