Word: germanics
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...German Chancellor Angela Merkel's race to save automaker Opel - and the jobs of its 25,000 employees in Germany - is beginning to look like a high-speed pileup that could cost her at the polls...
...talks with Opel owners General Motors back on track, Merkel is reportedly ready to abandon her previous plan to force GM to sell a controlling stake in its European business to a consortium of Canadian-Austrian car-parts maker Magna International and Russia's Sberbank. According to the German tabloid Bild, the German government has told GM's chief negotiator, John Smith, that Berlin will consider GM's preferred investor, the Belgian industrial group RHJI, as long as it teams up with a partner from the automotive industry. (See TIME's photo-essay "GM's Eight Great Hopes...
...With Germans set to vote in parliamentary elections on Sept. 27, Merkel seems eager to create an exit strategy on Opel in case negotiations blow up on her. "The situation is that we have decided with a clear preference to advocate the Magna plan," Merkel told German television channel N-24 on Aug. 26. "There is a good possibility that we will come together...
...German government has been negotiating with GM over Opel since March. The U.S. automaker wants Germany to provide state guarantees for Opel of up to $6.4 billion. In return, the Germans wanted GM to agree to sell a 55% stake in Opel to the Magna-Sberbank consortium. At first GM seemed to be playing ball. It spun off Opel into a trust to protect the Rüsselsheim-based manufacturer from GM's Chapter 11 proceedings in the U.S. (Read "Ron Bloom Monitors GM - and Eyes the Exit...
...Netanyahu has conformed to the latter half of that German request - sort of. Three months after winning Israel's general election in March, he altered his earlier rejection of an independent Palestine by endorsing the U.S.- and Europe-backed two-state proposal - though only under conditions the Palestinians considered nonstarters, such as no Palestinian army or airspace control and limits on the return of exiles. He has also dismissed demands that Jerusalem be the seat of the Palestinian state, calling the city "Israel's undivided capital." But having ignored most other demands forwarded by Palestinian authorities in their peace proposal...