At The Motley Fool, we know our readers like to be informed. We have scouted out today's most relevant news items and bring them to you all on one page. We hope you find this midday edition informative and useful.
GM seals the deal
The contract calls for GM to create 6,400 jobs at American plants, move some work to the U.S. from Mexico, and increase entry-level pay. The 48,500 GM workers covered by the contract will receive a $5,000 bonus this year and a $1,000 bonus every year starting in 2013. The deal will offer a retirement incentive of $75,000 for skilled-trade workers and of $10,000 for all others. The bonuses and the increase in pay will cost about $585 million through 2013, but the amount will be offset by saving $340 million with the elimination of free legal services for workers. Read more at The New York Times.
Kindle Fire turns up the heat
Companies may be pressured to slash prices on their tablet computers after Amazon
Ford on a roll
Mulally made the announcement during the unveiling of a new Ford pickup truck plant in Bangkok. He said the company will focus on growth in Thailand and will continue to expand in Asia despite signs of a slowdown in demand in China and India. Ford has invested $450 million in a new plant in Thailand's Rayong province with the capacity to build 150,000 units a year. Read more at The Wall Street Journal.
Nokia to cut jobs
The reductions come on top of 4,000 job cuts announced in April in the research and development area. The company is slimming down as it's lost considerable market share to Apple and companies like HTC, which have been able to bring the price of smartphones below $100. Read more at Bloomberg Businessweek.
So there you have it, the top financial stories for this afternoon. If you are interested in getting all the news and commentary on these stocks, sign up to My Watchlist here; it's free!
Michelle Zayed doesn't own any stocks mentioned. The Motley Fool owns shares of Apple and Ford Motor. Motley Fool newsletter services have recommended buying shares of Apple, General Motors, Amazon.com, and Ford Motor. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.