Forex News and Rumors – Afternoon Update

GM to Close 20 Plants for the Month of January

In response to the Senate’s blocking of Congresses’ bailout plan, GM has announce that it will cut 250,000 vehicles from planned production of 750,000 vehicles for the first three months of 2009. GM intends to mothball 20 factories across North America for most of the month of January to scale back production. More

US Producer Prices Fall by 2.2%

Prices paid to producers fell by 2.2 percent for the month of November coming on a record 2.8 percent contraction for the previous month. More

US Treasury to Provide Emergency Funds to Automakers

A Treasury department spokesperson stated that the Bush administration will provide emergency funding to Chrysler LLC and General Motors Corp after yesterday’s refusal of the Senate to ratify the proposed bill that would see up to $14 billion in emergency funding. More

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