- ECO1Economy/BusinessNo Christmas gravy for Europe's ailing carmakersBy Nicholas RigilloBrussels, Nov 20 DPA Ah, the style of an Italian Ferrari, the solidity of a German Mercedes, the flair of a French Renault!The car industry is not only Europe's pride and joy, it provides income for some 12 million families and last year generated a combined turnover of 551 billion euros $700 billion, or about 5 percent of the continent's gross domestic product GDP.One in every three cars sold around the world is European.But now, caught between the global credit crunch, a recession and the need to make greener vehicles, Europe's automobile industry says it is facing its most difficult moment since the oil crisis of the early 1970s.Sales have shifted into reverse since the spring, and the European Automobile Manufacturers' Association ACEA is predicting layoffs of up to 5 percent of the industry's continental workforce.Manufacturers are appealing for help. All indications are that they won't get all they want.One demand from ACEA is for more schemes similar to what Italy did to help save Fiat - state-subsidized discounts for people who trade in their old bangers for new, less-polluting models.Another involves 40 billion euros in cheap loans to help develop fuel-efficient technologies.Luxembourg Prime Minister Jean-Claude Juncker, one of the European Union's most influential figures, on Tuesday joined top officials from France and Germany in calling for a European-wide rescue plan similar to the one being considered by US President George W Bush."If the US administration is prepared to spend billions of dollars to save Ford and General Motors from collapse, then we cannot simply look on and abandon our manufacturers in Europe," Juncker told the German tabloid Bild.Officials in Brussels say the European Commission is working on a range of short-term measures which should help the industry head off recession.But they caution industrialists against raising their expectations too high.The European Investment Bank EIB, whose task it would be to provide carmakers with low-interest loans, has dismissed the 40-billion-euro demand as "fantasy".Spokesman Rainer Schlitt told DPA that the EIB has already loaned 7 billion euros to car manufacturers over the past 12 years.The 40 billion euros that carmakers seek would be only five billion short of the total amount of cheap credit that the EIB provided across all EU industries in 2007.While France's PSA Peugeot-Citroen and Renault and Germany's Daimler are among those that suffered the greatest drop in sales in October, Europe's biggest headache concerns Opel, GM's German subsidiary.German Chancellor Angela Merkel has said she is considering a request for credit guarantees to help Opel overcome a possible liquidity crisis due to the massive cash shortages being experienced by its US-based parent company.But Schlitt said the EIB would only be able to finance research and development projects, not "Opel-style" aid.Commission head Jose Manuel Barroso has also said he wants to help. But he is also threatening to refer the United States to the World Trade Organization WTO over Washington's plans to bail out its own ailing car industry with subsidies worth $25 billion.One of the problems facing the likes of Opel is that the EU has very strict rules on what kind of state aid governments can provide to their industries."Member states cannot export their problems to other member states," said Jonathan Todd, spokesman for EU Competition Commissioner Neelie Kroes."You should not have a situation where a subsidy received by one company puts another company in another member state, or in the same member state, at risk," Todd said.This means governments cannot bail out a specific carmaker, and that any help to the industry should be agreed with other EU car-making nations.And while Opel is clearly suffering from the effects of the global credit crunch, officials also reject any comparison with the banking industry, which has enjoyed credit guarantees and aid totalling some 1.5 trillion euros."If banks collapse, the economy collapses," one official said, while the bankruptcy of a single car manufacturer would not jeopardize a country's entire economy.Thus, Europe's carmakers can still expect billions of euros in state aid. But this will likely be spread over a number of years and will mostly be targeted at research and development projects that lead to more fuel-efficient, less-polluting cars. And that aid will almost certainly not boost car sales this Christmas.--Indo-Asian News Service791 Words20110750
2008-11-20 03:00:00
- INT85International/EconomyArcelorMittal to idle Romanian plantBucharest, Nov 11 DPA ArcelorMittal, the world's largest steelmaker, will idle one of its four Romanian plants because of falling global demand, it was reported Tuesday. The plant at Hunedoara will halt production in a few days for about two months, its first idling since the depression of the 1930s, factory director Remus Patan told the Mediafax agency. Luxembourg-based ArcelorMittal said Nov 5 it would cut production as the slowing global economy reduces steel demand. No immediate layoffs are planned at Hunedoara, Patan said. Workers will be sent on paid leave and later receive 75 percent of their full pay, he said. Last month, ArcelorMittal reduced output at Galati, its biggest Romanian plant. Renault SA's Dacia unit, another major Romanian employer, said Monday it would halt production of its budget-priced compact cars for three weeks starting November 20 because of the economic slump.--DPAsk/vm165 Words11112206
2008-11-11 12:09:07
- Name: AshleyOccupation: Marketing and Communications CoordinatorLocation: Adams Morgan, Washington DCSize: about 570 sq.ft.Lived in: rented for 2 monthsHouse Style: apartment in a 1960s buildingAshley recently moved into her very own apartment in Adams Morgan. When she moved into the one bedroom apartment, she had little furniture. Ashley has been adding pieces that can be easily moved around, along with her art and accessories from her travels. She enjoys using sporadic spots of color throughout her home...>> Enter Gallery >> Enter GalleryAshley has carefully built up her home accessories and collections to minimize acquiring things. She frequently travels and has picked up posters from various countries, including Luxembourg, Vienna, and Belgium. During her move to DC from Austin, Ashley lost a box that had her extensive magnet collection. She has since been rebuilding the collection as she picks up new magnets on her travels.Ashley's other collections include her Hello Kitty accessories, like the toaster and clock given to her by her mom, and the avian accessories, like the owl and the Egyptian sculpture. Ashley's home reflects her fun personality, but manages to remain a clean and minimalist space.AT Survey:Style: minimalist with a mid-century twist.Inspiration: old movies, vintage clothes and accessories, bringing back knick-knacks from traveling that have meaning for me.Favorite Element: the parque floors.Biggest Challenge: the living room because every wall has something happening on it and the space if very narrow. I found a narrow couch so I wouldn't have to obstruct the walkways.Biggest Embarrassment: the mousetraps.Proudest Element: the European posters.Biggest Indulgence: the new couch.Proudest DIY: hanging the posters without tearing the walls in the process. Best Advice: keep it stark and simple.Dream Source: an urban garden. I don't have a porch here but would love to have shelves inside with 15 or more plants and grow more herbs.>> Enter GalleryRESOURCESFurniture: black and white chars and the bedroom table from The Hunted House; coffee table from a classmate in Austin; red living room tables and kitchen table and chairs from Ikea;Gus Modern Rochelle sofa from RCKNDY; bed from Mattress Discounters; medical clinic supply cabinet in bedroom from Ruff 'N Ready; dresser found on Craigslist.Lighting: Ikea.Artwork: posters from Luxembourg, Vienna, Belgium; posters framed by Gallery 2000 on 17th Street and a Michael's in Austin.Accessories: picture frames from Iceland; owl from Urban Outfitters; white Horus sculpture from Egypt; antique radio found on eBay; Target bedspread; Umbra floating bookshelf from RCKNDY; fish magnets hanging on bedroom wall from the Museum of Fine Art in Boston; Hello Kitty clock from my mom the lemon wedge lights up!; Urban Outfitters rug; bathroom accessories from a friend; magnet collection from various places.Thanks, Ashley!>> Enter Gallery
2008-11-07 04:00:00
- Name: AshleyOccupation: Marketing and Communications CoordinatorLocation: Adams Morgan, Washington DCSize: about 570 sq.ft.Lived in: rented for 2 monthsHouse Style: apartment in a 1960s buildingAshley recently moved into her very own apartment in Adams Morgan. When she moved into the one bedroom apartment, she had little furniture. Ashley has been adding pieces that can be easily moved around, along with her art and accessories from her travels. She enjoys using sporadic spots of color throughout her home...>> Enter Gallery >> Enter GalleryAshley has carefully built up her home accessories and collections to minimize acquiring things. She frequently travels and has picked up posters from various countries, including Luxembourg, Vienna, and Belgium. During her move to DC from Austin, Ashley lost a box that had her extensive magnet collection. She has since been rebuilding the collection as she picks up new magnets on her travels.Ashley's other collections include her Hello Kitty accessories, like the toaster and clock given to her by her mom, and the avian accessories, like the owl and the Egyptian sculpture. Ashley's home reflects her fun personality, but manages to remain a clean and minimalist space.AT Survey:Style: minimalist with a mid-century twist.Inspiration: old movies, vintage clothes and accessories, bringing back knick-knacks from traveling that have meaning for me.Favorite Element: the parque floors.Biggest Challenge: the living room because every wall has something happening on it and the space if very narrow. I found a narrow couch so I wouldn't have to obstruct the walkways.Biggest Embarrassment: the mousetraps.Proudest Element: the European posters.Biggest Indulgence: the new couch.Proudest DIY: hanging the posters without tearing the walls in the process. Best Advice: keep it stark and simple.Dream Source: an urban garden. I don't have a porch here but would love to have shelves inside with 15 or more plants and grow more herbs.>> Enter GalleryRESOURCESFurniture: black and white chars and the bedroom table from The Hunted House; coffee table from a classmate in Austin; red living room tables and kitchen table and chairs from Ikea;Gus Modern Rochelle sofa from RCKNDY; bed from Mattress Discounters; medical clinic supply cabinet in bedroom from Ruff 'N Ready; dresser found on Craigslist.Lighting: Ikea.Artwork: posters from Luxembourg, Vienna, Belgium; posters framed by Gallery 2000 on 17th Street and a Michael's in Austin.Accessories: picture frames from Iceland; owl from Urban Outfitters; white Horus sculpture from Egypt; antique radio found on eBay; Target bedspread; Umbra floating bookshelf from RCKNDY; fish magnets hanging on bedroom wall from the Museum of Fine Art in Boston; Hello Kitty clock from my mom the lemon wedge lights up!; Urban Outfitters rug; bathroom accessories from a friend; magnet collection from various places.Thanks, Ashley!>> Enter Gallery
2008-11-07 04:00:00
- Luxembourg Prime Minister Jean-Claude Juncker said Tuesday that Euro area does not require a general package to stimulate the economy...
2008-11-05 00:13:31
- Laura Robson makes her debut on the main Women's Tennis Association tour today when she plays Iveta Benesova in the first round of the Fortis Championships in Luxembourg...
2008-11-04 03:17:35
- Laura Robson's debut on the Women's Tennis Association tour ended in defeat yesterday, but there were plenty of positives for the 14-year-old junior Wimbledon champion to take from her appearance at the Fortis Championships in Luxembourg...
2008-11-04 03:12:35
- AP - ServiceMagic, a company owned by Barry Diller's IAC/InterActiveCorp that matches homeowners with prescreened home improvement contractors...
2008-10-29 02:41:26
- LUXEMBOURG AP -- Operators of child pornography web sites will have no place to hide, under a program being started by the European Union....
2008-10-26 11:54:36
- LUXEMBOURG, Sept 2 Reuters - Central defender JorisMathijsen's 17th minute goal gave Netherlands a 1-0 win overLuxembourg in their Euro 2008 Group G qualifier on Saturday.
2008-10-26 10:45:20
Haiti, HAITI travel- Antarctica, A
- Nigereworld.com, Niger attractions
- Myanmar, Myanmar attractions
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- Malaysia, president of Malaysia
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- Ethiopia, Ethiopia education
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- Albania, president of Albania
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