In Wednesday's Americas papers

26 September 2007 12:03  [Source: ICIS news]

Front Page

GM, UAW reach tentative agreement
General Motors and the United Auto Workers early Wednesday morning announced a tentative agreement on a new national contract for about 74,000 US auto workers that includes a historic restructuring of GM's obligations for UAW retiree health care. The deal was announced at about 4 am in Detroit after a two-day national strike by the UAW against GM.

Moody's, S&P answer critics over bond calls
Credit-rating firms evaluate the risk bonds won't be paid back on time. Now, they are working on a different task: damage control over some critical evaluations of their own performance.

A global game explodes: currencies
As subprime mortgage problems in the US fanned out in recent months to hedge funds and banks thousands of miles away, investors got a stark view of the vast interconnectedness of the global financial system.

Money & Investing

Borse Dubai raises cash offer for OMX
Borse Dubai said Wednesday it has raised its cash offer for OMX to Swedish kronor SKr 265 ($40.76) a share and changed its bid acceptance level to over 50% from more than 90%.

Kazakh oil gem is ripe for takeover
A family dustup in energy-rich Kazakhstan has turned one of the country's largest oil companies into a potential takeover target, attracting interest from some of the biggest players in the global oil industry.

The obedience rules for Hedge funds
The nation's financial overseers are asking hedge-fund managers and investors to develop voluntary guidelines to help improve disclosure and mitigate the systemic risk associated with the lightly regulated private pools of capital.

Front Page

GM and union reach tentative agreement
The United Automobile Workers union and General Motors reached a landmark agreement early today, ending a two-day strike. The key provision of the historic new contract is a health care trust that would get GM’s massive liability off its books.

Sunni insurgents in new campaign to kill officials
Sunni Arab extremists have begun a systematic campaign to assassinate police chiefs, police officers, other Interior Ministry officials and tribal leaders throughout Iraq, staging at least 10 attacks in 48 hours.

Business Day

Inspector finds broad failures in oil program
The Interior Department’s program to collect billions of dollars annually from oil and gas companies that drill on federal lands is troubled by mismanagement, ethical lapses and fears of retaliation against whistle-blowers, the department’s chief independent investigator has concluded.

No limit for waits on runways
Months after thousands of passengers were stranded for hours on airport runways last winter, airlines still have not agreed on how many hours confined passengers would have to wait before they can demand to be released from a plane, the Transportation Department’s inspector general has found.

Front Page

At UN, Iranian leader is defiant on nuclear efforts
Iranian President Mahmoud Ahmadinejad vowed Tuesday not to give in to pressure by "arrogant powers" trying to force him to abandon his nation's uranium-enrichment program and unilaterally declared that as far as he is concerned, "the nuclear issue of Iran is now closed."

UAW reaches tentative agreement with GM
General Motors and the United Autoworkers reached agreement on a new contract this morning, ending a two-day nationwide strike with a watershed agreement that establishes a new union-managed trust fund for retiree health care.


When recalls return
The word "recall" often conjures images of emptied shelves and store counters piled high with defective or hazardous items brought in by consumers. But the reality is often quite different as the recent recalls of toys, jewelry and cribs show.

As dollar dips, Canada exploits lucrative loonie
So it has come to this for the tumbling US dollar: It dropped below the Canadian dollar last week and is barely hanging on to parity now.

Front Page

UAW reaches agreement with GM
The United Auto Workers and General Motors said Wednesday they have reached a tentative contract agreement that ends a two-day nationwide strike immediately.

Canada should cease combat as NATO test, Liberals say
Liberal Leader Stéphane Dion says Canada should end its combat role in Afghanistan in 2009 even if no other NATO country is prepared to step in.


Dodge warns of inflated housing market
Bank of Canada Governor David Dodge is raising a red flag about housing prices in Canada, saying that increasingly loose lending rules may be helping overheat the country's real estate market.

CI hints race for Dundee not over
CI Financial Income Fund is considering revising its Canadian dollar C$2.4bn ($2.4bn) hostile offer for DundeeWealth after its bid for one of the few jewels left in Canada's mutual fund industry was spurned.

Front Page

Darfur may lose aid lifeline
Despite a peace deal signed last year by the government and one rebel faction and intense global focus on ending the conflict, Darfur has descended into chaos forcing the world’s largest aid operation to evacuate some areas and work at high risk in others to provide assistance to some 4 million people.

‘You owe us for preserving environment’
Along these lines he insisted on recognition of the preservation of natural resources as a foreign debt payment mechanism.

There is no inflation from Fernández’s perspective
Therefore, he concluded, "inflation doesn’t exist in Argentina." According to Fernández, the commonly held notion that prices have been increasing significantly recently is due to a "formidable media campaign started by some news media to discredit the government, but that has absolutely no bearing on the truth."

($1 = €0.71; $1 = C$1)

By: Staff Reporter
+44 20 8652 3214

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