Indeed. Cash is GM's Achilles' heel - even without Fiat. In the cyclical car business, a key measure of ability to weather big hits - say a recession or pension shortfalls - is cash net of debt. GM says it has $17.3 billion in cash and equivalents and $15 billion in debt.
4,7 CAR BUSINESS
But that is based on very optimistic assumptions of investment fund returns of 7%. Just to stay where it is and avoid an additional payment, GM says it needs to make 10% on its investments and insists that's feasible
To keep from eating into cash further, GM must sell assets. It has some $8 billion up its sleeve. The sale of Hughes Electronics
GM is scrambling to fill a $9 billion hole - as of yearend 2001 - in its $67 billion pension plan. It also has a $47 billion potential chasm in its retiree health-care trust.
Certainly not all is due now. GM can meet its current payments. But at the present size and rate of return on investments, the funds can't cover projected costs. And until the market' picks up sharply, they'll keep falling behind. To get the funds back on track, GM will have to inject billions in the coming years.
Indeed. Cash is GM's Achilles' heel - even without Fiat. In the cyclical car business, a key measure of ability to weather big hits - say a recession or pension shortfalls - is cash net of debt. GM says it has $17,3 billion in cash and equivalents and $15 billion in debt. But the cash number includes $3 billion from the $4,9 billion health-care fund, which many analysts say GM shouldn't count. Excluding that, GM has no cushion of uncommitted cash.
Meanwhile, just to keep the retiree-cost shortfalls from getting bigger, GM is likely to have to spend at least $2 billion for the pension fund and $4 billion for health care next year. But that is based on very optimistic assumptions of investment fund returns of 7%. Just to stay where it is and avoid an.
9,8 CAR PRODUCTION
Bernstein analyst estimates that GM's average costs per car are $1,350 more than Toyota's just from retiree expenses. That means that GM will struggle to make headway for years to come.
On May 31, Fiat's top brass flew to Rome for a frantic, three-day huddle with the company's three largest lenders. Moody's Investors Service and Standard & Poor's were weighing a downgrade to junk status of the top Italian industrial group, which has $33 billion in gross debt. That would have revealed the true extent of Fiat's weakness and disarray and sent the European corporate debt markets into chaos.
Fiat Chairman Paolo Fresco returned to headquarters in Turin with a $2,8 billion debt restructuring and asset-sale plan.
But Fiat's financial problems are hardly over. Many of them come from Fiat Auto - and those may soon belong to General Motors Corp. GM bought 20% of Fiat Auto in 2000 for $2,4 billion and granted Fiat a put option - the right to sell GM the rest - as of January, 2004. Now GM faces a big dilemma. It's short of cash, so a big acquisition would be a serious burden. But if GM waits until 2004, it could be stuck with an even bigger lemon.
Fiat Auto has been careening downhill since GM bought its stake. It lost $1,3 billion in 2001 and is expected to lose another $1 billion this year. Management forecasts breaking even in 2003 and making a slight profit in 2004. But analysts say it'll take three years and $3 billion to $5 billion to reverse its decline.
Will Fiat sell now or later? Much depends on how much GM would pay. Investment bankers say Fiat Auto would be worth nothing if a buyer had to take on its about $1.7 billion of debt. The put terms let Fiat and GM each name bankers to negotiate a "fair market price." But time isn't on Fiat's side. "Things will only get worse for Fiat," says a board member.
Список вопросов к зачету
1 Укажите вопросительную и отрицательную формы глаголов “to be”, “to have”.
2 Проспрягайте глагол “to be” в настоящем простом времени.
3 Скажите, когда используется оборот “there is/are”?
4 Образование сравнительной и превосходной степеней прилагательных
5 Образование множественного числа имен существительных
6 Каков порядок слов в специальном вопросе? Дайте пример.
7 Дайте пример разделительного вопроса
8 Назовите несколько личных и притяжательных местоимений.
9 Какие модальные глаголы есть в английском языке и что они выражают?
10 Какие видовременные формы английского глагола вы знаете?
11 Назовите признаки, по которым можно определить виды английского глагола
12 Назовите, какое действие обозначает группа Indefinite
13 Назовите, какое действие обозначает группа Continuous
14 Назовите, какое действие обозначает группа Perfect
15 Виды технического перевода.
Основная литература:
1 Агабекян И.П. Английский язык. - Ростов-на-Дону.: «Феникс», 2003.
2 Богацкий И.С., Дюканова Н.М. Бизнес курс английского языка – Киев.: «Логос»; -М.: «Рольф» : «Айрис-пресс»,2000.
3 Восковская А.С.,Карпова Т.А. Английский язык для средних специальных учебных заведений.-Ростов.: «Феникс»,2003.
4 Голубев А.П., Балюк Н.В., Смирнов И.Б.- Английский язык. Учебное пособие.- М.,2004.
5 Луговая А. Л. Пособие по английскому языку для энергетических специальностей. - М.: Высшая школа,2001.
6 Митина И.Е., Петрова Л.С. Деловой английский. -С.-Петербург.: 1999.
7 Мусихина О.Н.,Гисина О.Г., Яськова В.П. Английский для строителей: Практикум.-Ростов.: «Феникс»,2004.
8 Паранский Л.М. Химия сегодня и завтра. -М.: «Высшая школа», 1986.
9 Слепович В.С. Курс перевода. -Минск.: «ТетраСистемс»,2006.
10 Тарасова И. Деловой английский. -Москва.: «Просвещение», 1999.
11 Чебурашкин Н.Д. Технический перевод в школе. -Москва.: «Просвещение», 1979.
12 Шевелева С.А. ENGLISH ON ECONOMICS -М.: «Культура и спорт», 1998.
13 Elaine Kirn. About the USA. Published by the United States information Agency.
Martha Bordman. In the USA.. Lnd. London.: «Chancerel Internatonal Publishers», 2000.
14 Michael Vaughan-Rees. In Britain. New edition. «Chancerel International Publishes», 1999.
15 Raymond Murphy. Essential Grammar in Use. Cambridge University Press. 1990.
Дополнительная литература
1 Байтман С. В Британии – Обнинск.: «Титул», 1997.
2 Бонк М.А.. Левина И.И. Бонк И.И. Английский язык.- Москва.: «При-инди», 1994.
3 Бордман М. В США- Обнинск.: «Титул», 1998.
4 Великобритания. Лингвострановедческий словарь.- Москва.: «Русский язык»,1999.
5 Голицынский Ю. Великобритания. -Санкт-Петербург. 2000.
6 Голицынский Ю. Соединенные Штаты Америки.- Санкт-Петербург. 2000.
7 Губарева Т.Ю. Грамматика английского языка в таблицах и схемах.- Москва. 1996.
8 Миньяр Белоручьева А.П. 300 тестовых заданий по английской грамматике.- Москва. 2000.
9 Николенко Т.Г. Тесты по грамматике английского языка.- Москва.: «Рольф», 1997.
10 Томахин Г. Д. США. Лингвистический словарь.- М.: Рус яз.,1999.
11 Халилова Л. США: история и современность.- Москва.: «Рольф», 2000.
12 English for markerting and advertising. Oxford.2007.
13 English for engineering. Oxford.2007.
14 First Certificate Masterclass. Workbook. Oxford.2007.
15 First Certificate Masterclass. Student’s book. Oxford.2007.
16 Michael Vince. English Grammar and Vocabulary. Macmillan.2007.
17 Mark Farrel. British Life and Institutions. Chancerel International Publishers Ltd. London. 2000.