Chrysler, one of the three major automobile companies in the United States, will undergo bankruptcy proceedings, while yet agreeing to a partnership with Fiat. The Federal Government will extend another eight billion dollars to the company, as the UAW agrees to major concessions along with other stakeholders. The government will receive an equity stake in the company, with future payment back to taxpayers, according to the agreement. The only holdouts were a group of hedge fund managers who wanted more than the company could afford to pay out. The President was not pleased with the hedge fund managers and said so at the announcement made today. Canada will also assist with the restructuring, to help the company stablize its operations and future viability. The company will idle its manufacturing as of next Monday, and the CEO says he will leave the company, once it emerges from bankruptcy.
The World Health Organization raised the pandemic alert level to a 5 on a scale of 1 to 6, for the swine flu. The level is said to mean that a pandemic is imminent. There have been 91 confirmed cases of the illness in the United States. One confirmed death of a Mexican infant, brought to the U. S. for treatment, has occured. Fort Worth Texas school system shut down all classes from kindergarten to twelveth grade until May 9. Eighty thousand children are affected. California has declared a health state of emergency. Those most affected in the U. S. are reportedly teenagers, in Mexico those in their 20's, 30's and 40's are more prone to fall ill. President Obama has requested 1.5 billion dollars from Congress to fight the swine flu health problem.
Schools in 16 states are reportedly going to be closed due to the outbreak of the swine flu.
Egypt is reportedly considering a pig cull to combat the spread of the swine flu.
Cuba has suspended flights to and from Mexico, as a precaution against the swine flu.
The Federal Reserve reports, after it's two day meeting, that there are signs that the economic recession in the United States, is easing.
There is a report that 60% of Americans live in areas where the air quality is at a harmful level.
Two car bombs killed 48 people and wounded 6 in Baghdad.
Austrialia is reportedly sending 450 soldiers to Afghanistan.
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