Word: kia
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...industry has already undergone considerable consolidation. Along with its equity interest in Kia, Ford Motor Co. owns Jaguar PLC and a one-third stake in Mazda and is considering an alliance with Samsung Motors Inc. GM, still the world's largest automaker, owns Germany's Adam Opel AG, the U.K.'s Vauxhall Motor Cars Ltd., Holden's in Australia, 50% of Saab Automobile AB in Sweden and about a third of Isuzu. On top of that, GM operates a joint venture in Canada with Suzuki Motor Corp. and an assembly plant called NUMMI in California with Toyota...
...capital and customer hungry to care about flags. Witness last week's other big news: Volkswagen's $713 million deal to buy Rolls-Royce, the once regal, now tarnished marque of British motoring. Ford also announced last week that it will consider increasing its 16.9% stake in Kia Motors Corp., South Korea's troubled No. 2 automaker, which filed for bankruptcy last summer. Audi is apparently considering purchasing Lamborghini. VW and Renault could be next...
...growth slowed and Seoul opened its economy to foreign competition, the fat profit margins of Korean companies suddenly became anorexic. Manufacturers like carmaker Kia Motors and steelcaster Hanbo have collapsed. Yet the chaebol kept begging for money, and their bankers kept obliging. Result: loans to Korean companies have reached an amount equal to 165% of Korea's GDP, and rumors abound that the country may seek an International Monetary Fund rescue. Seoul, however, denies...
...Lester is crazy about his granddaughter La-Kia, 10. "She's such a little lady," he crows. That's why he was so upset last year when she started attending Vare Middle School in South Philadelphia. It was bad enough that Vare is known for dismal test-score performance. What was worse was how the culture of the streets had seeped inside. La-Kia had been there only a few days when four girls tried to pick a fight with her. When he heard that, says Lester, "I nearly had 10 bypasses...
...insistence, La-Kia was rushed to the more peaceable hallways of St. Thomas Aquinas, a parochial school costing $1,400 a year. Because La-Kia's mother Yolanda is unemployed, Lester paid the tuition himself. But he's a retired children's clinic administrator, so money is scarce. Help came at a community meeting a few months later. Lester heard Robert Sorrell, head of the local chapter of the Urban League, talk about the new school-voucher program that Sorrell had started with money from the Pennsylvania Manufacturers Association. The businesses were providing up to $1,000 in private-school...