Word: gm
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Dates: during 2000-2009
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...GM's Hummer division has commanded attention ever since the vehicles first appeared on American highways at the height of the sport-utility boom...
...Such comparisons are not unfounded. Like GM, JAL is teetering on the brink of failure and has been forced to extract huge concessions from its employees to stay in business. So far, retired workers have been asked to accept half their pension payments; the airline also plans to cut 14% of the workforce (about 6,800 jobs) over the next three years and to suspend or reduce tens of international and domestic routes. That's not enough, however. JAL reportedly needs more than $1 billion just to continue services into next year. So Nishimatsu has been forced...
...about $1 billion last quarter and projects a loss of about $700 million for this fiscal year. With nowhere else to turn, JAL CEO Haruka Nishimatsu this week met with Transport Minister Seiji Maehara to discuss a government bailout, inviting unflattering comparisons between the Japanese airline and American carmaker GM...
...radical corporate makeover, which some have suggested could include forced sale of some assets (as GM was forced to do to get bailed out by Washington), is JAL's possible fate. On Sept. 25, following Nishimatsu's visit to the Transport Ministry, the government announced that a five-member task force will help formulate a restructuring plan, to be finalized by the end of November. Relative to other carriers, JAL has a high portion of revenues coming from non-flying businesses and potential spinoffs could target freight operations and less profitable operations. JAL is also being wooed by foreign carriers...
...adaptable model. The fuel-cell technology that dazzled me at the GM Tech Center is less about autos than it is about energy - energy, as hydrogen, that exists in every molecule of water. What's to stop us now from turning Detroit - its highly trained engineering talent, its skilled and unskilled workforce desperate for employment, its underutilized production facilities - into the Arsenal of the Renewable Energy Future...