GM shares tumble 31 percent to 58-year low
Shares of General Motors Corp. lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years after Standard & Poor's said the automaker's credit could fall further into junk status due to the "rapidly weakening state" of the global automotive market.
Nations:U.S. Activities:2008 Automakers Downturn Source:(AP)
2008-10-09
Auto industry to press Congress for $50B in loans
WASHINGTON - Auto industry allies hope to secure up to $50 billion in government loans this month that would pay to modernize plants and help struggling car makers build more fuel-efficient vehicles.
Nations:U.S. People:Barack Obama John McCain Activities:2008 Automakers Downturn Source:(AP)
2008-09-07
Jobless rate jumps to 5-year high of 6.1 percent
WASHINGTON - The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.
People:Barack Obama John McCain Activities:2008 U.S. Recession Source:(AP)
2008-09-05
US auto sales slump to 16-year low in July
DETROIT - U.S. auto sales slumped to a 16-year low in July as automakers failed to keep up with consumers' growing demand for smaller, more fuel-efficient vehicles. While production changes may help that problem, trouble in the credit and auto leasing markets will continue to take a toll on sales.
Nations:Canada Activities:2008 Automakers Downturn Source:(AP)
2008-08-01
Stocks tumble after sales of existing homes fall
NEW YORK - Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points.
Nations:Germany Japan France Activities:U.S. Markets Source:(AP)
2008-07-24
General Motors holds off Toyota as June sales fall
DETROIT - General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for large automakers.
Activities:2008 Automakers Downturn Source:(AP)
2008-07-01
Detroit had top foreclosure rate in '07
The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows.
Nations:U.S. Activities:2007 Global Credit Crunch
2008-02-13
GM posts biggest annual US auto loss
General Motors Corp. reported a $38.7 billion loss for 2007 on Tuesday, the largest annual loss ever for an automotive company, and said it is making a new round of buyout offers to U.S. hourly workers in hopes of replacing some of them with lower-paid help.
2008-02-12
Chrysler landmark deal stumbles in ratification votes
Chrysler LLC's landmark deal with the United Auto Workers is running into serious rank-and-file dissent, with large numbers of workers voting against ratifying the new four-year-contract, union sources said.
2007-10-22
Chrysler reaches tentative deal with UAW union
Chrysler LLC and the United Auto Workers union reached a tentative labor agreement on Wednesday, ending a strike against the No. 3 U.S. automaker just over six hours after it began.
2007-10-10
Romney, Giuliani spar on taxes, spending
Republican presidential hopefuls Mitt Romney and Rudy Giuliani quarreled over tax and spending cuts Tuesday, each claiming greater commitment than the other in a debate in the nation's struggling manufacturing heartland.
Nations:U.S. People:Fred Thompson Mike Huckabee Mitt Romney Sam Brownback Rudy Giuliani John McCain Activities:US Election 2008
2007-10-09
UAW wins job security guarantees in deal
General Motors Corp. will put $29.9 billion into a fund for retiree health care and guarantee that cars and trucks will be built at 16 U.S. plants as part of its tentative contract agreement with the United Auto Workers, according to a summary of the agreement released Friday by the union.
Nations:U.S.
2007-09-28
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