Monsoon Journal

JOINT STATEMENT BY PRESIDENT OBAMA AND PRIME MINISTER HARPER UNITED STATES-CANADA SUPPORT FOR CHRYSLER LLC The Governments of the United States and Canada, have reviewed and approved the restructuring plans of Chrysler LLC and its subsidiaries, including Chrysler Canada Inc. As a result, thanks to the considerable contributions and sacrifices of company management, the United Auto Workers and Canadian Auto Workers, and major lenders, and a successful partnership agreement with Fiat SpA, our Governments are in a position to extend support to help Chrysler restructure itself and reemerge as a globally competitive automaker. \”We appreciate the close and cooperative relationship between the U.S. and Canadian governments during this period of restructuring in the auto industry. Together, we have put in place a financing package that will give Chrysler a chance to achieve financial viability,\” said President Obama. \”I want to thank President Obama and the U.S Automotive Task Force for their close cooperation with Canada on this challenging issue. Thanks to our joint efforts, there is now a road ahead to a stronger Chrysler and a stronger industry in the future on both sides of the border,\” said Prime Minister Harper. The Governments will provide $ US 10.5 billion in financing, including short term and medium term capital and debtor-in-possession financing to assist with the court-supervised restructuring of Chrysler LLC. Of this amount, the United States is contributing $US 8.08 billion and Canadian governments (including the Government of Canada and Government of Ontario) $US 2.42 billion. The United States will have 8 percent of the equity of the restructured Chrysler LLC, and Canada and Ontario will have 2 percent, and the United States will appoint four independent directors to the new Chrysler LLC board, while Canada will appoint one independent director. The close cooperation of our Governments acknowledges that the automotive industries in Canada and the United States are tightly linked, with major automobile manufacturers and suppliers operating on both sides of the border in a completely integrated way. The cost sharing reflects the historic shares of auto production in both countries for Chrysler, which will be maintained under this restructuring agreement. The United States and Canada are committed to continuing to work together closely as we chart the path to a stronger automobile industry in both countries, both in the short term as we complete similar efforts on General Motors restructuring plan, and in the long term as we seek to ensure a competitive, environmentally responsible automobile industry for the future.

By Siva Sivapragasam The United Nations Organization along with the Government of Sri Lanka has issued an appeal to raise fifty million dollars to meet the urgent humanitarian needs of the displaced civilians in the war-torn areas of Vanni and Mullaitivu. The urgent appeal comes in the wake of immediate needs for about 250,000 people, including food, water, sanitation, shelter, nutrition, health and protection, as well as education needs for thousands of children who have been without schooling due to the conflict. According to a U.N. source, the number of people trapped and yet remaining in the conflict zone is around 50,000. The assistance will also go for support of agricultural and economic projects for persons returning to their own homes. Canada has also increased it’s commitment for rehabilitation to 7.5 million dollars from the earlier amount pledged. This came about after the recent trip of Ms. Beverley J. Oda, Minister for International Co-operation. Meanwhile, U.N. Secretary- General Ban Ki moon has told reporters in New York that he had telephoned Sri Lankan President Rajapakse and called for a pause in the fighting to allow humanitarian workers into the conflict zone. He also stated that “the World is watching events closely, including for violations of international law.