InfoAnda - US offers automakers $13.4 bln lifeline

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

Seoul shares edge down as won starts higher | 5 November 2009
China positive on N.Korea developments | 23 September 2009
S.Korea lays to rest marines killed in N.Korea attack | 27 November 2010

Emmy-winning actor to lead Hollywood union | Entertainment | | 25 September 2009

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

Read more with google mobile : US offers automakers $13.4 bln lifeline

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: US offers automakers $13.4 bln lifeline AFP - Saturday, December 20 WASHINGTON (AFP) - - The US government agreed Friday to an emergency loan of 13.4 billion dollars to ailing automakers to stave off collapse of the sector that could deal a crippling blow to the economy. General Motors and Chrysler were expected to draw on the funds immediately to avert bankruptcy, and will be required to implement new belt-tightening moves and demonstrate their long-term viability. "These are not ordinary circumstances," President George W. Bush said in announcing the aid. "In the midst of a crisis and a recession allowing the US auto industry to collapse is not a responsible course of action." The funds will be drawn from the Treasury's 700 billion dollar Troubled Asset Relief Program (TARP). An additional four billion dollars from the TARP will be available in February, contingent upon congressional approval of the second portion of that program The automakers will have to take steps to demonstrate their viability by March 31. "The auto makers and unions must understand what is at stake and make hard decisions necessary to reform," Bush said. "We intend to send a clear message to everyone involved in the future of American automakers." He added that restructuring the industry -- a pillar of the US economy -- would "require meaningful concessions from all involved in the auto industry." Among the "targets" established by the loan would be a two-thirds reduction in debt by exchanging debt for equity, more flexible work rules and cuts in wages to make the companies competitive with foreign manufacturers established on US soil. "The loan will be automatically called by the government and will be repaid in full if certain conditions are not met" by March 31, a senior administration official said. "The most important one is that the firms must be viable." The official added that "this does not mean the firms has to be profitable but clearly to have a positive net present value the firms have to be profitable soon." Chrysler LLC chairman and chief executive Bob Nardelli a letter of intent for the loan had been signed. "These requirements will require consideration from all constituents, requiring commitment first in principal, leading to implementation this coming year," Nardelli said. "Chrysler is committed to meeting these requirements." GM, Ford and Chrysler had asked earlier for a government rescue to help weather the economic crisis after Congress refused a bailout in a dispute over union wages. The Detroit Big Three have repeatedly warned that without a package of loans, millions of jobs could be lost, which they say would have devastating effects for the nation's already stumbling economy. Chrysler said Thursday it was closing its American units for a month from Friday after GM announced it was idling 30 percent of its North American production "in response to rapidly deteriorating market conditions." Bush had faced pressure to act before the Christmas and New Year holidays while White House officials had warned bankruptcy was one of the options being considered. Bush said Thursday he was worried about leaving a mess behind for his successor, president-elect Barack Obama. "I thought about what it would be like for me to become president during this period. I believe that good policy is not to dump him a major catastrophe" on his first day of office, Bush added. Obama, who takes over on January 20, has called for the administration and the Congress to give the auto industry temporary assistance while demanding mandatory long-term restructuring. 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: World Remains don't reveal how Caylee Anthony diedAP - 41 minutes ago Reaction to Bush's decision on auto bailoutAP - 49 minutes ago Guests for the Sunday TV news showsAP - 53 minutes ago Child porn cartoon conviction upheld in Va.AP - 1 hour 1 minute ago Ind. Planned Parenthood counselor in video resignsAP - 1 hour 2 minutes ago Enlarge Photo Auto workers make their way to a Chrysler truck plant on the last day before the plant closes for a month in Warren, Michigan, December 18. The US government has said it would provide ailing automakers with $13.4 billion in short-term financing, setting a deadline of March 31, 2009 for them to become viable.. Most Popular – World Viewed Global economy seen sinking into 'severe' 2009 recession: report Oil prices mixed; New York contract expires below 34 dollars Actress Jennifer Aniston appears naked in GQ magazine Ageing L'Oreal heiress defends billion-dollar giveaway 'Orderly' bankruptcy mulled for US carmakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Saturday, 20 December 2008
NKorea produces more food, but still needs aid
Lions home after 0—0 draw against Vietnam in AFF Suzuki Cup
Beauty salon director, food court partners charged with tax evasion
New Thai PM admits business leaders unhappy with cabinet picks
S$3m motor sports extravaganza to be held later this month at Changi
Boys’ Brigade Sharity Gift Box 35% short of collection target
Japan slashes rates as growth path vanishes
US senator on four—day visit to Singapore
Sri Lanka: Dispute over gas price creates shortage
Chanel closing handbag tour due to meltdown
S$3m motor sports extravaganza to be held later this month at Changi
Japan admits POW labor used in PM's family mine
Sunny times return for Lebanon tourism
Videogame music, the "new art form"
'Johnny Mad Dog' cast accuses director of broken promises
Sierra Leone police ban Christmas fireworks
French court spares Les Miserables sequels
Aussie repays fellow traveller... 39 years later: report
Japan says POW labor used in PM's family mine
Web site lets fans sing with the King
Rice expects NKorea to agree eventually on nuclear verification
Jermaine Dupri says Janet Jackson is not pregnant
Mideast suffers Internet disruption: company
TV actor Chew Chor Meng says he has muscular dystrophy
Police: Man broke into Paris Hilton's home
Bush administration files trade case against China
Malaysia's Lee to meet Indonesian rival Taufik
Sotheby's sees 2008 Paris auction boost but Christie's slumps
Electronic Arts to cut more jobs, close studios
Arkansas family welcomes 18th child, a girl
Judge orders Steven Adler to more rehab
On the Net: Hulu is Web site of the year
9 researchers receive S$2m in funding to help commercialise new ideas
NKorea's Kim attends musical performance: state media
Anti-Semitism floods Internet after Madoff scandal: campaigners
Cruise, Theron to star in remake of French thriller
Angie Harmon, Jason Sehorn welcome third daughter
US recording association to stop piracy lawsuits
Protest by suitcase workers sent packing in China
Mexican pop star Luis Miguel's second son born
Elvis lovers sing Christmas duets with 'The King'
US circulates UN resolution to protect Iraq assets
All in Iraqi custody in Baath party plot freed
Croatia could complete EU membership talks next year: official
Obama campaign survey gets half million replies
Severed cables bring down phone lines linking Europe, Asia, Mideast
Oil prices mixed; New York contract expires below 34 dollars
NATO-Russia Council to hold landmark talks next month: envoy
Prestigious TED gathering to make live webcast debut
Iraq preachers demand release of Bush shoe attacker | International |
Hamas declares Gaza truce with Israel is at an end
US offers 13.4 bln dlr lifeline to GM, Chrysler
Russia unveils package for crisis-hit auto industry
Phone lines down between Europe, Asia, Mideast: France Telecom
Greek youths attack French institute | International |
EU reaches agreement on 2009 fish quotas
Israeli election hopefuls seek the Obama touch
Instant photo inventor Polaroid files for bankruptcy
Russian warships arrive in Cuba
Japanese seek to scrap Google's Street View
S. Korea completes troop pullout from Iraq
Bash Bush site sells on eBay in four days | Technology |
Officials: Aviation brigade going to Afghanistan
Video games may do the aging brain good | Technology |
Alpine resorts nervous as recession reaching peaks
Bush says peace talks have yielded progress
US, Ukraine look to strengthen ties
US drags China to WTO over 'protectionist' policy
Man wins case vs human flesh search engine | Technology |
US offers automakers $13.4 bln lifeline
U.S. says go slow in expanding .com on the Web | Technology |
Deep Throat, Watergate's secret informant, dies at 95
Thief breaks into Paris Hilton's home | Entertainment |
Oil prices mixed; New York contract expires below 34 dollars
New York oil price slumps below $34 a barrel
Cruise, Theron to star in remake of French thriller
Americans less likely to roam :study
No charges for Garrett in incident with paparazzo
Sri Lanka's navy destroys suspected rebel ship
Three Danish soldiers die in Afghanistan: Denmark
Google increases search share in November: comScore
Oprah Winfrey named PETA's 'Person of the Year'
Sri Lanka says navy destroyed suspected rebel ship
3 new faces co—opted into PAP’s Central Executive Committee
History, dissent cloud Pakistan's Mumbai reaction
Bangladesh's emergency leader prepares to step down
Chinese vice premier to visit Indonesia
China judge: Courts must maintain social stability
Overloaded river boat sinks in China, 15 dead
Pilgrims bring Christmas joy to Bethlehem
Underwater World Singapore successfully breeds leopard sharks
Blast at China coal mine traps 18
Global Weather-Celsius
Don't destabilize Russia, Putin warns foes | International |
Freed German hostages leave Yemen for home
British defence minister compares Taliban to Nazis
Russian car lovers continue anti-tariff protests
Belgium in limbo again after government collapses | International |
Tension surges in Gaza as truce ends
U.N. council says warcrimes courts may need follow-on | International |
Calm night in southern Sweden after recent riots
German Christmas cake theft sparks data scare
Three Danish soldiers killed in Afghanistan | International |
Age will be no obstacle, insists veteran Holyfield
Ex-hostage Betancourt to take break from public life
UAE buys U.S. missiles in $3.3 billion deal: report | International |
Body of Ecuadorean killed in New York returns home
China says will aid Taiwan in economic slump | International |
Opponents file suit to annul gay marriages in California
Philippines hold mock suicide bomb drill to prepare for attacks
Iraq minister dismisses coup plot | International |
Illinois governor denies seeking to sell Obama's senate seat
Bangladesh deploys 50,000 troops ahead of polls: officials
Pakistani c.bank buys 11.22 bln rupees of T-bills
U.S. adds Kosovo, Azerbaijan to trade benefits program | International |
N Korean defectors send more leaflets to N Korea
Japan's cabinet OKs extra budget to stimulate economy
Sri Lanka navy destroys rebel arms ship: military
Citic Pacific shareholders approve bailout
Macau bars HK lawmakers from entering
Japan says POW labor used in PM's family mine
China face transplant patient dead: doctor
Malaysian minister praises Iraqi shoe-thrower
China promises economic assistance to Taiwan
Hollywood star scandals quiet in 2008 | Entertainment |
Police: Hilton's home burglarized, jewelry missing
Nearly 500 applications received for Dew Spring@Yishun flats
Weather forecast for the Asia-Pacific region
Maoist rebels, Islamic militants funded by narcotics: Philippines police
Chronology of China's reform era
SKorea convicts 11 Chinese in sea scuffle
Hong Kong democrats barred from Macau ahead of rally
Myanmar arrests 19 North Korean defectors: police
SAF Landing Ship Tank, RSS Resolution returns from Gulf deployment
Taiwan to expand official travel to China
Security guard goes missing after trying to help woman
Pets affected by recession
Police find body of security guard floating in the river at Robertson Quay
HK court adjourns case against wife of former NKF chairman to Monday
Israel lets aid boat dock in Gaza
Mugabe seen getting party OK to form government | International |
Iraq frees officers arrested on 'terror' charges
China blocks Internet access to New York Times | International |
India bans Goa beach parties in wake of Mumbai blast | International |
Militants kill three Pakistanis supplying NATO | International |
Obama names strong science team
Israeli air strike kills Gaza militant | International |
Australian warship rescues Vendee Globe sailor
Swiss in for a Merry Christmas after all | International |
Obama names strong science team
Pakistan: Militants kill 3 in latest convoy attack
Japan proposes record budget to bolster economy
New S$275,000 CDAC centre aims to empower the young and old
Japan unveils record budget to bolster economy
China blocks access to New York Times Web site
Strong quake off Japan, no damage: officials
Pakistan sells 6 bln rupees of 3-year Islamic bond
Bird flu found in chickens in southern Taiwan
Mumbai hotels prepare for partial reopening
Australian warship rescues Vendee Globe yachtsman
Thailand's new Cabinet endorsed by king
Foreign Minister Yeo says ASEAN’s agenda being held back is worrying
Troops deployed in Bangladesh before polls
Companies with in—house training programmes can tap into SPUR funds
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