Word: crediteers
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...hard to fathom why. Carmakers are grappling with an extraordinary shortage of credit and customers. Sales in Europe - where the $700 billion auto industry accounts directly or indirectly for 1 in 10 jobs - dropped to a 15-year low last year, with little sign of picking up in 2009. Toyota announced on March 11 that 4,500 workers at its British factories would see their pay and hours slashed 10% for a year starting in April. The German and British governments are still in talks with GM over potential aid for the U.S. automaker's beleaguered European subsidiaries, Opel...
...What may be of more lasting help to Europe's automakers is the billions of dollars of direct support being pledged by governments. The $3.2 billion in loan guarantees offered by the British government in January, for instance, should boost struggling carmakers' access to much-needed credit to fund areas like research and development. In London on March 11, British carmakers and banks gathered to kick-start the distribution of the loan guarantees. With car registrations forecast to slide 20% in Britain this year, the government will be hoping that it can still save its auto factories, and the jobs...
...Given the state of the economy, perhaps it comes as no big shock that 13% of the survey respondents said they would outright lie or exaggerate to keep their jobs - even though such behavior is forbidden by many companies' ethics policies. About 2% said they would take credit for someone else's work or flirt with the boss to get ahead, and 4% would lie about having common interests with their boss to deepen their bond with a superior. "The negative responses were surprisingly high," says Kenny. "People are very frightened of losing their job, and they become threatened. People...
...late 1980s, after banking laws were relaxed, Japan went on a credit binge that made the modern U.S. look prudent. The stock market took off into the stratosphere, and property prices got so out of control that it was said the land on which the Imperial Palace sat in the center of Tokyo was worth more than the whole of California. Then the bubble burst, banks found that their balance sheets were full of bad loans, and Japan entered a lost decade of stagnant economic growth. Nearly 20 years after its peak in December 1989, when the Nikkei index nearly...
...criticize the details of the U.S. response to the collapse of credit markets, but in comparison to Tokyo, Washington has acted at warp speed. As Japan watcher Richard Katz points out in the latest Foreign Affairs, it took the Bank of Japan nine years to bring the interest rate that banks pay on overnight money to 0%; the U.S. Fed managed that in 16 months following the beginning of the credit crisis in the summer of 2007. Japan - in desperate denial about the plight of proud companies - long delayed using public money to recapitalize banks. The U.S. starting doing...