Word: autos
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...seeking $21.6 billion in emergency loans on top of the $17.4 billion they have already received. But both are missing two pieces they must have by March 31 to convince the government that they are viable: approval from bondholders to restructure their debt and approval from the United Auto Workers to restructure their health-care agreement. Complicating the problem, the bondholders and the UAW are keeping a close eye on each other to make sure that neither side gets a better deal...
...auto companies have a huge reservoir of public affection from which to draw. Outside of some Congress members from Michigan, Ohio and Indiana, there haven't been many voices speaking out with any variation of "Save Detroit...
...photos from the 2009 Detroit Auto Show...
...billion-dollar shopping trip around Europe. The delegates signed more than $10 billion worth of deals in Germany alone, and another $400,000 worth of deals on a brief stop in Switzerland. Next stop was Spain, where the Chinese party bought about $320 million worth of goods ranging from auto parts to olive oil. Finally, in Britain they signed deals worth about $2 billion, including ordering 13,000 Jaguar cars. And while thousands of German auto workers marched in protest at layoffs in the country's debt-ridden auto industry, the Chinese delegates signed a deal to buy $2.2. billion...
...Still, the recession could help Beijing push through changes to help the car industry grow more steadily in the long run. That, says Simpfendorfer, is one of the key differences between industry rescue efforts in the U.S. and China. "The Chinese auto sector is not as well entrenched as the interests in the auto sector in the U.S.," he says. "In the U.S. it's a century old [industry]; In China it's not even decades old but a decade old." China has "a greater tolerance to pain" that will allow the country "to push ahead with industrial restructuring that...