Word: gm
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Dates: during 2000-2009
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...Steve Harris, GM vice president of communications, insists Wagoner's job is not in any jeopardy. "A lot of very difficult things have been accomplished in a short period of time," Harris says. Not everyone agrees, of course. Peter Morici, a professor at the University of Maryland's Robert H. Smith School of Business, said the $10.6 billion loss GM posted for 2005 suggests the company needs new leadership. "GM needs a less expensive and more flexible labor contract, less overhead and red tape in marketing and design, brands realigned to attainable markets and a CEO who can convince employees...
...business, to a group of outside investors that includes Kohlberg Kravis Roberts & Co.and Goldman Sachs Capital Partners. Selling GMAC also will help cover the cost of the buyouts, which are expected to exceed $2 billion, pending approval by the bankruptcy judge presiding over Delphi's Chapter 11 filing - since GM also has agreed to assume Delphi's financial responsibility for post-retirement benefits as part of the deal with the union...
...under the buyout agreement. The buyouts give the union a little more room for bargaining on future concessions, says McAlinden. With the buyout agreement in place, representatives from the UAW and Delphi Corp. are slated to resume discussions on rewriting the bankrupt company's existing contract with the union. GM representatives also are expected to participate in the talks, suggesting that GM plans to keep a close eye on the discussions in an effort to head off any possibility of a strike that could cripple the automaker's operations across North America...
...What could be GM's next trouble spot...
...Shanhgai Auto Corporation Inc., one of GM's principal partners in China, which GM's senior executives are counting on for the growth needed to stay ahead of Japan's Toyota Motor Corp, had its credit rating downgraded by a Hong Kong-based rating service. Key issues in the downgrade were concerns about over capacity in the midsized segment in China where ShanghaiGM has targeted investment, as well as the lack of fuel-efficient vehicles that both Chinese consumers and the Chinese government are demanding for the future, the report notes...