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GM cuts output, jets as U.S. demands turnaround plans (Reuters)
[9 mins]
Leaders of the U.S. automotive industry testify at a hearing held by the House Financial Services Committee on Capitol Hill in Washington November 19, 2008. From left are General Motors CEO Richard Wagoner, Chrysler Chairman and CEO Robert Nardelli and Ford president and CEO Alan Mulally. (Kevin Lamarque/Reuters)Reuters - Detroit automakers began work on turnaround plans demanded by Congress in return for $25 billion in aid as General Motors Corp said it would cut production more and give up two of its controversial corporate jets.
'Citibank could collapse due to 13.3billion losses', warn financial experts
[36 mins]
Banking giant Citigroup could collapse under a wave of sub-prime losses totalling 13.3billion, financial experts warned today.

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