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Thousands of Opel workers in Germany are breathing a huge sigh of relief after the last-minute deal to rescue GM's European operations. German unions had always supported Austrian-Canadian company Magna International's takeover of GM Europe, wary that the rival bid from Fiat was just an attempt...
After marathon talks on Friday night, the German government approved plans by the Austrian-Canadian car-parts manufacturer Magna to take over GM's European business. Under the deal, Opel will be placed in a trust and the German government will provide a bridging loan of $2.1 billion (€1.5...
Apart from Germany, GM Europe has factories in Belgium, Spain, Poland and Britain. It's not clear whether Magna will shut down the two Vauxhall factories in Luton and Ellesmere Port in the U.K., which employ 5,000 workers. The British Business Secretary Lord Mandelson grumbled that Magna had been...
Chrysler has only 78,000 retirees, compared with GM's army of 377,000, but the financials don't line up any better for its VEBA, which has only $1.6 billion in cash - a fact that is already raising anxiety inside the union. Chrysler is expected to get $6 billion...
There exists an inexplicable force in sports, a mysterious element that can be sensed by players and fans alike. Every so often, an enigmatic situation or occurrence drastically changes a contest, and no one knows what exactly happened. The force was present when Red Sox first baseman Bill Buckner was...