Oil falls ahead of Opec meeting

Opec ministers will gather in Cairo on Saturday, as oil prices remained below $55 a barrel amid fears that global demand is set to fall further.

US light, sweet crude ended down a cent at $54.43 a barrel on Friday. In London Brent was up 20 cents at $53.49.

Ministers from Iran and Qatar dampened expectations that a cut in production would be announced this weekend.

Opec member Venezuela favours a cut in output of a million barrels a day to try to boost prices.

The Iranian Oil minister, Gholam Hossein Nozari said a cut may be announced at the Opec meeting in Algeria on 17 December.

"Here we will prepare some data and maybe the final decision will be in Algeria," he said.

His view was backed up by the Qatari energy minister, Abdullah al-Attiyah.

Added Kuwaiti Oil Minister Mohammed al-Olaim said:"I don't think a decision will be taken at the meeting in Cairo. A decision could be taken at the meeting in Algeria."

Balancing demand

Falls in demand in the US, the world's top energy consumer, and other industrialised countries, have helped drive prices down from a record peak of more than $147 a barrel.

Opec, which accounts for 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining.

While cartel members have not ruled out making another output cut, some say the impact of the existing cuts still have to be felt.

"Combined with weakening non-Opec supplies, the projected...output curtailment suggests that the oil market could actually tighten moving into 2009," Barclays Capital said in a research note.

http://news.bbc.co.uk/2/hi/business/7754639.stm

燃油税该怎么征

《华尔街日报》中文网络版专稿

邓聿文

国务院日前召开常务会议，决定将成品油价格和燃油税费改革方案向社会公布，广泛征求意见。这是明智的。

燃油税改革涉及中央与地方、不同部门之间以及消费者和企业的利益调整，例如，“费改税”后交通部门30多万名与收费相关的员工如何安置？地方利益在收归国家财政后如何再分配？目前的高速公路投资主体已经相当多元化，实施燃油税，他们的利益如何体现？税率又定多高水平？没有一个全面通盘的考虑并拟订解决办法，燃油税即使强行推出，也只会反映政策制定者以及少数强势群体比如石油企业的利益。

制定公共政策，时机问题非常重要，但不是惟一需要考虑的因素。燃油税从提出动议到现在14年仍然难产，并不是“卡”在油价问题上──14年前的油价就比现在还低很多，而是由于其中的利益关系没协调好。

按照发改委早先拟定的改革方案，燃油税推出的同时将取消公路养路费、航道养护费、公路运输管理费、公路客货运附加费、水路运输管理费、水运客货运附加费等六项收费，撤销政府还贷二级以下公路收费站点。但这个方案整个就是在“忽悠”。

在上述费用中，公路与水运客货运附加费是当初政府修公路和航道时因投入不足而对使用者征收的费用，是一种在特定时期附加的费用，现在中国的公路和航道绝大多数都是收费公路和航道，再收附加费属于二次收费，本早就要取消的。再看二级公路收费站的撤消，根据2004年颁布的《收费公路管理条例》，二级以下道路本来就不能收费，实际上现在还在收费的已经不多。决策者把撤消一个本该撤消的公路收费站点作为燃油税开征后民众享受的福利，只能贻笑大方。

中国民众出行成本中过路过桥费占相当比重，但是，对这块收费，无论哪个版本的燃油税改革方案都没有提出废除。不仅如此，交通运输部近日宣布，明年将投入1万亿元道路建设资金，但公路收费建设政策维持不变，以后新修的省道、国道和高速公路还得收过路费。这是非常不合理的。作为准公共产品的公路建设，理应主要由政府投资并免费向公众开放。高速公路发达的美国修建高速公路的投入80%以上来自燃油税。

在税率方面，决策层与民众的看法也不一样。为了使人们节约用油，政府部门和一些专家倾向于税率高一点，至少是油价的50%以上，而多数民众倾向于30%以下。以北京一位普通小汽车车主来说，如果按每年1.4万公里行程和现在的油价计，按10%燃油税率征收，车主一年可省380.72元，按30%燃油税率征收则要多付1431.84元，50%更是多支出3296.4元。

公共政策的本质在于有效增进公平分配和公共利益。对于像燃油税这种影响面广的税种的出台，必须充分听取民意，广泛集中民智，让各利益方进行公开讨论，达成一个多数人都能接受的方案后再推出来。仅靠经验和少数人的智慧，最后出台的方案必然与社会多数人的期望相反。

燃油税该怎么征？我的建议是：一，在燃油税出台前，先将过高的油价降下来，不应将两者混在一起；二，在取消养路费等六项费用之后，还应进一步清理交通行业其他不合理费用；三，取消绝大多数收费公路的收费，用所收的燃油税还贷和投资兴建公路；四，折衷考虑政府希望节油和百姓希望省钱的愿望，将燃油税率暂定为20%。

（本文作者邓聿文为中央党校《学习时报》副编审，多家报刊专栏作者和特约作者，关注转型期的中国社会问题。文中所述只代表他的个人观点。）

http://chinese.wsj.com/gb/20081128/col175813.asp

石油公司因市况低迷纷纷屯积现金

Oil Firms Make Tough Calls And Conserve Cash

全球石油业即将面临艰难抉择，因为不断下跌的能源价格迫使石油公司不得不重新考虑如何分配自己的资金，而保留现金则成了它们新的首选。

Tough choices are looming for the global oil industry as sinking energy prices force companies to reconsider how they spend their money. The new priority: Conserve cash.

仅仅几个月前，由于全球能源需求的旺盛以及原油价格在7月份攀升至每桶145美元，世界各大石油和天然气公司的利润还屡创历史新高。石油公司那时并不需要在提前还清债务、提高股票派息、增加现金持有以及扩大资本支出中间做选择。它们有实力让这几项措施齐头并进。

Just a few months ago, major oil and natural-gas companies were minting record profits as global energy demand boomed and crude-oil prices climbed to $145 a barrel in July. Oil companies didn't have to choose between paying down debt, raising stock dividends, increasing their cash balances or expanding capital budgets. They could afford to do it all simultaneously.

而现在，世界范围的经济低迷正在抑制市场对石油和天然气的需求，导致基准原油价格上周出现了自2005年以来首次低于每桶50美元的情况。在纽约商交所周二的交易中，油价每桶下跌3.73美元，降至50.77美元，跌幅6.8%。

Now the world-wide economic downturn is drying up demand for oil and natural gas, dropping the benchmark price for a barrel of oil to below $50 last week for the first time since 2005. On Tuesday, oil prices fell $3.73, or 6.8%, to settle at $50.77 a barrel on the New York Mercantile Exchange.

业内专家们预计，如果油价在未来几周不能大幅反弹，各石油公司首先将会对大规模的股票回购项目开刀，而这些回购行动近几个月来一直对能源公司股价的下跌起着缓冲作用。

If oil prices don't rebound significantly in the next few weeks, industry experts expect oil companies, as a first step, will take a scalpel to generous share-repurchase programs that have helped cushion falling stock prices in recent months.

它们或许还需要进一步缩减股票回购规模。在当前这种大幅振荡的市场环境下预测油价是件危险的游戏，但业内分析师们近来一直在下调油价的预测值，一些人相信油价不会很快反弹。总部位于加拿大卡尔加里的能源投资银行Tristone Capital周二预测说，明年的平均油价将降至每桶50美元。

Further cuts may be necessary. Predicting oil prices in such a volatile market is a perilous pastime, but industry analysts have been slashing price forecasts recently and some believe oil won't rebound anytime soon. Calgary-based energy investment bank Tristone Capital on Tuesday forecast oil prices would average $50 next year.

而据巴克莱集团(Barclays PLC)旗下投资银行部门Barclays Capital的信贷分析师们所做现金流分析显示，以每桶50美元的油价计，埃克森美孚(Exxon Mobil Corp.)、雪佛龙(Chevron Corp.)和康菲(ConocoPhillips)等石油巨头要想完全落实预算资金、维持目前的派息水平，就需要增加债务、动用自己丰厚的现金储备或在其他方面削减成本。

At that level, oil giants such as Exxon Mobil Corp., Chevron Corp. and ConocoPhillips will need to add debt, spend their substantial cash balances or cut other costs in order to fully fund capital budgets and maintain their dividends, according to a cash-flow analysis by credit analysts at Barclays Capital, the investment-banking arm of British bank Barclays PLC.

总部位于休斯顿的小型投资银行TPH Energy在给投资者的研究报告中说，由于油价下跌和世界性的信贷危机，全球能源业的增长速度无疑将显著放缓。

With plunging oil prices and a global credit crisis, there is 'no question in our minds that [a] noticeable slowdown will happen in [the] worldwide energy biz,' wrote Houston-based investment boutique TPH Energy in a note to investors. 'Fear + less cash flow = retrenchment.'

即使是油价维持在每桶70美元的水平，雪佛龙及Marathon Oil Corp.和Suncor Energy Inc.等中型能源公司也需要在哪些开支要压、哪些要保的问题上做出战略抉择。Sanford C. Bernstein在最近发表的一份研究报告中说，如果2009年的油价维持在每桶70美元，英国石油(BP PLC)、ENI SpA、荷兰皇家壳牌(Royal Dutch Shell PLC)和康菲等石油公司要想维持目前的派息和股票回购水平显然不会轻松。而埃克森美孚和挪威国家石油公司(StatoilHydro ASA)在2010年也将面临同样问题。

Even at $70 oil, Chevron and some midsize companies such as Marathon Oil Corp. and Suncor Energy Inc. will need to make strategic decisions about what to cut and what to fund. In a recent research note, Sanford C. Bernstein said that, at $70 oil in 2009, 'it is obvious' that companies such as BP PLC, ENI SpA, Royal Dutch Shell PLC and ConocoPhillips 'could struggle to maintain the dividend and buy-back levels,' while Exxon and StatoilHydro ASA would face similar problems in 2010.

为了管理自己的现金，一些中型能源公司已开始削减资本支出计划。虽然目前为止那些大型跨国能源公司尚未缩减计划中的支出，不过它们已在推迟某些项目的实施，希望行业扩张速度的放缓有助于降低这些项目的建筑和工程开支，这类开支近年来大幅飙升。

To manage their cash, some midsize energy companies have begun trimming their capital-spending plans. So far, the large global companies are maintaining planned spending, though they are delaying certain projects in the hope that construction and engineering costs -- which have soared in recent years -- will come down as the industry expansion slows.

股市大盘的重挫和投资者对油价不断下跌的担忧已对能源类股造成打击。埃克森美孚和雪佛龙这两家美国最大石油公司的股价今年已分别下跌了17%和18%。摩根大通(J.P. Morgan)本月将它对埃克森美孚和雪佛龙明年利润的预期值分别下调了17%和26%。

Energy companies already have been pummeled by the broader stock-market selloff and concerns about falling oil prices. Shares of Exxon and Chevron, the two largest U.S.-based oil companies, are down 17% and 18%, respectively, this year. This month, J.P. Morgan slashed its projected earnings next year for Exxon by 17% and for Chevron by 26%.

麦格理证券(Macquarie Securities)能源分析师詹森·甘缪尔(Jason Gammel)说，既要应对当前的经济低迷，对于那些有望支撑公司未来发展的项目又不能削减投资力度，面对这种局面，能源企业最有可能采取的措施就是动用其庞大的现金储备并增加负债。他指出，埃克森美孚的收益报告显示，截至今年9月底它手中握有370亿美元现金，这笔钱可以满足它一年半的资本支出之需。

To cope in the downturn without cutting funding for projects expected to deliver future growth, companies are most likely to spend down their large cash reserves and increase debt, said Jason Gammel, an energy analyst with Macquarie Securities. He noted that Exxon could fund its capital spending for 1 1/2 years with the $37 billion in cash it reported at the end of September.

甘缪尔说，虽然当前这场信贷危机已导致大多数产业的债市融资之路被关闭，但由于能源企业近年来凭借高油价积累了厚实的资产，如果市况不妙，市场对综合型石油债券将有不菲的需求。

And while the credit crisis has locked up debt markets for most industries, the strong balance sheets forged in recent years by high oil prices means 'there would be plenty of market appetite for integrated oil debt if things got bad,' he said.

当然，如果油价像一些分析师仍然预计的那样再度上行，石油公司将可安然度过眼前的这段经济低迷期。巴克莱预计，市场需求恢复增长将把油价重新推高到每桶100美元。而Tristone Capital和德意志银行(Deutsche Bank)等其他机构则对油价上涨前景较为悲观。

Of course, if oil prices were to spike upward again, as some analysts continue to predict, oil companies will be able to ride out the current downturn with little fuss. Price forecasts at Barclays see demand growth returning to push prices back up to $100 a barrel. Others, such as Tristone Capital and Deutsche Bank, are more bearish.

如果这派悲观看法是正确的，石油公司将被迫采取行动。目前有众多可能出现的不利因素会妨碍油价的回升：比如全球出现深度经济衰退，石油输出国组织(OPEC)在削减产量方面无法协调行动，或者美国的政局变化对可再生能源方面的投资起到促进作用。可再生能源的发展长期而言会对化石燃料的价格造成不利影响。

If the bearish forecasts are correct, oil companies will be forced to act. There are a number of potential barriers to higher oil prices: a deep global recession; an inability of the Organization of Petroleum Exporting Countries to cooperate in production cuts; and political developments in the U.S. to promote investment in renewable energy, which would put a damper on long-term fossil-fuel prices.

不过，目前的石油市场供应依然紧张，如果需求出现回升，油价有可能迅速反弹。如果石油公司今后几个月普遍推迟开发项目的实施，人们将更加担忧此举对未来能源供应的影响。麦格理证券的甘缪尔说，总而言之，这会让人担心当经济走出低谷时油价有可能大幅攀升。

Still, oil supply remains constrained and, if demand returns, prices could head back up quickly. If there is a broad move to defer projects in coming months, concern about the impact on future energy supplies would grow. 'At the end of the day, this creates a potential for serious price spikes when we come out of the trough of the economic cycle,' said Macquarie's Mr. Gammel.

石油和天然气价格的大幅下跌已经对那些规模较小、财力较弱的能源企业产生了显著影响。这些企业以开采天然气或加拿大油砂矿等高成本能源为主，为了确保不出现资金入不敷出的局面，它们已经削减了资本支出。这与它们近几年的做法大相径庭，那时许多这类企业都依赖股市和债市来筹集需要额外的资金。

The steep drop in oil and natural-gas prices already has had a dramatic effect on companies that are smaller and have a weaker financial position than the global oil titans. These smaller companies, mainly producers focused on natural gas or high-cost production projects such as Canada's oil sands, already have slashed capital spending to make sure they aren't spending more than operations bring in. That is a departure from recent years, when many of the companies spent heavily and relied on debt and equity markets to provide additional cash.

Russell Gold

http://chinese.wsj.com/gb/20081126/ffe133846.asp

塔塔集团四面楚歌

Tata Group's Troubles Mount

印度头号跨国公司塔塔集团(Tata Group)在国内面临的问题日益增多之际，其全球扩张计划也正遭遇挫折。

India's first major multinational, Tata Group, is seeing its global ambitions backfire just as its problems at home grow.

从茶叶到酒店甚至是钢铁，塔塔集团均有涉足，或许看上去是实现了充分的多元化。但从该集团旗下公司一宗大规模收购遭遇的问题看，即便如塔塔这般实力雄厚的公司，在全球经济降温的环境下也会出现资金紧张的情况。

With interests ranging from tea to hotels to steel, the pioneering conglomerate may seem adequately diversified. But issues with one of the largest acquisitions made by the group's companies show how even Tata's resources are being stretched by the global downturn.

塔塔汽车(Tata Motors Ltd.)今年3月份斥资23亿美元收购陆虎(Land Rover)和捷豹(Jaguar)两大汽车品牌，被作为印度企业向海外扩张的证据而被大肆炒作，再加上印度这次竟然到前宗主国的后院动土，给这宗交易添上了更多色彩。但在汽车销售形势每况愈下的环境下，塔塔汽车收购这两个英国汽车品牌明显是吃亏了。

Tata Motors Ltd.'s $2.3 billion purchase of Land Rover and Jaguar in March was touted as evidence of India Inc.'s growing clout -- with added spice, since the acquisitions were on its former colonial ruler's home turf. But car sales are slumping, and it is clear that Tata Motors overpaid for its British trophies.

上个月，塔塔汽车为了偿还完成这宗交易所需要的过渡性贷款，不得不启动价值8.28亿美元的配股。眼下，陆虎和捷豹本身、或作为汽车业援助计划的一份子，都很有可能向英国政府寻求更多信贷额度。

Last month it had to launch an $828 million rights issue to help fund the bridging loan it needed for the deal. Now, there is a good chance that Jaguar Land Rover will seek a further line of credit from the U.K. government, either by itself or as part of an industry bailout.

与此同时，印度汽车需求减少正导致库存积压，该公司在詹谢普尔的生产基地被迫在本周减产。此外，有抗议者要求塔塔汽车另选他地建设“Nano”低成本车的生产厂，也使该公司的声誉受损。

Lower demand for cars in India, meanwhile, is causing inventory pileups; the company is having to cut production at its Jamshedphur base this week. The company's reputation also took a hit as protests forced it to abandon the site of the new manufacturing plant for its low-cost Nano car.

最令人担心的是，塔塔集团为受困的各子公司解围正显出疲态。由于塔塔汽车配股的认购不足，塔塔集团只得将旗下塔塔咨询服务有限公司(Tata Consultancy Services Ltd.)的一部分股份套现以购入配售股份。又因为塔塔咨询服务的股票价格今年以来已下跌过半，使得这次配股得不偿失。

Most worrying are the signs Tata Group is struggling to put out the fires at its beleaguered group members. The group plugged a shortfall in Tata Motors' rights issue last month by selling a stake in outsourcing arm Tata Consultancy Services Ltd. The value of Tata Consultancy's shares have more than halved this year, making that tactic less effective.

塔塔集团董事长拉坦?塔塔(Ratan Tata)也知道情况正变得越来越糟糕。他在上个月发给集团首席执行长的一封电邮中警告，在全球金融危机继续肆虐的环境下，集团的一些子公司会处于“不可挽回的境地”。

Group Chairman Ratan Tata knows the hole is getting deeper. Last month in an email to group chief executives, he warned of 'irretrievable positions' for some Tata companies as the global financial crisis continues.

为公司解困将耗用塔塔的所有心思。在他成功之前，塔塔集团各子公司的投资者要面临漫长的等待。

Extricating his company from this position will take all of Mr. Tata's expertise. Investors in his group's companies face a long wait for him to succeed.

Andrew Peaple

http://chinese.wsj.com/gb/20081125/ffe140747.asp

Nissan pulls out of Chicago Auto Show

By Kathy Bergen | Tribune reporter

With the auto industry reeling, Nissan North America Inc. is pulling out of the 2009 Chicago Auto Show, the first major automaker to exit the high-profile public show that opens in February at McCormick Place.

Having trumpeted its new products at the Los Angeles Auto Show this month, the company decided to skip both the Detroit auto show in January and the Chicago show as a way to control spending during tough times, said Alan Buddendeck, a company spokesman.

"In extraordinary market conditions, every company takes a fresh look at its marketing strategy and tactics," he said.

The withdrawal is a major blow for the Chicago Auto Show, which typically draws an estimated 1 million car aficionados each year.

The Chicago Automobile Trade Association, producer of the show, plans to fight the decision, said Jerry Cizek, president of the Oakbrook Terrace-based group.

"We're not done with this," Cizek said. "We're going to keep lobbying to see if they will reconsider because Chicago is too important for Nissan North America . . . not to be in the show."

He said he will participate in a conference call with Nissan executives Tuesday.

No other car manufacturers have pulled out, he said, though some have reduced the size of their exhibits.

Overall, he expects the exhibition area to shrink by 10 percent to 15 percent this year.

Carmakers cut back on their events at the Los Angeles show, and four other car companies -- Ferrari, Rolls-Royce, Land Rover and Suzuki Motor Corp. -- are withdrawing from the Detroit show, the Los Angeles Times has reported.

kbergen@tribune.com

http://www.chicagotribune.com/business/chi081124-autoshownissan,0,1886960.story

通用汽车董事会愿意考虑破产

Bankruptcy Is Option To GM Board

知情人士透露，陷入困境的通用汽车(General Motors Corp.)董事会成员目前愿意考虑包括申请破产保护在内的“所有选择方案”，从而使他们和公司董事长兼首席执行长瓦格纳(Rick Wagoner)出现了罕见的立场分歧。

Members of General Motors Corp.'s board of directors are willing to consider 'all options' for the ailing auto maker, including an eventual filing for bankruptcy protection, a stance that puts them in rare disagreement with Chairman and Chief Executive Rick Wagoner, people familiar with the matter said.

正在努力争取联邦资金救助的瓦格纳上周对国会表示，通用管理层认为破产保护不是公司的可行方案，公司正致力于说服议员们同意提供财务救助。

As part of his push to win a federal bailout for the company, Mr. Wagoner told Congress this week that GM management believes bankruptcy protection is not a viable option for the company. Instead, GM is focusing on persuading lawmakers to provide financial help, Mr. Wagoner said.

一直公开强烈支持瓦格纳的通用汽车董事会也同意，寻求政府救助是公司当务之急。但据了解通用董事会外部董事想法的人士透露，董事会不愿排除申请破产的可能性。

The board, which in the past has publicly offered Mr. Wagoner its strong support, agrees that seeking government funding is the company's top priority. But it isn't willing to dismiss the possibility of a bankruptcy filing, say people familiar with the thinking of the board's outside directors.

通用汽车上周五在向《华尔街日报》提供的声明中说，董事会对申请破产进行了讨论，但并不认为申请破产是解决流动性问题的可行性方案。通用汽车发言人托尼?瑟沃尼(Tony Cervone)表示，公司董事会将视情况的发展考虑各种选择方案，管理层正在考虑在职权范围内竭尽所能以避免破产。

In a statement provided to The Wall Street Journal on Friday, GM said the board had discussed bankruptcy but didn't view it as a 'viable solution to the company's liquidity problems.' The board 'is committed to considering all options in light of circumstances as they may develop.' A GM spokesman, Tony Cervone, said that management is considering doing everything in its power to avoid a filing.

通用汽车表示，瓦格纳不愿接受采访。记者上周五未能联系到公司几位董事会成员予以置评。目前还不清楚董事会是否聘请了独立顾问以协助评估可能不得不考虑的选择方案。

GM said Mr. Wagoner declined to be interviewed. Several of GM's board members could not be reached for comment on Friday. It is unclear whether the board has hired independent advisers to help it evaluate options it may have to consider.

通用汽车董事会内部出现新的紧张迹象，可能会令55岁的瓦格纳今后几周的日子更加难过。在过去一个月中，他已被迫承认通用汽车使用现金的速度达到了危险水平。瓦格纳表示，受信贷市场冻结和汽车需求暴跌的影响，公司的现金可能最早在明年1月就会跌破维持正常运转的最低水平。通用汽车上周五收盘为3.06美元，上涨18美分，涨幅6.25%。而一年之前通用汽车股价还在42美元左右。

New signs of tension in the boardroom could complicate the next few weeks for Mr. Wagoner, 55 years old. In the past month, he has had to acknowledge GM is using cash at an alarming rate. Mr. Wagoner said that as soon as January, amid frozen credit markets and a collapse in demand for automobiles, the company could fall short of the minimum levels it needs to stay out of bankruptcy court. On Friday, GM shares closed at $3.06, up 18 cents, or 6.25%. A year ago, the stock was trading at about $42.

最近几周来，通用汽车董事会已开始表露出他们不怕与瓦格纳立场不一致，上周五表现出来的分歧至少是第二次发生这种情况了。今年秋天，瓦格纳的管理小组推出了一项计划，可能与克莱斯勒(Chrysler LLC)寻求合并。但据知情人士透露，一些董事对这个计划兴趣寡然。11月初，在通用汽车即将公布第三季度大幅亏损和现金流出69亿美元的季报时，公司董事会督促管理层放弃合并谈判，以集中精力应对流动性危机。

Friday's split represented at least the second time in recent weeks the board has shown a willingness to oppose Mr. Wagoner. This fall, Mr. Wagoner's management team presented a plan to potentially merge with Chrysler LLC. Some directors gave that plan a cold reception, according to people familiar with the meetings. By early November, when GM was set to report deep losses and $6.9 billion in cash outflows for the third quarter, the board encouraged GM management to quit the merger talks and focus solely on its liquidity crisis, these people said.

在通用汽车14席董事会中，有9位董事在2003年瓦格纳出任董事长时就已经在位。许多董事都是瓦格纳的导师兼前任史密斯(Jack Smith)执掌通用的时候当选的。在通用汽车近年来遭受数十亿美元亏损的情况下，董事会首席董事、伊士曼-柯达公司(Eastman Kodak Co.)退休董事长费什(George Fisher)仍多次表示支持瓦格纳。董事会其他成员还包括前安永(Ernst & Young)董事长拉斯卡维(Phil Laskawy)北卡罗来纳大学校长鲍尔斯(Erskine Bowles)。拉斯卡维最近被任命为房利美(Fannie Mae)董事长，鲍尔斯则曾担任克林顿总统的白宫幕僚长。

Of GM's 14 board members, nine have been in place since Mr. Wagoner became chairman in 2003. Many were elected when Mr. Wagoner's mentor and predecessor, Jack Smith, was running the auto maker. Lead director George Fisher, the retired chairman of Eastman Kodak Co., several times in recent years voiced support for Mr. Wagoner as the company racked up billions in losses. Other directors include Phil Laskawy, the retired Chairman of Ernst & Young, who was recently named Chairman of Fannie Mae, and University of North Carolina president Erskine Bowles, who was chief of staff for President Bill Clinton.

今年夏初，通用汽车董事会打破了以往月度董事会会议的惯例，开始每周五召开电话会议。最近几周，董事会每周都要召开多次电话会议，讨论公司解决流动性危机的对策。

In a break from its traditional monthly board meetings, early in the summer the board started convening by phone each Friday. In recent weeks it has added several more weekly teleconferences to discuss how GM should approach the liquidity option.

通用汽车上周五表示，正在制定新的成本削减措施。公司表示，美国三家工厂和加拿大安大略一家工厂可能会延长以往两周的假期停工期，直到明年1月份。公司还表示，可能会提前关闭安大略的一家卡车工厂。

On Friday, GM said it is pushing ahead with new cost-cutting measures. It said three plants in the U.S. and one in Ontario, Canada, would extend their normal two-week holiday shut-downs into January. It also said it would close down an Ontario truck plant sooner than it had planned.

通用汽车的飞机专机还剩下5架。公司证实，将中止其中2架的租赁合同。上周瓦格纳和底特律另外两家汽车公司的首席执行长乘坐公司专机前往国会申请数十亿美元公共资金救助，他们为此遭到了国会的严厉批评。

GM also confirmed it is ending leases on two of the five remaining corporate jets in its fleet. The move comes after Mr. Wagoner and Detroit's two other auto CEOs were chastised in Congress for flying corporate jets to meetings this week in which they asked for billions of dollars in public assistance.

通用汽车发言人威尔金森(Tom Wilkinson)表示，坐着公司专机出现在华盛顿，公司理解这个具有象征意义的问题，对此也非常敏感。

'We understand the symbolic issue of people showing up in Washington in corporate jets,' GM spokesman Tom Wilkinson said. 'We're very sensitive to that.'

瓦格纳和福特汽车(Ford Motor Co.)以及克莱斯勒首席执行长上周前往华盛顿，希望从财政部用于救助陷入困境的金融机构的7,000亿美元资金中获取250亿美元救急，或说服国会加快发放已经批准的250亿美元贷款；这笔贷款是根据能源部一项提高能效计划，批给底特律汽车制造商的。

Mr. Wagoner and the chief executives of Ford Motor Co. and Chrysler LLC were in Washington hoping to get $25 billion from the $700 billion fund administered by the Treasury Department for troubled financial institutions, or to persuade Congress to accelerate the release of $25 billion in loans that had already been pledged to Detroit through an Energy Department fuel-efficiency program.

瓦格纳、福特汽车的穆拉利(Alan Mulally)、克莱斯勒的纳德里(Robert Nardelli)对议员们表示，他们已经开始对公司实施重组，需要过渡性贷款帮助他们度过难关。瓦格纳恳请政府立即提供100亿至120亿美元的贷款。

Mr. Wagoner, Ford's Alan Mulally and Chrysler's Robert Nardelli told lawmakers they have been restructuring their companies and need bridge loans to carry them through until the economy recovers. Mr. Wagoner asked the government for $10 billion to $12 billion in immediate funding.

三人都表示，他们担心三家中任何一家公司申请破产都会导致另外两家公司的连锁崩溃。他们指出，由于三家公司共享供应商，因此一家公司倒闭可能会拖垮供应商网络，从而影响另外一家或两家公司。他们还提到，有研究显示，由于担心没有质量保证或无法获得部件，消费者可能不愿意购买破产汽车制造商的产品。

All three expressed concern that a bankruptcy filing by any one of their companies could cause a collapse of the others. Because the companies share suppliers, one maker's failure could bring down the supplier network, they say, impacting one or both of the others. They also point to studies showing that consumers would be unwilling to buy cars from bankrupt auto makers, out of concern that warranties may not be honored or spare parts could become unavailable.

议员们很怀疑三家公司是否已经采取了切实举措带领公司重回盈利之路。在遭受两天的严厉批评后，底特律三巨头的老总们被告知，12月2日再来国会，介绍如果获准使用纳税人资金进行救助，他们将如何使用这笔钱。

Lawmakers were skeptical that the companies had taken the tough steps to put their companies on the road to profitability. After enduring two days of harsh criticism, the Detroit CEOs were told to come back by Dec. 2 to describe how they'd use taxpayer funds to become 'viable.'

众议院议长佩洛西(Nancy Pelosi)和参议院多数派领袖雷德(Harry Reid)上周五在一封信函中表示，汽车制造商必须提供他们长期稳定所需现金的确切评估。他们还表示，汽车制造商获得贷款后，必须保证政府债权人地位高于其他所有债权人，完成能效目标，限制高管薪酬并提供认股权证，保证公司复苏后纳税人可以从中获利。

On Friday, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter that auto makers must provide 'a forthright, documented assessment' of how much cash they need to become stable for the long term. They also said the companies, if granted loans, must make the government senior to all other creditors, meet fuel-efficiency targets, limit executive pay and offer warrants to allow taxpayers to profit if the companies recover.

一些议员仍然认为，破产是一个可能的归宿。田纳西州共和党参议员、参议院银行委员会成员考克(Bob Corker)表示，共和党参议员一直在讨论所谓的预先打包破产的问题，即债权人同意在公司申请破产保护之前重组债务。

Some in Congress remain convinced that bankruptcy is a possible avenue. Republican Sen. Bob Corker of Tennessee, a member of the Senate Banking Committee, said Republican senators have been discussing a so-called prepackaged bankruptcy, in which creditors agree to restructure debts before a company seeks court protection.

公司有时可以利用这一方案避免长期陷入破产僵局。但破产专家警告称，像通用汽车这样的大型公司的破产程序可能陷入泥淖，因为其中牵涉到错综复杂的工会和经销商合约以及层层债权人。

Companies sometimes are able to use such an option to avoid long stays in bankruptcy court. Bankruptcy experts warn, however, that a bankruptcy proceeding for a large company such as GM could get bogged down because of its complex union and dealership contracts and array of creditors.

John D. Stoll

http://chinese.wsj.com/gb/20081124/bus112749.asp

中国年内将开征燃油税

据《上海证券报》周一援引国家税务总局(State Administration of Taxation)一位未具名官员的话报导，中国将在今年开征燃油税，并有可能与国内成品油价下调同时进行。

报导援引这位官员的话称，燃油税的实施不需要经过全国人大(National People's Congress)批准，因为当初人大批准的公路法修正案中已明确要将“燃油附加费”改为“燃油税”。

报导指出，根据一份1999年中国国务院(State Council)通过的公路法修正草案中关于燃油税的具体实施方案显示：燃油税的征收采取从量征收，而非从价征收。当时设定的燃油税税率分别为：汽油人民币1.2元/升，柴油人民币1元/升。

中国国家发展和改革委员会(National Development and Reform Commission)上周四表示，降低国内成品油价格和开征燃油税已被提上议事日程，从而结束了市场数月的猜测。

报纸网站：http://paper.cnstock.com

http://chinese.wsj.com/gb/20081124/MKT105133.asp

美国会达成汽车工业拯救方案

美国政界人物告诉深陷危机的三大汽车厂商，若想获得政府救助，先拿出自己的可行性复苏计划。

美国国会两院领导人说，福特、通用汽车和克莱斯勒必须在12月2日之前上交一项计划。

此前，四名共和党和民主党参议员说，他们已经达成一项跨党派拯救协议。

白宫说，布什总统对他们达成的协议感兴趣。这项协议将动用美国能源部的一项贷款。

但国会议长佩洛西说，如果没有一项计划能够显示这笔钱将会使三大汽车公司在财政上能够自立，那就不会有什么拯救方案。

"在他们拿出这样的计划之前，我们不会把钱给他们的。"她说。

在三大汽车公司的老板于12月2日回到华盛顿之后，国会将会在接下来的一周开会表决是否通过一项汽车工业拯救方案。

但是，时间所剩不多。由于汽车销量下降，美国汽车工业正在蒙受巨大损失。

通用汽车公司说，它将在明年初用尽资金。

http://news.bbc.co.uk/chinese/simp/hi/newsid_7740000/newsid_7740900/7740974.stm

国际油价跌破每桶50美元大关

国际油价周四（20日）再次下跌，每桶低于50美元。反映出人们对世界经济的信心降到了一个新低点。

仅在四个月前，国际原油价格曾飙升到每桶147美元。

但在周四，美国轻质原油和英国布伦特原油价格降到每桶50美元以下。分别为每桶49.75美元和48.90美元。

这是自2005年五月以来首次降到每桶50美元以下。这比今年七月时的高油价便宜了大约三分之二。

尽管油价在稍后略有回升，但分析人士认为，经济下滑的另一个迹象就是人们对石油的需求减少。

需求减少

最近，石油输出国组织欧佩克采取减产措施，每天减产150万桶原油，以确保油价的稳定。

但即便如此，油价还是呈下跌趋势。11月29日，欧佩克成员国将再次开会，讨论是否进一步减少产油量。

星期三，美国联邦储备局说，它预计美国经济在明年头半年将继续萎缩，加剧了人们对原油需求减少的担忧。

美国能源信息管理局周三公布的数字显示，美国原油储备上周增长了160万桶，是原先预期的两倍。

与此同时，来自日本的数据显示，日本10月份录得三个月以来的第二个贸易赤字，出口同比下降了7.7%。

随着全球经济出现大范围放缓，投资者开始把投资目标从商品转向现金。

http://news.bbc.co.uk/chinese/simp/hi/newsid_7740000/newsid_7740500/7740590.stm

Oil price goes below $50 a barrel

Oil prices have fallen below $50 a barrel for the first time since May 2005 amid fears of a recession and expectations that demand will drop.

US light sweet crude fell to $49.75, while London-traded Brent crude fell to $48.90 a barrel.

The price of oil is around two-thirds cheaper than in July, when it hit a record above $147 a barrel.

Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1.5 million barrels per day.

"The lack of any positive news on the demand front as well as continued global economic turmoil continues to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy.

On Wednesday, the Federal Reserve said it expected the US economy to shrink in the first half of next year, adding to fears over lower demand for fuel.

Figures from the Energy Information Administration released on Wednesday showed US stocks of crude oil increased by 1.6 million barrels last week - twice as much as expected.

Meanwhile figures from Japan showed the country experienced its second trade deficit in three months in October, with exports 7.7% lower year-on-year.

Amid signs of the wider slowdown, investors and hedge funds have been turning to cash, and away from commodities.

http://news.bbc.co.uk/2/hi/business/7739352.stm

我国有望在20天内实施新的成品油定价机制

改革后的中国油价走势不可能长期走低

中国日报网环球在线消息：英文《中国日报》2008年11月19日独家报道：据接近中央决策层的人士透露，新的成品油定价机制已由中央考虑成熟，可望在“20天内”宣布实施。

该人士指出，油价定价机制改革总的政策目标是有利于中国“节能减排”战略的实施；定价机制改革将有可能和燃油税改革同时推进，因此虽然目前国际油价短期下挫，但改革后的中国油价走势不可能长期走低。

（中国日报记者付敬）

http://www.chinadaily.com.cn/hqzg/2008-11/19/content_7220536.htm

美国汽车三巨头恳请政府救助

Big Three Plead For Aid

底特律三大汽车巨头的首席执行长以迫切言语呼吁美国纳税人对汽车业施以援手，但这仍无法消除国会内部的怀疑情绪，正是这种情绪给政府出台一项汽车业救助计划的前景蒙上了阴影。

The chief executives of Detroit's Big Three auto makers appealed in dire language for U.S. taxpayers to help their industry, but couldn't dispel doubts in Congress that have clouded prospects for a government-led rescue.

周二，通用汽车(General Motors Corp.)、福特汽车(Ford Motor Co.)和克莱斯勒(Chrysler LLC)的领导人同全美汽车工人联合会(UAW)的负责人一起向参议院银行委员会表示，动荡的美国经济不能承受其中任何一家公司的倒闭了。

In appearances Tuesday before the Senate Banking Committee, the leaders of General Motors Corp., Ford Motor Co. and Chrysler LLC, together with the head of the United Auto Workers union, argued the shaky U.S. economy couldn't withstand a collapse of any of the companies.

通用汽车和克莱斯勒的首席执行长称，如果没有政府的支持，它们将会耗尽资金。通用汽车首席执行长瓦格纳(Rick Wagoner)说，需要有这样一个方案，以把美国经济从灾难性的崩溃边缘拯救出来。

The chief executives of GM and Chrysler said they could run out of funds without the government's support. GM CEO Rick Wagoner said the package is needed to 'save the U.S. economy from a catastrophic collapse.'

按民主党参议员克里斯托弗?多德(Christopher Dodd)的说法，这些公司“毕恭毕敬地”出现在国会一个委员会面前彰显出它们所面临困难的严重程度和其政治实力的下降。是否向在美国制造业中长期处于核心位置的底特律汽车厂家施以援手看来还是个未知数。

That the companies were convening -- 'hat in hand,' as Sen. Christopher Dodd (D., Conn.) said -- before a congressional panel reinforced the depth of their difficulties and the possible diminishment of their political clout. Extending a helping hand to Detroit auto makers, long a central part of the nation's manufacturing base, doesn't appear to be a given.

现在的问题是这些汽车厂家能否支撑到1月份，届时在新国会中民主党将占据显著多数，入住白宫的也将是来自民主党的总统。可能的干预措施的复杂程度以及由此产生的政治分歧恐怕都过于强大，难以在本周克服。

One question is whether the auto makers can muddle through to January when a new Congress convenes with strengthened Democratic majorities and a Democrat in the White House. The complexity of a possible intervention -- and the political divisiveness it has wrought -- could be too great to overcome this week.

周一，参议院民主党议员推出了一项法案，希望从用于稳定金融市场的7,000亿美元资金中拨出250亿美元帮助汽车业。该法案将允许汽车公司和零部件供应商以优惠利率获得至少10年的“过渡性贷款”。但这受到许多共和党高级人士和白宫的抵制。如果本周不能做出决定，这个问题将会遗留给新的111届国会。

On Monday, Senate Democrats introduced legislation that would set aside $25 billion to help the industry, drawing from the $700 billion fund created to stabilize financial markets. The legislation would allow the auto companies and parts suppliers to receive 'bridge loans' of at least ten years with favorable interest rates. But there is resistance among many senior Republicans and the White House. If no decision is made this week, the issue will be kicked over to the new 111th Congress.

在听证会持续了3个多小时之后，这些高管披露了如果国会批准250亿美元的贷款方案，他们各想从中申请多少：通用汽车为100亿至120亿美元；福特汽车为70亿至80亿美元；克莱斯勒为70亿美元。

As the hearing stretched past its third hour, the top executives disclosed how much they might each apply for if Congress approved the $25 billion loan package: $10 billion to $12 billion for GM; $7 billion to $8 billion for Ford; and $7 billion for Chrysler.

这些公司称，他们会用这笔钱支付员工工资，解决当前的运营支出和开发新产品。

The companies said they would use the money to pay employees, cover current operating costs and develop new products.

根据第三季度的收益情况，通用汽车和福特汽车每月都要消耗20亿美元现金。无法迅速获得资金将对通用汽车产生最直接的影响，因为该公司的经营已将要触及最低资金要求水平。三巨头都分享相同的供应链，因此一家提交破产申请也会给另外两家带来问题。

Both GM and Ford are on a pace to use up $2 billion each a month, based on their third-quarter earnings. Not getting funding immediately threatens GM most directly because the firm is operating close to its minimal funding requirements. The supply chain is shared among the Big Three, so a bankruptcy filing of one could spell problems for the other two.

部分分析师认为，通用汽车、福特汽车和克莱斯勒能够通过削减成本生存到明年1月份。但如果美国汽车市场继续下滑，这些公司现金的缺口可能超过它们削减成本的能力。

Some analysts suggest GM, Ford and Chrysler can cut costs enough to survive until January. But if the U.S. auto market continues to sink, the companies' cash drain could outpace their ability to cut costs.

通用汽车表示，如果没有政府救助，公司最快明年年初就会耗尽运营资金。

GM has said that without government aid, the company would run out of operating funds as early as early 2009.

克莱斯勒也首次加入通用汽车的行列，把自身生存和联邦救助联系起来。克莱斯勒董事长兼首席执行长纳尔德里(Robert Nardelli)表示，如果不能迅速得到过渡融资支持，克莱斯勒的流动性可能会低于维持正常运营所需的水平。他还说，公司目前每个月都会比预期多花10 亿美元左右，导致目前手头现金仅略高于60亿美元。

Chrysler joined GM for the first time in linking its survival to a federal bailout. 'Without immediate bridge financing support, Chrysler's liquidity could fall below the level necessary to sustain operations in the ordinary course,' Robert Nardelli, the company's chairman and CEO, said. He added that the company was currently spending about a $1 billion a month more than they were taking in, leaving the auto maker with slightly more than $6 billion cash on hand.

只有福特汽车表示，尽管需要贷款计划以改善美国汽车制造商状况，但没有政府救助，公司也能渡过难关。

Only Ford says that while the loan package is necessary for the betterment of the U.S.-based auto companies, it could withstand the downturn without government assistance.

汽车制造商和工会也大谈它们公司的深远影响。它们还表示，底特律三巨头正和外国汽车制造商展开竞争，但整体经济动荡破坏了它们的大好计划。三巨头在美国总计雇佣了23.9万名员工。

The auto makers and the union sketched their companies' far-reaching impact. They also argued that Chrysler, Ford and GM are on the right track to compete with foreign-based auto makers, but that turmoil in the broader economy foiled their good planning. The companies together employ 239,000 people in the U.S.

在参议院要求限制高管薪酬的压力下，克莱斯勒的纳尔德里表示，如果得到联邦救助，他愿意接受1美元的年薪。1979年，执掌克莱斯勒的艾科卡(Lee Iacocca)在接受联邦政府贷款担保时也曾作出同样的表示。通用汽车和福特汽车首席执行长拒绝这么做。

Under pressure from senators over the issue of executive compensation, Chrysler's Mr. Nardelli said he would be willing to accept a salary of $1 a year as part of a federal bailout. Lee Iacocca made the same commitment when he ran Chrysler and secured federal loan guarantees in 1979. The chief executives of GM and Ford declined to make the same commitment.

银行业委员会听证会是零部件供应商和经销商发起的大范围游说活动之一。相关公司高管周三将在众议院金融服务委员会露面。这些公司希望获得250亿美元以应对疲软的经济形势。经济疲软压制了汽车需求，限制了消费者获得贷款的渠道。

The Banking Committee testimony is part of a broader lobbying campaign that includes parts suppliers and dealers. The executives will appear before the House Financial Services Committee Wednesday. All told, the companies are seeking $25 billion to weather the weakening economy, which has dampened demand for autos and restricted consumer access to loans.

另一个反映汽车业问题的迹象是，全球三大信贷保险商目前均认为美国汽车业是违约风险最高的行业之一。

In another indication of the industry's problems, the world's three dominant credit insurers now consider the U.S. auto industry among the riskiest sectors for default.

为了符合救助条件，这些公司可能需要限制高管薪酬、允许政府持股，并提交具体计划，阐述如何重新拥有强劲财务实力以及如何提高产能生产节能型汽车。

To qualify, companies would have to accept limits on executive compensation, allow the government to take stock in the firms, and submit a detailed plan showing how they intend to return to sound financial footing and improve their capacity to produce fuel-efficient vehicles.

目前还不清楚国会是否会将管理层调整列为救助计划的一项条件，不过一些议员已在考虑这个问题。

It wasn't clear whether Congress would demand management changes as a condition to any bailout, although the topic was on the minds of some lawmakers.

除了拟议中的救助计划，国会已批准250亿美元资金用于帮助汽车业重组、以实现更高的能效标准。白宫正在制定一项竞争计划，希望取消部分限制，加快已批准贷款的发放速度。

The proposed assistance would be on top of $25 billion in already-approved loans intended to help the industry retool to meet higher fuel-efficiency standards. The White House is pushing a rival plan to speed release of the previously approved loans, by removing certain restrictions.

Greg Hitt / Matthew Dolan

http://chinese.wsj.com/gb/20081119/ffe151637.asp

经济前景黯淡 原油价格持续下跌

全球经济前景黯淡导致世界原油价格继续滑落。星期二（18日）降至每桶55美元以下，达2007年1月以来最低。

由于对原油需求量减少和对全球经济增长放缓的担忧，星期二美国轻质原油从星期一的每桶54.95美元跌至54.40美元。

北海布伦特原油期货则下跌48美分至每桶51.83美元。

自今年七月世界原油价格疯涨至每桶近150美元以来，现在已经下跌了大约百分之60。

石油输出国家组织（OPEC）的一些成员则要求削减石油产量。

但有些分析家预测，即使减产，原油价格仍然可能减至每桶50美元。

不过，星期一公布的美国工业产出数据良好出乎市场的预料，原油价格一度回升，但不久就因为对原油需求量减少的担心而再度回落。

美国工业产出在九月份急剧下降后，10月份出现回弹，这在目前更多国家陷入经济衰退的情况下，多少能缓解一点对全球原油需求量减少的担忧。

本月晚些时候，控制全球石油供应量百分之40的OPEC组织将举行会议，商量下一步对策。

据报，在上个月已经每天减产150万桶的基础上，伊朗准备提出每天再削减100万至150万桶产油量的要求。

但是OPEC主席卡利尔声称在11月减产的可能性不大，他还说，伊朗的呼吁只是一种愿望。

BBC中文网报道
http://news.bbc.co.uk/go/pr/fr/-/chinese/simp/hi/newsid_7730000/newsid_7736300/7736395.stm

Chances Dwindle on Bailout Plan for Automakers

By DAVID M. HERSZENHORN

WASHINGTON — The prospects of a government rescue for the foundering American automakers dwindled Thursday as Democratic Congressional leaders conceded that they would face potentially insurmountable Republican opposition during a lame-duck session next week.

At the same time, hope among many Democrats on Capitol Hill for an aggressive economic stimulus measure all but evaporated. Democratic leaders have been calling for a package that would include help for the auto companies as well as new spending on public works projects, an extension of jobless benefits, increased food stamps and aid to states for rising Medicaid expenses.

But while Democrats said the stimulus measure would wait until President-elect Barack Obama takes office in January, some industry experts fear that one of the Big Three automakers will collapse before then, with potentially devastating consequences.

Despite hardening opposition at the White House and among Republicans on Capitol Hill, the Democrats said they would press ahead with efforts to provide $25 billion in emergency aid for the automakers. But they said the bill would need to be approved first in the Senate, which some Democrats said was highly unlikely.

Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the banking committee, said he did not believe there would be enough Republican support to get the 60 votes needed to move a bill forward. “Right now, I don’t think there are the votes,” he said, adding that he personally favored aid for the automakers.

As the outlook for an auto industry bailout dimmed, President Bush traveled to Wall Street, where he gave a robust defense of capitalism and seemed to warn world leaders — and the incoming Obama administration — not to draw the wrong lessons from the global economic crisis by over-regulating markets and hindering free trade.

The White House, in resisting calls for aiding the automakers, has also warned repeatedly against throwing taxpayer money at companies that may not be salvageable.

Acknowledging the Bush administration’s opposition, Mr. Dodd said Democrats had to keep in mind that the Treasury Department already has some authority to help the finance arms of the auto companies but has been reluctant to use it.

“I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue,” Mr. Dodd said. “So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats now control 51 of those votes, but Mr. Obama has said he will resign his Senate seat on Sunday, and Vice President-elect Joseph R. Biden Jr. is not expected to attend the lame duck session, meaning Democrats would need the support of at least 11 Republicans.

With Mr. Bush still wielding his veto authority, the fate of any legislation without White House support would be uncertain.

The auto companies, however, remained hopeful and said they would send top executives to Congressional hearings next week to make their case.

“We hope all parties recognize there’s a pressing need to preserve the domestic auto industry and the jobs and nation’s competitiveness that’s tied to the industry,” said Greg Martin, a spokesman for General Motors. “We’re ready and willing to work with all members of Congress to get this assistance.”

The majority leader, Senator Harry Reid of Nevada, and House Speaker Nancy Pelosi have urged the Bush administration to help the automakers and said they were prepared to try to push through legislation if the White House refused to act.

Mr. Reid, on Thursday, said that he would open a lame-duck session in the Senate on Monday, hoping to move forward with legislation that would extend unemployment benefits and to attach an amendment providing aid for the auto companies.

Aides to Ms. Pelosi said the House would be brought back into session as of 1 p.m. Wednesday and would remain on standby, awaiting action by the Senate.

Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, is working on a measure that would direct $25 billion to the carmakers from the $700 billion financial bailout fund. Aides said Mr. Frank was collaborating with his Democratic colleagues in the Senate.

President Bush, however, has not signaled any willingness to tap the bailout fund, which the Treasury has said is money better spent on financial institutions. And some powerful Republican lawmakers have voiced strong opposition to government aid for the automakers.

Senator Richard C. Shelby of Alabama, the senior Republican on the banking committee, said he would not support legislation to aid the auto companies and seemed prepared to let one or all of them collapse.

“The financial straits that the Big Three find themselves in is not the product of our current economic downturn, but instead is the legacy of the uncompetitive structure of its manufacturing and labor force,” Mr. Shelby said in a statement. “The financial situation facing the Big Three is not a national problem but their problem.”

On Thursday, Representative John A. Boehner of Ohio, the Republican leader, also came out strongly against the idea.

“Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers’ competitiveness around the world is neither fair to taxpayers nor sound fiscal policy,” Mr. Boehner said in a statement.

Representative Jeb Hensarling of Texas, chairman of the conservative Republican Study Committee, in an appearance on Fox News, said: “You wonder where bailout-mania will end.”

Mr. Hensarling said American automakers should bear responsibility for their failed operations. “They are producing high-cost products that consumers don’t want to buy. And so now we have Washington on the verge of giving them a bailout simply because we have all heard of them and they have high-priced lobbyists.”

The Senate Republican leader, Mitch McConnell of Kentucky, has expressed support for expediting $25 billion in loans for the auto companies that Congress approved in September. But he has not indicated any willingness to provide additional money or to use money from the financial bailout fund for the car makers.

“Earlier this year, Congress acted in a bipartisan way to help the auto industry and protect jobs,” said Don Stewart, a spokesman for Mr. McConnell. “The Congress passed and the president signed legislation authorizing $25 billion in low-interest loans to help American automakers retool their facilities to make the fuel-efficient cars of the future. It may be that there are changes that need to be made in order to expedite these low-interest loans.”

Mr. Stewart added: “Other ideas have been floated, and all will receive a review as we approach the Senate’s return next week.”

Ms. Pelosi so far has rejected the idea of easing restrictions on those loans, which require carmakers to develop technologies that will improve fuel efficiency. But Mr. McConnell’s suggestion, also encouraged by the White House, may be the only potential compromise and one Republicans could support because it does not require a new appropriation of federal funds.

Some Republicans also suggested that there was less support among rank-and-file Democrats for an auto bailout than party leaders were letting on.

One Republican, Senator George V. Voinovich of Ohio, whose state relies heavily on the auto industry, voiced strong support on Thursday for using bailout money to help the failing car companies. Mr. Voinovich was working with Senators Carl Levin and Debbie Stabenow, Democrats of Michigan, to drum up support for such a plan.

Mr. Levin met Thursday afternoon with Mr. Reid in the majority leader’s office to map out their strategy.

Complicating the effort to aid the carmakers is the ownership structure of Chrysler, a limited partnership controlled by Cerberus Capital Management, a private equity firm. The firm said it would give up any profits from a future sale of the company in exchange for financial assistance from the government, hoping to limit political opposition in Washington to aid for a privately held company, according to Bloomberg News.

The shaky support for an auto industry bailout in general had left Ms. Pelosi uncertain about whether calling the House back into session would be worth the trouble.

Jim Manley, a senior adviser to Mr. Reid, said there was no chance of approving help for the auto companies without broad support from across the aisle. “We cannot do it without the support of Senate Republicans, who I hope will join us to pass a bill that saves the jobs and protects the livelihoods of millions of hard-working Americans,” Mr. Manley said.

Carl Hulse contributed reporting from Washington, and Bill Vlasic from Detroit.

http://www.nytimes.com/2008/11/14/business/14auto.html

油市已将中国经济刺激举措抛在脑后

Oil Already Numb To China's Stimulus

原油市场已把中国5,860亿美元经济刺激举措的影响抛在脑后。原油期货价格周一受这个消息的提振出现上扬，但周二不仅回吐了前一交易日的所有涨幅，还出现了进一步下挫。

Oil markets have shrugged off China's $586 billion stimulus package. Having risen Monday on news of the plan, crude oil gave up those gains and more on Tuesday.

市场的怀疑态度源于两个因素。首先，经济刺激方案中的一些措施已经在执行，如为出口商退税。Brown Brothers Harriman的首席全球货币策略师钱德勒(Marc Chandler)估计，中国政府的实际新支出在1,500亿美元左右，约占所报导金额的25%。

Such skepticism stems from two things. First, some measures in the plan, such as tax breaks for exporters, were known about already. Marc Chandler, chief global currency strategist at Brown Brothers Harriman, estimates real new spending at about $150 billion, or 25% of the headline total.

不管怎样，中国2007年的原油日消费量仅为750万桶，而经济明显放缓的发达经济体的日消费量为4,920万桶。换句话说，后者消费量每减少1%，中国则需增加6.6%的原油需求来弥补。随着中国经济降温──别忘了，这正是经济刺激措施出台的原因──如此大的需求增幅看起来非常不现实。

In any case, China consumed just 7.5 million barrels of oil per day in 2007, against 49.2 million barrels a day in the developed economies now slowing dramatically. In other words, every 1% drop in the latter's consumption requires a 6.6% increase in Chinese oil demand just to offset it. With the economy cooling - the reason for the stimulus, remember - such growth looks very unrealistic.

此外，批发商和炼油厂为迎接奥运会而储备了一些原油，原因之一在于他们预计政府控制的零售价格会在奥运会后有所上调，来为消费降温。

In addition, oil was stockpiled by wholesalers and refiners in the run up to the Olympics, partly in anticipation that government controlled retail fuel prices would be raised afterwards to moderate consumption.

但是事过境迁。金融服务公司GaveKal预计零售油价本月会下调10%。批发商或许也将消耗现有的原油库存，肯定不会急着进口。因此，那些习惯于把急需能源的中国看作是救世主的油价看涨人士将会倍感失望。

Times have changed. Financial services firm GaveKal expects retail prices to instead be cut 10% this month. Wholesalers will probably liquidate oil inventories and certainly be in no rush to buy more imports. Oil bulls used to looking towards a thirsty Beijing for salvation will be disappointed.

Liam Denning

http://chinese.wsj.com/gb/20081112/hrd111010.asp

美国两大汽车业境况迥异

America's Two Auto Industries

你能想像没有通用汽车(General Motors Corp.)的日子么？眼下这就是美国政治领导人面临的紧迫问题。

Can you imagine life without General Motors Corp. (GM)? That's now an urgent question facing America's political leaders.

通用汽车已有百年历史，经历了两次世界大战、大萧条时期以及经济的各次起伏周期。但这家公司上周五表示，公司明年年中之前面临严重的财务崩溃风险，除非美国经济出现明显好转，资本市场解冻，或是政府提供资金帮助公司渡过难关。

GM survived for 100 years, steering through two world wars, the Great Depression, and all the booms and busts in between. But on Friday, GM said it faces a substantial risk of financial collapse by the middle of next year unless the economy makes a significant improvement, the capital market freeze thaws, or the government provides the money to sustain the company through the downturn.

民主党控制的国会和当选总统奥巴马(Barack Obama)上周暗示，他们愿意伸出援手。奥巴马上周五表示，汽车业是美国制造业的支柱，是我们降低对海外石油依赖的重要组成部分。

The Democratic Congress and President-elect Barack Obama signaled last week they are willing to lend a hand. 'The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil,' Obama said Friday.

由此看来，问题并不是华盛顿是否愿意提供更多公众资金帮助汽车公司渡过难关。外界甚至似乎就救助资金规模也达成了一致：至多500亿美元。更棘手的问题是华盛顿的目标何在？

So the question isn't whether Washington is willing to offer more public money to help auto companies survive. There even appears to be a consensus on how much: Up to $50 billion. The tougher question is what's Washington's goal?

首先，国会和奥巴马需要确定他们所谓的“汽车业”的内涵。

First, Congress and Obama will need to decide what they mean by 'the auto industry.'

美国存在着两种汽车业。一个是以通用汽车、福特汽车(Ford Motor Co.)和克莱斯勒(Chrysler)为代表的中西部汽车制造商，这些公司拥有工会，背负着沉重的退休工人负担，受到源自上世纪初的营销和产品策略的束缚。

America has two auto industries. The one represented by GM, Ford Motor Co. (F) and Chrysler is Midwestern, unionized, burdened with massive obligations to retirees, and shackled to marketing and product strategies that have roots reaching back to the early 1900s.

另外一个美国汽车业主要位于南部，这些公司没有工会，退休人员很少，相应的责任也相对较少，享有各种优势条件，因为其欧洲、日本和韩国母公司相对近期才在美国开展业务。它们的工厂相对较新，品牌形像和营销策略也更为一致（例如，丰田汽车(Toyota Motor Corp.)在美国市场使用3个品牌，而通用汽车则有8个），它们还拥有设计定位于全球市场竞争的车型。

The other American auto industry is largely Southern and non-union, owes relatively little to the few retirees it has, and enjoys a variety of advantages because its Japanese, European and Korean owners launched operations in this country relatively recently. Their factories are newer, their brand images and marketing strategies are more coherent - Toyota Motor Corp. (TM) uses three brands in the U.S. to GM's eight - and they have cars designed for the competitive global market that exists today.

本田汽车(Honda Motor Co.)在全球范围销售一款基本款思域(Civic)，而对手福特福克斯(Focus)则有两个不同的版本。福特汽车目前正在打造一款利用全球规模经济优势的福克斯车型，但这款新车要到2010年才会在美国市场上市。

Honda Motor Co. (HMC) sells one basic Civic worldwide. Ford sells two different versions of its rival Focus compact car. Ford is engineering one Focus to take advantage of global economies of scale, but the new car won't hit the U.S. market until 2010.

美国汽车研究中心(Center for Automotive Research)近期的一项研究表明，美国这一新生汽车业雇佣了大约11.3万员工。经济下滑同样也给这些制造商的销量和利润带来了冲击。但它们并没有四处求援，可能也无望获得补贴，因为目前为止管理汽车业救助提案的规定实际上将它们排除在外了。

The New American auto industry employs about 113,000 people, according to a recent study by the Center for Automotive Research. The economic slump is hammering sales and profits for these manufacturers, too. But they aren't looking for subsidies, and probably wouldn't get any since the rules governing the auto industry aid proposals to date effectively exclude them.

因此目前这场争论只限于以底特律汽车三巨头为代表的美国传统汽车工业。根据美国汽车研究中心的研究，底特律三巨头直接雇佣员工超过20万人，还间接维系着将近300万人的工作。尽管实力有所衰弱，但三巨头仍然占据美国国内生产总值(GDP)的4%左右。它们还代表着一种顺其自然的业务模式。通用汽车寻求联邦政府救援使得这一点正式化了。

So this debate is strictly about the Old American auto industry, represented by the 'Big Three' of Detroit. The Detroit Three employ more than 200,000 people directly, and sustain nearly 3 million more indirectly, according to the CAR study. Diminished as they are, the Detroit Three still account for about 4% of U.S. gross domestic product. They also represent a way of doing business that has run its course. GM's plea for a federal bailout makes that official.

美国政府可能会用防止底特律汽车工业失业加剧的理由为救助补贴辩护。但这可能会推迟这些拥有工会的汽车制造商继续生存所需要的重组。21世纪的美国汽车市场高度分化，汽车制造商需要足够灵活才能在10%-15%甚至更低的市场份额中盈利，而不是通用汽车不到10年前力争的29%市场占有率。政府是想介入到为裁员提供补贴的事务中来吗──为那些失业工人的再培训和再安置买单吗？

The government could justify subsidies as a way to prevent more job losses at the Detroit auto makers. But that would risk delaying the restructuring the unionized auto makers need to be viable. In the fragmented U.S. auto market of the 21st Century, auto makers will need to be nimble enough to make money on 10%-15% market share or less - not the 29% that GM was aiming for less than a decade ago. Does the government want to get into the business of subsidizing job cuts - paying for retraining and relocation for those who lose their jobs?

华盛顿可能会确定，动用纳税人资金为底特律汽车制造商提供补贴的目的是增加市场上省油、高科技汽车的数量。上周在华盛顿和底特律三巨头管理人士会谈时，美国众议院议长佩洛西(Nancy Pelosi)曾作过如此暗示。

Washington could decide the goal in providing taxpayer-financed subsidies to the Detroit auto makers is to increase the number of fuel efficient and high technology cars on the market. House Speaker Nancy Pelosi hinted at this last week in discussions with Detroit Three executives in Washington.

回顾以往，政府介入汽车产品战略的成效喜忧参半。东德共产主义政府曾提出买得起的个人交通工具的想法，可笑的Trabant汽车就是这一想法的产物。好的方面来看，加州空气资源委员会(California Air Resources Board)的“零排放”要求等政府命令有效推动了汽车制造商大举开发新技术；若非如此，这些技术恐怕已被束之高阁了。政府干预也是丰田普瑞斯(Prius)等油电混合动力车出现的原因之一。

The success of government-mandated automotive product strategies is mixed. The laughable Trabant was a product of the East German Communist government's ideas about affordable personal transportation. On the other end of the spectrum, government mandates such as the California Air Resources Board's demands for 'zero emission' vehicles have spurred auto makers to take risks on new technology they otherwise might have left on the shelf. Modern gas-electric hybrids such as the Toyota Prius exist in part because of bureaucrats.

华盛顿为刺激节能型汽车销量而可能采取的一个手段是设置最低汽油价格，美国部分地区汽油价格已经跌破了每加仑2美元。现在没人讨论这个想法。

One thing Washington could do to spur profitable sales of fuel-stingy cars is put a floor under gas prices, which now have dipped below $2 a gallon in some parts of the country. No one's discussing such an idea.

或许政府将决定其任务应该是给底特律三巨头一个机会，使得它们在医疗成本问题上可以与国际竞争对手处于同一起跑线。

Perhaps the government will decide that its role should be to give the Detroit Three the chance to play the same game as its international rivals when it comes to the costs of health care.

母公司在欧洲和日本的汽车制造商起步伊始就带有明显优势，因为它们不需要背负大量退休人员的医疗成本负担，它们的收入或资产负债表没有直接承受这方面的压力。这些成本主要由政府承担，转移给了纳税人。

Auto makers with home operations in Europe and Japan start with a big advantage in that they are not directly shouldering on their income or balance sheets the burden of providing health care to the bulk of their retirees. Those costs are largely borne by the government and the costs spread to taxpayers.

底特律三巨头于2007年制定了一个机制，把2010年之前的工会退休医疗负担交给由全美汽车工人联合会(UAW)控制的信托基金。但这些信托基金尚未到位运营，也没有获得充足融资。政府补贴可以用来弥补这个资金缺口，使得底特律三巨头可以把它们的现金投入到改进车型中去。这个提议获得了UAW的支持。

The Detroit Three in 2007 set up a mechanism to unload their union retiree health obligations by 2010 to trusts controlled by the United Auto Workers. But those trusts aren't up and running yet, and aren't fully funded. Government subsidies could be used to plug that funding gap, and allow the Detroit Three to put their cash into better cars. This is a proposal the UAW supports.

政府500亿美元救助资金还可以有一个用途。政府可以为明年购买美国生产新轿车或卡车的消费者提供每辆车4,000-5,000美元的退税额。那些以低里程汽车换购节能汽车（油耗减少15%-20%）的消费者，这一退税额可能会按比例增加；从海湾国家进口的石油占美国总消耗量的比例大体上也是15%-20%。

There's another thing the government could do with $50 billion. It could give a $4,000 to $5,000 tax rebate to everyone who buys a new car or truck made in the United States during the next year. The tax break could be scaled up for people who trade in a low mileage vehicle for a vehicle that burns 15%-20% less gas - a percentage that's roughly equivalent to the share of oil the U.S. imports from the Persian Gulf.

让消费者来决定汽车企业应该从政府补贴中获得什么好处或许并不能拯救通用汽车。但这样的话，政府就不必在美国两大汽车业之间作出选择了。

Leaving it up to consumers what auto companies should benefit from government subsidies might not save GM. But it would save the government from having to choose sides between America's two auto industries.

Joseph B. White

http://chinese.wsj.com/gb/20081112/ffe085637.asp

汽车业危机和裁员考验奥巴马

Auto-Industry Crisis, Job Losses Test Obama
2008年11月10日12:46

通用汽车公司(General Motors Corp.)和福特汽车公司(Ford Motor Co.)公布第三季度核心业务利润出现巨亏，并在该季度合计消耗了高达146亿美元的现金，美国政府被迫为其汽车业空前的萎缩提供融资的可能性也大大提高了。

General Motors Corp. and Ford Motor Co. posted steep losses in their core operations and together burned through a staggering $14.6 billion in cash in the third quarter, raising the possibility that Washington may have to step in to finance a historic downsizing of the U.S. auto industry.

通用汽车承认，如果不能获得政府帮助或看到汽车销售出现明显回升，那么其现金储备可能在今年晚些时候达到维持运营所需的最低水平，这显示出目前的形势已经严重到了何种程度。

In a reflection of how dire the situation is, GM acknowledged its cash reserves could approach the minimum levels it needs to keep its operations going later this year, if it doesn't get government help or see a dramatic turnaround in vehicle sales.

当选总统奥巴马(Barack Obama)在当选后与其经济智囊团首次出席的新闻发布会上称，他已经要求他的团队制定帮助汽车业渡过金融危机的办法，但他没有详细说明此事。

President-elect Barack Obama, appearing with his economic brain trust in his first press conference since the election, said he had asked his team to work on ways to help the auto industry survive the financial crisis but offered few specifics.

奥巴马说，汽车业是美国制造业的支柱，是我们降低对海外石油依赖的重要组成部分。他支持进一步推进美国工厂生产更多的节能汽车。

'The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil,' Mr. Obama said. He endorsed speeding up efforts to convert U.S. factories to produce more fuel-efficient vehicles.

通用汽车称，已经停止了同克莱斯勒(Chrysler LLC)的并购谈判，此举也显示出通用汽车需要立即获得救援的紧迫程度。

In another development reflecting the extent of GM's need for immediate relief, the company said it has ended talks about a merger with Chrysler LLC.

通用汽车董事长兼首席执行长瓦格纳(Rick Wagoner)在电话会议上向记者和分析师称，可以说流动性是通用汽车和整个行业目前的重中之重。汽车制造商无法获得贷款完成它们的重组。

'It's fair to say liquidity is the top priority for the company and the industry right now,' GM's chairman and chief executive, Rick Wagoner, told reporters and analysts in a conference call. 'Car makers can't get credit to complete their restructurings.'

底特律不断加深的危机令分析师预计，一个甚至更多的汽车制造商可能会寻求破产保护。但瓦格纳说，通用汽车并未考虑提出破产申请，重要原因之一在于这会吓跑汽车买家。他说，除了经营我们的企业之外，我们没有其它任何计划。

Detroit's deepening crisis has led analysts to predict that one or more of the auto makers may have to seek bankruptcy protection. But Mr. Wagoner said a bankruptcy filing by GM wasn't being discussed, in large part because it would scare off car buyers. 'We have no plans for anything other than running our business,' he said.

分析师称，通用汽车的形势看来越来越不容乐观。会计及咨询机构Plante & Moran的合伙人克雷格?菲茨杰拉德(Craig Fitzgerald)说，如果看看现金的消耗速度，它们绝对需要获得注资，而看来唯一的可行的选择就是政府的支持。

Analysts said GM's situation appeared to be increasingly desperate. 'If you look at the burn rates [of cash] they absolutely must have an infusion of capital and it appears the only option on the table for them is government support,' said Craig Fitzgerald, a partner with Plante & Moran, an accounting and consulting firm.

白宫发言人弗拉托(Tony Fratto)说，布什政府不愿在能源部已经授权的250亿美元低息贷款外提供更多资助，除非国会接手此事。

White House spokesman Tony Fratto indicated the Bush administration is reluctant to provide more aid beyond the $25 billion in low-cost loans the Department of Energy has been authorized to award, unless Congress takes up the matter.

当选总统奥巴马似乎更愿意提供更多帮助。他向记者表示，我已经把这作为我的交接团队的重要任务──研究其它政策选择，帮助汽车业进行调整，渡过金融危机，并在美国成功生产节能汽车。我已要求我的团队研究在目前法律下我们能做的事情，以及为此目的是否需要制定其它立法。

President-elect Obama appeared to signal greater willingness to extend more help. 'I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis and succeed in producing fuel-efficient cars here in the United States of America,' Mr. Obama told reporters. 'I've asked my team to explore what we can do under current law and whether additional legislation will be needed for this purpose.'

密歇根州民主党众议员莱文(Sander Levin)在上周五接受采访时敦促布什政府让汽车厂家获得财政部向金融机构拨出的7,000亿美元贷款中的部分款项。这一观点得到了国会部分议员的支持，其中包括参议院多数党领袖雷德(Harry Reid)。

Rep. Sander Levin, D-Mich., urged the Bush administration in an interview Friday to let car makers tap some of the $700 billion the Treasury Department has allocated to help troubled financial institutions. That view was echoed by some others in Congress, including Sen. Harry Reid, D-Nev., the Senate majority leader.

上周四，通用汽车、福特汽车和克莱斯勒的首席执行长到华盛顿向众议院议长佩洛西(Nancy Pelosi)申请救助。讨论的问题之一是在能源部为提高燃油效率拨付的250亿美元之外再提供250亿美元贷款。尽管佩洛西表示赞同为底特律厂家提供支持，但并未承诺提供更多帮助。

On Thursday, the chief executives of GM, Ford and Chrysler went to Washington to appeal to Rep. Nancy Pelosi, the Democratic speaker of the House of Representatives, for aid. Among things discussed was an additional $25 billion in loans on top of the $25 billion to be provided through the Energy Department for fuel-efficiency improvements. While saying she favors support for Detroit, Ms. Pelosi stopped short of promising more help.

能源部上周称，250亿美元贷款不太可能在年底前拨付。

The Energy Department said this week it is unlikely that any of the $25 billion in loans would be disbursed before the end of the year.

福特汽车和通用汽车称，他们预计2009年的市场状况会依然低迷，这与他们年初时预计汽车销售将出现复苏形成了鲜明对照。

Ford and GM said they expect market conditions to remain anemic throughout 2009 -- a stark contrast to the expected turnaround in auto sales they predicted at the beginning of this year.

通用汽车公布第三季度包括特殊项目在内，净亏损达到了25亿美元，合每股亏损4.45美元。上年第三季度该公司净亏损为425亿美元，合每股亏损75.12美元；当时亏损主要来自同冲减抵税额有关的支出。

GM reported a net loss of $2.5 billion, or $4.45 per share, for the third quarter, including special items. That compares with a net loss of $42.5 billion, or $75.12 per share, in the third quarter last year; the vast majority of that loss stemmed from a charge related to the write-down of tax credits.

通用汽车称，第三季度共消耗了69亿美元现金，现金储备还有162亿美元。该公司表示，运营资金需要110亿-140亿美元，瓦格纳说，通用汽车计划将手头的现金维持在该水平之上。

GM said used up $6.9 billion in cash in the quarter, leaving its cash reserves at $16.2 billion. GM says it needs $11 billion to $14 billion to fund its operations, and Mr. Wagoner said GM plans to keep its cash on hand above that level.

通用汽车第三季度的收入为379亿美元，低于上年同期的437亿美元，这反映出该行业销售状况的普通下滑。

Revenue at GM for the third quarter was $37.9 billion, down from $43.7 billion in the year-earlier quarter, reflecting sales declines across the industry.

为了生存下去，通用汽车正在加大成本削减力度。上周五，公司提出了额外降低50亿美元费用的计划。这其中包括大幅降低2009年资本支出，并裁减更多的白领工人。今年7月份，通用汽车已宣布削减100亿美元成本。

In order to stay alive, GM is deepening its cost-cutting drive. On Friday, it laid out $5 billion in additional expense reductions. These include a dramatic cut in 2009 capital expenditures and additional cuts to its white-collar work force. These cuts come on top of $10 billion in reductions announced in July.

通用汽车的流动性面临着比福特汽车更大的压力。若不是该公司获得了35亿美元的担保循环信贷，那么这个季度可能已经滑向其最低资金要求水平了。

GM's liquidity is under more pressure than Ford's. Had the company not drawn $3.5 billion from a secured revolving credit facility, the auto maker could have sunk alarmingly close to its minimum funding requirement during the quarter.

通用汽车称，消耗现金速度第四季度会有所改善。

GM said it expects its cash-burn rate to improve in the fourth quarter.

福特汽车称，第三季度亏损1.29亿美元，合每股6美分。不包括同退休人员医疗成本有关的一次性所得，福特汽车税前营运亏损为27.5亿美元。去年同期该公司净亏损3.80亿美元，合每股亏损0.19美元，当时特殊项目令税前业绩减少了3.50亿美元。

Ford said it lost $129 million, or six cents a share, in the third quarter. Without a one-time gain related to retiree health-care costs, Ford's pre-tax operating loss was $2.75 billion. That compares with a net loss of $380 million, or 19 cents a share, in the year-earlier quarter, when special items reduced pre-tax results by $350 million.

福特汽车第三季度收入为321亿美元，比上年同期减少了90亿美元。汽车业务收入下降了23%，至278亿美元。

Ford's third-quarter revenue was $32.1 billion, down $9 billion from the year-earlier period. Revenue in its automotive business fell 23% to $27.8 billion.

福特汽车第三季度共消耗现金77亿美元，还剩余189亿美元。福特汽车称，现金流出速度大于预期，但首席财务长布斯(Lewis Booth)向记者表示，该公司并不担心流动性头寸。福特汽车称，希望在2010年年底前将现金头寸提高140亿美元至170亿美元。

Ford burned through $7.7 billion in cash in the third quarter, which left it with $18.9 billion. Ford said its cash outflow has been greater than anticipated, but Chief Financial Officer Lewis Booth told reporters the company is 'comfortable with its liquidity position.' Ford said it hopes to improve its cash position by $14 billion to $17 billion by the end of 2010.

不过，按福特汽车目前消耗现金的速度，该公司只足以支撑到明年4月份。福特汽车还有107亿美元的可用信贷，可以让它另外再支撑4个月。

At the current rate Ford is using cash, however, the company would have enough money to last only until April. Ford also has $10.7 billion in available credit lines, which could give it another four months of breathing room.

为了节约现金，福特汽车正在裁减受薪雇员，并将在2009和2010年各减少5亿-10亿美元的资本支出。该公司管理人员称，削减资本支出不会严重损害推出新产品的能力，而仅会使其略有推迟。

To conserve cash, Ford is laying off salaried employees and cutting between $500 million and $1 billion in capital expenditures in both 2009 and 2010.Company officials said the cutbacks would only slightly delay -- and not irreparably harm -- the auto maker's ability to bring new products to showrooms.

福特汽车首席执行长穆拉利(Alan Mulally)说，削减资本支出是必需的，因为全球汽车业的低迷状况将会比我们此前想象的更严重、更广泛、更持久。穆拉利还称，福特汽车的计划并未假设会得到政府资助。

Ford CEO Alan Mulally said the cutbacks were needed because the global auto-industry downturn 'will be deeper, broader and longer than was previously assumed.' Mr. Mulally added that Ford's plan doesn't assume it will get government assistance.

对克莱斯勒而言，与通用汽车并购谈判的告吹令其未来受到了严重质疑。许多分析师和业内人士认为，克莱斯勒不能自行生存下去，因为该公司几乎所有销售都依赖于北美市场，他们还怀疑克莱斯勒的现金头寸至少同通用汽车和福特汽车一样脆弱。Cerberus Capital Management LP是克莱斯勒的控股公司。

As for Chrysler, the end of merger talks with GM raises serious questions about its future. Many analysts and auto executives believe Chrysler, controlled by Cerberus Capital Management LP, cannot survive on its own because it depends on North America for almost all of its sales, and suspect its cash situation is at least as bleak as GM's and Ford's.

今年汽油价格的上涨导致卡车和运动型多用途车的销售大幅下降，而这类车型是美国汽车厂家利润的主要来源。随后的金融危机更让汽车销售进一步下滑。

This year's rise in gas prices caused sales of trucks and sport-utility vehicles -- the main sources of Detroit's profits -- to plunge. Then came the financial meltdown, which sent auto sales sliding further.

上周五，两家信用评级机构发表了不利于通用汽车的报告。标准普尔(Standard & Poor's Ratings Services)称，将通用汽车的评级从B-下调至CCC+。惠誉国际评级(Fitch Ratings)将通用汽车列入了负面评级观察名单。

Two credit-ratings firms issued adverse reports Friday on GM. Standard & Poor's Ratings Services said it lowered its ratings on the company to CCC+ from B-. Fitch Ratings placed GM on its 'Rating Watch Negative' list.

Matthew Dolan / John D. Stoll / Joshua Mitchell

http://chinese.wsj.com/gb/20081110/ffe130213.asp

佩洛西、雷德敦促救助计划涵盖汽车行业

Pelosi, Reid Press for TARP Aid for Auto Industry

2008年11月10日08:47

美国众议院议长佩洛西(Nancy Pelosi)和参议院多数派领袖雷德(Harry Reid)向财政部长鲍尔森(Henry Paulson)致函，敦促后者考虑扩大7,000亿美元问题资产救助计划的救助范围，涵盖底特律的汽车业三巨头，以推动陷入困境的美国汽车业的发展。

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid sent a letter to Treasury Secretary Henry Paulson urging him to assist the Big Three auto makers by considering broadening the $700 billion Troubled Asset Relief Program to help the troubled industry.

据知情人士透露，这两位民主党高级国会领袖很可能会在致白宫的信中提出同样的要求，这封信最早可能在周六下午送达白宫。这些人士还表示，总体上来说，美国新当选总统奥巴马(Barack Obama)对这个要求持支持态度，他本人也在想办法来帮助美国汽车行业的发展。

The two top Democratic leaders in Congress are likely to make the request in a letter to the White House, which could be forwarded as soon as Saturday afternoon, said individuals familiar with the matter. President-elect Barack Obama is generally supportive of the appeal, but at the moment is moving on his own track to assist the industry, these individuals said.

奥巴马定于周一在白宫与布什总统(George W. Bush)会面。

Mr. Obama is scheduled to meet with President George W. Bush at the White House Monday.

白宫一直不愿意扩大救助计划资金的使用范围。这个由国会在美国大选前通过的7,000亿美元救助计划是为了改善信贷流动性，减缓房地产市场下滑引发的金融市场动荡。

The White House has been reluctant to broaden use of the $700 billion program, which was created by Congress just ahead of the election to deal improve credit flows and calm turmoil in financial markets incited by the downturn in the housing economy.

布什总统的发言人弗拉托(Tony Fratto)表示，问题资产救助计划是为解决其他问题而设立的，他还指出，250亿美元的一揽子贷款是经国会批准的支持汽车业的唯一措施。后者旨在帮助汽车业重组，以提高汽车的节能降耗标准。

'It was not set up for anything else,' said Bush spokesman Tony Fratto, noting the only assistance authorized by Congress for the auto industry is a $25 billion loan package meant to help the industry retool to meet higher fuel economy standards.

在佩洛西（民主党，加州）和雷德（民主党，内华达州）提出上述请求的前几天，他们曾与底特律三巨头的高层管理人员进行会面。这个面临巨大亏损的行业正在寻求一系列政府救助措施，包括被7,000亿美元救助计划涵盖在内。

The appeal from Mrs. Pelosi (D., Calif.) and Mr. Reid (D., Nev.) comes a few days after the lawmakers met with senior executives for the Big Three auto makers. The industry, facing huge losses, is seeking a range of government assistance, including access to the $700 billion program.

尽管布什政府不愿意将这个救助计划扩大至汽车业，但是一些政府官员已经在讨论使用部分救助资金入股金融行业公司，将救助对象扩大至银行和保险公司以外。知情人士透露，救助对象将集中在为整个经济发展提供融资服务的企业，如通用电气(General Electric Co.)的旗下子公司GE Capital以及CIT Group Inc.等专业金融公司和债券保险商。

Though the administration is reluctant to widen the program to cover autos, there has been discussion among Bush officials of expanding use of the $700 billion to buy equity stakes in a range of financial-sector companies, moving beyond just banks and insurers. The focus would be on assisting companies that provide financing to the broad economy, such as bond insurers and specialty finance firms such as General Electric Co.'s GE Capital unit, CIT Group Inc. and others, individuals familiar with the matter said.

民主党国会领袖们正在考虑在本月晚些时候召开会议，讨论应对经济危机的措施。这次会议的目的可能会是为了制定一个短期的经济刺激方案，或是批准对汽车厂商的救助。但是，如果白宫没有表示布什愿意签署会议通过的法案，民主党领袖可能也不会采取行动。

Democratic congressional leaders are considering convening a lame-duck session of Congress later this month to deal with economic concerns. The session could be used to enact a short-term stimulus package or to approve assistance for auto makers. But the Democratic leadership is not inclined to act, absent a signal from the White House that Mr. Bush would be willing to sign a bill.

Greg Hitt

http://chinese.wsj.com/gb/20081110/bus085520.asp

丰田汽车大削盈利预测

日本汽车制造商丰田宣布比预期低很多的季度盈利报告，让不少分析家吃惊，该公司并且降低了2008年的收入预测。

丰田汽车到9月为止的三个月纯利是1398亿日元，下跌了69%。

丰田也降低了本身的年度纯利预测，截至2009年3月31日为止的预算纯利从12500亿日元，下调到5590亿日元。

美国经济放缓，消费者减低消费，对丰田汽车造成了重大打击。

丰田说，预料年度营运利润将会从预测的16000亿日元下降到6000亿日元。

分析家说，这个数字远低于预期。

另一位证券分析家说，从来未有想象丰田盈利能有如此巨大的下调。这个负面消息对明天的股价将有重大的打击。

丰田的股价从今年年初到现在已经下跌了37%。在宣布利润消息前又下跌了10%。

得益于消费者都转而购买更省燃料的汽车，丰田的成绩单已经优胜于很多美国公司。

但是经济下滑促使整个行业的收缩，很多公司预计未来几个月将会更为艰难。

http://news.bbc.co.uk/chinese/simp/hi/newsid_7710000/newsid_7712600/7712656.stm

U.S. Auto Sales Plunged in October

General Motors Reports 45% Decline as Tight Credit and Financial Turmoil Put Squeeze on Consumers
By KATE LINEBAUGH and MATTHEW DOLAN

The dismal U.S. auto market took a turn for the worse in October, with sales plunging by about a third as the financial crisis and tightening credit kept buyers away from showrooms.

Auto makers sold 838,186 cars and light trucks last month, according to a tally by Autodata Corp. General Motors Corp. said it was the worst October in 25 years. When adjusted for increases in the U.S. population, last month was "the worst month in the post-World War II era," Michael DiGiovanni, GM's top sales analyst, said in a conference call. "This is clearly a severe, severe recession."

Auto executives warned that the market could deteriorate further, raising the question as to when the auto industry -- a key driver of the U.S. economy -- will hit bottom.

The modest decline in U.S. economic output in the third quarter "is not likely to be the worst we will see in this cycle," Ford Motor Co. economist Emily Kolinski Morris said in a company conference call.

A closely watched industry figure, the seasonally adjusted annualized selling rate, was 10.6 million vehicles, compared with 16 million a year earlier, according to Autodata.

Ford sales analyst George Pipas said the current sales trend could pull total 2008 sales below 14 million cars and trucks. At the beginning of the year many car companies had expected sales of roughly 15 million vehicles, already below the 16 million annual figure considered to be healthy.

Slumping auto sales are among the factors that have prompted GM to contemplate a merger with Chrysler LLC and spurred calls for federal help for the industry.

The National Auto Dealers Association last week urged President George W. Bush to offer tax credits to boost new-car purchases. The auto makers said Monday they need a policy response to help promote sales.

October's declines were led by GM, where sales fell 45% to 166,744 vehicles. The company was hurt when its financing arm, GMAC LLC, began offering loans only to customers with top credit scores. In many areas of the country, only a third or so of all customers would qualify for loans, Mr. DiGiovanni said.

Sales to fleet customers, like rental companies, made up a third of GM's total, meaning "retail" sales to individual consumers totaled only about 113,000 vehicles.

Other auto makers suffered major declines, too. Chrysler's sales fell 35% to 94,530 vehicles. About a third of the company's total was made up of fleet sales, a person familiar with the matter said.

Ford reported its sales fell 30% to 132,248 cars and light trucks, Toyota Motor Corp.'s fell 23% to 152,101 and Honda Motor Co.'s dropped 28% to 85,864. For Toyota, fleet sales comprise less than 10% of total sales.

The sharp contractions came as U.S. consumer confidence fell in October to its lowest level since the Conference Board, a New York research group, began keeping records in 1967. The stock market fell 14% last month.

Unemployment is expected to rise from its current level of about 6%. The auto industry alone has announced 10,000 layoffs in the last two weeks as production cuts continue.

With the economy contracting, auto makers are pushing forward year-end sales. GM's "Red Tag" sale will start Tuesday rather than in mid-November, as is customary. GM will offer as much as $7,250 off select 2008 and 2009 models. Toyota will extend its national 0% financing campaign through November.

Ford said it is likely to cut its output of cars and crossover utility vehicles even as it plans to ramp up production of pick-up trucks. "There are no hot segments or hot products," Mr. Pipas said. Even the red-hot Ford Focus, the small car that saw sales rocket this summer, has stalled out, with an 18% drop in October.

"In my 27 years, I have never seen a month like this," said GM sales chief Mark LaNeve. "It was like somebody turned off the lights in the month of October."

—Sharon Terlep and John D. Stoll contributed to this article.

Write to Kate Linebaugh at kate.linebaugh@wsj.com and Matthew Dolan at matthew.dolan@wsj.com

http://online.wsj.com/article/SB122573166905093595.html