Word: keeping
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...says. Since she works in the real estate business, her job isn't safe. Still, she says, "you just have to delete that from your mind." This week, she'll start a part-time tutoring job to make some cash on the side. "Bottom line, you just have to keep living your life," she says...
...approved plans by the Austrian-Canadian car-parts manufacturer Magna to take over GM's European business. Under the deal, Opel will be placed in a trust and the German government will provide a bridging loan of $2.1 billion (€1.5 billion) to provide Opel with emergency funding and keep GM's European operations running. On top of that, the German government will give $4.3 billion (€3 billion) in loan guarantees. The Canadian firm would own 20% of the new group, Russia's biggest lender Sberbank would have a 35% stake, GM would keep a 35% stake...
Canadian Prime Minister Stephen Harper said on Monday that his government will invest $9 billion in General Motors of Canada Ltd. to keep it alive amid harsh criticism that the unpopular bailout will end up costing Canadian taxpayers millions of dollars for each assembly-line job saved...
...business plans." There are also questions over the robustness of Magna, which has been hit hard by the global downturn. Magna said during the negotiations it would cut 10,000 jobs across Europe, with the axe falling on around 2,500 jobs in Germany, but Magna pledged to keep the four German Opel factories open. The Opel factory in the city of Bochum could be the worst hit, with 1800 jobs under threat. "There'll be restructuring and that's inevitable because we have overcapacity in Europe," Jörg Schrott, the spokesman for Opel and GM Europe tells TIME...
...emergency funding already used by the car company, compared to $49.8 billion promised by the Obama Administration. In exchange Ottawa and the province of Ontario, where GM Canada has all its operations, receive a 12% stake in Detroit-based GM, representation on the new board and the promise to keep 16% of the struggling automaker's production in Canada as it restructures in coming months...