Marketplace PM for January 10, 2005
President Bush today congratulated Mahmoud Abbas and invited him to the White House. Abbas was elected President of the Palestinian Authority yesterday. Thousands of Palestinians in the West Bank and Gaza celebrated into the wee hours. But in East Jerusalem, where more than 200,000 Palestinians live, many businessmen in the old city couldn't shake their skepticism. Marketplace's Nancy Updike reports.
This week in Washington, the president's set to start an election-style campaign to sell his plans for overhauling the Social Security system. Only last week, the president appointed a panel to recommend a tax simplification plan. Though critics worry about revenue cuts, supporters say tax simplification could encourage job growth. While considering changes to the tax code, Commentator Glenn Hubbard argues there should be another bonus.
United Airlines' flight attendants hammered out a contract with management over the weekend. The new deal may help the carrier emerge from bankruptcy while preserving employee pensions. Maybe not. Times are as hard as they get for the airlines - thousands of lost jobs, and routes disappearing between small towns, and some big ones too. Now one airport is trying to buy some peace of mind by buying landing rights at other airports. From Pittsburgh's WDUQ, Mark Nootbaar reports.
General Motors announced today it will cut seven percent of its workforce this year. The move comes after disappointing sales numbers. But Detroit is trying hard to get its mojo back. Host David Brown visits the LA Auto Show with LA Times auto critic Dan Neil to see how...
This weekend in Venezuela, security forces inspected a cattle ranch owned by Britain's Vestey Group. There is a new law that allows the government to seize what it claims to be "idle" farmland and redistribute it to those who promise to work the land. It's not just big foreign interests worried about the socialist proclivities of President Hugo Chavez. From the Venezuelan capitol, Carole King prepared our report.