Worldfocus » General Motors

Geithner reassures China that its dollar assets are safe

Worldfocus — Mon, 01 Jun 2009 20:09:15 +0000

Until last year, General Motors was the world’s largest carmaker — but now, it is in bankruptcy, about to be reogranized into a smaller company. President Barack Obama said the restructuring will “take a painful toll on many Americans,” with as many as 20,000 workers affected in the U.S.

But the ripple affect goes far beyond the United States. Over the weekend, a Canadian car parts maker and a Russian bank agreed to take control of GM’s European operations, including Opel in Germany and Vauxhall in Britain.

On Monday, U.S. Treasury Secretary Timothy Geithner was in Beijing, trying to reassure the Chinese that this country is committed to bringing down the deficit as the U.S. recovers from the economic crisis.

Marcus Mabry, international business editor of The New York Times, joins Martin Savidge to discuss General Motors, Geithner’s trip to China, China’s concerns about the U.S. deficit and what comes next for the European auto business.

As General Motors filed for bankruptcy, U.S. Treasury Secretary Timothy Geithner arrived in Beijing to reassure the Chinese that the U.S. is committed to bringing down its deficit. Marcus Mabry of The New York Times discusses China’s concerns and Geithner’s trip. http://worldfocus.org/files/2009/06/th_china_mabry.jpg http://worldfocus.org/files/2009/06/th_china_mabry.jpg

U.S. auto, real estate troubles echo in Europe and Asia

Worldfocus — Tue, 17 Feb 2009 20:58:20 +0000

As General Motors and Chrysler faced deadlines on Tuesday on plans to re-invent themselves in return for billions in bailouts in the U.S., automakers in Europe reported significant new declines, including Germany’s Daimler, which is still a part owner of Chrysler.

Marcus Mabry, international business editor at The New York Times, speaks with Martin Savidge about parallels between struggling U.S. industries and those in Europe and Asia, how foreign automakers are coping and the future of real estate markets abroad.

Marcus Mabry of The New York Times discusses parallels between struggling U.S. auto and real estate industries and the same industries in Europe and Asia. /files/2009/02/th_econ_mabry.jpg /files/2009/02/th_econ_mabry.jpg

Foreign automakers play a role in bailout dispute

Worldfocus — Fri, 12 Dec 2008 18:23:43 +0000

The U.S. Senate voted down a $14 billion bailout package for automakers.

The United Automobile Workers union and members of Congress were unable to reach an agreement over wage concessions. Some members of Congress proposed that wages of U.A.W. members be lowered to compete with those of workers at non-union U.S. plants run by foreign automakers like Toyota or Honda.

Following news of the rejection, stocks fell in Europe and Asia.

Roben Farzad, a senior writer and columnist for BusinessWeek magazine, joins Martin Savidge to discuss the future of General Motors, Ford and Chrysler and how overseas auto manufacturers are benefiting from the confusion surrounding these automakers. He also explores wage rates for workers and the role of foreign automakers in the rejection of the bailout package.

Roben Farzad of BusinessWeek magazine discusses the defeat of the U.S. auto bailout package and the impact on foreign automakers. /files/2008/12/th_world_autofarzad1212.jpg /files/2008/12/th_world_autofarzad1212.jpg