Saturday, January 28, 2012

$1Billion?!

On Saturday, January 14th, as I was reading my newspaper, the Windsor Star, I read an article on p. 15.

Here is the article I found on their on-line site.  It's entitled, General Motors to Invest $1B in Russia:   http://www.windsorstar.com/business/General+Motors+invest+Russia/5995607/story.html

If for some reason, you cannot open the attachment, I will (copy & paste) post it for you, so you can read it for yourself:

U.S. auto giant General Motors will invest $1 billion in Russia over five years to more than double production by 2015, the managing director of its Russian operations said.
"The reason we are there is we see opportunity," James Bovenzi said late Thursday at a dinner event organized by the U.S.-Russia Business Council on the sidelines of the Detroit Auto Show.
"There is a lot of pent-up demand in Russia ... The average vehicle is more than 10 years old," he said.
"The middle class is growing and nine of the 10 best-selling cars in Russia are foreign brands," he said, adding that GM's Chevrolet was a top seller.
The new plan calls for increasing production in Russia from 232,000 units in 2010 to more than 520,000 in 2015, he said.
Alan Draper, vice president in charge of purchasing at Ford of Europe, said plants established there by respected parts suppliers could improve quality and let international firms meet local content requirements.
"Russia will [soon] be one of the most important markets in the world," he said.
A business group meanwhile announced that sales of cars in Russia rose by 39 per cent in 2011 year-onyear to over 2.65 million vehicles as the market bounced back from the last economic crisis.


Why is this of importance to me?

Well, my now deceased husband Gordon was an auto-worker, who was employed at General Motors of Canada (GM); prior to his death, and shortly before his plant was permanently closed, he took an early retirement package.

Not only as a retiree were his benefits reduced, but after his death, my survivor's benefits were reduced once again.  Greatly.

Then, came the issue of healthcare that GM was supposed to have provided for. 

Apparently, from what I have been told, years ago GM borrowed from the healthcare fund and didn't replenish it, until the issue became a major one, with the court system granting approval of a settlement, recently.

From what I have been told, there will not be enough funds in the healthcare fund to cover the healthcare costs of all workers and retirees, here in Canada.

How fair is this?

There is more to be said about this frustrating circumstance, but it will have to wait until tomorrow.


Until next time...

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