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U.S. markets recover from steep losses
DETROIT, Oct. 27 (UPI) -- Policy makers are weighing the importance of the U.S. auto industry to the nation's economy in debating a new government loan for troubled carmakers.
Michigan Gov. Jennifer Granholm is seeking support for a second $25 billion loan to U.S. automakers, having met with industry leaders last week to discuss the implication of having one of Detroit's Big Three go under, The Detroit News reported Monday.
"The auto industry clearly is extremely important to the economy and now has enormous difficulties. I think we do need to ... see if there are ways that public policy can be helpful," former Treasury Secretary Robert Rubin said on a CBS "Face the Nation" interview on Sunday.
Sen. Barack Obama has said he favors increasing the loan to $50 billion, while Sen. John McCain, in an interview on NBC's "Meet the Press," advocated waiting. "Let's get the first $25 billion to them first," he said.
Sources said government intervention may be necessary to allow General Motors to complete a deal to purchase Chrysler, LLC. GM, burning up its cash reserves quickly while sales plummet, would be faced with a $10 billion debt that would come due if Chrysler changes hands, the News reported.
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ERBIL, Iraq, May 24 (UPI) --
Plans for Iraq's semiautonomous Kurdish enclave to build an oil pipeline to Turkey points to a major political and economic realignment in the Middle East that will impact heavily on Iraq.
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SEATTLE, May 24 (UPI) --
The flight decks and avionics of the U.S. and NATO Airborne Warning and Control System aircraft fleet will be modernized under a $368 million Boeing contract.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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