The News Review:
- Auto bailout lifts US stock futures
- Auto loan talks lack industry advocate
- SKF to cut 2500 jobs as auto demand slumps
- Accord reached on auto bailout
- Detroit Must Be Restructed But Congress Should Not Be In Charge
- News roundup: Governor accused of graft; auto bailout moves forward
Auto bailout lifts US stock futures
MarketWatch
“Market participants may be more focused on developments related to the auto bailout” wrote economists at RDQ Economics in New York. The dollar was narrowly mixed against major currencies. 2932 while the dollar rose 0.
Related from Liquidityx: FOREX-Yen gains vs euro, dlr as stock markets fall
Auto loan talks lack industry advocate
Detroit Free Press United States
Carl Levin of Michigan and the state’s other Democratic members of Congress have a voice but are stuck trying to lobby their own party about changes and reacting to the parts of the deal clearly troublesome to carmakers. George Voinovich an Ohio Republican and supporter of the auto industry raised doubts Tuesday about draft legislation openly wondering about “provisions that could hurt the auto industry in the long run. “Driving the negotiations are the positions taken by Bush and Pelosi both of whom have called for tough demands on repayment and a strong central figure to oversee the rescue loans. They appear split on whether the automakers should be forced to abandon litigation over state-by-state emission rules. Pelosi’s home state California has led the fight for giving states the option of imposing tougher than federal standards for decades. Another requirement in the draft legislation would allow the president’s designee to block transactions of more than $25 million — which an industry source says in companies as big as these can happen on an almost hourly basis.
SKF to cut 2500 jobs as auto demand slumps
MarketWatch
10 2008 LONDON (MarketWatch) — Swedish engineering group SKF said Wednesday that it will shed around 2500 jobs and reduce the working hours for many more employees after a slump in demand from the automotive sector. “The negative development within the automotive business has accelerated during the fourth quarter leading to significantly weaker demand than foreseen” the company warned in a statement.
Accord reached on auto bailout
Chicago Tribune United States
“We will need the personal involvement of. Details of the compromise were unknown late Tuesday but one change would call back the loan and force the automakers into bankruptcy if they failed to make progress on their turnaround.
Detroit Must Be Restructed But Congress Should Not Be In Charge
FOXNews
Last week?s AP headline ?Auto bailout could be tied to government-run overhaul? made my teeth chatter. Yes Detroit needs to go through serious restructuring. No Congress should not be in charge. The biggest problem the auto makers have is the high cost of the benefits packages ceded to the UAW over the years in lieu of hourly wage hikes that the industry could not afford. Both the car company managements and union leaders knew what they were doing.
News roundup: Governor accused of graft; auto bailout moves forward
USA Today
Here’s our daily sampler of the stories we’re reading in other newspapers and on other websites:No surprise:. Rod Blagojevich who was arrested early yesterday morning on federal charges that he tried to sell a Senate seat among other things as part of a "political corruption crime spree. "On Deadline provided complete coverage of yesterday’s developments.