Word: auto
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Dates: during 2000-2009
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...federal government is handing out over $1.5 trillion to support the economy through the Obama stimulus package, TARP, and the new mortgage assistance program. Among the clear winners in the frenzy to save parts of American industry are financial firms and the car companies. Aid may be extended to auto parts companies and insurance operators. The general rule of thumb is that the sectors of the economy that are considered "strategic" will get the lion's share of funding. Car companies are strategic because they employ so many people. Banks are in this category because the credit system cannot operate...
...United Auto Workers (UAW) took a major step toward fulfilling the terms of the federal loans doled out to automakers this winter. The union said Monday that it has reached a tentative agreement with Ford to accept some equity instead of cash to finance the special trust for retiree health care, known as the Voluntary Employees Beneficiary Association, or VEBA. (Read "UAW agrees to Concessions With Automakers...
...often need repairs to stay alive. "Overall, our members are saying they are seeing a revenue increase," says Angie Wilson, vice president of marketing and communications for the Automotive Service Association, which represents 8,000 independent car-repair shops in the U.S. According to an association survey, 60% of auto-repair shops said they saw an increase in '08 year-over-year sales. The average jump was 16%. (The survey was taken in August, before the financial meltdown. Auto-industry economists say repair growth slowed in the fourth quarter as customers deferred big-ticket maintenance jobs during the worst months...
...with Prime Minister Stephen Harper, and the North-American economy is sure to be front and center. A softer "Buy American" provision in Obama's stimulus package that honors existing trade agreements such as NAFTA is sure to be discussed, as is the ongoing bailout of the North-American auto industry, which has deep roots in southern Ontario...
...known as both a fierce negotiator and a creative problem solver who helped shepherd the steel industry through a painful transition period. His knowledge of the financing, as well as the labor, side of negotiations is thought to be the reason Obama tapped him to be an adviser on auto issues...