According to the New York Times Monday reports, for the Auburn Hills, Michigan-based Chrysler to qualify for additional loans from the US government, it must strike a deal with Italian auto biggie Fiat SpA by April 30. As per the terms of the alliance, Fiat would receive a 35 per cent stake in Chrysler, but would provide no cash infusion.
In case Chrysler, the third largest automaker, fails to materialize the projected pact with Fiat by the set deadline, it would receive no more aid from the government, because the Obama administration would not consider it a viable stand-alone company.
Washington - US President Barack Obama suggested last-minute talks to save Chrysler LLC from bankruptcy were yielding results, saying he was "very hopeful" Wednesday night that a deal could be reached with creditors.
Finally, the researchers have unravelled the secret behind the much hyped therapeutic power of the main component in turmeric, a spice regarded as auspicious and antiseptic in India.
Washington - Under government pressure to prove its viability by June 1 and bracing for a prolonged recession, General Motors on Thursday announced an unprecedented series of nationwide summer plant shut-downs to reduce ballooning inventory.
