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Detroit North may be headed for a bailout, just like their big brothers to the south
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NEW YORK -- The financial woes of U.S. automakers have grabbed Washington's attention, but similar problems at auto suppliers have the potential to set off a cataclysmic chain of events in the industry if key parts makers run out of cash and fail.
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Despite "very tough years" ahead, CEO Carlos Ghosn is betting big on emerging markets and a totally green car
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The bill to give carmakers $14 billion in emergency loans faces stiff opposition from GOP lawmakers. It will provide some breathing room, not solve the industry's woes. The White House and congressional Democrats may have agreed on a bill to help the beleaguered Detroit automakers, but the political and economic paths to any resolution are still far from smooth.
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The U.S. House of Representatives on Wednesday passed legislation to speed $14 billion in emergency loans to struggling U.S. automakers, but the bailout was still in jeopardy from Republicans who were setting out roadblocks in the Senate. Democrats and the Republican administration of President George W. Bush hoped for a Senate vote as early as Thursday and enactment by week's end. General Motors of Canada has requested loans totalling $2.4 billion, saying it needs $800 million of that amount urgently. Chrysler Canada is seeking a loan of $1.6 billion, while Ford of Canada is asking for a $2-billion line of credit that it can draw upon if necessary. Ontario Premier Dalton McGuinty said Wednesday he wants the companies to release to the public the restructuring plans they submitted last week to the two levels of government. Full story How should Canada respond to the call for cash from the auto industry?
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NEW YORK -- Gold prices declined moderately Friday as the uncertainty of a bailout for the auto industry and a batch of bleak economic reports heightened investors fears of a prolonged recession. Energy prices slumped, while agriculture futures were mixed.
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The head of the Canadian Auto Workers urged the Canadian government to offer an aid package to help force action in Washington.
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DETROIT (AP) -- One measure of how tough times are in the Motor City: Some of the offenders in jail don't want to be released; some who do get out promptly re-offend to head back where there's heat, health care and three meals a day....
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TORONTO (Reuters) - Canada will follow the United States by providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses, Prime Minister Stephen Harper said on Saturday.
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One measure of how tough times are in the Motor City: Some of the offenders in jail don't want to be released; some who do get out promptly re-offend to head back where there's heat, health care and three meals a day.
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TORONTO (Reuters) - Canada will follow the United States by providing C$4 billion ($3.3 billion) in emergency loans to the Canadian arms of Detroit's ailing automakers to keep them operating while they restructure their businesses, Prime Minister Stephen Harper said on Saturday.
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Long-term problems include growing Pentagon costs and uncertainty over how massive government spending to prop up economy will affect the industry
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Chrysler LLC Chief Executive Bob Nardelli said Thursday that a steep decline in U.S. auto sales has created an environment for industry consolidation, but he would not comment on reports that talks are accelerating for General Motors Corp. to acquire his company.
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Canada produced 2.6 million vehicles last year. The country's auto industry directly employs about 135,000 people, according to the Canadian Auto Workers union. Hundreds of thousands more people across the country have auto sector spinoff jobs. But that number is in decline as the industry struggles with high gas prices, an uncertain U.S. economy and unstable stock markets. Ontario, the centre of Canada's auto industry, has been especially hard hit by years of industry cutbacks and layoffs. A timeline of auto sector layoffs Are you or is someone you know affected by the auto industry decline? Tell us your story.
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According to National Aluminium Company Chairman and Managing Director, Mr. C R Pradhan, "The aluminium industry is today ideally poised and must seize this opportunity with both hands and strive to chart a road map for the future."
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Automobile sales are a main component of the German economy, but as the country faces economic uncertainty sales have slowed, placing tens of thousands of jobs at risk - from salesmen to manufacturers.
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WASHINGTON (Reuters) - Republican presidential candidate John McCain on Sunday declined to embrace the idea of $15 billion more in government aid for the struggling U.S. automobile industry but did not rule it out.
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With consumers holding on more tightly to their money, car purchases around the world have dropped dramatically. America wasted no time in signalling its readiness to keep its auto sector afloat. European officials finally seem willing to join them.
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With car sales across the country slowing to a dead stop, America's automakers could soon find themselves running on empty - and needing government help to stay in business, Cynthia Bowers reports.
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GM is asking the government to support a purchase of Chrysler.
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Analysts, politicians are unsure which programs will help GM, Chrysler.
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A long list of science and technology issues are awaiting new Industry Minister Tony Clement, who takes over the role from Jim Prentice after Thursday's cabinet shuffle.
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The clamor for federal aid for the troubled U.S. auto industry is growing louder.
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WASHINGTON (Reuters) - U.S. Republican presidential candidate John McCain said on Friday the struggling U.S. auto industry could not be allowed to fail, and if elected president he would do "whatever I think needs to be done" to save it.
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Consumers have finally woken up and realized the game sequels just aren't enough to make pull out their wallets.
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WASHINGTON -- In Rust Belt states home to thousands of autoworkers, Barack Obama and John McCain have offered plans to develop advanced vehicles key to rebuilding U.S. automakers. But the next president may face decisions that run to the domestic auto industry' very core: their survival.
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The next president is likely to face decisions that run to the domestic auto industry' very core: their survival. Both candidates have vowed to help.
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The auto industry has been hit hard by the struggling economy, but critics say the industry has been slow in adjusting to the changes and is partly to blame. Randall Pinkston reports.
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Analysts anticipating weak North American vehicle sales figures for October in the face of low consumer confidence and tight credit were largely proved right on Monday.
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There was more doom and gloom from the automotive industry yesterday as BMW admitted a sharp fall in profits and Jaguar announced plans to extend its voluntary redundancy scheme to up to 600 staff.
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Economists and business leaders from the Atlantic Provinces Economic Council met in Charlottetown Wednesday to discuss the threat from a recession in the U.S.
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The heads of Chrysler, Ford and GM and the president of the United Automobile Workers are set to meet House Speaker Nancy Pelosi over aid for the companies.
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The heads of Chrysler, Ford and GM and the president of the United Automobile Workers are set to meet House Speaker Nancy Pelosi over aid for the companies.
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Rahm Emanuel, chief of staff for President-elect Barack Obama, suggested a Democratic administration would be open to using the rescue fund to help the struggling auto industry.
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The government pledged 3.4 billion Australian dollars to offset tariff cuts and the global economic slowdown.
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