General Motors, Ford and Fiat Chrysler to close all US factories due to the coronavirus, sources say - CNBC

Line workers work on the chassis of full-size General Motors pickup trucks at the Flint Assembly plant on June 12, 2019 in Flint, Michigan.

JEFF KOWALSKY / AFP / Getty Images

The Big Three automakers plan to close all U.S. auto factories as the coronavirus sweeps across the country, people familiar with their plans told CNBC.

The details are expected to be announced later today, these people said. 

Ford later confirmed that it would close its factories in the U.S., Canada and Mexico after Thursday evening shifts and plans to remain closed until March 30. The company said it would work closely with the United Auto Workers union in the coming weeks on plant restart plans as well as exploring additional protocols and procedures for helping prevent the spread of the virus. 

"We're continuing to work closely with union leaders, especially the United Auto Workers, to find ways to help keep our workforce healthy and safe – even as we look at solutions for continuing to provide the vehicles customers really want and need," said Kumar Galhotra, Ford's president of North America.

Earlier on Wednesday, Ford temporarily closed its operations at a Michigan-based assembly plant after an employee tested positive for COVID-19, Daniel Barbossa, a spokesperson for Ford, said in an email. It wasn't immediately made clear when or if the factory would reopen. 

On Tuesday, the United Auto Workers union said it had reached a deal with Ford, Fiat Chrysler and General Motors that would partially shut down facilities in the U.S. 

The actions were a compromise between the companies and union after UAW President Rory Gamble on Sunday urged the automakers to cease production for two weeks due to the spread of the virus in the U.S.

Honda North America announced on Wednesday that it will be closing four U.S.-based plants starting March 23 due to an anticipated decline in market demand. In a statement, Honda said it would halt production for six days with plans to return by the end of the month.

The coronavirus has now infected over 200,000 people across the globe and has killed at least 8,000 people, according to Johns Hopkins University data. In the U.S., it has infected more than 6,400 and has killed at least 114.

This is breaking news. Please check back for updates. 

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2020-03-18 17:42:23Z
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Ford, General Motors, Fiat Chrysler to shut down factories amid Coronavirus, according to AP source - FOX 2 Detroit

A person briefed on the matter says Detroit's three automakers have agreed to close all of their factories due to worker fears about the coronavirus. Automakers are expected to release details of the closure later Wednesday.

The United Auto Workers union has been pushing for factories to close because workers are fearful of coming into contact with the virus.

FCA suspends production at Sterling Heights plant after employee tests positive for coronavirus

In the past 24 hours alone, both Fiat Chrysler and Ford said they had employees who had tested positive for coronavirus. FCA made a decision to suspend production at the Sterling Heights plant after a worker tested positive. 

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Jodi Tinson, Communications for Manufacturing and Labor, said the first shift was sent home Wednesday and the second shift was also told not to report. She says this decision to halt production was made “out of an abundance of caution for the health and welfare of the employees."

The plant worker who tested positive has not been in the building for over a week and is currently receiving medical care. Those who have come into contact with that person have been told to self-quarantine.

Additionally, Ford closed part of its assembly plant in Wayne after an employee there tested positive for the coronavirus COVID-19.

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Ford made the announcement Wednesday and said the building will be thoroughly cleaned and disinfected, and one that’s had direct contact with that employee will be told to self-quarantine and get medical attention.

Cases in Michigan as of Wednesday morning are at 65, and Gov. Gretchen Whitmer has said gatherings need to be limited to 50 people or less. Yet thousands are still working among each other at the Big Three factories.

Tuesday night, the UAW met with executives from the Big Three to discuss their options.

During that meeting, the UAW and the big three automakers agreed not to close manufacturing plants in exchange for new safety measures and an increase in adherence to CDC recommendations on social distancing in the workplace.

The agreement also includes rotating partial shutdowns of facilities, extensive deep cleaning of those facilities and equipment between shifts.

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Since the first cases of Covid-19 were confirmed in Michigan on March 10, Gov. Whitmer has declared a state emergency, closed all schools, prohibited gatherings of more than 50 people, restricted visits to hospitals and other facilities, closed public spaces such as theaters, bars, gyms and casinos, and limited restaurants to carry-out and delivery orders.  

Symptoms for coronavirus COVID-19 include fever, coughing and shortness of breath.

To protect yourself, wash your hands well and often, keep them away from your face, and avoid crowds and standing close to people.

And if you do find yourself showing any of these flu or coronavirus symptoms - don't go straight to your doctor's office. That just risks making more people sick, officials urge. Call ahead, and ask if you need to be seen and where.

This is a developing story. Stay with FOX 2 for more information as we get it.

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2020-03-18 16:36:24Z
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Alameda County Sheriff pressures Tesla to shut down Fremont factory - Ars Technica

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The San Francisco Bay Area is in lockdown to fight the spread of the coronavirus. Under a "shelter in place" order announced Monday, people in seven Bay Area counties are prohibited from leaving their homes except for essential activities like visiting the doctor or buying food.

Tesla's Fremont car factory is in Alameda County, which is participating in the lockdown. But Tesla CEO Elon Musk has been defiant. In a Monday evening email, he told employees that they could stay home from work if they felt sick. However, he wrote, "I will personally be at work" on Tuesday.

But late on Tuesday, the Alameda County Sheriff's office fired a shot across Tesla's bow:

Tesla: @Tesla is not an essential business as defined in the Alameda County Health Order. Tesla can maintain minimum basic operations per the Alameda County Health Order.

— Alameda County Sheriff (@ACSOSheriffs) March 17, 2020

Alameda County's Monday order directed businesses in the county to "cease all activities at facilities located within the County except Minimum Basic Operations"—like processing payroll.

It's a serious setback for Tesla because the Fremont factory is Tesla's only significant auto manufacturing facility outside of China. The factory has been cranking out thousands of Model 3 vehicles every week and had just begun making the Model Y crossover.

Tesla's stock plunged on news that Tesla could be forced to shut down its Fremont factory. As of publication time, Tesla's stock is down more than 11 percent at $380. That's down from a high above $900 the stock hit just last month—before the economic impact of the coronavirus became clear.

Other car stocks are also being hit hard. Ford's stock is down 12 percent, while GM's stock has fallen 21 percent since Tuesday's close.

Around the world, carmakers have been suspending production in response to the pandemic. Volkswagen, BMW, Daimler, and Ford have all announced plans to shut down European factories. Toyota is planning to shut down factories in both Europe and Asia. Honda announced the closure of its North American factories on Wednesday.

But American automakers are hoping to keep running their factories in the United States. On Wednesday, Detroit's Big Three automakers announced tentative deals with the United Auto Workers to continue manufacturing. Under the deals, carmakers will reduce operating hours to provide more time for deep cleaning between shifts. They will also take measures to increase the physical distance between workers—though details about this remain to be worked out.

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2020-03-18 15:32:00Z
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Wall Street slumps at open as stimulus high fades - Reuters

(Reuters) - Wall Street’s main indexes sank again on Wednesday, as growing signs of coronavirus damage to corporate America overshadowed a burst of optimism about sweeping official moves to protect the economy.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020. REUTERS/Lucas Jackson

Boeing Co (BA.N) took another big hit, falling 16.1% as the planemaker called for a $60 billion bailout for aerospace manufacturers facing the pain of an extended collapse in global travel.

The S&P 1500 airlines index .SPCOMAIR dropped 13% while hotel operators Hilton Worldwide Holdings (HLT.N), Marriott International Inc (MAR.O) and online agency Expedia (EXPE.O) were among the top fallers on the S&P 500 .SPX.

The benchmark slipped 3.82%, inching close to the 7% threshold that triggers another 15-minute halt - a familiar feature of two weeks of huge losses which have shattered Wall Street’s longest ever bull run.

“We’re just in panic mode here,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“The fear of, maybe, deflation setting in, is probably one of the reasons why the market is acting the way it is.”

Wall Street’s main indexes had bounced on Tuesday from a massive selloff a day earlier, as the Trump administration pressed for a $1 trillion stimulus package and the Federal Reserve relaunched a plan to purchase short-term corporate debt.

However, investors feared that even dramatic stimulus will not be able to avert a deep recession, as the COVID-19 disease continues to spread rapidly across the globe and estimates for the duration of the damage extend out into the summer.

Worries about mass debt defaults or writedowns to come also has U.S. banks under pressure, with the S&P 500 banking subsector .SPXBK down 5.6%.

“If you have lots of companies drawing down their credit facilities to make sure that they can keep their businesses running then it’s a reasonable assumption that banks will have some credit problems down the road,” said Keith Bliss​, managing partner at iQ Capital (USA) LLC, in New York.

Apple Inc (AAPL.O) dropped 2.9% as analysts anticipated a significant blow to its business from temporary store closures. Even Cheerios maker General Mills Inc (GIS.N), which raised its profit forecast citing consumer bulk-buying, fell 4.3%.

Boeing, just a year ago seen as a perpetual growth stock and a symbol of U.S. tech and industrial power, has now lost more than 60% of its value, while the market overall has fallen by around a third - or around $7 trillion in value.

The collapse into a bear market, among the fastest in history, has spurred some calls for a pause in trading. Treasury Secretary Steven Mnuchin late on Tuesday reiterated the administration will keep markets open, while suggesting trading hours could be shortened at some point.

The idea of shortened hours drew immediate opposition from a number of leading investors and exchange managers, who said it would harm the market’s credibility.

A trader works on the floor of the New York Stock Exchange shortly before the closing bell in New York, U.S., March 17, 2020. REUTERS/Lucas Jackson

At 10:09 a.m. ET, the Dow Jones Industrial Average .DJI was down 919.45 points, or 4.33%, at 20,317.93, the S&P 500 .SPX was down 96.62 points, or 3.82%, at 2,432.57. The Nasdaq Composite .IXIC was down 214.97 points, or 2.93%, at 7,119.81.

Declining issues outnumbered advancers for a 10.65-to-1 ratio on the NYSE and for a 4.70-to-1 ratio on the Nasdaq.

The S&P index recorded four new 52-week highs and 155 new lows, while the Nasdaq recorded six new highs and 421 new lows.

Reporting by Medha Singh and Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta and Sagarika Jaisinghani

Our Standards:The Thomson Reuters Trust Principles.

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2020-03-18 16:01:02Z
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US Stock Markets Fall Again As Coronavirus Takes Economic Toll - NPR

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The stock market has been in a jarring up-and-down pattern for weeks. Spencer Platt/Getty Images hide caption

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Spencer Platt/Getty Images

Updated at 10:33 a.m. ET

The U.S. stock market dropped sharply again Wednesday, with Dow Jones Industrial Average futures down more than 900 points, about 4%, as market turbulence continues over the coronavirus pandemic.

Vice President Pence tells NPR disruptions from the outbreak could continue until midsummer. President Trump said Wednesday on Twitter that the U.S. border with Canada will be closed temporarily "by mutual consent" but that "trade will not be affected." It's the latest in a series of border shutdowns around the world in response to the pandemic.

The stock market has been in a jarring up-and-down pattern for weeks. Just on Tuesday, the Dow soared 1,049 points, or 5.2%, after the Trump administration unveiled plans for a $1 trillion stimulus package and the Federal Reserve unveiled a special loan program to help offset the economic damage.

The Dow has fallen more than 30% from its record high set on Feb. 12. The broader S&P 500 index fell nearly 4% just on Wednesday. European markets were also down around 4%.

Oil prices tumbled 10%, to about $24 per barrel. The price of oil has dropped 60% so far this year as the world economy has virtually ground to a halt in response to the coronavirus and as major producers Saudi Arabia and Russia have entered a price war.

The pandemic is hitting American pocketbooks, with nearly 1 in 5 households experiencing a layoff or a cut in work hours, according to a new NPR/PBS NewsHour/Marist poll. Restaurants, bars, hotels and airlines have been hit hard, but the ripple effects are spreading across the economy and thousands of people are suddenly out of work.

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2020-03-18 14:44:40Z
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Dow Futures 'Limit Down', Global Stocks Slump, As Countries Plan Trillions in Stimulus To Cushion Coronavirus-Lead Recession - TheStreet

Dow Futures 'Limit Down', Global Stocks Slump, As Countries Plan Trillions in Stimulus To Cushion Coronavirus-Lead Recession

Wall Street futures hit "limit down" levels again Wednesday as investors unwind positions in markets around the world amid the ongoing global stock rout.

Author:

Martin Baccardax

Updated:

Mar 18, 2020 9:27 AM EDT

Original:

Mar 18, 2020

The Wednesday Market Minute

• Global stocks slump, while the dollar pulls in investors from around the world, as trillions in stimulus fails to offset concerns over the looming world recession.
• Coronavirus infections rise to 203,500 worldwide, with 8,200 deaths, since it was first identified in early January.
• President Trump will seek a $1.2 trillion stimulus package from Congress, which could include $1,000 checks for the majority of American citizens, to blunt the coronavirus impact.
• Fed plans daily $1 trillion repos, while buying $40 billion a day in Treasury bonds, but 10-year note yields still slide to 1.2% in uneven bond market trading.
• The CBOE's VIX volatility index holds at 78 points, just shy of its all-time high, while gold tumbles 2% to trade under the $1,500 market.
• U.S. equity futures hit "limit down" levels after falling 5% in early Asia trading, while index ETFs suggest 6.5% opening bell declines for the Dow ahead of housing starts data at 8:30 am Eastern time.

U.S. equity futures slumped lower Wednesday, while stocks around the world extended declines into multi-year lows, as the prospect of trillions of dollars in stimulus from the world's biggest economies failed to overcome market concerns for a global recession from the coronavirus pandemic.

President Donald Trump will seek a $1.2 trillion aid package from Congress this week, which is expected to include business support and potentially checks of $1,000 for most American citizens, as part of its effort to cushion the economic blow that is almost certain to hit the U.S. economy in the coming months.

Japan is reported to be discussing significant stimulus for its economy, which is also being supported by trillions in liquidity from the Bank of Japan, while Britain unveiled a near $500 billion package of loan guarantees yesterday. European leaders, as well, as said to be mulling a similar-sized effort to soothe recession concerns in the world's biggest economic bloc.

The collective stimulus plans, however, weren't enough to keep U.S. equity futures from hitting "limit down" levels in overnight trading, with prices frozen after falling 5% in early Asia dealing. 

Contracts tied to the Dow Jones Industrial Average now indicate a 1,031.38 point opening bell decline, a move that would erase all of yesterday's gains, while those linked to the S&P 500 suggest a 121 point pullback for the broader benchmark. 

Pre-market trading in the main SPDR S&P 500 ETF  (SPY) - Get Report, however, continues, with the biggest passive investment vehicle falling 6.2% to indicate an opening bell price of $237.21 each. The SPDR Dow Jones Industrial Average ETF  (DIA) - Get Report, meanwhile, was last seen 6.7% lower at $199.20 each.

The CBOE's key volatility gauge, known as the VIX, was marked 8.2% lower a 75.91, meaning options traders are pricing in a 76% chance that the S&P 500 will rise or fall by 76% over the next year -- around 6 points shy of the all-time high recorded in Monday's historic session.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was holding onto gains in early European trading and changing hands at 99.60, while gold tumbled 2.34% to $1,492.30 per ounce as investor liquidated positions in other markets as global stocks continue to slump.

Global fund managers, in fact, are pricing in the biggest change in corporate earnings prospects on record, BofA's closely-watched survey indicated Tuesday, with overall sentiment falling to the "bear extremes" of the global financial crisis.

Central banks, too, are acting with similar echoes to the 2008 crisis, with the Federal Reserve moving to backstop commercial paper markets yesterday, a key $1 trillion component of inter-bank lending markets, and will offer $1 trillion in daily liquidity injections, via the repo markets, each day until the end of the  week. 

European stocks were also deeply in the red after the first two hours of trading in Frankfurt and London, with the Stoxx 600 falling 4.6% and the FTSE 100 slumping 5.25% even as the pound, which typically moves in the opposite direction of stocks, fell to 1.1988 against the U.S. dollar.

Global oil markets failed to find a bid Wednesday, as well, even after a surprise dip in U.S. inventories last night, with traders continuing to cite a grim demand picture, and the prospect of record-high production from Saudi Arabia, in keeping prices pinned to the $30 per barrel mark.

Brent crude futures contracts for May delivery, the global benchmark, were last seen $1.01 lower from their Monday close in New York and trading at $27.72 per barrel, while WTI contracts for April delivery were marked $1.73 lower at $25.22 per barrel.

Overnight in Asia, Wall Street's late-afternoon rally failed to provide traction for regional stocks, with safe-haven buying into the yen pushing the Nikkei 225 1.68% lower on the session at 16,726.55 points and the MSCI ex-Japan benchmark falling 3.8% into the close of trading. 

By

Martin Baccardax

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2020-03-18 13:04:00Z
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UAW, automakers cut deal to keep factories open - Fox News

Detroit's three automakers have agreed to partial factory shutdowns, deep cleaning of equipment and longer periods between shifts to head off union demands for U.S. plant closures due to the coronavirus threat.

The agreements came Tuesday night after union officials spoke individually with General Motors, Ford and Fiat Chrysler. The companies also agreed to “extensive plans” to avoid union members coming in contact with one another, the United Auto Workers union said in a statement.

The union said earlier in the day that it wanted the automakers to shut down their factories for two weeks to keep its members safe from the spreading coronavirus.

REPORT: GAS PRICES COULD HIT 99 CENTS

Each company agreed to different provisions depending on its situation, but generally, automakers agreed to cut shifts on a rotating basis, which would idle factories for long periods to clean the building and equipment. Some companies agreed to cut overtime work to build space between shifts for added cleaning. Details of how to keep workers apart were still being worked out and more announcements will be coming in the next 24 hours, the union said in a statement.

“All three companies have agreed to new measures that will increase adherence to CDC (Centers for Disease Control) recommendations on social distancing in the workplace,” the statement said.

Officials have recommended that people not gather in large groups and try to stay at least 6 feet (about 2 meters) from each other to stop the virus that causes COVID-19 from spreading.

Earlier Tuesday UAW President Rory Gamble said in an email to members that the companies were not willing to stop production when the union asked for it Sunday. Gamble says the union gave Ford, General Motors and Fiat Chrysler two days to put together plans to safeguard workers. That period ended Tuesday afternoon.

Gamble said if the union isn't satisfied it will take unspecified further action to protect members.

The three companies employ about 150,000 auto workers at dozens of factories and parts depots across the country. Most of the manufacturing footprint is concentrated in the industrial Midwest, but the companies also have plants in Kentucky, Tennessee, Texas and other states.

The dispute came as union members complained that continued work at the plants would expose them to the virus.

Industry analysts have said it will be difficult to keep the factories open for very long as the COVID-19 virus spreads. Fiat Chrysler, Ford, Volkswagen, Daimler AG and PSA Groupe have closed their European factories to help stop the virus from spreading.

THE BEST WAY TO KILL CORONAVIRUS IN YOUR CAR

“There's very few industries where you get this many people together and they all touch the same things,” said Kristin Dziczek, vice president of labor and manufacturing for the Center for Automotive Research, an industry think tank in Michigan.

GM believes it can run the plants safely with preventive measures it has put in place since January and enhancements it is working on, spokesman Jim Cain said. Fiat Chrysler says it already has put “extensive protocols” in place to ensure the health and safety of workers. “We are continuing to carefully monitor the situation and are making improvements as needed,” spokeswoman Jodi Tinson said in a statement. Ford said it's working closely with the union and will announce details later.

Analysts expect U.S. auto sales to take a nosedive as people stay home to avoid other people. The industry likely has enough inventory to satisfy slower demand due to the virus, they have said. Ford reported Tuesday that sales had fallen in Europe and that parts supplies have been interrupted.

On Sunday, the union and companies announced they would form a task force to deal with worker safety as the plants continued operating.

Seventeen workers at a Fiat Chrysler factory in Warren, Michigan, walked off their jobs in the paint shop Monday over concerns about the novel coronavirus. A worker at an FCA transmission plant in Kokomo, Indiana, tested positive for the virus last week. He and nearby co-workers were told to stay home and his work area was deep cleaned. Production continued at both factories.

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2020-03-18 13:10:51Z
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