Mexican Media Brands
Opel Warns on 2016 Profit Goal
Opel AG says the uncertainty of the U.K.’s vote to exit the European Union makes it unlikely the company will break even this year, Reuters reports.
#labor #economics
Share
Opel AG says the uncertainty of the U.K.’s vote to exit the European Union makes it unlikely the company will break even this year, Reuters reports.
CEO Karl-Thomas Neumann tells a conference in Berlin that Brexit adds to the negative impact of the company’s withdrawal last year from the Russian market. The two factors make Opel’s path toward breakeven “difficult” this year, he says.
The European operations of General Motors Co., Opel’s parent, posted a pretax profit of $137 million—its first in five years—in the second quarter. But GM cautioned at the time that currency effects and Brexit-related disruptions could cut $400 million from results in the second half of 2016. The company reported a $142 million pretax loss in Europe for July-September.
RELATED CONTENT
-
UPDATE: Unifor Ratifies GM Labor Pact by 86% Margin
Hourly workers at General Motors Co.’s CAMI assembly plant in Ingersoll, Ont., will vote today whether to accept an agreement to end a strike they began on Sept. 17.
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.
-
Young Auto Engineers Say Their Employers Don’t Measure Up
Only one-third of U.S. automotive engineers below the age of 36 agree that their work experience matches the way their employers’ portray themselves publicly, according to new research.