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...industry, if not the economy as a whole. The GM crisis is raising once again the issue of how far the government should go in rescuing banks, insurance companies, mortgage holders, credit-card issuers and now carmakers. GM has no doubts about it. "Immediate federal funding is essential in order for the U.S. automotive industry to weather this downturn," GM president Fritz Henderson admitted to investors during a conference call in which GM announced a third-quarter loss of $2.5 billion...
...Tall Order The economic problems quickly became a political challenge for President Lee. A former CEO of Hyundai's construction company, Lee triumphed in the country's 2007 election on a platform of reform aimed at returning South Korea to rapid growth. Not only did the economic crisis make his campaign promises sound hollow, the President and his policy team came under heavy criticism for reacting too slowly to stem the turmoil. "The problem has become deeper than necessary," says Charles Chang, managing partner of Seoul-based boutique investment-banking firm Accolade. "It is the failure of the government." Chang...
Even moderate Republicans like Nat Reed, a prominent Florida environmentalist and former assistant Secretary of the Interior, fear Crist and company "are going to have a struggle getting the right wing of the party to concede that the country is only moderately conservative now." But Reed adds that in order to survive - especially if Obama and the Democrats can somehow navigate the country out of the current crisis - the GOP needs to recognize that a growing number of the governors gathered in Miami this week won their statehouses by steering away from the rabid right. In 2005, Crist, then Florida...
...Dozens of Chen's supporters cheered for him outside the court on Tuesday, while some 3000 police deployed to keep order looked on. While awaiting the judges' decision overnight, Chen claimed that a policeman hit him, which police deny. After he was taken to the hospital for two hours to check his wound, he was found to have a slight muscle injury in his right arm. Chen is now at the Taipei Detention Center...
...mayor may have trouble delivering such a secular 'miracle'. Taken together, ultra-orthodox parties will still be the largest block in Jerusalem's city council. In order to win over the large religious Zionist vote, Barkat, a former city councilman, swung from the center to the far right, campaigning on promises to build more Jewish settlements in Arab East Jerusalem. U.S. administrations and the international community have repeatedly said that these settlements are an obstacle to peace between Israelis and Palestinians...