Money Minute: GM Buyouts; Food Aid, Mortgage Rat

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BusinessMoney Minute: GM Buyouts; Food Aid, Mortgage RatMoney Minute: GM Buyouts; Food Aid, Mortgage RatThe Associated PressGeneral Motors says that 19,000 people - a quarter of its U.S. hourly workers - will take the company's latest buyout and early retirement offers, opening the door for new hires who will make less money. (May 29)AP Money MinuteGeneral Motors says that 19,000 people - a quarter of its U.S. hourly workers - will take the company's latest buyout and early retirement offers, opening the door for new hires who will make less money.GM never said how many workers it hoped would take the offer, but under a new agreement reached last fall with the United Auto Workers union, GM may hire up to 16,000 non-assembly workers at half the old wage of $28 per hour. -------------------------The World Bank is stepping up efforts to help overcome the global food crisis by providing an extra $1.2 billion in grants and loans. To deal with immediate and long-term food problems, the bank will increase its overall support for agriculture and food aid to $6 billion next year, up from $4 billion in 2008. The U.N. and the Organization for Economic Cooperation and Development says food prices will decline in coming years, but will remain above average levels from the past decade.-------------------------Rates on 30-year mortgages jumpedto the highest level since mid-March. The hike comes as investors began to worry about what the Federal Reserve will do to combat growing inflation pressures.Mortgage company Freddie Mac reported that 30-year fixed-rate mortgages averaged 6.08 percent this week. That was up from 5.98 percent last week. Rates on 15-year fixed-rate mortgages rose to 5.66 percent, up from 5.55 percent last week. I'm Mark Hamrick with AP Money Minute.(****END****) ANCHOR VOICE:-------------------------

Category: News
Uploaded: May 29th, 2008 @ 8:43 pm
Author: AssociatedPress

Length: 01:24
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Tags: aid buyouts; food gm minute: mortgage rat

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