Word: mcwhirter
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Reports of the U.S. economy's imminent declinenow appear to be greatly exaggerated. After three straight monthly drops in GDP, new reports out of Washington show increases in retail sales and industrial production, with no rise in inflation. The downturn in indicators, saysTIME's Bill McWhirter, were only an aberration rather than a trend. "April was a just a blip. What happened was a confluence of bad news, topped by a $20 billion retroactive tax bill. About 90 percent of the disposable income in the country is in the hands of people making over $60,000 a year. These people...
...United States," Trade Representative Mickey Kantor said today. Kodak has exhaustively documented its allegations that Japanese film giant Fuji owns or controls most of the film distribution networks in Japan and has limited Kodak to a market share of less than 10 percent. "The irony here," saysTIME's William McWhirter, "is that while Kodak has a much clearer case than the U.S. automakers did, it is not likely to get much help from the U.S. government, despite this investigation. The U.S. used up a lot of ammunition in the recent trade battle. It is not going to threaten sanctions again...
...weeks to resign, said he would leave the 13.3-million-member labor federation Aug. 1 -- with a recommendation that his protege, executive secretary Thomas Donahue, succeed him. But powerful dissidents in the flagging organization are not backing his choice. "Handovers like that are dinosaurs," saysTIME Detroit bureau chief William McWhirter. "Nobody in the labor movement is in the mood to sleep through this. They want a generational shift." The battle parallels the recent upheaval in the Teamsters union, in which one-time radicals rolled over an outgoing leader's hand-picked candidate. Kirkland's possible successor may be John Sweeney...
Billionaire Kirk Kerkorian has ended his $22.8 billion hostile bid for Chrysler in what TIME Detroit Bureau Chief William McWhirter calls "an artless folly of comical proportions--the worst single deal in the history of money." Kerkorian, who said today through a spokesman that he has no plans to sell his 36 million shares, had offered to increase his ownership to 90% of Chrysler ina deal backed by former Chrysler chairman Lee Iacocca. "This deal simply couldn't be done," says McWhirter. "None of the traditional debt instruments were there to finance it, and no syndicate bank wanted that type...
...crashes would be recalled. However,TIME Detroit bureau chief Bill McWhirternow says the 11 automakers involved have narrowed defective belts to one shipment of 300,000 to 500,000 belts from the Japanese manufacturer Takata. Although there has been a relatively small number of complaints about the belts, McWhirter says the recall is an indicator of a new attitude by automakers. "The industry is coming to believe recalls are not always bad but can sometimes be good business. They've come to regard this as a tune-up, rather than a public admission that your car's a lemon, especially...