More Aid, Please
General Motors, recipient of the 2009 "Nation's Most Resistant-to-Change Company That Still Gets Federal Assistance" award, wants more. The auto giant on Wednesday asked for $16.6 billion in loans, on top of the $13.4 billion already granted. All this amid GM plans to shed 47,000 jobs worldwide.
General Motors, recipient of the 2009 “Nation’s Most Resistant-to-Change Company That Still Gets Federal Assistance” award, wants more. The auto giant on Wednesday asked for $16.6 billion in loans, on top of the $13.4 already granted. All this amid GM plans to shed 47,000 jobs worldwide.
WAIT, BEFORE YOU GO…Bloomberg:
General Motors Corp. asked the U.S. for as much as $16.6 billion in new loans, more than doubling the aid to date, and said it needs some of the cash next month to survive as it sheds brands and cuts 47,000 more jobs worldwide.
Chrysler LLC, propped up like GM with federal assistance, said it’s seeking $5 billion more from the government and will shed 3,000 more positions.
GM and Chrysler met a deadline [Tuesday] to report progress in revamping operations with $17.4 billion in loans granted so far and got a boost from tentative accords with the United Auto Workers to cut labor costs. Now, they must show the U.S. by March 31 that they can return to profit in order to keep the money.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Middle East
Amid a severe drought, Afghan scientists are asking the international community to engage with the brutal new regime.
"Humanitarian catastrophe” unfolds in Idlib province as Russia-backed effort displaces hundreds of thousands, including 500,000 children.
The recent sexual abuse scandal involving Oxfam throws light on the potential for corruption among charitable organizations.
Prior to the meeting, President Trump cut nearly $100 million in military and economic aid and delayed almost $200 million more.
While some small European countries are donating more than their fair share to aid Syrians, the U.S., Saudi Arabia and Russia are still far behind.
As violence in the region escalates, congressional sources are describing the huge reduction in economic aid for the West Bank and Gaza as a "message" to Palestinian Authority President Mahmoud Abbas.
There are currently no responses to this article.
Be the first to respond.