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Retiree health care now cost GM $3.3 billion per year and retired hourly workers account for three quarters of the annual bill, which also represents a substantial piece of GM's labor costs of $73.26 per hour. The cost is $25 to $30 per hour more than the labor costs of Asian rivals such as Toyota and Honda that have plants in the U.S. The creation of the VEBA could eliminate as much as one half to two-thirds of the gap virtually overnight...
...very much enjoyed Elizabeth Keenan's account of the extraordinary Finke river race in central Australia, and the certifiably crazy people who take part in it. I was intrigued, however, by the geologists' reference to the Finke as the "oldest river on earth." I am no hydrographer, but I have always thought one of the defining qualities of a river is water. Given that the Finke is almost permanently empty, shouldn't it be known as the oldest groove on earth? Anthony Connell, Sydney...
Just as important to the creation of a thriving Lord & Taylor is Baker's ability to dive headfirst into the insular fashion world, solicit advice and have people root for his success. He isn't simply a hands-off leader with a big bank account. He's a likable businessman with an artsy streak?a trait not immediately apparent from his unaffected personality. (But visit his home, and you will find priceless Picassos, Chagalls and a James Turrell art-installation pool...
American Fashion (Assouline) Charlie Scheips' sweeping visual account of the history of American fashion?compiled on behalf of the Council of Fashion Designers of America?stretches from the 1930s to present...
...Skin care is almost three times as popular in China as makeup. Imported foreign products dominate the high end of the market because beauty products tend to cost less than luxury fashion items, so women are willing to splurge on them. Skin-care sales in different regions of China account for 26% to 35% of total cosmetics sales...