Through understanding, grasping the sense of the world as we dance through the movement of history....
The Federal Reserve announced that it will work with other central banks to inject $200 billion to allow banks to temporary exchange damaged securities with government backed securities or cash. Analysts believe that the Fed's move would ease the market strain. Stocks rose after the announcement as investors were somewhat reassured with the troubling market. The banks would be able to take out the loan for up to 28 days. Investors predict that the Feds would also be cutting interest rates soon.
Delta Airlines has announced that the airline is looking for a possible merger to reduce costs for the company. High oil prices are threatening the airline industry that has been doing well in recent months. Although the airline denies that it is currently in merger talks, experts believe a merger with United Airlines would create the largest airline in the industry. However, many believe the merger would not materialize due to antitrust barriers from both the United States and the high cost of combining the two companies.
The European Aircraft maker Airbus is finally delivering its double -decker A380 to Singapore Airlines. Singapore Airlines has set October 25 for its first commercial flight of the A380 from Singapore to Sydney, and all seats are auctioned off for charity. Airbus recently had some financial troubles that included five CEO changes and delivery delays that damaged the company’s reputation. However, Airbus is confident that the problems will wane away as its A380 takes on the skies.
After a nation-wide strike for two days, the United Auto Workers has announced a major agreement with General Motors. The key component part of the negotiated contract includes a health-care trust fund. Both the union and General Motors have been in contract negotiation for ten weeks, and the United Auto Workers mounted a strike on September 14, when the old contract expired. Analysts believe other major auto makers would follow suit and negotiate in the areas of healthcare and other worker benefits with union leaders.
Workers of General Motors plants from Michigan, Ohio, and Kansas have begun their strike as union leaders and the corporation failed to reach a contract agreement. The union wants the corporation to guarantee that new car models would be built in the United States to protect jobs. The last nation-wide strike by the United Auto Workers was on 1976 against the Ford Motor Company.
