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Effects Of The 2008–2010 Automotive Industry Crisis On Canada
The Canadian auto industry is closely linked to the U.S., due to the Automotive Products Trade Agreement and later the North American Free Trade Agreement (NAFTA), and is in similar trouble. Canada's 3,500 car dealers, which employ 140,000 people, told the federal and Ontario governments in mid-November they are at risk from the financial crisis; they are asking the national government to help out despite a record year of sales. Ottawa is considering providing financial aid to the Canadian subsidiaries of the Big Three, and possibly auto parts companies as well. The auto industry argued that loan guarantees and other help would try to save tens of thousands of Canadian jobs threatened by the sudden drop in North American car sales. Chrysler Canada has asked for $1 billion in aid, making it the only Canadian arm of the Big Three to make a specific dollar request. Industry analyst Anthony Faria criticized the labor contracts that Canadian Auto Workers then-president Buzz Hargr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Canadian Press
The Canadian Press (CP; french: La Presse canadienne, ) is a Canadian national news agency headquartered in Toronto, Ontario. Established in 1917 as a vehicle for the time's Canadian newspapers to exchange news and information, The Canadian Press has been a private, not-for-profit cooperative owned and operated by its member newspapers for most of its history. In mid-2010, however, it announced plans to become a for-profit business owned by three media companies once certain conditions were met. Over the years, The Canadian Press and its affiliates have adapted to reflect changes in the media industry, including technological changes and the growing demand for rapid news updates. It currently offers a wide variety of text, audio, photographic, video and graphic content to websites, radio, television, and commercial clients in addition to newspapers and its longstanding ally, the Associated Press (AP), a global news service based in the United States. History Initially, Canada ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effects Of The 2008–2010 Automotive Industry Crisis On The United States
Beginning in the later half of 2008, a global-scale recession adversely affected the economy of the United States. A combination of several years of declining automobile sales and scarce availability of credit led to a more widespread crisis in the United States auto industry in the years of 2008 and 2009. Following dramatic drops in automobile sales throughout 2008, two of the " Big Three" U.S. automakers – General Motors (GM), and Chrysler – requested emergency loans in order to address impending cash shortages. By April 2009, the situation had worsened such that both GM and Chrysler were faced with imminent bankruptcy and liquidation. With the intent to prevent massive job losses and destabilizing damage to the entire manufacturing sector, the U.S. and Canadian governments provided unprecedented financial bailout ($85 billion) support to allow the companies to restructure and jettison legacy debt via Chapter 11 bankruptcy. Both companies separately filed for this pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chrysler Bankruptcy
Chrysler LLC and 24 of its affiliated subsidiaries filed a consolidated petition for bankruptcy on April 30, 2009, with the federal bankruptcy court in New York. The court filing occurred upon failure of the company to come to an agreement with its creditors for an outside-of-bankruptcy restructuring plan, by the April 30 deadline mandated by the federal government. At the time, Chrysler was controlled by the private investment company, Cerberus Capital Management, which, along with other investors, purchased a majority stake in 2007. Initial court proceedings On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets. The sale allows most of the assets of Chrysler to be purchased by a new entity in which Fiat would own 20%, and the autoworker's union retirement health care trust (voluntary benefit association "VEBA") 55%, with the U.S. and Canadian government as minority stakeholders. Secured bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automotive Industry Crisis Of 2008–2010
The automotive industry crisis of 2008–2010 formed part of the financial crisis of 2007–2008 and the resulting Great Recession. The crisis affected European and Asian automobile manufacturers, but it was primarily felt in the American automotive industry, automobile manufacturing industry. The downturn also affected Canada by virtue of the Automotive Products Trade Agreement. The automotive industry was weakened by a substantial increase in the prices of automotive fuels linked to the 2000s energy crisis, 2003–2008 energy crisis which discouraged purchases of sport utility vehicles (SUVs) and pickup trucks which have low fuel economy in automobiles, fuel economy. The popularity and relatively high profit margins of these vehicles had encouraged the American "Big Three automobile manufacturers#United States and Canada, Big Three" automakers, General Motors, Ford Motor Company, Ford, and Chrysler to make them their primary focus. With fewer fuel-efficient models to offer to con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraser Institute
The Fraser Institute is a libertarian-conservative Canadian public policy think tank and registered charity. The institute describes itself as independent and non-partisan. It is headquartered in Vancouver, with additional offices in Calgary, Toronto, and Montreal, and ties to a global network of 80 think tanks through the Economic Freedom Network.Economic Freedom Network Fraser Institute Fraser is a member of the of libertarian policy lobbyists. According to the January 2020 ''Global Go To Index Report'' ( |
Sergio Marchionne
Sergio Marchionne (; 17 June 1952 – 25 July 2018) was an Italian-Canadian businessman, widely known for his turnarounds of the automakers Fiat and Chrysler, his business acumen and his outspoken and often frank approach, especially when dealing with unpalatable issues related to his companies and the automotive industry. Marchionne was the chairman of CNH Industrial, the chief executive officer (CEO) of Fiat Chrysler Automobiles, the chairman and CEO of FCA US LLC, the chairman and CEO of Ferrari, and the chairman of Maserati. He was the chairman of Swiss-based SGS and vice chairman of UBS from 2008 to 2010, as well as the chairman of the European Automobile Manufacturers Association for 2012 (first elected in January 2006). He was a member of the Peterson Institute for International Economics, and the chairman of the Italian branch of the Council for the United States and Italy. Noted for his keen observations of the automotive industry, Marchionne's insights ranged from fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat
Fiat Automobiles S.p.A. (, , ; originally FIAT, it, Fabbrica Italiana Automobili di Torino, lit=Italian Automobiles Factory of Turin) is an Italian automobile manufacturer, formerly part of Fiat Chrysler Automobiles, and since 2021 a subsidiary of Stellantis through its Italian division Stellantis Italy. Fiat Automobiles was formed in January 2007 when Fiat S.p.A. reorganized its automobile business, and traces its history back to 1899 when the first Fiat automobile, the Fiat 4 HP, was produced. Fiat Automobiles is the largest automobile manufacturer in Italy. During its more than century-long history, it remained the largest automobile manufacturer in Europe and the third in the world after General Motors and Ford for over 20 years, until the car industry crisis in the late 1980s. In 2013, Fiat S.p.A. was the second largest European automaker by volumes produced and the seventh in the world, while FCA was the world's eighth-largest automaker. In 1970, Fiat Automobiles employ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dalton McGuinty
Dalton James Patrick McGuinty Jr. (born July 19, 1955) is a former Canadian politician who served as the 24th premier of Ontario from 2003 to 2013. He was the first Liberal leader to win two majority governments since Mitchell Hepburn nearly 70 years earlier. In 2011, he became the first Liberal premier to secure a third consecutive term since Oliver Mowat after his party was re-elected in that year's provincial election. McGuinty was born in Ottawa. He studied science at university, but ended up taking a law degree and practiced law in Ottawa. His father served as a Liberal member of Provincial Parliament (MPP) from 1987 until his death in 1990. A provincial election was called for later that year and McGuinty successfully ran in his father's seat, though the incumbent Liberal government was defeated. After party leader Lyn McLeod resigned due to her leading the Liberals to a second defeat in the 1995 election, McGuinty was elected leader in the 1996 leadership electio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tony Clement
Tony Peter Clement (born January 27, 1961) is a Canadian former federal politician and former Member of Parliament for Parry Sound—Muskoka in Ontario. Before entering federal politics, Clement served as an Ontario cabinet minister, including as Minister of Health and Long-Term Care under premiers Mike Harris and Ernie Eves. Moving to federal politics, he was a candidate for the leadership of the Conservative Party of Canada after its formation from the merger of the Progressive Conservative and Canadian Alliance parties in 2003. He lost to Stephen Harper. Clement won the seat of Parry Sound—Muskoka in the 2006 federal election, defeating incumbent Liberal cabinet minister Andy Mitchell. The Conservatives formed government in that election and Clement was appointed Minister of Health and Minister for FedNor. He also later served as President of the Treasury Board. Clement was re-elected despite the Conservative defeat in the 2015 election. On July 12, 2016, he announced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barack Obama
Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the United States. He previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004, and previously worked as a civil rights lawyer before entering politics. Obama was born in Honolulu, Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the '' Harvard Law Review''. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004. Turning to elective politics, he represented the 13th district in the Illinois Senate from 1997 until 2004, when he ran for the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Commons Of Canada
The House of Commons of Canada (french: Chambre des communes du Canada) is the lower house of the Parliament of Canada. Together with the Crown and the Senate of Canada, they comprise the bicameral legislature of Canada. The House of Commons is a democratically elected body whose members are known as members of Parliament (MPs). There have been 338 MPs since the most recent electoral district redistribution for the 2015 federal election, which saw the addition of 30 seats. Members are elected by simple plurality ("first-past-the-post" system) in each of the country's electoral districts, which are colloquially known as ''ridings''. MPs may hold office until Parliament is dissolved and serve for constitutionally limited terms of up to five years after an election. Historically, however, terms have ended before their expiry and the sitting government has typically dissolved parliament within four years of an election according to a long-standing convention. In any case, an ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
