Word: membership
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...health care of thousands of retired autoworkers is about to change: on May 29 the membership of the United Auto Workers overwhelmingly approved a restructuring plan with GM, according to UAW president Ron Gettelfinger. The plan gives the union's health-care vehicle some promissory notes, plus a 17.5% stake in GM and warrants to purchase another 2.5%. (See TIME's photo-essay "General Motors Factory-scapes...
...added to an earlier surrender of the notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other considerations. (Read about Detroit's efforts to reinvent itself...
...Naypyidaw. Condoleezza Rice would skip ASEAN's Regional Forum, and the Bush Administration refused to sign ASEAN's Treaty of Amity and Cooperation. The treaty is pretty innocuous - it merely pledges signatories to uphold a zone of peace in Southeast Asia. But the Bush Administration objected to Burma's membership in ASEAN and was averse to signing anything (remember the Kyoto Protocol). In contrast, as with Kyoto, the Obama Administration says it will consider signing the ASEAN treaty...
...Beijing than his more confrontational predecessor, Chen Shui-bian. China's leaders ultimately want the island and the mainland to reunite. During his eight years as President, Chen irked Beijing by flirting with ways of making Taiwan more formally independent, such as scheduling a referendum on applying for U.N. membership under the name Taiwan. Ma, on the other hand, has promised not to declare Taiwan an independent state, a position that has made it easier for Beijing to cooperate with Taipei. During China's National People's Congress in March, Chinese Premier Wen Jiabao dangled an olive branch, saying that...
...Moscow has reacted angrily to Ukrainian President Viktor Yushchenko's attempts in recent years to gain NATO membership and to a recent agreement in March under which the European Union would help modernize Ukraine's aging gas-transport system. "This agreement is Exhibit A in Moscow's collection [of complaints]," says Trenin. "It's evidence that Europe is concluding bilateral deals with Ukraine that undermine Russia's interests...