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U.S. markets recover from steep losses
TORONTO, April 17 (UPI) -- Chrysler Canada's top two executives told 8,000 employees Friday if they didn't accept benefit reductions, the company would fold.
"Without labor concessions Chrysler Canada's manufacturing operations will not survive long-term," the letter from Chairman Robert Nardelli and President Tom LaSorda said.
Talks with the Canadian Auto Workers union are scheduled Monday. The CAW this week resisted calls from the federal government and the potential partner, Italian automaker Fiat, to reduce all-in wages and benefits by $19 an hour to the $57 mark, the Globe and Mail reported.
"We are coming down to the wire in the fight for our company's survival -- and we need your support," the letter said.
The Canadian divisions of Chrysler and General Motors have been offered bail-out packages by the federal government and the provincial government of Ontario, which is home to the auto industry in the country. However, each offer is contingent on the companies showing they can lower costs and demonstrate sustainability.
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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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