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U.S. markets recover from steep losses
OTTAWA, April 16 (UPI) -- Canada's federal industry minister says the Canadian Auto Workers union must make concessions of as much as $19 per hour to save two carmakers.
In an interview with the Globe and Mail in Ottawa, Tony Clement said time was running out to save the Canadian divisions of Chrysler and General Motors from bankruptcy.
"We're coming down to the point where we need everybody to realize the dire situation facing the companies," Clement said.
Clement said in a discussion with Fiat Chief Executive Sergio Marchionne, the Italian said Fiat would drop its partnership with Chrysler if its labor costs in Canada and the United States weren't pared back.
Clement said if the Fiat deal isn't struck Chrysler will receive no federal loans.
Total wages and benefits at Chrysler Canada are now about $76 per hour, and CAW union President Ken Lewenza told the newspaper $19 per hour cuts are "not going to happen." He called Clement's demand "unreasonable."
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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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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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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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