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There isn't much good news from General Motors these days. Its once dominant U.S. market share is slipping. Steel and labor costs are mounting. Profits are evaporating. But there's an unexpected bright spot in Asia: GM's South Korean unit, GM Daewoo Auto & Technology. In 2002, GM and its partners acquired the choicest assets of bankrupt Daewoo Motor for $440 million?and it looked like they overpaid. Daewoo's market share in Korea was shrinking and its factories were running at half their capacity. Union members tried to thwart the deal by rioting around the main factory near...
...program calls for tariffs to be reduced or eliminated on 1,853 products, including telecommunications equipment, auto parts and plywood. In addition the government will make a fresh start at dismantling the maze of regulations that hamper efforts by foreign companies to sell in Japan. Imported cars, for example, will no longer have to be inspected at the Ministry of Transport, though they will still be looked over by dealers. Companies that sell foreign-made nail polish will not have to get government approval for each new color. Importers of pharmaceuticals will not need a license from the Health...
...week that the American trade deficit in June was $13.4 billion, the second highest monthly total in history. More than a third of that shortfall resulted from a $4.6 billion deficit with Japan, which matched a record set in July 1984. Most alarming was a 42% rise in Japanese auto shipments to the U.S. between May and June. That jump followed a controversial decision last March by Japan to ease its voluntary quotas on car exports...
Howard Fields, 56, had no intention of changing his ways just because of an unfair regulation. After all, the autoworker had parked in the front lot of Ford's Lima, Ohio, engine plant for 28 years. So when United Auto Workers Local 1219 and Ford last year signed an agreement requiring employees with foreign cars to park in a back lot more than half a mile away from the factory, the old-timer ignored the new rule and continued to leave his 1981 Nissan in the front...
...collects the record, and Andy Warhol is already at an easel. Rose has refused "all the money in the world" to put Japan at the end of his itinerary. Waggling one of the black Japanese bats he has taken to hiding from souvenir hunters--and perhaps from Reds Owner-Auto Dealer Marge ("Buy American") Schott--Rose says he will not risk his reputation or the glory of his record...