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...staff still assigned to the Hummer continue to work at turning the cast-off brand into an independent company that could continue to sell vehicles around the world. They have lined up a $20.4 million grant from the state of Michigan to put its headquarters in or around Detroit. The grant, however, is contingent on the completion of the deal with Tengzhong Heavy Industrial Machinery, according to Michigan state officials...
...Another risk: GM CEO Fritz Henderson is under pressure from GM's new board of directors to turn around the company's fortunes quickly, and he has indicated the automaker is prepared to drop Hummer if it can't finish the deal relatively soon. "If it doesn't get sold, we'll close it," says a GM official. (See the best cars from the 2009 Detroit auto show...
...world economy is showing signs of recovery, stock markets are soaring and bankers are again awarding themselves big bonuses. But one year after the financial conflagration that devastated Wall Street and burned financial institutions around the globe, the main firefighters - central bankers, market regulators and government policymakers - continue to struggle with a central question: How do we prevent it from happening again...
...situation is still far from normal. Some huge financial institutions, from AIG to Royal Bank of Scotland, remain on government life support. Jürgen Stark, a board member of the European Central Bank (ECB), recently estimated that financial institutions operating in Europe alone are facing total losses of around $650 billion between 2007 and 2010 - and have so far written down less than half of that amount in their books. "There is no room for complacency," he said, warning that extraordinary government and central-bank bailout measures "cannot be sustained forever...
...biggest Hollywood blockbuster can't compare to rainy season in Asia. The air around you suddenly thickens. The sky blackens and crackles with lightning. Then comes the rain, humbling in its ferocity, crashing earthward as a near-solid wall of water. I live in Bangkok, where the monsoon is now reaching a crescendo, and every day I watch the greatest show on earth through my office window...