Word: sectoral
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...plan. Holders of $27 billion in GM bonds have refused the company's debt-for-equity swap, making bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great regret," predicts Corker, a reluctant and critical...
...most radical change arrives this December, when European Union regulations will for the first time allow all rail operators to compete with one another for passengers on international routes. The change, which comes four years after similar moves in the freight sector, is designed to open up routes that currently are controlled by state monopolies. For travelers, deregulation will mean lower prices, faster trains and greater convenience - for example, passengers now are usually forced to change to trains run by the incumbent state-owned operator when they cross into another country. Under the new rules, railroads will be able...
...course, such market tumult ultimately means some railroads may find the going tough. To get an idea of what competition might do to the passenger-train industry, take a look at the freight sector, which was opened up to cross-border rivalries in late 2005. In France, nine new operators that stepped in to take on SNCF's freight service have captured 11% of the market in just five years. That may not sound like much, but the smaller players are making money while the state-owned giant is not. "What's significant in this isn't the element...
...brilliant and important economist who has contributed significantly over many decades to the understanding of the public sector,” said Economics Professor Edward L. Glaeser of Feldstein...
...Thuringia. The teachers are demanding less stressful working conditions in the country's state-run kindergartens (which cater to children from the age of 2 or, in some states, age 1) and are calling for a new "health-protection contract." The industrial action is being organized by public-sector union Verdi and the GEW education union, which says that teachers are overburdened with red tape and suffer from health problems caused by their jobs. "Teachers have to cope with large groups of children - in some cases there are two teachers in charge of 25 children," says Martina Soennichsen, a spokeswoman...