Australia/2006
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Australia/2006

Contents

  • 1 January
  • 2 February
  • 3 March
  • 4 April
  • 5 May
  • 6 June
  • 7 July
  • 8 August
  • 9 September
  • 10 October
  • 11 November
  • 12 December

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Conservative Party launches manifesto
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Conservative Party launches manifesto

Wednesday, April 13, 2005The Conservative Party of the United Kingdom, Monday, launched its slimline manifesto for the May 5th general election, a twenty-seven page document entitled The British Dream.

The manifesto focuses on five key areas:

Lower tax and value for money: The party plans to make up to £12 billion of savings annually by reducing beurocracy such as quangos. £8 billion will reduce previous deficit, and £4 billion of tax cuts will be made, especially to what have been called “stealth taxes”. The party promised that funding for education, health, transport and international development would not be cut, and spending on police, defence and pensions would be increased.

Flexible childcare and school discipline: The manifesto promised an increase in maternity pay and more choice of childcare. Under a conservative government more independence over expulsions and admissions would be given to school heads and governors. Special schools for disruptive pupils would be created, and more vocational courses would be created for 14-16 year olds.

Better healthcare and cleaner hospitals: A major feature of the coservative campaign has been hospital sourced infections, and in respose the party have promised to introduce ward matrons charged with keeping hospitals clean, with the authority to close wards with MRSA infections. A Conservative government would contribute funding towards operations in private hospitals. Econimic migrants with HIV or TB would not be allowed to live or work in Britain.

Safer communities and more police: A Conservative government would increase police recruitment by 5,000 a year. The manifesto promised to increase prison terms and increase Britain’s prison capacity by 20,000 places. The party would reverse the Labour government’s decision to relax laws prohibiting Canabis use.

Secure borders and controlled immigration: The manifesto proposes a new border police at Britain’s busiest air and sea ports, with 24 hour surveilance. The party would set a quota on economic migrants and reject asylym-seekers who are not vetted by the UNHCR.

Party leader Michael Howard summed up the manifesto: “If you long for cleaner hospitals, more police, school discipline, controlled immigration, lower taxes and accountability – you can vote for it, on 5 May”, accusing prime-minister Tony Blair, who is campaigning for his third term, of letting the country down.

France to ban smoking in public places
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France to ban smoking in public places

Monday, October 9, 2006

France is to ban smoking in all public places in February 2007, the French prime minister, Dominique de Villepin has announced. However cafés, nightclubs and restaurants will not be required to comply until January 2008.

An offence would result in a fine of 75 euros for the person(s) responsible and 150 euros for the premises where the offence occurred.

When announcing the new law in a television interview, he stated his reason as being the “public health”:

“We started on the basis of a simple observation – two figures: 60,000 deaths a year in our country linked directly to tobacco consumption and 5,000 deaths linked to passive smoking. It is an unacceptable reality in our country in terms of public health”

Public places will include stations, museums, government offices and shops, but not streets or private places such as houses or hotel rooms. He also stated that the country would pay for one-third of the costs of anti-smoking treatments:

“That would represent the first month of treatment,” he said.“There are also other solutions, for example the creation of closed, ventilated spaces, where (food and drink) service is not authorised in order to protect employees,” he added.File:Dominique villepin.jpg

A BBC survey made in France, a country notorious for its use of tobacco suggests that 70% of the people support the ban.

The European Union’s most enthusiastic smokers are found in Greece, Cyprus, and Portugal, according to findings published in May this year. When the law activates, France will join Ireland and Italy, which have passed similar measures. Italy, for example, has very strict measures, such as a minimum fine of 150 euros for smoking in public places with additional charges leveled if the offender was near a pregnant woman or a child under 13. Repeat offenders could be fined more than 275 euros, and imprisoned if they continued. In Switzerland, the canton of Ticino is the only canton in the nation to have banned smoking in restaurants. In the The Netherlands, smoking is banned in NS railway stations.

Tips For Purchasing A Tucson Used Truck

byAlma Abell

Purchasing a used truck is stressful enough. However, with misinformation and dishonest salesmen everywhere, the job can seem overwhelming. How can you ensure that you are purchasing a quality vehicle? When buying a used vehicle, one of the things you should do is look under the vehicle’s hood. Even if you know nothing about the mechanical components of a truck, it is not difficult to detect rusty components or something seeping out where it should not. You would be amazed how many used car dealers deceive unfortunate purchasers merely because the purchaser never checked for obvious problems.

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You should also check other parts of the vehicle. Check the locks, blinkers, windows, even the seat adjustments if you think that is essential. Check to find out if the former owners had any problems with the automobile. Why did the previous owners sell it? This is particularly important if you are purchasing straight off the used vehicle lot without the assurance of a CPO (Certified Pre-Owned) vehicle. Be sure to test every feature as well as every latch. This way, you will avoid unpleasant surprises when you get your vehicle home.

It is also important that you know your figures before you go out shopping. This will take a little bit of research, but it is worth the effort and time. Before you visit any lot, make sure you know the particular questions to ask, as well as the average resale value of the vehicle you desire. You should also understand mileage as well as how high or low mileage affects price.

When reading the fine print in a contract, look for vague wording and loopholes that might come back to trouble you later. When was the last time the car was inspected? Is the vehicle still under the manufacturer’s warranty? If there is anything you do not understand, be sure to ask the dealer about it. Do not hesitate to keep asking until you are totally satisfied with the answer. Purchasing a truck is a big investment, and it is worth being persistent and aggravating the salesman until you are one hundred percent sure that you are making the right decision. Smart Motors is a dependable used vehicle dealer that provides services in Tucson and surrounding areas. Visit their Facebook page for additional information about Tucson used truck.

Two-millenia-old Chinese guard gets unwanted new recruit
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Two-millenia-old Chinese guard gets unwanted new recruit

Friday, September 22, 2006

Legendary Emperor Qin Shi Huang of China had one more terracotta warrior guarding his tomb, recently. Pablo Wendel, an art student from Germany, disguised himself as one of the clay sculptures surrounding Qinshihuang in his final resting place, now a museum.

Police protecting the northern China museum searched for an extended period of time, as Wendel stood silently, among several thousand sculptures. When police found the 26-year-old performance artist, who later told them he was fascinated by the monumental display, they carried him away “as if he were a log.”

China was united by Emperor Qin Shi Huang over 2,200 years ago. The tomb in Xian, once the capital of China, is open to the public as a museum.

British oceanliner QE2 makes final journey home
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British oceanliner QE2 makes final journey home

Tuesday, November 11, 2008

Tuesday, famed ocean liner, Queen Elizabeth 2, popularly known as the QE2, arrived in her home port of Southampton, England for the final time.

The Cunard Line ship has been in service since 1969, and is to become a floating hotel in Dubai. The homecoming was marred as the vessel ran aground on a sandbank near Calshot at the mouth of Southampton Water.

The ship hit the sandbank at around 0530 GMT, and five tugs took around 30 minutes to pull the QE2 clear. The 70,000 tonne vessel was towed into port and eventually docked at 0730 GMT according to the Solent coastguard. Around a thousand crew and 1,700 passengers were aboard the ship, which was returning from a cruise around the Mediterranean.

A number of festivities are set to occur today to mark the QE2’s last day in Southampton. The Duke of Edinburgh will visit the ship and observe the two minutes’ silence for Remembrance Day at 11am, while a Tiger Moth aircraft will fly over and shower the QE2 with a million poppies to mark the 90th anniversary of Armistice Day. The QE2 will leave Southampton for the final time this evening at 1915 GMT.

The QE2 has been referred to as the “world’s most famous ship” and has been a popular sight throughout her four decade career, taking passengers from Southampton on transatlantic cruises to New York and the Caribbean as well as the Mediterranean. During the Falklands War the vessel was commandeered and used as a troop carrier. For her conversion to a hotel, her distinctive funnel is to be removed and replaced by a steel and glass replica, which will house a penthouse suite.

The QE2 is scheduled to push off for its voyage for Dubai this evening around 7:15 pm with a fireworks display. Its final destination will be as part of a Nakheel Properties‘ resort.

Commonwealth Bank of Australia CEO apologies for financial planning scandal
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Commonwealth Bank of Australia CEO apologies for financial planning scandal

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

A Guide For Mortgage Finance}

Submitted by: Frank Zelasko

In simple terms, mortgage financing is the process of providing finance to individuals and business entities, to secure properties, and the finance is repaid through timely and consecutive monthly instalments.

To understand the mortgage finance process, you must first try and understand the basic idea behind mortgages.

Mortgage – Definition

It is a legal agreement that conveys the conditional right of ownership of an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan with the condition that the conveyance of the title becomes void upon the repayment of the debt.

Are Mortgages Legally Enforceable?

Yes, they are. In order to be legally enforceable, the mortgage must be for a defined period, and the mortgagor must have the right of redemption on payment of the debt or on before the end of that term.

Why is Mortgage Finance Common?

Here is a list of why it is the most common type of debt instruments:

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They have a lower rate of interest (because the loan is secured);

They are straight forward and have standard procedures; and

They have a reasonably long repayment period.

What is a Security Document?

The document by which the agreement is effected is called a “Mortgage Bill of Sale” or simply just a “mortgage.”

What are the Common Mortgage Finance Types?

Real Estate Mortgage – Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common.

Chattel Mortgage – When personal property (appliances, cars, jewellery, etc.) is mortgaged, it is called a chattel mortgage.

Second Mortgage – There are situations where it is possible to obtain finance when there is already an existing mortgage associated with the property. It is not unusual for real estate laws to require that the holder of the first mortgage agree to the creation of a second mortgage.

Who has the Right of Possession?

For real property, vehicles, and equipment, etc., the right of possession and use of the mortgaged item normally remains with the mortgagor. But, the mortgagee has the right to take possession at any time to protect his/her security interest.

What Happens in the Event of a Default?

In the event of a default, the mortgagee can:

Appoint a receiver to manage the property (if it is a business property), o

Obtain a foreclosure for a court to take possession and sell the property.

Glossary of Common Terms Used

Mortgagor – the borrower of funds

Mortgagee – the lender/credit provider of funds (e.g. a bank or credit union, etc.)

First Mortgage – a mortgage that has priority over all mortgages and liens except those imposed by law

Second Mortgage – a mortgage that is subordinate to a first mortgage

So, now that you have read this information guide, you should have a good basic understanding of mortgage finance. It will help you in obtaining the right finance for your real-estate property.

Singh Finance can help you in obtaining low rate home mortgage finance. The firms expert finance brokers will understand your situation and help you in obtaining several loan packages like vacant land loan, home loan refinance and construction loan. Call on 0424 190 908 or enquire online now.

About the Author:

singhfinance.com.au/residential-finance/bad-credit-mortgage

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1919411&ca=Finances}

A portrait of Scotland: Gallery reopens after £17.6 million renovation
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A portrait of Scotland: Gallery reopens after £17.6 million renovation

Thursday, December 1, 2011

Today saw Edinburgh’s Scottish National Portrait Gallery reopen following a two-and-a-half-year, £17.6m (US$27.4m) refurbishment. Conversion of office and storage areas sees 60% more space available for displays, and the world’s first purpose-built portrait space is redefining what a portrait gallery should contain; amongst the displays are photographs of the Scottish landscape—portraits of the country itself.

First opened in 1889, Sir Robert Rowand Anderson’s red sandstone building was gifted to the nation by John Ritchie Findlay, then-owner of The Scotsman newspaper and, a well-known philanthropist. The original cost of construction between 1885 and 1890 is estimated at over 70,000 pounds sterling. Up until 1954, the building also housed the Society of Antiquaries of Scotland who moved to the National Museum of Scotland buildings on Chambers Street. The society’s original meeting table now sits in the public part of the portrait gallery’s library, stared down on by an array of busts and phrenological artefacts.

Wikinewsie Brian McNeil, with other members of the press, received a guided tour of the gallery last Monday from Deputy Director Nicola Kalinsky. What Kalinsky described as an introduction to the gallery that previously took around 40 minutes, now takes in excess of an hour-and-a-half; with little in the way of questions asked, a more inquisitive tour group could readily take well over two hours to be guided round the seventeen exhibitions currently housed in the gallery.

A substantial amount of the 60% additional exhibition space is readily apparent on the ground floor. On your left as you enter the gallery is the newly-fitted giant glass elevator, and the “Hot Scots” photographic portrait gallery. This exhibit is intended to show well-known Scottish faces, and will change over time as people fall out of favour, and others take their place. A substantial number of the people now being highlighted are current, and recent, cast members from the BBC’s Doctor Who series.

The new elevator (left) is the most visible change to improve disabled access to the gallery. Prior to the renovation work, access was only ‘on request’ through staff using a wooden ramp to allow wheelchair access. The entire Queen Street front of the building is reworked with sloping access in addition to the original steps. Whilst a lift was previously available within the gallery, it was only large enough for two people; when used for a wheelchair, it was so cramped that any disabled person’s helper had to go up or down separately from them.

The gallery expects that the renovation work will see visitor numbers double from before the 2009 closure to around 300,000 each year. As with many of Edinburgh’s museums and galleries, access is free to the public.

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The expected significant increase in numbers has seen them working closely with the National Museum of Scotland, which was itself reopened earlier this year after extensive refurbishment work; improved access for wheelchair users also makes it far easier for mothers with baby buggies to access the gallery – prompting more thought on issues as seemingly small as nappy-changing – as Patricia Convery, the gallery’s Head of Press, told Wikinews, a great deal of thought went into the practicalities of increased visitor numbers, and what is needed to ensure as many visitors as possible have a good experience at the gallery.

Press access to the gallery on Monday was from around 11:30am, with refreshments and an opportunity to catch some of the staff in the Grand Hall before a brief welcoming introduction to the refurbished gallery given by John Leighton, director of the National Galleries of Scotland. Centre-stage in the Grand Hall is a statue of Robert Burns built with funds raised from around the British Empire and intended for his memorial situated on Edinburgh’s Calton Hill.

The ambulatories surrounding the Grand Hall give the space a cathedral-like feel, with numerous busts – predominantly of Scottish figures – looking in on the tiled floor. The east corner holds a plaque commemorating the gallery’s reopening, next to a far more ornate memorial to John Ritchie Findlay, who not only funded and commissioned the building’s construction, but masterminded all aspects of the then-new home for the national collection.

Split into two groups, members of the press toured with gallery Director James Holloway, and Nicola Kalinsky, Deputy Director. Wikinews’ McNeil joined Kalinsky’s group, first visiting The Contemporary Scotland Gallery. This ground-floor gallery currently houses two exhibits, first being the Hot Scots display of photographic portraits of well-known Scottish figures from film, television, and music. Centre-stage in this exhibit is the newly-acquired Albert Watson portrait of Sir Sean Connery. James McAvoy, Armando Iannucci, playwright John Byrne, and Dr Who actress Karen Gillan also feature in the 18-photograph display.

The second exhibit in the Contemporary gallery, flanked by the new educational facilities, is the Missing exhibit. This is a video installation by Graham Fagen, and deals with the issue of missing persons. The installation was first shown during the National Theatre of Scotland’s staging of Andrew O’Hagan’s play, The Missing. Amongst the images displayed in Fagen’s video exhibit are clips from the deprived Sighthill and Wester-Hailes areas of Edinburgh, including footage of empty play-areas and footbridges across larger roads that sub-divide the areas.

With the only other facilities on the ground floor being the education suite, reception/information desk, cafe and the gallery’s shop, Wikinews’ McNeil proceeded with the rest of Kalinsky’s tour group to the top floor of the gallery, all easily fitting into the large glass hydraulic elevator.

The top (2nd) floor of the building is now divided into ten galleries, with the larger spaces having had lowered, false ceilings removed, and adjustable ceiling blinds installed to allow a degree of control over the amount of natural light let in. The architects and building contractors responsible for the renovation work were required, for one side of the building, to recreate previously-removed skylights by duplicating those they refurbished on the other. Kalinsky, at one point, highlighted a constructed-from-scratch new sandstone door frame; indistinguishable from the building’s original fittings, she remarked that the building workers had taken “a real interest” in the vision for the gallery.

The tour group were first shown the Citizens of the World gallery, currently hosting an 18th century Enlightenment-themed display which focuses on the works of David Hume and Allan Ramsay. Alongside the most significant 18th century items from the National Portrait Gallery’s collection, are some of the 133 new loans for the opening displays. For previous visitors to the gallery, one other notable change is underfoot; previously carpeted, the original parquet floors of the museum have been polished and varnished, and there is little to indicate it is over 120 years since the flooring was originally laid.

Throughout many of the upper-floor displays, the gallery has placed more light-sensitive works in wall-mounted cabinets and pull-out drawers. Akin to rummaging through the drawers and cupboards of a strange house, a wealth of items – many previously never displayed – are now accessible by the public. Commenting on the larger, featured oils, Deputy Director Kalinsky stressed that centuries-old portraits displayed in the naturally-lit upper exhibitions had not been restored for the opening; focus groups touring the gallery during the renovation had queried this, and the visibly bright colours are actually the consequence of displaying the works in natural light, not costly and risky restoration of the paintings.

There are four other large galleries on the top floor. Reformation to Revolution is an exhibition covering the transition from an absolute Catholic monarchy through to the 1688 revolution. Items on-display include some of the Scottish National Portrait Gallery’s most famous items – including Mary Queen of Scots and The Execution of Charles I. The portrait-based depiction of this historical age is complemented with prints, medals, and miniatures from the period.

Imagining Power is a Jacobite-themed exhibition, one which looks at the sometime-romanticised Stuart dynasty. The Gallery owns the most extensive collection of such material in the world; the portraiture that includes Flora MacDonald and Prince Charles Edward Stuart is complemented by glassware from the period which is on-loan from the Drambuie Liqueur Company which Kalinsky remarked upon as the only way Scots from the period could celebrate the deposed monarchy – toasting The King over the Water in appropriately engraved glasses.

On the other side of the upper floor, the two main naturally-lit exhibitions are The Age of Improvement, and Playing for Scotland. The first of these looks at societal changes through the 18th and 19th centuries, including Nasmyth’s 1787 portrait of the young Robert Burns and – well-known to past visitors to the portrait gallery – Raeburn’s 1822 depiction of Sir Walter Scott. These are complemented with some of the National Gallery’s collection of landscapes and earliest scenes from Scottish industry.

Playing for Scotland takes a look at the development of modern sports in the 19th century; migration from countryside to cities dramatically increased participation in sporting activities, and standardised rules were laid down for many modern sports. This exhibition covers Scotland’s four national sports – curling, shinty, golf, and bowls – and includes some interesting photographic images, such as those of early strong-men, which show how more leisure time increased people’s involvement in sporting activities.

Next to the Reformation to Revolution gallery is A Survey of Scotland. Largely composed of works on-loan from the National Library of Scotland, this showcase of John Slezer’s work which led to the 1693 publication of Theatrum Scotiae also includes some of the important early landscape paintings in the national collection.

The work of Scotland’s first portrait painter, the Aberdeen-born George Jamesone, takes up the other of the smaller exhibits on the east side of the refurbished building. As the first-ever dedicated display of Jamesone’s work, his imaginary heroic portraits of Robert the Bruce and Sir William Wallace are included.

On the west side of the building, the two smaller galleries currently house the Close Encounters and Out of the Shadow exhibits. Close Encounters is an extensive collection of the Glasgow slums photographic work of Thomas Annan. Few people are visible in the black and white images of the slums, making what were squalid conditions appear more romantic than the actual conditions of living in them.

The Out of the Shadow exhibit takes a look at the role of women in 19th century Scotland, showing them moving forward and becoming more recognisable individuals. The exceptions to the rules of the time, known for their work as writers and artists, as-opposed to the perceived role of primary duties as wives and mothers, are showcased. Previously constrained to the domestic sphere and only featuring in portraits alongside men, those on-display are some of the people who laid the groundwork for the Suffrage movement.

The first floor of the newly-reopened building has four exhibits on one side, with the library and photographic gallery on the other. The wood-lined library was moved, in its entirety, from elsewhere in the building and is divided into two parts. In the main public part, the original table from the Society of Antiquaries sits centred and surrounded by glass-fronted cabinets of reference books. Visible, but closed to public access, is the research area. Apart from a slight smell of wood glue, there was little to indicate to the tour group that the entire room had been moved from elsewhere in the building.

The War at Sea exhibit, a collaboration with the Imperial War Museum, showcases the work of official war artist John Lavery. His paintings are on-display, complemented by photographs of the women who worked in British factories throughout the First World War. Just visible from the windows of this gallery is the Firth of Forth where much of the naval action in the war took place. Situated in the corner of the room is a remote-controlled ‘periscope’ which allows visitors a clearer view of the Forth as-seen from the roof of the building.

Sir Patrick Geddes, best-known for his work on urban planning, is cited as one of the key influencers of the Scottish Renaissance Movement which serves as a starting point for The Modern Scot exhibit. A new look at the visual aspects of the movement, and a renewal of Scottish Nationalist culture that began between the two World Wars, continuing into the late 20th century, sees works by William McCance, William Johnstone, and notable modernists on display.

Migration Stories is a mainly photographic exhibit, prominently featuring family portraits from the country’s 30,000-strong Pakistani community, and exploring migration into and out of Scotland. The gallery’s intent is to change the exhibit over time, taking a look at a range of aspects of Scottish identity and the influence on that from migration. In addition to the striking portraits of notable Scots-Pakistani family groups, Fragments of Love – by Pakistani-born filmmaker Sana Bilgrami – and Isabella T. McNair’s visual narration of a Scottish teacher in Lahore are currently on-display.

The adjacent Pioneers of Science exhibit has Ken Currie’s 2002 Three Oncologists as its most dramatic item. Focussing on Scotland’s reputation as a centre of scientific innovation, the model for James Clerk Maxwell’s statue in the city’s George Street sits alongside photographs from the Roslin Institute and a death mask of Dolly the sheep. Deputy Director Kalinsky, commented that Dolly had been an incredibly spoilt animal, often given sweets, and this was evident from her teeth when the death mask was taken.

Now open daily from 10am to 5pm, and with more of their collection visible than ever before, the Scottish National Portrait Gallery will change some of the smaller current exhibits after 12 to 18 months on display. The ground-floor information desk has available five mini-guides, or ‘trails’, which are thematic guides to specific display items. These are: The Secret Nature trail, The Catwalk Collection trail, The Situations Vacant trail, The Best Wee Nation & The World trail, and The Fur Coat an’ Nae Knickers Trail.

U.S. manufacturer General Motors seeks bankruptcy protection
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U.S. manufacturer General Motors seeks bankruptcy protection

Monday, June 1, 2009

United States automobile manufacturing firm General Motors filed for bankruptcy and Chapter 11 protection from its creditors at 12:00 UTC Monday, in a Manhattan, New York federal bankruptcy court. This was the largest bankruptcy filing for a U.S. manufacturing company, and with declared assets of $82.29 billion and a debt of $172.81 billion, and the fourth largest bankruptcy filing in recent U.S. history — after the bankruptcies of Lehman Brothers ($691.06 billion), Washington Mutual ($327.91 billion), and WorldCom ($103.91 billion).

The filing, expected to be the first of many, was for a New York GM affiliate, Chevrolet-Saturn of Harlem Incorporated. Numbered 09-50026, it named GM as a debtor in possession, and was filed before judge Robert Gerber.

GM is to be represented throughout the filing process by Weil Gotshal & Manges, a New York law firm specializing in bankruptcy.

The chief restructuring officer, named in the filing, is to be Al Koch, a managing director at AlixPartners LLP in New York, who will report directly to Fritz Henderson, the Chief Executive Officer of General Motors.

In its bankruptcy petition, GM listed its primary creditors as:

Name Amount owed (USD millions)
Wilmington Trust 22,000
United Auto Workers union (UAW) 20,560
Deutsche Bank 4,440

The amount owed to UAW excludes “approximately $9.4 billion corresponding to the GM Internal VEBA“. USD22,760 millions are owed to bondholders.

Analysts have observed that the effect of the bankruptcy filing on the U.S. economy is not expected to be as major as it once would have been. One such voice, Mark Zandy, an economist at Moody’s Economy.com, commented that “Bankruptcy now is irrelevant in terms of the economic consequence of what’s happening to GM.” Such analysts believe that the economic impact of GM’s problems has already been felt, with its effects on parts suppliers and employment. They also believe that GM’s programme of accelerated payments, and its participation in a U.S. Treasury program to ensure prompt payments to parts manufacturers, will have cushioned the effect of the bankruptcy itself.

Speaking on Bloomberg Radio, David Cole, chairman of the Center for Automotive Research in Ann Arbor, stated that the fragility of the parts suppliers, the loss of whom would threaten the entire automobile manufacturing industry, was of more immediate concern than the GM bankruptcy.

Also filing for chapter 11 protection today were Saturn LLC and Saturn Distribution Corporation, subsidiary companies of General Motors.

As a consequence of the bankruptcy, General Motors Corporation (GM.N) was removed from the Dow Jones Industrial Average, and was replaced by Cisco Systems (CSCO.O), these changes scheduled by Dow Jones & Company to take effect from the opening of trading on June 8.

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