GM to Jettison 74000 Workers in North America
General Motors said it will cut 74000 jobs and close 21 plants in the United States and Canada over three years to reduce costs as demand for autos falls. The plan targets 9000 office and 15000 production jobs, with six assembly plants and multiple factories slated for closure by 1995.
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Washington Post
General Motors Corp
United States
Canada
Robert C. Stempel
North America
U.S
Stempel
GM Restructuring Plans Major Plant Closings and Cuts
GM outlines a four year restructuring including closing 21 North American plants across vehicle assembly, powertrain and components, accelerating layoffs with total 9,400 salaried and 15,000 hourly positions reduced in 1992 and a hiring freeze except for key technical roles. The plan slashes capital spending to 66 billion, accelerates asset sales, and suspends holiday bonuses and stock incentive pay while delaying profit sharing. A two week shutdown of North American operations begins July 20 1992.
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North American
Toyota Expresses Sympathy For GM Layoffs
Toyota Motor Corp the largest Japanese automaker and GM partner expressed sympathy for tens of thousands of American workers likely to be laid off. Toyota called GM s decision painful but necessary for the company s long term competitiveness and wished GM success. Nissan declined to comment on the private management decision as top Japanese evening papers led with the GM announcement.
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Tokyo
Toyota Motor Corp
Japan
General Motors Corp
Nissan Eg Sg Rel
Bush touts Asia trip as path to jobs and trade
President Bush frames his upcoming Asia and Australia tour as a job and economy plan aimed at expanding foreign markets for American products. He notes the trip targets Japan and Korea to open markets for autos, parts, computers, paper, glass and agricultural goods while GM announces major plant closures and job losses.
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Washington
Bush
Asia
Japan
Australia
U.S
Korea
Peace talks resume in January in Washington
The Arab-Israeli peace process wraps a three week Madrid follow up with a January resumption likely in Washington. Delegates from Palestine Jordan and Israel met Syria and Lebanon amid persistent acrimony, while Israeli negotiators voiced cautious optimism at renewed dialogue.
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Washington
Mideast
Madrid
Elyakim Rubenstein
Syria
Lebanon
$300 Tax Rebate Sparks Skepticism in Washington
Fed Chairman Greenspan and Congress members react coolly to the Bush plan for a $300 one time rebate to spur the economy. Officials warn the move may widen the federal deficit while Bush considers options including tax breaks and IRA withdrawals for first time home purchases.
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Alan Greenspan
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Donald Pease
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Bowman Identifies Herself In ABC Interview In Rape Case
Patricia Bowman, 30, of Jupiter Florida, publicly identifies herself on ABC Prime Time Live regarding the William Kennedy Smith rape case. Bowman’s decision ends a national debate on whether accusers should be named, with many outlets now using her name and image while her attorney allows other media to do so.
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Patricia Bowman
Jupiter
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Bowman
Diane Sawyer
ABC
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Smith
Sawyer
NBC
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