Long Day's Journey to Deal for Automakers
The most alarming moment of Detroit's nerve-jangling week in White House limbo came around 10:30 a.m. Thursday. Dana Perino, the White House press secretary, told reporters that "managed bankruptcy" was an option for preventing the collapse of Detroit's troubled automobile companies. Within minutes, phones were ringing, BlackBerries were buzzing in Detroit and D.C. Twenty-two hours after Perino spoke, at 8:45 a.m. Friday, GM and Chrysler signed deals with the U.S. Treasury to receive $17.4 billion in emergency loans. President George W. Bush announced the deal 15 minutes later on national television, no bankruptcy required. More
After the Bailout, Tariffs?
We call it a "bailout." International trade law calls it a "subsidy." There are rules against manufacturing subsidies in international trade law if they take certain forms or have certain effects in the marketplace. The U.S. and the 152 other countries that are members of the World Trade Organization have agreed to be bound by these rules in the WTO treaty--and can suffer economic sanctions from other countries if they do not comply with them. More
Which Senators Were For, Against Saving Big Three
Late on the night of Dec. 11, the U.S. Senate rejected the pleas of the Detroit Big Three U.S. automakers for a $14 billion loan package to save the beleaguered industry. The Senate required a 60-vote majority to close debate - called 'cloture' - and proceed with a vote on the loan request, which the U.S. House of Representatives had approved the day before. And Bay City Times readers called to wonder: Who was against the U.S. auto industry, and who was in support? Here is that senate vote. More
Downturn Will Test Obama's Vision for an Energy Efficient Auto Industry
President-elect Barack Obama leveled a stern warning at General Motors and Chrysler last week after the federal government promised them billions to help them survive: "The auto companies must not squander this chance to reform bad management practices." Once he takes office, the bailout will give him a tool to prod the industry to change, but it will also test his resolve as he pushes it in new directions. More
TransDigm Group acquires Aircraft Parts Corp.
TransDigm Group Inc. has acquired the stock of Aircraft Parts Corp. (APC) from Unison Industries LLC, a wholly owned subsidiary of GE Aviation. APC designs and manufactures starter generators, generator control units, and related components for turbine engines. More
Post-Bailout GM Reveals New Fuel Efficiency
With so much on the line and even more to prove to consumers, General Motors has previewed its latest in fuel-saving technologies for the upcoming 2009 and 2010 model years. As is the case with other manufacturers, GM has chosen to go the most cost effective direct injection route to up EPA estimated mpg fuel ratings, decrease emission outputs, and maintain sufficient power in its future vehicle lineups. More
Canada's Auto Bailout to Help Parts Suppliers, Dealers
Canada has unveiled a plan to ease pressure on hard-pressed automotive parts suppliers and dealers in tandem with C$4bn in emergency loans to the local subsidiaries of General Motors and Chrysler. Stephen Harper, the prime minister, said at the weekend that the suppliers would have easier access to credit insurance provided by the Export Development Corporation, a government agency. Ottawa would also set up a new facility to support consumer credit, focused on improved accessibility for car loans and dealer financing. More
Where the Wind Blows, the Money Goes
The International Husum WindEnergy 2008 event took place in September. More than 700 companies, research and scientific institutions from 35 countries presented their latest products and services, while the almost 30,000 attendees visited from 40 nations. This article reports on the latest innovations. More