Obama hopes for 'more competitive' GM
US car giant General Motors filed for bankruptcy today in a move that will allow it to restructure as a "stronger and more competitive" company, President Barack Obama said.
The government is to pump billions of dollars into the firm as it takes a majority stake in a "new GM" that will be streamlined as a result of its reorganisation.
Fritz Henderson, chief executive and president of GM, said it was a "defining moment" in the history of the century-old car maker, adding "today is not the end of General Motors, but the start of a new and better chapter".
President Obama said despite taking a 60 per cent share in the company, the restructured firm would not be run from Washington.
"Our goal is to get GM back on its feet, take a hands off approach, and get out quickly," he added.
- 3 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Sir David Attenborough interview: The one question about life that still baffles him
Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...