Emanuel Urges Aid for Auto Industry
from The New York Times
 In his first televised interviews since being named the chief of staff for President-elect Barack Obama, Rahm Emanuel on Sunday called for swifter action to lift the struggling auto industry and suggested Obama and President Bush might clash over a stimulus package. Obama’s aides emphasized that his first priority would be finding ways to repair the battered economy, whose latest woes include a steep drop-off in retail sales and the loss of millions of jobs. The auto industry has been particularly hard hit, with Ford and General Motors pleading for government help after car sales plummeted 18 percent this quarter. General Motors, the country’s largest carmaker, reported a $4.2 billion third-quarter operating loss, and said it may be on the brink of collapse. More
Congressional Democrats Seek Federal Assistance for Auto Industry
from All Headline News
Congressional Democrat leaders urged the Bush administration to include automakers in the Treasury Department's $700-billion economic rescue plan. The call came after General Motors and Ford reported multi-billion third-quarter losses. Some analysts warn that GM faces bankruptcy unless the federal government steps in to help. House Speaker Nancy Pelosi (D-Calif.) and Senate majority Leader Harry Reid (D-Nev.) sent a letter to Treasury Secretary Henry Paulson this week asking him to provide "temporary assistance to the automobile industry during the current financial crisis." More
Analyst: Global Steel Demand to Fall
from Bloomberg via The Taipei Times
Global steel demand will fall 5 percent next year as the financial crisis tips economies into recession, curbing purchases of the metal, a research firm said. “New orders for steel in all regions of the world have had probably an unprecedented decline,” World Steel Dynamics managing partner Peter Marcus said in an interview in Kaohsiung yesterday. “We’ve gone from a chill to the deep freeze. Buyers have been on strike since July.” The global economic downturn is prompting consumers to delay purchases of homes and cars, driving down steel prices and forcing mills including ArcelorMittal, the world’s biggest, to consider production cuts. Prices of iron ore, may fall as much as 30 percent in the coming year and coking coal may drop as much as 50 percent, Marcus said. More
Spanish Wind Energy Manufacturer Relocates to Iowa
from The Business Record
Another wind energy part manufacturer is coming to Iowa. Spanish company Elevadores Goian announced today that it will locate its first U.S. facility in Ankeny's Metro North Business Park. It will employ 12 people who will support the company in the manufacturing, selling, installation and servicing of industrial elevation systems used inside support towers for wind turbines. The company will operate as Goian North America LLC and will lease and build out a 16,000-square-foot facility from Denny Elwell Co. More
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New Industrial Supply Market to Focus on Overstocks
from PR.com
IndustrialSAVER, a division of the Industrial Leaders Group and publisher of an on-line industrial supply auction site announced today the launch of its new Surplus Industrial Equipment Marketplace at industrialsaver.com/classifieds/index.php/cat/6. The company said the site is intended for buyers and sellers of surplus wholesale lots, overstocks and liquidations of industrial machines, equipment and general industrial supply products. More
Fed Reserve Survey: Small Companies May Have More Luck Securing Funding
from Modern Distribution Management
A recent survey by the Federal Reserve System confirms what most of us have already felt: The credit markets continue to tighten as this financial crisis continues. The survey, sent to domestic banks and foreign banks with U.S. branches, asked banks to evaluate how their credit lending standards – both consumer and commercial – compared with three months ago. More
Simulation System Speed Development
from SAE Off Highway Engineering
CPUTech is now offering its SystemLab PS system for automotive and off-highway vehicle control simulations, it announced at Convergence 2008. First developed for the U.S. Army’s Bradley armored vehicle program, the company believes automotive engineers will benefit from its speed and ability to model systems with high fidelity. More
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