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Magna's two biggest competitors, U.S.-based Lear Corp. and Delphi, are teetering on the brink of collapse. Lear filed for Chapter 11 bankruptcy protection a month ago, citing the need to restructure $3.6 billion in debt. Meanwhile, Delphi, a former GM subsidiary based in Troy, Mich., and that automaker's biggest parts supplier, emerged from bankruptcy protection in June after unloading $6.2 billion in pension liabilities on the Pension Benefit Guaranty Corp. (PBGC), a U.S. government agency whose job is to protect private pension plans. (See the 50 worst cars of all time...
...Garrido gave a rambling, sometimes incoherent phone interview to KCRA-TV from the El Dorado County jail Thursday in which he said he had not admitted to a kidnapping and that he had turned his life around since the birth of his first daughter 15 years ago...
...what Taiwanese President Ma Ying-jeou was thinking when he gave his official nod to the controversial visit of the Dalai Lama, Tibet's leader-in-exile, to Taiwan next week. Ma has been facing his lowest approval ratings - around 20% - since he took office more than a year ago. The public has been angry with his lack of strong leadership and with the slow pace of relief efforts since Typhoon Morakot hit Taiwan on Aug. 8, bringing the worst floods in 50 years and leaving at least 568 dead or missing and more than 7,000 homeless...
...Just nine months ago, Ma had rejected a visit from the Tibetan spiritual leader, whom the Buddhist community had invited, because he didn't want to upset Beijing. Ma said then that "the time was inappropriate" for such a visit. Forging closer ties with China, Taiwan's longtime political rival and military threat, has been Ma's biggest priority and achievement so far as President. In his short time in office, he's reached milestones such as opening up investment and tourism to the Chinese and establishing direct transportation...
...Japan's July exports dipped to 36.5% over last year, falling for a tenth straight month. Exports to China and the U.S., Japan's top two trade partners, fell 26.5% and 39.5%, respectively, over last year. And consumer prices in June also fell an unprecedented 2.2% from a year ago...