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Much of the automakers' argument hinges on the notion that the collapse of any of the key industry players would aggravate an already troubled economy. Fully one-third of automotive industry suppliers were deemed at risk of bankruptcy, according to a study earlier this year by Grant Thornton, a Southfield, Michigan, consulting firm. If General Motors files for bankruptcy, it will further impede its ability to pay its suppliers in full, on time. Many suppliers are already saddled with debt. So the extra burden will likely obliterate suppliers' operating budgets - and, in turn, cripple their ability to deliver goods...
...Indianapolis. The plant's sole purpose was to build energy-efficient transmissions for Chrysler. The plant would inject some 1,200 new jobs into a state whose economy is both ailing and heavily dependent on the automotive industry. Townsfolk talked of a new hotel, a new fast-food restaurant. Earlier this month, however, Getrag announced that the entity established to build the Tipton plant would file for bankruptcy and that the plant would not open, mainly because Chrysler backed out of its agreement. "We had big ideas, big plans," says Tipton's mayor, Dan Delph. "But now they...
...block away at Steve Madden, manager Francesca Ruggiero lamented that the store hadn't even sold $4000 worth of footwear by 9 a.m., even though it had opened at 6 a.m., an hour earlier than last year. Next door, Victoria's Secret manager Linda Petar told TIME, "We're on target," although by 8:45 a.m. the shop had sold less than $80,000 worth of merchandise toward its goal of $650,000 for the day. Other stores, including Perfumania, Fossil and Aerosoles all looked fairly desolate by 8 a.m., despite the perky signs beckoning, "Come In. We're Open...
...After months of anti-government protests in Bangkok, the opposition alliance dramatically upped the ante earlier this week when they launched incursions into key Bangkok buildings. The protesters are demanding that Somchai resign and dissolve parliament. Their goal is to prevent Somchai's ruling People Power Party from rewriting the constitution to, in the words of the PAD, "whitewash the crimes" committed by former Prime Minister Thaksin Shinawatra "and his cronies." Somchai is Thaksin's brother-in-law. The protesters fear that changes to the constitution will pave the way for Thaksin's return to power...
...that policy, meant to keep addicts off the streets and reduce crime, is in the hands of Swiss voters, who will decide on November 30 whether to approve a narcotics law, passed by parliament earlier this year, that continues HAT after its mandate runs out at the end of 2009. They will also vote on whether to decriminalize the production and consumption of cannabis, although Switzerland's current legislation on the matter is lax and penalties for private use rarely enforced. (See pictures of Mexico's drug trafficking industry...