Chinese Carmakers Plan To Buy GM
Posted by admin on 24th November 2008
Chinese carmakers SAIC and Dongfeng have plans to buy GM and Chrysler, China’s 21st Century Business Herald reported on November 18th. — this is one of China’s leading business newspapers, with a daily readership over 3 million.. The paper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry–who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action.
Chevrolet is the top selling marque in China where GM has been very profitable. Plus GM can be bought for– less than toy maker Mattel. Even at $100 billion it wouldn’t even dent China’s more than $2 trillion in currency reserves.
Plus, a take-over of a large overseas auto maker would fit perfectly into China’s plans. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he’s in deep trouble.
Says the paper: “It would be much easier now for strong Chinese automakers to go global by acquiring some assets of their U.S. counterparts in times of crisis.”
Deloitte & Touche sees a trend:”The Chinese appear to have bigger plans than an accounting firm can imagine. 21st Century Business Herald acts and writes as if its already a done deal, and the beginning of more to come.
Just in case you missed it, the Shanghai Automotive Industry Corporation (SAIC) is China’s largest auto manufacturer. In 1984, the company entered a joint venture with Volkswagen. A decade later, SAIC entered a joint venture with General Motors. In 2007, SAIC bought the Nanjing Automobile Corporation, which had acquired British MG Rover in 2005.
Dongfeng Motor Corporation is a public company, although 70 percent of their shares are reported to be in government hands. They also are one of China’s Big Three. The company has numerous joint venture partners, such as Nissan, Peugeot-Citroen, Honda, and Kia. Dongfeng (which means “East Wind”) was founded at the behest of Mao Zedong himself in 1968.
Nearly half of U.S. voters (48%) told Rasmussen Reports this week that it is better for the economy to let companies like General Motors fail rather than providing government subsidies to keep them in business.
My late uncle, Rev. John, used to say “Never use a gold collection plate.” GM, Ford and Chrysler’s CEOs could have benefited from his advice as the hypocrites swooshed into Washington DC aboard private jets to beg for another $25 billion in taxpayer money at least in part to pay for their fleets of jets. Apparently they have all cut costs by laying off their public relations department, or if they haven’t – they should and get someone who is not so completely tone deaf.
Only Congressman Barney Frank out did that troika of hypocrites by charging that denying them the bailout was really about hurting blue collar assembly line workers having already shoveled tens of billions to bailout white collar bankers. Frank’s first class hypocrisy was heightened by failing to mention that his homosexual boyfriend lover at Fannie Mae was one of the first beneficiaries; how much money he and his mostly Democrat cohorts rake in from United Auto Workers or that he took a sweetheart mortgage from failed Countrywide.
It was Mark Twain who said, “Suppose you were an idiot. And suppose you were a member of Congress….But then I repeat myself.” Makes you wonder how Twain would amend his sarcasm to include the trio of arrogant auto executives having already covered the mush mouthed Congressman.
The Federal Election Commission was prepared to sweep aside formal demands for a full audit of irregularities in the Obama campaign until the idea of Hillary Clinton being Secretary of State surfaced. More specifically are monies flowing from foreigners and foreign governments to former President Bill Clinton and into the Obama’s pockets.
The rub with the FEC is concerns can also include receiving money from foreign donors. The FEC compiled a list last month of more than 16,000 contributions from overseas sources. A Newsmax survey of roughly one-fifth of those names found 118 individuals who appeared to be foreign citizens.
Non-U. S. citizens are forbidden from contributing and more specifically campaigns, if knowing, are prohibited from accepting such contributions lest foreigners and foreign governments buy influence.
4,000 contributors to the Obama campaign exceeded the $2,300 individual limits and could be prosecuted and if found guilty fined and even imprisoned.
So, will the commission act now? Incoming commissioners Don McGahn, a Republican, and Cynthia Bauerly, a Democrat, insisted that they would hear cases at the FEC in terms of their merits, not party affiliation.
One egregious example is contribution from two brothers in the Gaza Strip, Hosam and Monir Edwan. Together, they gave over $31,000 to the Obama campaign. The brothers listed their address as Gaza Strip, Rafah,” and used a foreign currency credit card to make their donations.
Obama’s campaign also received millions of dollars in cash cards where a person buys the card for cash, contributes without name or address being reported. In one case an individual bought out a retailers supply with a stack of $100 bills.
Partisans are pointing out that this does not reflect the idea of “change” or “reform.”
At minimum say critics Obama’s campaign should be thoroughly vetted as former President Clinton financed investigated to remove any doubt of foreign influence or expose it if it exists.
Mythologem (mi-THOL-uh-jem) noun: A basic theme of a myth, for example, revenge, honor, betrayal, etc. From Greek mythologema (mythical narrative), from mythologein (to tell mythical tales), from mythos (myth) + -logos (word or speech).
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Oh, great!” Astronaut Heide Stefanyshyn-Piper exclaimed watching helplessly as a $100,000 tool bag floated off into the void of space while she was working on the International Sp[ace Station (ISS). Piper forgot to tie it down and the world’s most expensive tool bag is now part of the floating junk orbiting the Earth. Stefanyshyn-Piper borrowed tools from her companion space walker Steve Bowen, who carried the same contents in his bag.
NASA tracks objects lost close to the International Space Station and the space shuttle because they can be harmful if they later collide.There is so much space debris in low orbits around the Earth, we wish Chicken Little were right about the sky falling-at least when it comes to debris that is cluttering up our space environment and starting to truly interfere with use of space.
Man-made debris is clogging up active satellite traffic lanes and the situation is getting worse. As we approach space gridlock, space will eventually become inaccessible to all nations for all applications. There will eventually be no more GPS navigation, no more weather data beamed from space and no more satellite television, etc. — and, unfortunately, no one is doing anything about cleaning up space!
There are good things from Tuesday “whoops” renewed discussions about cleaning up space, and requiring “deorbiting” mechanisms that would ensure stuff leaves orbit and burns up and doesn’t just float around for decades and even centuries.
An email request, and a letter faxed and mailed to NASA asking they explain what could cost $100,000 in a tool bag and if it answers we will let you know.
There’s going to be an auto show in Washington — $10 to get in, $25 billion to get out.– Leno
Forty-six percent (46%) of Americans say most reporters and media outlets try to make the economy seem worse than it really is, according to a new Rasmussen Reports national telephone survey.
Sixteen percent (16%) say most reporters and media outlets try to make the economy look better than it really is, while 25% say they present an accurate picture. Thirteen percent (13%) are undecided.
Investors are even more skeptical. Fifty-one percent (51%) say the media makes the economy appear worse than it actually is, compared to 40% of non-investors.
(See article America Divided Into Literate And Illiterate November 16, 2008 , Hypocrisy.com), i.e., “ News, political debate, theater, art and books are judged not on the power of their ideas but on their ability to entertain. Cultural products that force us to examine ourselves and our society are condemned as elitist and impenetrable.”
A private analysis I am privileged to, found that most print reporters and nearly all television newsreaders have little or no economic or scientific education. Further a small study and analysis showed print reporters to have average IQ and television newsreaders to be somewhat below average in native intelligence as measured on the Stanford-Binet 5th generation scale that is the most up-to-date.
I must disclose that in 1960 as a completely hollow-headed boy I was an invited participant in the recalibration that resulted in the 4th revision of the standard Stanford-Binet scalling..
Dateline Paris (AFP) Nov 19, 2008 The first of a new class of multipurpose Russian nuclear attack submarines currently in construction will be operational by 2010, a Russian news agency reported Wednesday. The Severodvinsk “will be operational in 2010,” Ria Novosti said. Named after the White Sea port which houses the main Russian nuclear submarine base, the Severodvinsk is 119 metres long (390 feet) and can navigate at a depth of 600 metres about 2,000 feet under water..
It “will be able to perform every mission that could be asked of it by the state: attacking different targets when underwater, on the surface or (by) land,” according to a naval admiral also quoted. According to the Russian news service, Ria Novasti, the submarine can launch a variety of long-range cruise missiles (up to 3,100 miles) with nuclear warheads, and effectively engage hostile submarines and surface warships.
Work on the Severodvinsk started in 1992, and the vessel had been scheduled to be commissioned before 1998. Work sputtered until this year when financing totaled 4 billion rubles ($146 mln). Under an ambitious 2007-2015 Kremlin Plan, the Navy will receive several dozen surface ships and submarines, including five Borey nuclear-powered strategic ballistic missile submarines equipped with new Bulava ballistic missiles, two Yasen nuclear-powered multipurpose submarines, six Lada diesel-electric submarines, three frigates and five corvettes. Collapsing crude oil prices and pressure on natural; gas prices are gnawing holes in the Putin Plan to increase military spending by a mamouth 23%.
A Russian sailor has been blamed for deaths aboard another new Russian submarine when he allegedly trigger a fire fighting system and suffocated a score of civilian workers aboard during a shakedown cruise.
Severodvinsk (Russian: Северодви́нск) is a city in Arkhangelsk Oblast, Russia, located in the delta of the Northern Dvina, 35 kilometers (22 mi) west of Arkhangelsk on Russia’s Atlantic coast. The city now with a population of 200,000 was first discovered around 1,000 AD by Vikings. Today’s city was largely purpose built as a naval base.
D.C. police, frustrated that the same teenage robbery suspect implicated in a string of 21 robberies that they have repeatedly arrested only to have him released time and again, took to cyberspace Friday in an unusual effort to lobby judges and city officials to keep him off the streets.
The subject line says “ALERT ALERT ALERT ALERT ALERT,” and WDC detective Inspector Edward Delgado described how the teenager allegedly had been sneaking up behind victims, knocking them to the ground and swiping whatever he could: money, cellphones, iPods.
A judge ruled the teen mentally incompetent to stand trial. It was not immediately clear whether there was any alternative to releasing him. The basis for the release him after the finding could not be learned last night by the Washington Post that broke the story this morning. A court official said authorities could not locate a case yesterday matching the description.
“Flood the email system today because time is critical in this matter,” Delgado implored the subscribers to the 3rd District Substation e-mail group. “Let them not release this criminal yet again into the community.”
The unprecedented email barrage appears to have worked and the deranged thug is still in custody.
District Attorney Nickles got more messages than he cared to count and said the orchestrated letter-writing campaign was inappropriate.
In a classic tone deaf manner he said he hasn’t touched the emails, and “I told my secretary to put them in a pile.”
In the District’s complex juvenile e system District those charged as juveniles go to Family Court. Their cases are open only to relatives of those charged and to victims, who are sworn to secrecy.
Those charged with serious crimes and awaiting trial can be held at the Youth Services Center, operated by the Department of Youth and Rehabilitation Services. Others participate in a diversion program that sends them to halfway houses or group homes, an effort to keep fewer youths in locked facilities.
Since the US Supreme Court reversed local laws allowing law abiding citizens to own handguns it raises the issue if this thug or any other would have attacked an armed citizen resolving the attack and attacker with finality what would happen.
When Assistant Chief Diane Groomes learned about the arrest, she thought it was an opportunity to tap what she considered pent-up community desire to help police. She contacted Delgado and encouraged him to send out the bulletin. “This is a test case,” Groomes said.
In a community meeting in Brightwood last week, Police Chief Cathy L. Lanier encouraged residents to write to judges and prosecutors and air frustrations about criminals who cycle through the revolving doors of criminal justice, with arrests followed by speedy releases.
Frustrated over a drunk driver’s repeated release I once complained to a judge who counseled me, “never confuse the law and justice.” Ironically the drunk driver was killed 6 months later when he drove off a 60 foot cliff – drunk.
A few weeks before dropping North Korea from the United States’ list of countries that sponsor terrorism, the Bush administration thwarted a shipment of missile parts, possibly including gyroscopes for guidance systems, from North Korea to Iran Newsweek is reporting in this week’s magazine.
An aircraft operated by Pyongyang’s state-controlled airline was given permission by India to fly from Burma to Teheran, traversing Indian airspace. In August The Indian Express newspaper reported that the office of India’s prime minister “hurriedly” asked authorities to withdraw the clearance. The US officials said that clearance was annulled following a request from Washington.
The intelligence coup was not reported by U. S. main stream media lest it weaken Barrack Obama’s chances.
After blocking the missile components shipment the US removed North Korea from its state sponsor of terror status in October, after Pyongyang agreed to halt its nuclear program.
However, what seemed a brisk start almost immediately began to stutter as Japanese and South Korean officials publicly proclaimed that North Korea had stopped the process of decommissioning its reactor, and was not standing up to other sides of its agreement with the US.
That Bush “failure” was widely reported in the U. S. only a few days before the November presidential election.
Speculation centers around North Korea deciding it can play hardball and win concessions from an Obama administration it believes will be anxious to avoid anything that appears to be a foreign policy crisis.
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