President Barack Obama is considering nominating Lawrence Summers, his former National Economic Council director, to lead the World Bank when Robert Zoellick
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The Hyundai Elantra edged out the Ford Focus and Volkwagen Passat Monday to win the 2012 North American Car of the Year award.
The prestigious industry award was announced at the start of the North American International Auto Show in Detroit, which hosts media previews this week and opens to the public on Saturday.
The Land Rover Range Rover Evoque won the North American Truck of the Year, beating the BMW X3 and Honda CR-V.
Jaguar Land Rover North America President Andy Goss said it’s a tremendous honor and humbling for the company, which has had finalists but never a winner in the 19th annual independent awards program.
“We’re going to market the hell out of this,” said a smiling Goss on a stage above the four-cylinder sport-utility vehicle. The U.S. is the world’s largest Range Rover market.
Fifty automotive journalists voted on the winning vehicles from a group of finalists, and the vehicles must be all new or substantially changed to be eligible. Organizers accept no advertising, though automakers capitalize on the marketing value of the honors low interest rate personal loans.
John Krafcik, Hyundai’s North American CEO, said the award won’t help the compact’s sales much because the company already is selling as many Elantras as it can make at its factory in Montgomery, Ala. But the award should help solidify the brand’s image in the eyes of the American public, especially in the highly competitive compact car segment.
“It should be helpful for our brand going forward,” he said.
The company is looking at ways to boost production at the Montgomery plant, but Krafcik said Hyundai plans to focus on maintaining quality at the factory before deciding on any increases.
Hyundai sold more than 186,000 Elantras last year, nearly a 41 percent increase over 2010 figures.
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Manufacturing in India and China improved in December, a sign the world
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Doubts about China’s breakneck plans to expand high-speed rail across the country have been underscored by a bullet train wreck that killed at least 36 people.
Railways Minister Sheng Guangzu has already apologized to the victims of Saturday’s crash, and their families. A train rammed into the back of another one that stalled after being hit by lightning in China’s deadliest rail accident since 2008. Six carriages derailed and four fell about 65 to 100 feet (20 to 30 meters) from a viaduct.
The Railway Ministry and government officials haven’t explained why the second train was not warned there was a stalled train in its path.
The accident is the latest blow to China’s bullet train ambitions. Designed to show off the country’s rising wealth and technological prowess, the national prestige attached to the high-speed rail project is on a par with China’s space program.
Beijing plans to expand the high-speed rail network _ already the world’s biggest _ to link far-flung regions and is also trying to sell its trains to Latin America and the Middle East.
Last month, it launched to great fanfare the Beijing to Shanghai high-speed line, whose trains can travel at a top speed of 186 miles (300 kilometers) per hour. The speed was cut from the originally planned 217 mph (350 kph) after questions were raised about safety.
In less than four weeks of operation, power outages and other malfunctions have plagued the showcase 820-mile (1,318-kilometer) line. The Railways Ministry previously apologized for the problems and said that summer thunderstorms and winds were the cause in some cases.
Official plans call for China’s bullet train network to expand to 8,000 miles (13,000 kilometers) of track this year and 10,000 miles (16,000 kilometers) by 2020.
China’s trains are based on Japanese, French and German technology, but the manufacturers are trying to sell to Latin America and the Middle East. That has prompted complaints that Beijing is violating the spirit of licenses with foreign providers by reselling technology that was meant to be used only in China.
Saturday’s accident involved the first-generation bullet trains, which were launched in 2007 and have a top speed of 155 miles (250 kilometers) per hour _ slower than the new Beijing to Shanghai trains.
The Ministry of Railways said in a statement on its website Monday that the accident had killed 36 people and injured 192 direct payday lenders.
The crash happened when a bullet train traveling south from the Zhejiang provincial capital of Hangzhou lost power in a lightning strike, stalled and was hit from behind by a second train in Wenzhou city.
Three top officials at the Shanghai Railway Bureau were sacked after the accident, and state-controlled media have raised questions, especially as rail travel moves hundreds of millions of people a year.
In an editorial entitled ‘Train crash lesson for railway progress,’ the Global Times said the accident should be “a bloody lesson for the entire railway industry in China.”
The newspaper said the collision casts doubt on China’s high-speed railway expansion plans because the country “lacks experience” as it seeks to join the top ranks of railway engineering.
It said China’s high-speed railway has become “the newest target of public criticism,” adding the accident should lead to “safer, not slower, railway transportation.”
China’s transportation authority ordered local departments at an emergency meeting Sunday to launch thorough safety overhauls to “resolutely curb” severe traffic accidents, the official Xinhua News Agency reported. The order follows a number of recent accidents, including a fire on a long-distance bus on Friday that killed 41 people.
The China Daily said in an editorial that the rapid development of China’s high-speed network has eased travel for passengers, but safety worries could keep them off high-speed trains.
This is because “the higher the speed of the trains, the more sophisticated the technology will be and the greater the risk if there is a failure of any link in the safety chain,” it said.
The paper called for better training of railway employees and efforts to make sure the railways are not vulnerable to extreme weather conditions.
State broadcaster CCTV reported Monday that a 2-year-old girl pulled from one of the derailed carriages 21 hours after the crash had undergone a three-hour operation. It said she had suffered lung, kidney and leg injuries and is now in intensive care. Her parents died in the crash.
In April 2008,a regular-speed train traveling from Beijing to the eastern coastal city of Qingdao derailed and crashed into another train, killing 72 people and injuring 416.
Struggling to avert an unprecedented national default, congressional leaders jettisoned negotiations on a sweeping deficit-reduction package Friday despite a plea from President Barack Obama to “do something big” to stabilize America’s finances.
Instead, lawmakers embarked on rival fallback plans as a critical Aug. 2 deadline neared, a House version given little chance of success, even by some supporters, and a bipartisan Senate approach holding out more promise.
At the behest of conservatives, House Republicans announced plans to vote next week on legislation to raise the $14.3 trillion debt limit automatically if Congress approves a balanced-budget constitutional amendment. Senate approval of that amendment seemed extremely unlikely in a vote set for the next few days.
Senate leaders from both parties worked on their own measure that would allow Obama to raise the debt limit without a prior vote by lawmakers. That plan was likely to include limits on spending across thousands of government programs, and possibly a down payment on cuts, as well.
As part of that proposal, a panel of lawmakers would recommend cuts in benefits programs by the end of the year, with the House and Senate required to vote yes-or-no on the package without possibility of changes.
“If they show me a serious plan I’m ready to move,” declared Obama at his second news conference of the week, even though he said he wanted a far more sweeping deal that might even have raised the age of Medicare eligibility from 65 to 67 if Republicans would increase selected taxes.
“We are obviously running out of time,” he said.
Numerous officials have cautioned that a default will occur if the debt limit is not increased by Aug. 2, warning also of a calamitous effect on an economy struggling to recover from the worst recession in decades.
“Now the debate will move from a room in the White House to the House and Senate floors,” said Senate Republican leader Mitch McConnell, indicating that the daily closed-door negotiations at the White House were a thing of the past.
The House Republican rank and file were advised in a GOP meeting that, barring action by Congress, the government would be able to pay only about half its bills after Aug. 2, and separately that a default could cost the government trillions of dollars in the form of higher interest rates on the debt.
“No matter what 50 percent you choose to pay, there are things in that 50 percent you don’t pay that would have really severe consequences,” Rep. John Campbell, R-Calif., said afterward.
“There are people out there who keep saying we don’t need to increase the debt limit at all. I think this was a way of saying, the people who are saying that need to look at the practical consequences of what they are saying.”
Rep. Paul Ryan, of Wisconsin, chairman of the House Budget Committee, told reporters after the meeting he had discussed the additional costs generated by a default _ an event that would be likely to raise interest rates no fax cash advance.
At his news conference, Obama said that would mean “effectively a tax increase on everybody” by affecting car purchasers, students and businesses.
The second White House news conference in a week was a testament to the overriding political and economic significance of the issue that has convulsed Congress as well as the administration.
Urging lawmakers to cut trillions from deficits at the same time they raise the debt limit, the president said he favored a balanced approach that included spending cuts, changes to huge government benefit programs and higher taxes on wealthy individuals and certain industries.
It was an offer Republicans could _ and did _ refuse.
“There are going to be no tax hikes because tax hikes destroy jobs,” said House Speaker John Boehner of Ohio.
While Boehner had earlier shown some flexibility on closing tax loopholes as part of an unprecedented deal with Obama, many Republican lawmakers are adamant that deficit reductions be limited to spending cuts.
To underscore their conservative priorities, GOP leaders scheduled a vote for next week on legislation they said would cut $111 billion in the budget year that begins Oct. 1. It would also require a steady decline in spending as a percentage of the overall economy over the next decade.
Even some supporters conceded it was a symbolic gesture given the realities of divided government.
“I think everybody knows the president won’t sign this,” Campbell said after the closed-door Republican meeting.
“But we’re putting a marker down, and that’s an important step that begins the process of resolving this,” he added.
If so, it was in a style that only congressional insiders might recognize as the beginning of the endgame to an unprecedented problem.
McConnell issued a statement announcing the Senate would vote on both a balanced budget amendment and the House’s “Cut, Cap and Balance Plan.”
His statement didn’t say so, but neither measure has much, if any, chance of passage in the Democratic-controlled Senate.
Still, the votes themselves would clear the way for debate on the fallback plan the two Senate leaders have been working on for the past several days.
Senate aides said the measure was not yet fully drafted, but likely to come up for debate by the end of next week.
A two-thirds vote of each house is required for passage of a constitutional amendment. Approval would send the issue to the states, where ratification by three quarters of the legislatures is needed to make it part of the Constitution.
Presidents play no official role in amending the Constitution, but Obama expressed his opposition to the GOP-backed measure anyway.
“We don’t need a constitutional amendment to do that. What we need to do is do our jobs,” he said.
International Monetary Fund Managing Director Dominique Strauss-Kahn’s arrest is an embarrassment that won’t derail attempts to bolster aid for Greece as officials head to Brussels for crisis talks, economists said.
Strauss-Kahn, 62, had been scheduled to meet German Chancellor Angela Merkel today and then attend discussions with euro-area finance ministers in Brussels tomorrow as officials consider further support to stave off a Greek default. He has been charged with attempted rape and a criminal sex act on a woman in a New York hotel. Strauss-Kahn denies the charges.
“Its incredibly embarrassing, and not the IMF’s or Dominique Strauss-Kahn’s finest hour, but I don’t think this ought to undermine what’s going on,” Peter Westaway, chief European economist at Nomura International Plc in London, said in an interview. “I don’t think it will affect negotiations on Greece. In the end, issues for Greece and policy making are more important than that and they’ll carry on.”
European officials are working to prevent the region’s first default as Greek ministers plead for terms to be relaxed on 110 billion-euros ($155 billion) of aid from the IMF and European Union in a debt crisis that has also engulfed Ireland and Portugal. Economists said that talks to reconsider Greece’s aid terms are taking place between institutions rather than individuals and so can endure such turmoil.
“It’s not a fatal blow to the Greek situation,” James Nixon, chief European economist at Societe Generale in London, said in an interview. “Any of these negotiations are larger than a single person.”
EU-Led Aid
The Greek government said in a statement that it “operates institutionally and continues without interruption implementing the program for the country to exit the crisis.” The EU has led efforts to aid Greece and has contributed two-thirds of the funds committed to the rescue of the nation’s economy.
The IMF will be represented at Monday’s euro-area finance ministers’ meeting by Deputy Managing Director Nemat Shafik, who oversees the organization’s work in a number of EU nations, IMF spokesman Bill Murray said in an e-mailed statement today.
Seventeen nations use the euro.
Greece is seeking an extension to the loans and has argued Europe should issue common bonds to stem the region’s fiscal crisis. Eighty-five percent of those surveyed last week in a Bloomberg Global Poll said the country won’t honor its debts, with majorities predicting the same fate for Portugal and Ireland.
Greek Position
Greek Prime Minister George Papandreou on May 13 opposed a debt restructuring, appealing to claims made by the IMF that the country’s debt “is sustainable.” Germany opposes a common-bond issue, saying such a move would weaken member states’ incentives to cut their deficits.
It’s too early to say whether Greece needs more help with its debt crisis, though “extra measures” may be needed if the country can’t return to financial markets next year as planned under the European-led aid program agreed last year, German Finance Minister Wolfgang Schaeuble said in an interview with ARD television in Berlin.
It’s “disappointing” that Strauss-Kahn’s meeting with Merkel is cancelled because the IMF had been pressing for stronger measures that may involve the possibility of a restructuring of Greek debt, Societe General’s Nixon said.
“The meeting could have been quite important in injecting some realism in the discussions and presumably now that voice won’t be heard,” he said. “The IMF have been pushing for a more realistic position, and presumably the gravity of that voice has been lost.”
‘Leadership Vacuum’
Eswar Prasad, a senior fellow at the Brookings Institution in Washington, said that Strauss-Kahn’s arrest may still unsettle investors at a time of tension because of the region’s debt crisis.
“Just the perception that DSK’s departure could create a leadership vacuum at the IMF and shift the institution’s attitude towards Greece and other weak European countries may be enough to roil markets and raise uncertainty at a vulnerable time for the euro zone,” he said.
Hotel Incident
The charges against Strauss-Kahn stem from an incident that allegedly occurred yesterday against a 32-year-old female at a Sofitel hotel in midtown Manhattan, the New York Police Department said in an e-mailed statement early today. He will appear in a Manhattan court later today, police Deputy Commissioner Paul Browne told BBC television in an interview.
Strauss-Kahn played a key role in efforts to stem the European debt crisis which started last year in Greece, with a pledge to contribute about a third of future bailouts in the region by the EU. His term at the IMF is scheduled to expire next year. Speculation in France had mounted that he would leave early to stand for president.
The charges against him won’t affect moves to extend aid to Portugal, which is implementing austerity measures to qualify for an international aid package of as much as 78 billion euros from the EU and IMF, said Gilles Moec, European economist at Deutsche Bank AG.
“The progress can continue and there should not be a change in its dynamics,” he said in an interview.
Kohl’s Corp.’s first-quarter net income climbed 6 percent as the department store chain controlled expenses and expanded its online business. The company also lifted its full-year earnings outlook Thursday.
Kohl’s earned $211 million, or 73 cents per share, for the period ended April 30. That’s up from $199 million, or 64 cents per share, a year earlier.
The performance met analysts’ expectations.
Revenue rose 3 percent to $4.16 billion from $4.04 billion. Wall Street forecast revenue of $4.26 billion.
Kohl’s, based in Menomonee Falls, Wis., now expects full-year earnings of $4.25 to $4.40 per share, up from $4.05 to $4.25 per share. It anticipates second-quarter earnings of 96 cents to $1.02 per share. Analysts predict full-year earnings of $4.36 per share and second-quarter earnings of $1 per share.
Canadians still haven
A decade after retirement, former Boeing sheet metal worker Ray “Herbe” Herberger maintains a seamless bond with flying machines.
But these days, in a departure from the military jets he worked on for three decades, Herberger labors over single- and twin-prop engine planes flown by Wings of Hope on humanitarian medical missions.
“This is helping people, and the other was protecting people,” Herberger said. “This is better.”
Herberger serves as but one of many examples that former Boeing and McDonnell Douglas employees don’t fade away when their tenure with aerospace manufacturing draws to a close. They instead lend their time and expertise to restoring and maintaining the fleet of aircraft operated by a nonprofit fast closing in on its 50th anniversary.
Herberger reports three times a week to the pristine Spirit of St. Louis Airport hangar that anchors the Chesterfield nonprofit’s global aviation fleet.
The genesis of the organization, which has provided medical transportation to thousands of patients - most of them children - goes back to four St. Louis businessmen’s donating a replacement aircraft to a nurse working in the Kenyan bush in 1962.
Wings of Hope has since accommodated the demand for aircraft at the 150 bases it oversees around the world by building a fleet composed entirely of donated used planes, many of which arrive at the Spirit of St. Louis hangar severely damaged from crashes.
The responsibility for getting the craft airborne rests on a band of volunteers, most of them Boeing and McDonnell Douglas retirees.
“What amazes me is that they keep showing up, week after week,” said Dan Lorenz, a former Eastern Airlines mechanic who oversees fleet maintenance.
Lorenz is one of a handful of employees on the organization’s payroll.
Larry Masters, who has not earned a cent over the 20 years he’s been tinkering with Wings of Hope aircraft, better represents the rest of the people populating the hangar on any given day.
Masters, a mechanical engineer, describes himself as an “oddball” because he retired from Monsanto and not the aerospace industry. For Masters, volunteering on behalf of Wings of Hope is a natural extension of an obsession with aviation that began with model airplanes as a kid payday loan lenders. It continued through a stint as a maintenance officer with the Air Force and culminated the day he earned his pilot’s license.
“I like to work with my hands, and I know what I’m doing,” said Masters. “And this is a good charity, doing good work.”
Teresa Camp’s occasional presence at the Wings of Hope headquarters is proof that retirement is not mandatory for involvement with the charity.
Camp, currently the chief engineer for Boeing’s defense and government service unit, gravitated to the organization after receiving her pilot’s license a dozen years ago.
Before long, Camp, her husband and then-9-year-old daughter were devoting a significant portion of their Saturdays to the refurbishment of a World War II vintage DC-3 which, legend has it, flew missions on D-Day.
The plane is now based in earthquake-ravaged Haiti.
“A lot of people have a need” for the services provided by Wings of Hope, Camp said. “And many of those needs are very complex. This is a great opportunity to step in to assist.”
Last Thursday morning found Tom Purdy crouched beneath a Piper airplane, adjusting a component inside the wing assembly. Purdy isn’t a pilot - “My wife says not to bother coming back if I try to go up in one of these things” - but with 37 years at Boeing before retiring as an equipment engineer in 1999, Purdy certainly understands aviation.
With Boeing, Purdy made parts.
Now, he’s “putting them together” in aircraft where “there’s not a lot of room to work.”
Still, Purdy isn’t complaining.
When work on the Piper is completed, it’s likely that Wings of Hope will enlist the plane for use in the Medical Relief and Air Transport Program (MAT) that ferries young patients to hospital centers across the United States.
The wrench he was wielding, Purdy acknowledged, was “indirectly” saving lives. And that, he allowed, “is a good thing.”
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