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Here's one example of the challenges that GM faces. It is investing $750 million in the Chevrolet Volt, a range-extended electric vehicle that is supposed to get 40 miles on a charge of electricity. It is a major technological achievement, but analysts figure that the cost of the extra batteries in the Volt will raise its price to around $40,000. Since sales volume will be very small, GM will lose money on every one. Volt will be great for corporate egos but lousy for the bottom line. (See the Top 10 Bailout Measures...
...Vice President Jimmy Settles, who negotiated a $4 per hour wage cut in return for new investment at a Mitsubishi plant in Normal, Ill. said he wasn't sure the modifications to the Big Three contract should include major wage cuts. "Mitsubishi represents less than 1% of the U.S. market," he said. Gettelfinger, however, made it plain that the situation was dire. "Even if all of our members were willing to work for nothing, it wouldn't help the automakers out of the situation they are in," Gettelfinger told reporters after a union meeting in Detroit, also noting that...
...important thing is to secure these loans," Gettelfinger said. "We're just in a major economic downturn," he said. "We're willing to take an extra [cut] here to make sure that they survive long term," he said...
...growing; in fact, opportunities shrink. We hate the idea of even a single budget rollback, but we glumly agree with the administration that they are necessary the economic situation we are in.FAS dean Michael D. Smith announced one of those unfortunate measures last week when he followed several other major universities in implementing a staff hiring freeze. While this hiring freeze is deplorable in principle, as a practical matter, we are compelled to support it. As far as budget cuts go, this is a fairly benign one—halting growth is far preferable to reversing it, as through layoffs...
...China firmly opposes any contacts with the Dalai Lama by foreign leaders in whatever form," Qin said in a statement released by the state-run Xinhua news agency. "We hope that France could fulfill its commitments, and properly deal with China's major concerns in earnest so as to create conditions for the steady development of bilateral relations...