Economy & Business News

I recently to Hawaii (I live in the county of Kauai, lucky me)
and wanted to report on  a recent move by the Nissan Motor Company. In fact we have have a Hawaii Nissan dealer even on this relatively small island of 50,000 souls. It just goes to show that American car dealers are not the only ones being affected by the global slowdown.  It is becoming obvious that the Nissan Motor Company has been beset by rapidly dipping automotive sales (like other leading automobile manufacturers), and they are now planning to shift some production capacity
 of their leading subcompact automobile from the home islands of Japan to the much lower wage (some might even say third-world) nation of Thailand. The Nikkei business daily newspaper has stated that Nissan will make this particular move to shift 100% of all Japanese automotive production of this model
 to that nation in 2010 and then ship it back to the home country itself. Nissan is the island nation’s third-biggest automobile producer overall and is in the process redesigning its leading March
 supermini model as a sort of cosortium with the French automobile producer and partner Renault SA (the biggest such producer in all of France).
They are trying hard to appeal to those who are in the hunt for a fuel-efficient ride. Many individuals are going to a Hawaii Nissan dealer looking for that ride.
This particular economic news with a global impact comes on the heels of Nissan’s recent effort to move the facilities
 of the Micra, which is basically the March’s foreign version, from England to the subcontinent of India within the next two years.A lot of these moves appear to be pure economic necessity. For example, The global recession has not missed Japan’s automakers,
which in the last decade or so years had few problems selling their compact and fuel-efficient automobiles.

On December 1^st, the Pilgrims Pride Corporation voluntarily filed Chapter 11 bankruptcy for relief under the U.S. Bankruptcy Code. They posted a notice on their website informing their partners (of the by-laws) and customers of the filing and that they would not be going out of business but will rebuild it after the restructuring process. This rings much the same as the Washington Mutual situation. Another day, another Bankruptcy, ouch.

All in all, Pilgrims Pride and their subsidiaries made the announcement stating that they were addressing short-term challenges in the operational area and with the liquidity problems of the company. They state they have been plagued with increasingly high costs of chicken feed and an over abundant supply of chickens. They also make reference to a weakening market price and lessening demand for chicken as being part of the problem.  No bailout from Washington has been asked for.

According to the company president and Chief Executive officer, Clint Rivers, “After careful consideration of all available alternatives, the Company’s Board of Directors determined that a Chapter 11 filing was a necessary and prudent step and the best way to obtain the financing necessary to maintain regular operations and allow for a successful restructuring.”  This site can help if you need help concerning Washington state bankruptcy lawyerwashington  bankruptcy laws 

The Bankruptcy was filed in the U.S. Bankruptcy Court in the Northern District of Texas. Pilgrims Pride is being represented by Stephen A. Youngman of Weil, Gotshal & Manges. Some operations in the United States and those in Mexico are not included in the Chapter 11 bankruptcy filing.

News reports out of Washington: By now everyone knows that that United State House Speaker Nancy Pelosi is of the opinion that the U.S. Congress or the President should intervene (and has to some degree) to prevent the auto industry from filing for bankruptcy. In a press meeting in Washington DC, Pelosi state “Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option.” She was speaking of the current automobile industry crises. The laws support this.

It is believed that Congress will approve new loans for the three automobile makers and the funding will come from the seven hundred billion bail out plan the Congress approved last month. Also according to reports, Senate Majority Leader Harry Reid went on to state that: “We’re looking to make sure we do everything we can to take care of the auto industry, if in fact it’s viable.”

All in all, national automakers submitted their plans to Washington explaining what their plans are to achieve financial stability and thus prevent bankruptcy have appeared before lawmakers.  By the way if you require an attorney who is very knowledgable concerning the relevent washington bankruptcy laws then might I recommend Jason Newcombe as he is one of the top washington  bankruptcy laws specialists out there and can help you with a broad variety of different cases. He is based in the Seattle and greater Puget Sound area.

According to media reports, Ford Motor Company is asking Congress for a credit line of up to nine million. In addition, GM is asking for up to $18 million in credit and Chrysler LLC is asking for a $7 million bridge loan.

Washington Mutual was recently in danger of going bankrupt and as a result was bought by JPMorgan Chase. In this weeks Seattle news reports, it was announced that Washington Mutual will be laying of 3,400 of its Seattle employees. This accounts for 81% of their local workforce.

Out of the 3,400 employees who will be losing their jobs, 1500 will be able to work another 60 days but JPMorgan will place the other 1,900 on their transition team. A total of 800 Seattle, Washington employees will be allowed to keep their jobs. Many others will lose their house, car, etc and are one accident or medical bill away from financial disaster.

WaMu has also announced that 9,200 of its national employees will be laid off. The company now has a national workforce of 42,000 with employees being reducing reduced in their total force within 60 days. Those who are placed on the transition team will continue working on projects until they are done or thru 2009. During the remaining time the transition team will receive double their salary.

Jamie Dimon, a JPMorgan chief executive, met with 125 local Seattle Branch managers to discuss the layoffs. According to Tom Kelly, Seattle, WaMu will be keeping all its Seattle branch managers. By the way if you require a superlative Washington car accident attorneys then by all means you may wish to take a look at the Law Offices of one Jason Newcomb because he is simply one of the best Washington car accident attorneys that you can find in the state.

The Greater Seattle Chamber of Commerce Community Development Roundtable was also scheduled to hear Dimon address JPMorgan’s decision and plans on how they will fulfill WaMu’s promised charitable contributions in the Puget Sound Region, possibly via their attorneys.

The legal organizations that help clients such as the Northwest Immigrant Rights Project that helped Seattle resident Maria Nunes after an abusive marriage are in danger of losing much of their funding that comes from part of the interest of funds held in trust for clients. By the way if you are need of a competent and effective Houston wrongful death lawyers then may I recommend the esteemed Law Offices of one Joel Gordon. They are in fact one of the best firms you can go to if you need a reliable Houston wrongful death lawyers or just information.

In addition, he can also be of assistance if you are in search of a fantastic motorcycle accident ot Houston auto attorneys as well.

Nunes a native of Jamaica fled Florida and an abusive husband who had beaten her unconscious the day prior to her leaving. Nunes now states she did not know she had rights; she was dependant on the marriage to stay in the United States.

Attorney Jorge Baron and the Northwest Immigration Rights Project helped Nunes over a seven year period of time to gain a legal divorce and the Attorney in question also helped her to remain in the United States with a residency green card.

Nunes is now legally divorced because of the legal aid that might not be there for other women in abusive marriages due to the economic factors they are facing today expect their funding to decrease by as much as 50% this year. That is why it can be very important to have an Attorney to help with post settlement as well as funding issues.