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U.S. markets recover from steep losses
DETROIT, July 14 (UPI) -- U.S. automaker General Motors Corp. is set to announce it will cut jobs and take other steps to deal with its sagging fortunes, The New York Times said Monday.
GM Chairman and Chief Executive Officer Rick Wagoner is expected to reveal a plan Tuesday, first addressing employee and then holding a news conference with other GM executives, the newspaper said.
GM spokesman Dan Flores told the Times Wagoner will announce a "variety of actions" Tuesday to respond to current market conditions, but he did not provide details.
The automaker just announced a major restructuring six weeks ago. The Wall Street Journal reported last week that GM was weighing cutting thousands of white-collar jobs and considering whether to sell or discontinue one of its brands.
Company officials have already decided to put GM's Hummer division on the market.
Citing sources familiar with the situation at GM, the Journal said the moves were being considered as part of a plan to return to profitability by 2010.
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China National Offshore Oil Corp. announced Thursday it made a new oil discovery in the shallow waters of south Liaodong Bay.
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