Juliawan Chandra Wijaya

WASHINGTON – General Motors, the biggest auto giant that has been part of American life for more than 100 years, was file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government’s reach into big business,and this is the bad history in automotive world.

It would be the largest industrial bankruptcy in U.S. history, and the fourth-largest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company,and the

The U.S. Treasury and GM, battered by almost $88 billion of losses since 2004, was prepared the way for tomorrow’s planned bankruptcy filing by getting a majority of bondholders to agree to a revised reorganization plan. About 54 percent of the investors, or 975 institutions, backed a swap of debt for equity and warrants, Elliot Sloane, spokesman for an ad hoc committee of bondholders, said today.

Underscoring the government’s extraordinary role, President Barack Obama planned to announce his support for GM’s restructuring strategy at a day appearance at the White House, much as he did in April when Chrysler sought court protection.

Administration officials said late Sunday the federal government would pump $30 billion dollars into GM as it makes its way through bankruptcy court. That’s besides the $20 billion in taxpayers’ money that the Treasury already lent to the automaker.

Henderson said GM has an urgent need for funding from the German government, so any partner for its European operations would have to be suitable to the government.

“We have a need for funding, actually, in our European business, that’s important and urgent and the German government hasn’t indicated an interest in running our business,” Henderson said. “We’re going to make sure that any partner we pick in this business is going to be suitable for them, so that if we need their support, we obviously want them to find any partner to be reasonable and acceptable.”

Henderson cast doubt on reports that GM may sell its Latin American operations, saying they have consistently brought great returns to the company.

“This is a business that we know and like very much,” he said.
The timing of GM’s intended bankruptcy filing and the naming of Koch were reported earlier today by the Wall Street Journal.

In my opinion :”I am very surprised about this news,because everybody knows about the General Motor and It is the big company,and I am just can say now everybody works does not secure about this condition,the Big company like General Motor is the example and,I think now time is to build the company ourself so we doesn’t worried about this condition economic global because we have our company ”

Just read on… and give comment of what you think about this bad news?

Popularity: 14%

Tags: 2009 General Motor was bankruptcy, Business, Today May 31

Positions managers in danger as multinational divisions of oil fusions in front of new succeeding of Peter Voser of senior officer
-Businesses
-Royal Dutch Shell
Shell to remove employment in the total reorganization

Positions managers in danger as multinational divisions of oil fusions in front of new succeeding of Peter Voser of senior officer

Shell prepared the ground for great suppressions of employment among its total labour 102.000 after the advertisement of an important reorganization.

The multinational Anglo-Dutchwoman of oil, which employs 8.500 people with RU, improves all her units of company in front of the beginning of Peter Voser of the ‘tenure as an senior officer on July 1. It means workmen in reorganized divisions which have the face of covering of functions being allotted again or to lose their work. All the changes should be complete towards the end of the year.

The changes help to explain the cooker of Linda the ‘resignation like head of gas and to actuate this week. Its unit is included, with sands of oil, and exploration and production, in two new shaped divisions.

The changes will assign to the beginning Shell ’s 200 the majority of the senior officers. The reports/ratios suggested yesterday that more than 30% of them loses their work in the reorganization. A spokesperson refused to comment on.

Shell ’s sits for its total operations going down - which covers activities of not-exploration - will remain in London. Division is the trade to include and alternative energy such as organic fuels thus it is not very probable that many work in London will disappear. The suppressions of employment could be heaviest at Shell ‘head office total of S in $the Hague.

Voser indicated this new structure will increase the responsibility with the company, and improves Shell ‘execution on providing new projects and developing new technologies. These changes will increase our home, to accelerate our plans to reduce complexity, overhead and costs of corporation, and result in a faster decision making and a delivery.

The reorganization takes place among the anger of investor above Shell ‘remuneration after the firm missed targets of execution. Almost 60% shareholders of Shell voted against plans to allot million books of shares to the executives in spite of the targets absent which would have countermanded disbursements.

The voice against the report/ratio of wages of Shell was the rebellion second-biggest with a company of FTSE 100, although the voice was advisory and could not prevent the rewards.

Shell’s chairman, Jorma Ollila, said the company would “reflect carefully” on the rebellion but refused to be drawn on whether the shares would be handed back. Last month, Shell said first-quarter profits fell by 62% to $3.49bn (£2.17bn) on sales that halved to $58.2bn. Shell also reported a 3.5% decline in overall production due to restrictions imposed by the Opec cartel and attacks on its operations in Nigeria.

In my opinion “may be the management is do the right desicion because of the crisic economic in this world now and this a bad news too , I just suggest not to cut jobs ”

Just read on… and give comment of what you think about this bad news?

Popularity: 10%

Tags: Business, Shell to remove employment in the total reorganization