French President Nicolas Sarkozy said on Thursday the state would put “a lot of money” into the struggling car industry.
“We are working with the car sector, car makers and their suppliers, to get out of this situation and to finalize a plan by the end of January,” Mr. Sarkozy said. continue reading...
Ford CEO Alan Mulally defends the Big Three in a CNN interview, saying they’re essential to the US economy and that they deserve a bailout:
A bill set to be passed by Congress and signed by President Bush as early as this weekend- will save the big three that have been feeling rather small.
General Motors, Ford, and Chrysler will be receiving loans that will most likely amount to at least $5 billion each. That would allow them to borrow money at interest rates as low as 4 percent—a steep discount compared with the double-digit rates they’re paying now.This means that over the years, the automakers will save hundreds of millions in financing costs. continue reading...
