InfoAnda - Financial crisis closes in on GM

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Tea Party Candidate Surges Ahead In Nevada Senate Race | 5 June 2010
Afghan bomb blast kills 14 civilians | 30 December 2010
UN maps show security worsening in Afghanistan: report | 27 December 2010

Afghan and U.S. forces kill 34 militants in drug raids | International | | 22 May 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : Financial crisis closes in on GM

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Financial crisis closes in on GM AFP - 1 hour 34 minutes ago NEW YORK (AFP) - - The global financial crisis closed in on two more victims Tuesday after General Motors said it would need a government rescue and major US electronics retailer Circuit City filed for bankruptcy. The news capped another day of gloomy developments in the United States, the world's largest economy, undermining hopes that coordinated action by governments around the world could keep the global downturn from getting worse. Fannie Mae, the US mortgage giant bailed out by the government earlier this year, posted a 29 billion dollar loss. Meanwhile the United States expanded its bailout of insurer AIG to more than 150 billion dollars. The latest dire reports from the United States triggered more woe for Asian stock markets, which lost ground Tuesday in line with US shares. Tokyo lost 3.0 percent while Hong Kong was off 0.6 percent at the mid-day break. General Motors CEO Rick Wagoner said the US automaker would need state help before Barack Obama takes over the White House in January, telling industry publication Automotive News that time was of the essence. "This is an issue that needs to be addressed urgently," he said, calling on the government to "overshoot, not undershoot" the level of assistance. His call for support came as GM shares lost 23 percent Monday after analysts at Deutsche Bank said they expected the stock eventually to be worth nothing at all. "Even if GM succeeds in averting a bankruptcy, we believe that the company's future path is likely to be bankruptcy-like," the bank said. Wagoner said the entire US auto industry was suffering, with sales expected to be down by more than three million vehicles next year in the face of the global economic downturn. "I'd question whether the US industry as a whole could survive that without support," he said. US electronics retailer Circuit City said Monday it had filed for bankruptcy protection and obtained a 1.1 billion dollar credit lifeline to battle a sharp decline in sales. Just a week after announcing it would close 155 stores and take other restructuring measures to fight a cash crunch, the firm became the first major US retailer to file for bankruptcy protection since the crisis began. Canadian telecommunications equipment provider Nortel Networks posted a third-quarter loss of 3.4 billion US dollars and announced 1,300 job cuts. "We have seen worsening economic conditions, together with extreme volatility in the financial, foreign exchange and credit markets globally," Nortel president and chief executive Mike Zafirovski said in a statement. The latest gloomy company news came ahead of emergency talks among the leaders of the G20 group of largest developed and emerging nations in Washington on Saturday aimed at restoring market confidence and stability. US officials have said the summit is likely to result in an "action plan" including short-term steps to help fix the global economy, while other countries, notably France, have pushed for the talks to agree concrete steps. Ahead of the summit, British Prime Minister Gordon Brown said the current turmoil represented an opportunity to rebuild the global financial system. Coordinated international action on interest rates and ailing banks in October showed the potential for wider cooperation, he said. "While I see a world that is facing financial crisis and still diminished by conflict and injustice, I also see the chance to forge a new multilateralism that is both hard-headed and progressive," Brown said. He said the G20 "must use the power of multilateralism to establish a global consensus on a new, decisive and systemic approach to strengthening the global economy." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy RPT-TOPWRAP 2-Signs of China slowdown stoke deep recession fearsReuters - 1 hour 3 minutes ago Financial crisis closes in on GMAFP - 1 hour 34 minutes ago Global crisis hits over 1,300 south China firms: reportAFP - Tuesday, November 11 Macau's chief executive expected to bid to boost economyAFP - Tuesday, November 11 Related Articles: Business India's Cadila Health buys Dutch Crucell unitReuters - 49 minutes ago DEALTALK-Incitec's capital raising sparks acquisition talkReuters - 50 minutes ago Seoul shares drop as export worries hit tech firmsReuters - 56 minutes ago Asciano sees no more than 15% variation in op profitReuters - 56 minutes ago Russia rouble slumps vs basket in early tradeReuters - 59 minutes ago Enlarge Photo Financial crisis closes in on GM Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln G20 pledges 'all necessary steps' to restore stability AIDS vaccines: New hope for problem-plagued path Documents expose Prince William RAF training row: report MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Monday, 10 November 2008
Netanyahu: Peace talks will continue if elected
Iran: Talks show US-backed peace process' failure
US authorities announce restructuring of aid to AIG
Nkunda warns Africa not to send troops against him | International |
Mugabe says to form Zimbabwe unity government soon | International |
South Africa mourns singer Makeba, 'mother' of the nation
EU moves closer to restart of EU-Russia talks | International |
Exiled Thaksin seeks new base to fight enemies | International |
Sri Lanka rejects latest Tiger truce offer | International |
Jerusalem mayoral race highlights religious rifts | International |
Woman believed abducted by North Korea alive: brother | International |
France wants emerging market nations to join G-7
HSBC profits rise despite rising US bad debts
Hong Kong stocks rise on China stimulus plan
Taiwan loosens payment conditions to help DRAM makers
Oil prices rally on China stimulus package
YouTube to post full-length MGM films | Technology |
China stimulus plan fuels hope for new investment
MP3 player headphones may hinder pacemakers | Technology |
Oil prices rally on China stimulus package
Taiwan dollar ends flat after interest rate cut
World oil prices more than two dollars higher
Pakistan c.bank suspends exchange company licence
Google CEO on Obama tech czar job: No thanks | Technology |
China completes aircraft makers' merger: report
Glenn Close honored for work in Hollywood | Entertainment |
Israel must give up land for peace: Olmert
Bombings kill 31 in Baghdad during morning commute
Baghdad triple bomb kills 28; teenage girl strikes | International |
Ubisoft buys Massive Entertainment videogame studio
2,000-year-old gold earring found in Jerusalem
US expands record bailout of insurance giant AIG
Gaza's power plant halted as Israel blocks fuel
U.S. urges Russia to talk again over missile shield | International |
Israel resuming fuel shipments to Gaza
Turkish military shells northern Iraq: guard | International |
Baghdad market blasts kill 28 in deadliest recent attack
Mexico names criminal lawyer new interior minister | International |
U.S. judge dismisses case over Egypt hotel bombing | International |
Baghdad starts paying anti-Qaeda militias
Olmert says time running out for two-state solution | International |
Holocaust survivors ask freeze on Pius XII sainthood | International |
Canada denies any Taliban exchanged for journalist | International |
US unveils Mexican consulate in busiest visa city
Nigeria militants threaten new oil war if attacked | International |
S.Korea won down 2.4 pct; econ worries drag
Dell quells rumors about new music player | Technology |
Japan's current account surplus down in September
Seoul shares open lower led by tech exporters
Microsoft strikes Web search deal with Sun | Technology |
Obama arrives at White House for first visit as president-elect
China stimulus plan fuels hopes for global growth
Iraqi spokesman says US security offer not enough
DTV ad gets mileage in race car crash: FCC chief | Technology |
Hulu, YouTube, iTunes take a walk on Sesame Street | Technology |
Global stocks get boost from Chinese stimulus package
Texting while driving is bad, doctors agree | Technology |
Ecuador to ask OPEC for exception to cutbacks
China stimulus plan fuels hopes for new investment
Pakistan's Oct trade gap narrows to $1.94 bln
Highfield leaves Kangaroo for Microsoft | Technology |
Pakistan rates to rise under any IMF deal-govt source
Virgin Mobile swings to profit, helped by Helio | Technology |
Britney Spears son hospitalized for food reaction | Entertainment |
Actress Sienna Miller wins privacy damages | Entertainment |
Superheroes will battle for People's Choice honors | Entertainment |
Danny Boyle shakes routine on Slumdog Millionaire | Entertainment |
Movie of human Ataturk stirs emotions in Turkey | Entertainment |
Hulu, YouTube, iTunes take a walk on Sesame Street | Entertainment |
Father: Cal State student bailed out of Iran jail
Britney Spears's son hospitalized: statement
Kim Jong-il had possible 2nd stroke: reports | International |
Intel dives into medical market with home health monitors
Swiss fear more pressure on bank secrecy after Obama victory
UN warns of possible violence in Iraq elections
Australian PM faces censure over Bush G20 call | International |
Obama, Bush discuss world of challenges
China police chief arrests 48 relatives | International |
China jails security officers for fatal beating | International |
Thousands flock to see Nepal's mystery Buddha boy | International |
Big global investors urge action on climate change
Chavez says consul in Houston stripped of post
Cell phone shopping makes wallets redundant in Japan | Technology |
US military deaths in Iraq war at 4,193
Financial crisis closes in on GM
Seoul shares fall 2 pct; tech firms and banks drop
Korea Hot Stocks- Hanjin Shipping falls on weak Q3 results
GM Daewoo mulls temporary shutdown amid sales slump
Global crisis hits over 1,300 south China firms: report
NZ dlr off lows, risk appetite dominates; debt firm
Obama daughters asked to appear on Hannah Montana | Entertainment |
Macau's chief executive expected to bid to boost economy
S.Korean won down on recession fears, trims losses
A Raisinet recession at movie theaters | Entertainment |
Britney Spears son released from hospital: report | Entertainment |
Six months after deadly China quake, jobs are key to recovery
Nepal eyes tourism boom in midst of peace and democracy
14 cartoons seek 3 Oscar berths | Entertainment |
Fewer jokes in Obama White House? Comedians wonder | Entertainment |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01