Word: june
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...everybody, however, buys into this promise. Patrick Technau, a 24-year-old student, organized a demonstration in June 2008 under the motto "F___ Yuppies," which, he says, was also directed at the Marthashof development. Sitting in a café on Kastastanienallee, Technau points to a house with a crumbling façade. "This is probably the only house on this street that hasn't been renovated yet," he says. Technau has lived in Prenzlauer Berg all his life and currently pays $400 a month for his two-bedroom apartment. He's worried that with rental prices continuing to rise...
...Staff writer Athena Y. Jiang can be reached at ajiang@fas.harvard.edu. —Staff writer June Q. Wu can be reached at junewu@fas.harvard.edu...
...India fell by 40% and exports by 45% in the quarter ending on December 31, 2008, while passenger car sales in India slid 14.4%. With losses mounting, it recently reported a quarterly loss of $58.5 million its first in seven years. To complicate matters, Tata Motors faces a June deadline when it must repay a $3-billion bridge loan taken on to buy Jaguar Land Rover (JLR). (See the 50 worst cars of all time...
...bigger challenge financially is the JLR acquisition. Analysts say Tata Motors overpaid when it bought the loss-making British brands from Ford Motor in June, 2008. Just before the deal was announced, JLR reported an annual profit for the first time since it was acquired by Ford (the U.S. carmaker bought Jaguar in 1989 and Land Rover in 2000). But in the months leading up to the completion of the deal, sales of luxury cars and SUVs tanked as the global credit crisis worsened. JLR slipped back into the red, losing $383 million in the first half...
...Last month, the British government pledged to guarantee a total of up to $3.3 billion in loans to help U.K. car companies cope with the recession, which could make it easier for the company to get fresh financing and pay off the $3-billion bridge loan coming due in June. In addition, with interest rates declining, vehicle demand appears to be firming up in India, especially for passenger cars. Tata Motors January car sales were the highest since May 2008 - good news since 80% of its revenues come from India. Economic stimulus measures being taken by the Indian government could...