Word: gm
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...world's largest automaker is desperately trying to hammer out a new contract that would shift the burden to the United Auto Workers (UAW), the union that represents 73,000 of GM's employees and nearly 270,000 retirees. The company wants to fund a health-care trust, administered by the UAW, to pay for retirees' medical needs. The union's old contract expired Sept. 14, and the creation of that trust has emerged as the principal stumbling block to a new one. An eventual deal looks likely; the two sides are haggling furiously over exactly how much GM will...
...trust that GM has in mind, called a voluntary employees' beneficiary association (VEBA) according to the 1928 tax law that governs such trusts, would create an independent body, run by the UAW, with the sole responsibility of paying for the health care of GM's retirees and their spouses. It won't come cheap. Analysts estimate that GM could end up paying 60 to 70 cents on the dollar of its $50 billion obligation to establish the trust. But investors have been pushing for a VEBA since Goodyear set up a similar plan with the United Steelworkers last year. Wall...
...constant battle to win licenses - for example, he needed a special license to sell soap on Sundays - a small conglomerate bloomed. By the mid-1970s, Maponya's businesses included a chain of general stores, a butcher shop, a restaurant, a Coca-Cola plant, filling stations and a GM and BMW car dealership. "Richard Maponya is the real deal," says Michael Spicer, ceo of South Africa's Business Leadership forum, which advises government and big business on policy. "He cut his teeth at a time when it was exceptionally difficult for black Africans...
...boxing, for one, had a nice late-'90s run, but there weren't enough talented fighters to challenge big names like Laila Ali. "There are very skilled women in MMA, but there's going to be a smaller pool [than the men]," notes Ken Hershman, the sports programming GM at Showtime. And at the end of the day, the women must realize that, for the most part, they will still be sold as entertainment for men. It's the ultimate cat fight: as the Fatal Femmes ring announcer put it, "Let's get ready to ... meow...
...TIME: Pretend I'm a GM. Convince me why I should take you number...