Allstate enters Mass. auto insurance market
The News Review:
- Allstate enters Mass. auto insurance market
- $10M Auto Train station repair starts
- GM UAW restructuring deal may be soon
- bama Clears the Air With Auto Industry
- Volvo reaches deal with union over health care
- Asbury Auto Dealers Rise As Exposure To GM Chrysler Slight
- Police diverting downtown traffic around auto-ped accident
Allstate enters Mass. auto insurance market
The Patriot Ledger
-based insurer on Monday filed an application with the Massachusetts Division of Insurance to begin writing policies by Nov. Like all auto insurers? rate plans in the state Allstate?s rate plan will be reviewed by Commissioner of Insurance Nonnie Burns before it takes effect. ?Managed competition is designed to bring more choice in cost coverage and companies to Massachusetts drivers? Burnes said in a prepared statement. ?This filing further demonstrates that managed competition is working and Massachusetts consumers are reaping the benefits of automobile insurance reform. ? Allstate is the fifth new insurer to submit paperwork to enter the Bay State auto market in 2009 and the 11th since the state?s new managed competition system went into effect in April 2008. Geico on Monday became the latest new company to issue auto policies here issuing its first Massachusetts policy to Beth pishinski of Whitman.
$10M Auto Train station repair starts
Bizjournals.com
John Mica R-Fl and state local and. Amtrak received more than $10 million in federal funding to renovate the station and create construction jobs in Central Florida.
GM UAW restructuring deal may be soon
Detroit Free Press
manufacturing facilities as the union moves into intensified contract negotiations with the company. “We are expecting the restructuring negotiations to intensify this coming week” the union told members in an e-mail sent over the weekend. “The UAW is actively involved in these complex negotiations which involve the bama auto task force GM management bondholders and secured lenders dealers part suppliers and other stakeholders. The union urged members to call the White House and lobby for GM to be required “to maintain the maximum number of jobs in the U. Meanwhile Canadian Auto Workers President Ken Lewenza described his union’s negotiations with GM as “very very difficult” according to Bloomberg. The UAW has sent letters to members of Congress that reiterated previous complaints which the Free Press reported on in early May about GM’s plans for increasing the number of vehicles imported from China Korea Japan and Mexico while planning to close 16 U.
bama Clears the Air With Auto Industry
Reuters
This could add $1300 to the average cost of making a vehicle which is bad news for Detroit as it struggles to maintain its head above water. What this means for consumers is they will likely be buying gas-electric hybrids or subcompacts “outfitted with fuel-stingy engines” as the Journal puts it. In an abrupt departure from expectations as well as from previously uttered gripes the auto industry says it welcomes a national fuel-efficiency standard the NYT says. “For seven long years there has been a debate over whether states or the federal government should regulate autos” Dave McCurdy president of the Alliance of Auto Manufacturers the industry’s largest trade association explains to the paper. “President bama’s announcement ends that old debate by starting a federal rulemaking to set a national program. Meanwhile Reuters reports that auto industry experts and analysts say there’s almost no way General Motors will be able to avoid bankruptcy court. “The only way it is not inevitable is if the government accepts whatever percentage of bondholders have tried to exchange whether it is 40 percent or 50 percent or 60 percent” Peter Kaufman president and head of restructuring and distressed mergers and acquisitions at the Gordian Group LLC in New York tells the site.
Volvo reaches deal with union over health care
MarketWatch
The agreement involves the creation of a trust that would completely eliminate Mack’s health care liabilities for retirees and if approved by UAW members would reduce Volvo’s operating earnings by $110 million in the second quarter of 2009. The trust known as a voluntary employee beneficiary association would permanently assume the obligation of providing retiree health benefits. Volvo would fund the program with $525 million in cash paid in equal installments over a five year period.
Asbury Auto Dealers Rise As Exposure To GM Chrysler Slight
Wall Street Journal
70 recently after earlier hitting a high of $10. Friday afternoon Asbury said auto makers Chrysler LLC and General Motors Corp. (GM) had informed the dealership network they would close just three of its dealerships representing about 2%.
Police diverting downtown traffic around auto-ped accident
Salt Lake Tribune
He was taken to a local hospital in critical condition. Police have not yet released his name. Police closed northbound lanes along 200 East beginning at 500 South and they shut eastbound traffic along 400 South from State Street to 200 East. Snyder said the closures should last until at least 11 a. Police are investigating to find exactly how fast the vehicle and bicycle were traveling among other details. TRAX trains are still running through the area police said.
Related from Yptulsa: Tulsa Police Responding To Accidents
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