Word: unioneers
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...European Union economic forecast...
...Detroit A New Plan For GM General Motors announced a new deal with the U.S. Treasury on May 5 in which the government would forgive about $10 billion of the carmaker's $15.4 billion federal debt in return for a 50% stake in the company. The United Auto Workers union urged the government to reject the proposed plan, which also includes a 100-to-1 reverse stock split, because it would call on GM to outsource more of its manufacturing to foreign countries...
...Others believe the problem lies in the upbringing of children born after the fall of the Soviet Union. "Students today are more interested in money and dancing," says Yuri Bogomolov, 79, a former scientist at a Soviet-era aerospace lab. "We have a lot of patriotism, but the U.S. has a lot of money [to put into its space program]," he adds as he watches a clip from White Sun of the Desert, a Soviet action-adventure film that cosmonauts traditionally - and superstitiously - watch before blasting off, ever since Gagarin watched it and returned alive from his first space flight...
...Meanwhile, the work necessary for averting a GM bankruptcy remains undone. Although the automaker is reportedly making progress on negotiations with the United Auto Workers (UAW), open issues remain, and GM even got into a public spat with the UAW over importing cars from China and Mexico. The union is now demanding more assurances as to what cars GM plans to build in the U.S. in the future. (See portraits of autoworkers...
...half the $20 billion it owes the VEBA and fund the other half with GM stock. The agreement appears to be very similar to the deal Chrysler LLC reached with the UAW. That deal put the UAW in control of the new Chrysler, with 55% of the stock. The union has also reportedly agreed to cut GM's labor costs, though neither the union nor GM would confirm the figures...