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Dec. 11 (Bloomberg) -- The Senate rejected a $14 billion bailout plan for U.S. automakers, in effect ending congressional efforts to aid General Motors Corp. and Chrysler LLC, which may run out of cash early next year. “I dread looking at Wall Street tomorrow,” Majority Leader Harry Reid said before the vote in Washington. “It’s not going to be a pleasant sight.” The Bush administration will “evaluate our options in light of the breakdown in Congress,” spokesman Tony Fratto said. The Senate thwarted the bailout plan when a bid to cut off debate on the bill the House passed yesterday fell short of the required 60 votes. The vote on ending the debate was 52 in favor, 35 against. Earlier, negotiations on an alternate bailout plan failed. GM said in a statement, “We are deeply disappointed that agreement could not be reached tonight in the Senate despite the best bipartisan efforts. We will assess all of our options to continue our restructuring and to obtain the means to weather the current economic crisis.” Reid said millions of Americans, “not only the autoworkers, but people who sell cars, car dealerships, people who work on cars,” will be affected. “It’s going to be a very, very bad Christmas for a lot of people as a result of what takes place here tonight.” Asian stocks and U.S. index futures immediately began falling after Reid’s comments. The MSCI Asia Pacific Index slumped 2.2 percent to 86.13 as of 12:33 p.m. Tokyo time, while March futures on the Standard & Poor’s 500 Index slipped 3.4 percent. ‘Deja Vu’ “Remember when the first financial bailout bill failed” in Congress in late September, said Martin Marnick, head of equity trading at Helmsman Global Trading Ltd. in Hong Kong. “The markets in Asia started the slide. Deja vu, this looks like it’s happening again.” Congress approved a financial-rescue plan weeks later. Senator George Voinovich, an Ohio Republican, urged the Bush administration to save the automakers by tapping the $700 billion bailout fund approved earlier this year for the financial industry. “If this is the end, then I think they have to step in and do it -- it’s needed even though they don’t want to do it,” Voinovich said. Connecticut Democrat Christopher Dodd, who helped lead the negotiations, said the final unresolved issue was a Republican demand that unionized autoworkers accept a reduction in wages next year, rather than later, to match those of U.S. autoworkers who work for foreign-owned companies, such as Toyota Motor Corp. ‘Saddened’ “More than saddened, I’m worried this evening about what we’re doing with an iconic industry,” Dodd said. “In the midst of deeply troubling economic times we are going to add to that substantially.” Republican Bob Corker of Tennessee, who negotiated with Dodd, said, “I think there’s still a way to make this happen.” Earlier today, White House spokeswoman Dana Perino warned that an agreement was necessary for the U.S. economy. “We believe the economy is in such a weakened state right now that adding another possible loss of 1 million jobs is just something” it cannot “sustain at the moment,” Perino said. Also earlier, South Dakota Republican John Thune suggested that if talks collapsed, the Bush administration might aid automakers with funds from the financial-rescue plan approved by Congress in October. “I think that is where they go next,” Thune said. “I wouldn’t be surprised if they explore all options.” The Bush administration thus far has opposed that option, which was favored by Democrats. To contact the reporters on this story: Nicholas Johnston in Washington at [email protected] Hughes in Washington at [email protected] Last Updated: December 11, 2008 23:34 EST http://www.bloomberg.com/apps/news?pid=20601087&sid=aDkK4lEZsSsA&refer=home
I am no economist, so can someone explain to me why China would keep their currency down and now have it slowly rise against the USD? Not sure if what I am thinking is a negative thing or positive thing. If things start getting more expensive to be manufactured in China, wouldn't that mean more jobs coming back here? When I am mean here back to North America.
Montréal to host the 18th World Congress on Information Technology (WCIT) in 2012 MONTRÉAL, May 20 /CNW Telbec/ - The Palais des congrès de Montréal, the Information Technology Association of Canada (ITAC), Montréal International and Tourisme Montréal are proud to announce that the World Information Technology and Services Alliance (WITSA) will be holding its 18th World Congress on Information Technology in Montréal in 2012. Being awarded the Congress is significant for Montréal's information and communications technology industry as the event will draw 2,500 delegates, including the world's top executives in the ICT sector, a key component of Québec's economy. In addition to generating new business opportunities, the Congress is expected to bring in over $6 million to the city's economy. Vital collaboration Palais President and CEO Paul Saint-Jacques is very pleased about the international meeting coming to Montréal: "Securing this event confirms the Palais' enviable standing as a leading North American host site for international conventions. The partners' concerted efforts made it possible to satisfy the WITSA's criteria and to lead our strategy to a successful outcome, notably thanks to the important support of Tourisme Montréal. I congratulate and thank all partners for their vital collaboration." "This decision affirms Canada's reputation as a leading force in the global information technology industry," said Bernard Courtois, president and CEO of ITAC. "ITAC is a founding member of WITSA and has participated in many previous deliberations to select sites for our biannual conference. It's particularly thrilling to be part of the team promoting the idea of a Canadian city as host. And as a proud Montrealer myself, this decision is deeply gratifying. Our team can't wait to bring the global ICT industry here in 2012 to show off our city and the tremendous ingenuity of Canadian ICT". "This spells important news for Montréal, bolstering yet again the city's international stature as a hi-tech leader," declared Montréal International President and CEO André Gamache. "For an organization devoted to promoting Montréal internationally, especially by attracting international organizations, we are very pleased that our city has been awarded this major congress and that it will welcome hundreds of participants from all over the world." He also added: "Our thanks go particularly to the ministère du Développement économique, de l'Innovation et de l'Exportation and to the ministère des Affaires municipales et des Régions for their strategic support." "This is one of the most prestigious IT events anywhere, and it demonstrates once again that Montréal has what it takes to host the conventions of major and reputable international organizations. Also, the significant economic spin-offs is something the city's entire tourism industry is quite pleased about," declared Charles Lapointe, President and CEO of Tourisme Montréal. 80 countries represented The World Information Technology and Services Alliance is a consortium of 73 international ICT organizations whose members comprise 90% of the global IT market. The WCIT has been held in Kuala Lumpur, Athens, London and Bilbao. About the Palais des congrès de Montréal The mission of the Palais des congrès de Montréal, which celebrates its 25th anniversary in 2008, is to attract and host conventions, exhibitions/trade shows, conferences, meetings and other events. A public institution with a commercial vocation, the Palais generates important economic spin-offs for Québec and proudly contributes to the sharing and transfer of knowledge and to the enhancement of Montréal's international reputation as a first-class destination. For more information on the Palais des congrès de Montréal, visit our website at: http://www.congresmtl.com.