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Big global names buckling under pressure
Fort Lauderdale News.Net
Friday 21st November, 2008
The global economic crisis is hitting different nations and industries around the world.
The Indian conglomerate Tata recently put off some expansion plans due to tight credit. Just a couple of years ago, Tata was buying up steel, auto and other companies.
Japan's largest automaker, Toyota, said it will eliminate half of its temporary Japanese workforce. Honda said it will cut production of vehicles at factories around the world.
And in the U.S., General Motors announced it will shut down more plants while cutting production at others.
Meanwhile, the U.S. Congress has put off until December a decision on emergency loans to the nation's three largest car manufacturers. Carmakers were told to craft a plan showing how they would use government aid to become profitable.
European officials are also considering aid packages for automakers, but EU Competition Commissioner Neelie Kroes said countries [Germany and France] should avoid getting into a race with the United States to subsidize the car industry.
Shares in Citigroup, which was once the largest U.S. bank, fell 20% Friday on concerns it may be hit by more losses from bad investments.
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