Obama Will Not Name 'Car Czar'
from The Wall Street Journal
 The Obama administration will not name a "car czar" to help oversee the auto industry's restructuring and will instead create an inter-agency task force to deal with the issue, according to senior administration officials. Treasury Secretary Timothy Geithner and Lawrence Summers, who heads the National Economic Council, will jointly oversee the task force, with Geithner overseeing the $17.4 billion in federal loan agreements between the automakers and the U.S. government. More
Certain Firms, Industries Got Last-Minute Gifts in Stimulus
from The Washington Post
In rushing to pull together a landmark economic stimulus package last week, Democratic lawmakers and the White House added billions in new spending and tax breaks that will benefit a handful of specific companies and industries. Lawmakers from Wisconsin and Indiana helped make buyers of motorcycles and recreational vehicles eligible for a tax credit aimed primarily at automobile and truck purchasers. More
Pelosi Urges Automakers to Submit 'Credible' Plans
from The Detroit News
House Speaker Nancy Pelosi on Friday urged the CEOs of General Motors Corp. and Chrysler LLC to each submit "a credible restructuring plan." The letters -- to GM chairman and CEO Rick Wagoner and Chrysler chairman and CEO Robert Nardelli -- were jointly signed by Pelosi and Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. "We trust that your restructuring plan will demonstrate to the world that you are willing to make the tough decisions that modernize your operations, restructure your debt, enhance your competitive status in the global marketplace and protect American jobs for the future," according to the letters obtained by The Detroit News. More
Toyota Seeks to Shed U.S. Workers
from Forbes
Toyota Motor's incoming president, Akio Toyoda, has promised to make aggressive changes. They're already happening. The Japanese automaker will try to buy out American workers for the first time as it cuts production, and will slash compensation for North American executives. But it seems no matter what it does, Toyota will simply not make money until at least 2010. More
Obama Advisor: Auto Industry Must Restructure
from The Associated Press
President Barack Obama's senior adviser said Sunday that any plan to shore up the auto industry will need to require sacrifice by all involved, from auto workers and industry executives to shareholders and creditors. General Motors Corp. and Chrysler LLC are expected to submit plans to the government by a Tuesday deadline to show how they can repay billions in loans and become viable in spite of a drop in auto sales not seen for a generation. More
GM, UAW Talks Break Off and Chrysler Talks Stall
from Reuters
Talks between the United Auto Workers and General Motors central to a turnaround plan for the struggling automaker have broken down over the issues of retiree healthcare costs, a person briefed on the talks said on Saturday. More
Kuwait Official: Oil Unlikely to Pass $40 A Barrel For Now
from The Associated Press via The Detroit Free Press
A top Kuwaiti oil official says crude oil prices are unlikely to rise above $40 per barrel, even if OPEC decides to enact a production cut of as much as 2 million barrels per day at the meeting next month. More
Economy Puts More Small Planes in the Air
from The New York Times
The 74-seat turboprop plane that crashed Thursday night near Buffalo, New York, as part of an expaning fleet of small regional aircraft that have become a vital part of the country's airline industry and are increasingly the only air link available to far-flung towns and smaller cities. Three quarters of the commercial airports in the country are served solely by these planes, which typically have 100 or fewer seats. More
Cessna Campaigns for Business Aviation
from Aviation Week
Cessna Aircraft announced a new initiative to address misinformation on the business use of general aviation aircraft and to provide a more accurate picture of the value of business aircraft. "We think it's time the other side of the story be told, and that support be given to those businesses with the good judgment and courage to use business aviation to not only help their businesses survive the current financial crisis, but more quickly forge a path toward an economic upturn," said Cessna Chairman, President and CEO Jack J. Pelton. More
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