Report: Auto bailout money may be enough
The $17.4 billion in federal aid already approved for General Motors Corp. and Chrysler LLC may be enough to get the companies through to better times, according to a report Tuesday on Automotive News’ Web site. United Auto Workers President Ron Gettelfinger said $13.4 billion in federal loans to GM might tide the company over, depending on vehicle sales, according to Automotive News. The magazine also cited an unidentified source close to the company as saying the company doesn’t plan to ask for extra money. In addition, Automotive News reported Gettelfinger said the union would put to a members’ vote any changes in its labor agreement to help the automakers get back on their fiscal feet. Gettelfinger declined to say what changes the UAW might agree to in contract negotiations, which began Tuesday in Detroit.
» Full Story10:40 am: New orders, employment improve
NEW YORK (AP) — An index of activity in the U.S. services sector contracted at a slower pace in December as new orders and employment improved.
» Full Story2:40 p.m.: Toyota, Honda lead declines in December auto sales
DETROIT - Toyota and Honda's U.S. sales fell more than their U.S.
» Full StoryArea business hope for change
Usually, a new year is greeted with hope for change from whatever ailed the world in the old year.
» Full Story9:51 a.m.: Government gets GMAC stock
DETROIT (AP) ä The federal government will get 5 million preferred shares of GMAC LLC paying 8 percent interest in exchange for its $5 billion capital injection to help the troubled lender avoid bankruptcy.
» Full StoryLexington Connector workers await uncertain future
VIENNA — Some 60 hourly workers at auto parts supplier Lexington Connector Seals could feel the impact of the area’s automotive industry troubles, a union official said Wednesday.
» Full Story
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