Word: cash
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...these hopes float on the audacity of deficit spending. By the time taxpayers are done cleaning up the books of the two companies and refilling their tanks with enough cash to keep them going - along with their finance arm, GMAC, and their key suppliers - the public price tag will exceed $100 billion. Add billions more in subsidies for researching and developing green technology and still more billions in tax credits to motivate buyers to go green. If someday GM and Chrysler become consistently profitable, the government loans will be repaid and both companies restored to total private control. The operative...
...much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other considerations. (Read about Detroit's efforts to reinvent itself...
Caste rivalries and a fight over offerings at a cash-rich Sikh temple in Vienna echoed far and wide on Monday as sectarian violence once again erupted in India's Sikh-majority state of Punjab. At least two people have been killed and 14 injured since news reached Punjab yesterday via text messages and mobile phones that a Sikh preacher of a lower-caste sect, 57-year-old Sant Rama Nand, had been shot dead in a clash in a temple in Austria. Thousands of lower-caste Sikhs took to Punjab's streets armed with swords and batons, burning buses...
...potential deal still has to be approved by the NBA's board of governors. But it's no secret that the NBA has been looking for a way to cash in on basketball fever in China. With the emergence of Yao Ming as an All-Star center for the Houston Rockets - he's the league's tallest player at 7 ft. 6 in. - basketball has become the sport of choice for China's urban youth. More than 50 Chinese TV stations carry NBA games, and viewership in China topped 1 billion last season, according to the NBA. Dozens of magazines...
...country.) Helicopters circled the event "as if David Beckham had arrived at the airport," he says. Inside, Mohamed put a down payment on an apartment, walked out the door, and sold the unit to a Russian man on the street for double his purchase price. The man paid cash. In just 20 minutes Mohamed had made $408,000. The lesson: "In Dubai, you can throw your ethics and economics textbooks right out the window, because the rules just don't apply...