Word: cashes
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...that will give the Italian automaker a 35% stake in the smallest of the badly strapped American Big Three. The joint announcement stipulated that Fiat's commitment to its struggling partner would be solely an equity interest and that "the alliance does not contemplate that Fiat would make a cash investment in Chrysler or commit to funding Chrysler in the future." (See the best cars from the 2009 Detroit Auto Show...
Fiat, which began a remarkable turnaround with the whopping cash payout from GM in 2005, is also struggling again, along with the rest of the auto industry, as car sales plummet amid a deepening economic crisis. Fiat has been itching to get its stylishly economic models on the market in the U.S., and the deal with Chrysler can be seen as part of a series of "strategic partnerships" it has sealed with other automakers in recent years, including one with Tata motors and a deal to build diesel engines with Daimler-Chrysler, before the breakup last year of that German...
...Fiat, on the other hand, the sudden infusion of cash and the new chief executive's plans for streamlining management helped the Turin company begin a notable turnaround after its decade-long crisis and raised Marchionne to near mythical status in carmaking circles. Tuesday's joint statement notes that "Fiat would provide management services supporting Chrysler's submission of a viability plan to the U.S. Treasury as required. Fiat has been very successful in executing its own restructuring over the past several years...
...them to increased rates of lending. Just how much risk that exposes the U.K. government to is unclear; the level of banks' exposure to the kind of toxic assets the insurance protects against is still blurry. And any pickup in the economy could reduce a lender's need to cash in any such policy. Still, "we need to offer this insurance," Darling insisted. "If we don't ... then frankly the lending will not start again, and we will have a much more serious situation...
...table and can block laws in the upper house. FDP chairman Guido Westerwelle, who meets Merkel this week for talks, is eager to test his new power by forcing Merkel to revise her €50 billion economic stimulus package to include deeper income tax cuts and fewer cash incentives to consumers, such as the €2,500 handout designed to persuade Germans to trade in their old cars for new models. Whether or not Westerwelle prevails, the shifting balance of power will have an impact in Germany and beyond its borders...