Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    OPEC+ tripartite meeting keen on maintaining global oil market stability    'No excuses' for Israel to not accept ceasefire deal, EU foreign policy chief says    Riyadh Season draws 8 million visitors in 6 weeks    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Georgia's new parliament opens first session amid mass protests and boycott    Gangsters block aid distribution in south Gaza    Russian deserter reveals war secrets of guarding nuclear base    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Saud Abdulhamid makes history as first Saudi player in Serie A    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Obama adviser: Auto industry must restructure
Published in Saudi Press Agency on 15 - 02 - 2009

President Barack Obama's senior adviser said Sunday, according to AP, that any plan to shore up the auto industry will require sacrifice by all involved, from auto workers and industry executives to shareholders and creditors.
General Motors Corp. and Chrysler LLC are expected to submit plans to the government by a Tuesday deadline to show how they can repay billions in loans and become viable in spite of a drop in auto sales not seen for a generation.
«We need an auto industry in this country. There are millions of lives, livelihoods that depend on it,» White House adviser David Axelrod said on «Meet the Press» on NBC television. «We have a real interest in seeing the auto industry survive, but it's going to require a major restructuring of the auto industry.»
Negotiations over who sacrifices what appear to be stalled with the deadline just two days away. Concession talks between GM and the United Auto Workers union remained on
hold Sunday, according to a person briefed on the negotiations.
UAW negotiators walked out of the talks Friday night in a dispute over swapping stock for cash payments into a union-run trust fund that will take over retiree health
care costs starting next year.
The person, who did not want to be identified because the talks are private, said nothing had changed since Saturday, when neither side bargained. Another person said Saturday
that talks with Chrysler had slowed and that the UAW appeared to be bargaining in earnest with Ford Motor Co., the healthiest of the Detroit automakers and the only one not taking government loans.
«This is a difficult situation,» Axelrod, appearing on «Fox News Sunday,» said of the concession talks. «Everyone's going to have to continue to work toward a solution».
Asked if the U.S. economy could withstand a bankruptcy at GM, Axelrod did not respond directly. Executives at the two automakers have said bankruptcy would not benefit their
companies because consumers would be reluctant to buy cars from an automaker that might go out of business.
«How that restructuring comes is something that has to be determined,» he said. «But it's going to be something that's going to require sacrifice not just from the auto workers but also from creditors, from shareholders and the executives who run the company. And everyone's going to have to get together here to build companies that can
compete in the future.»
Axelrod would not say whether the administration would offer the auto industry more bailout money. GM already has borrowed $9.4 billion to stay in business, and it would
receive an additional $4 billion if the Treasury Departmentapproves its viability plan. Chrysler wants $3 billion more on top of the $4 billion it has already borrowed.
«We need to see what it is that they come up with this week,» he said.


Clic here to read the story from its source.