Tag: ford motor company
Canada Braces For Action On Border Bridge Blocked By Protesters

Canada Braces For Action On Border Bridge Blocked By Protesters

By Kayla Tarnowski and Ismail Shakil

WINDSOR, Ontario (Reuters) - Canada was bracing for more protests against the government's pandemic measures on Saturday, with the focus on the vital U.S.-Canada bridge that remained blocked by demonstrators defying a court order and emergency measures and disrupting the North American auto industry.

The "Freedom Convoy" protests, started in the national capital Ottawa by Canadian truckers opposing a vaccinate-or-quarantine mandate for cross-border drivers, entered its 16th day on Saturday.

Protests have spread to three border points, including the Ambassador Bridge, North America's busiest land border crossing, where dozens of vehicles have crowded since Monday, choking the supply chain for Detroit's carmakers.

Ford, the second-largest U.S. automaker, said on Friday it had temporarily halted work at its assembly plant in Ohio. General Motors and Toyota Motor Co also announced new production cuts. Companies have diverted cargo to stem losses amid production cuts.

A judge on Friday ordered an end to the Ambassador Bridge blockade, but some 100 protesters continued to occupy the bridge early on Saturday with trucks and pick-up vans, preventing the flow of traffic either way.

The Ontario government, which declared a state of emergency in the province of on Friday, has threatened fines and jail for protesters if they do not leave.

Prime Minister Justin Trudeau has come under pressure from opposition party leaders to intervene, while U.S. President Joe Biden's administration urged his government to use federal powers. Trudeau has promised Biden quick action to end the crisis.

Trudeau, after a call with Biden on Friday, said all options were on the table to end blockades, adding that the consequences were becoming "more and more severe."

"We've heard your frustration with COVID, with the measures," Trudeau told reporters, addressing the protesters' concerns. "It's time to go home now."

East of Ottawa, people were expected to gather in Fredericton in the province of New Brunswick for a weekend demonstration. Local police said officers were stationed at entrances to the city to ensure traffic can continue. Canada's financial capital Toronto was also bracing for more weekend demonstrations.

Ottawa police chief Peter Sloly said officers were on standby to begin enforcing the new laws and warned of consequences for law-breakers in anticipation of people joining the protesters over the weekend.

"The Ottawa police service is better equipped and better resourced to deal with this anticipated influx," deputy police chief Steve Bell told city officials in a meeting.

(Reporting by Kayla Tarnowski in Windsor and Ismail Shakil in Bengaluru; Writing by Denny Thomas; Editing by William Mallard)

Ford Earnings Rise, Beat Expectations

Ford Earnings Rise, Beat Expectations

New York (AFP) – U.S. auto giant Ford Motor Tuesday reported quarterly earnings that bested expectations as higher sales in North America and a smaller loss in Europe offset declines in South America.

Ford, the second-biggest U.S. automaker, notched a 90 percent rise in fourth-quarter earnings thanks largely to a number of tax gains. Revenues rose 3.6 percent compared with the year-ago period.

“We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all,” Ford chief executive Alan Mulally said in a statement.

Ford’s North America division, which accounts for nearly one-third of company sales, reported higher quarterly sales but nine percent lower profits due to lower prices and $300 million in expenses associated with a recall of its Escape sport utility vehicle.

Ford enjoyed higher sales and wholesale deliveries in its Asia Pacific Africa segment, where pre-tax profit hit a record $106 million, about three times more than in the year-ago period.

In Europe, Ford trimmed its quarterly loss to $571 million from $732 million in the year-ago period, while Ford’s South America division posted a loss of $126 million. The South America results were hit by lower production in Venezuela due to a limited availability of U.S. dollars, the company said.

Overall fourth-quarter profit came in at $3.0 billion on revenue of $37.6 billion compared with year-ago profit of $1.6 billion on revenue of $37.6 billion. The results included $2.1 billion in favorable tax items, such as valuation allowances held against U.S. tax-deferred assets.

The results translated into earnings of 31 cents per share, topping analyst expectations of 28 cents.

The company rated 2013 “one of Ford’s best years ever” as Ford and other U.S. automakers benefited from a surge in auto sales.

Net income for the year was $7.2 billion on revenue of $146.9 billion, up 26.3 percent from 2012 profit of $5.7 billion on revenue of $133.6 billion.

Ford said its 2014 outlook was unchanged with total company pre-tax profit expected to range from $7 billion to $8 billion.

Ford shares were up 2.1 percent at $16.04 in pre-market trade.

Photo: Mira Oberman via AFP