Word: move
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...move followed a week in which the Big Three announced plant closures or sharp cutbacks in operations in advance of the holidays. Chrysler announced on Wednesday that it is preparing to shutter all 30 of its manufacturing plants, starting Friday, through Jan. 19. "Part of this was planned already," said Lori McTavish, Chrysler's director of communications. (See pictures of the remains of Detroit...
...statement about the extended holiday shutdown, Chrysler said the lack of financing for car loans contributed to the move. "Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States," the action was needed, the company said. At a recent meeting between Chrysler management and dealers at Chrysler's headquarters, the dealers asserted that they have willing buyers for Jeep and Dodge vehicles but are unable to close the deals due to lack of financing. "The dealers have stated that they have...
...massive loan is just the latest move in a long game of high-stakes hot potato involving Detroit, Congress, the White House and the incoming Administration. Obama first asked Bush to do something to save the auto companies in their initial meeting after the Nov. 4 election, but Bush rebuffed him. The problem then went to Capitol Hill, where it spent two weeks getting ground down, spiced up and stuffed into legislative packaging, only to have the whole sausage thrown out when the Senate failed to move the bill before adjourning for the holidays. (See pictures of the remains...
...plan will move $13.4 billion in funds from the Troubled Asset Relief Program (TARP) to GM and Chrysler, with GM getting $9.4 billion and Chrysler $4 billion. The money will be in the form of three-year loans, but the terms permit the Obama Administration to demand earlier repayment - presumably triggering bankruptcy - if it believes the restructuring goals are not being met. The near-term target is a March 31 deadline for the automakers to show a plan for achieving long-term viability. Based on White House and Treasury descriptions of the plan, this will be less an acid test...
With the exchange rate hovering just below 90 yen to the dollar, and having risen to 87 on Wednesday after the U.S. cut interest rates, the Bank of Japan decided on Friday to cut its benchmark rate to 0.1%. The move was done on a near unanimous vote among policy makers. However, with its overnight rate already at 0.3%, it is unclear what such a small rate cut could achieve...