Government loan money about to start flowing to Ford and GM

[RB TexLa]

STOCKHOLM, Dec 8 (Reuters) - The Swedish government was
reported on Monday to be planning to offer loans to the nation's
ailing car makers as one of the firms, Volvo Cars, a unit of
Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), said it would cut nearly 1,400 fewer jobs
than originally announced. Volvo said that following negotiations with unions, it now
was cutting a total of 3,401 jobs worldwide. This compared with
previous plans, detailed in announcements between June and
October, to cut 4,800 jobs. Swedish daily Dagens Industri, citing an unidentified
source, said that the government planned to offer loans and loan
guarantees worth several billion Swedish crowns to the country's
hard-hit car sector. "It is not a question of subsidies or of the government
going in as an owner, but of loans and loan guarantees on good
terms," the source said in the report. A government spokesman declined to comment on the report


http://www.reuters.com/article/marketsNews/idINL810007520081208?rpc=44

[SammyWinstonJack]

1. Smart move.