Word: fiat
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Dates: during 2000-2009
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...They were constantly looking at buy, sell, hire, fire, looking to be rescued from their predicament," says Spear. On the buy side, GM CEO Roger Smith acquired Hughes Aircraft, EDS and a 50% stake in Saab. His successors bought the Hummer, 20% of Korea-owned Suzuki and 20% of Fiat with the obligation to buy it or pay to get rid of it. (The latter course was chosen, at a cost of $2 billion...
...Meanwhile, the European Investment Bank is set to pledge $2.5 billion to help the continent's auto industry develop more environmentally friendly cars, according to Reuters. That support could help struggling companies stay in the race to bring greener vehicles to market during a global economic downturn. Fiat CEO Sergio Marchionne summed up the situation in simple terms: "Either [aid] is for everyone...
...Obama's green intentions, however, he can't pass carbon cap-and-trade legislation by fiat - that will require Congress. Many congressional leaders, including some Democrats from coal-heavy states, remain doubtful about the benefits of mandatory carbon caps, especially with the U.S. drowning economically. One key signal will be the outcome of the battle for leadership of the powerful House Energy and Commerce Committee. The contenders: Representative John Dingell of Michigan, who has defended Detroit from tougher fuel-efficiency standards and stood in the way of action on climate change, and the challenger, Henry Waxman of California, who scores...
...Indeed, automobiles have become Turkey's single most important industry, overtaking the traditional No. 1, textiles. Along with Renault, three other foreign giants - Fiat, Honda and Toyota - all have significant production facilities in the country. About 80% of output is exported, mainly to Europe, which until recently meant booming business. But as the specter of recession comes to haunt Germany, France and the rest of the Continent, automotive sales have been badly hit. In Turkey, that has resulted in a drop in production since June, after five years of continuous growth. "Foreign orders are drying up and there's nothing...
...pulled away in his Fiat, Claudio, whose job was to work with Bologna's growing immigrant population, conceded that the issues facing the Roma were different. "You have to start with the kids," he said. "Too often, the parents are no longer really reachable." If this week's meeting in Brussels can answer the question of how to do that, it would be a breakthrough indeed...