GM says it needs $12 billion loans by late March

WASHINGTON (AP) -- General Motors Corp. said Tuesday it needs $12 billion in government loans to keep operating, telling Congress in a bluntly worded report that its collapse could have "severe, long-term consequences to the U.S. economy."
GM said it would seek up to $18 billion from the government: $12 billion in loans, including $4 billion by the end of December, and a separate $6 billion line of credit in case market conditions worsen.

"Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry," GM said, contending its collapse would have "a ripple effect that will have severe, long-term consequences to the U.S. economy."

"There isn't a Plan B," said Chief Operating Officer Fritz Henderson. "Absent support, frankly, the company just can't fund its operations." He said GM would need $10 billion to $12 billion by late March.

GM, along with Ford Motor Co. and Chrysler LLC, submitted detailed plans to Congress in hopes of winning support for at least $25 billion in loans to keep the battered U.S. auto industry afloat.

GM said it would take significant steps by 2012 to restructure, including the reduction of 20,000 to 30,000 workers, the cutting of nine plants and the slashing of 1,750 dealer locations.

It would focus future efforts on four core brands -- Chevrolet, GMC, Buick and Cadillac. Henderson said the company was conducting an "expedited and strategic review" of its Saab brand and was discussing options with dealers about the future of Saturn. Pontiac would become a specialty niche brand.

The plan supports the formation of a government oversight board to ensure that taxpayers are protected and the company is restructured. GM would negotiate swapping some of its $66 billion in debt for equity stakes.

GM would seek concessions from the United Auto Workers union to help it survive. Areas under discussion include job security provisions and manpower levels.

CEO Rick Wagoner will work for $1 per year and top executives will take major pay cuts. Henderson said GM would "immediately cease all corporate aircraft operations," meaning company leaders would travel by commercial aircraft.

GM said the loans could be fully repaid by 2012, but if market conditions deteriorated, the company would need more time.

forex

The foreign exchange (also known as "forex" or "FX") market is the place where currencies are traded. The overall forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world.
Investopedia Says:There is no central marketplace for currency exchange, rather, trade is conducted over-the-counter. The forex market is open 24 hours a day, five days a week, with currencies being traded worldwide among the major financial centers of London, New York, Tokyo, Zürich, Frankfurt, Hong Kong, Singapore, Paris and Sydney - spanning most time zones.The forex is the largest market in the world in terms of the total cash value traded, and any person, firm, or country may participate in this market.


Currency-literally foreign money-used in settlement of international trade between countries. Trading in foreign exchange is the means by which values are established for commodities and manufactured goods imported or exported between countries. Creditors and borrowers settle the resulting international trade obligations, such as bank drafts, bills of exchange, bankers' acceptances, and letters of credit, by exchanging different currencies at agreed upon rates.
The result of all this international trade is that financial institutions accumulate surpluses of different currencies from loan repayments by foreign borrowers, and also from import-export trade financing on behalf of bank customers.
The interbank foreign exchange market is an over-the-counter market, a network of commercial banks, central banks, brokers, and customers who communicate with each other by telex and telephone throughout the world's major financial centers. Foreign exchange traders also make markets or speculate in different currencies, usually anticipating future appreciation of stronger currencies against weaker ones, through the foreign exchange Forward Market and the Currency Futures market.

Mesothelioma

Definition
Mesothelioma is a rare form of cancer. In mesothelioma, malignant cells are found in the sac lining of the chest (the pleura) or the abdomen (the peritoneum). The majority of people with mesothelioma have a history of jobs that exposed them to asbestos, an insulation material.
Description
In the chest and abdominal cavities, as well as in the cavity around the heart (pericardial sac), there is a layer of specialized cells called mesothelial cells. These cells also surround the outer surface of most internal organs. These cells form tissue called mesothelium.
The mesothelium performs a protective function for the internal organs by producing a lubricating fluid that permits the organs to move around. For example, this fluid makes it easier for the lungs to move inside the chest while a person breathes. The mesothelium of the abdomen is known as the peritoneum, and the mesothelium of the chest is called the pleura. The pericardium refers to the mesothelium of the pericardial cavity.
There are three primary types of malignant mesotheliomas:
Epithelioid. About 50% to 70% of mesotheliomas are of this type and have the best outlook for survival.
Sarcomatoid. Approximately 7% to 20% of cases are of this type.
Mixed/biphasic. From 20% to 35% of mesothelioma cases fall into this category.
Approximately three-fourths of all mesotheliomas begin in the chest cavity and are known as pleural mesotheliomas. Peritoneal mesotheliomas begin in the abdomen, and make up around 10% to 20% of all cases. Mesotheliomas arising in the cavity around the heart are quite rare.
Demographics
Mesothelioma is a fairly rare form of cancer. According to the American Cancer Society, there are an estimated 2,000 to 3,000 new cases per year of the disease in the United States, but this figure seems to be rising. This rising figure is related to the widespread use of asbestos from the 1940s to the end of the 1970s. European researchers studying the disease expect deaths from mesothelioma to peak around the year 2020 and then drop off, because asbestos use has been cut back greatly since the early 1980s.
The average age of a person with mesothelioma is 50 to 70 years old. It affects men three to five times more often than women and is less common in African-Americans than in Caucasian