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UAW To Accept Up To 20% Of GM Stock; Agrees To Concessions On Retiree Health Care Obligations, Labor Rules
United Auto Workers leaders on Tuesday agreed to accept up to 20% of General Motors stock, as well as concessions on labor rules and retiree health care obligations, as the automaker faces a June 1 deadline to restructure or seek bankruptcy protection, the Detroit News reports (Aguilar/Shepardson, Detroit News, 5/27). Under the deal, the voluntary employees" beneficiary association would receive 17.5% of common GM stock, $6.5 billion of preferred shares, a $2.5 billion note and warrants equal to 2.5% of GM"s stock (Reuters/USA Today, 5/27). In addition, the VEBA would receive $585 million annually in interest income on its preferred stock (Detroit News, 5/27). Another concession included in the tentative deal is the elimination of dental, vision and some prescription drug coverage for hourly retirees (Shepardson/Aguilar, Detroit News, 5/26). UAW also would hold a seat on the GM board of directors (Cho et al., Washington Post, 5/27).Because of a proposed deal announced earlier this month, the Treasury Department and UAW, together, are to own 89% of GM"s stock, meaning that if the UAW-GM deal is approved, the Treasury would own about a 70% share of GM"s stock (Detroit News, 5/26). Current bondholders would hold about a 10% stake in the company (Washington Post, 5/27). The remaining 1% would be held by existing shareholders (Detroit News, 5/26).The total 20% is about half of what was anticipated (Higgins, Detroit Free Press, 5/26). The "significant concessions" made by UAW, which was eligible to receive up to 39% of GM"s equity through the VEBA, "could mean that [GM] is attempting to appease unsecured bondholders, who charged that the UAW was getting a better deal," according to the News (Detroit News, 5/27). UAW said the revised agreement with GM was necessary for the automaker to survive, but the deal will leave hundreds of thousands of GM retirees paying higher out-of-pocket medical expenses, the Wall Street Journal reports (Stoll et al., Wall Street Journal, 5/27).UAW members are scheduled to vote on the agreement on Wednesday and Thursday (Detroit News, 5/26). However, "[e]ven with UAW approval, GM is still likely to file for bankruptcy, since bondholders are unlikely to swallow deep concessions," according to the News (Detroit News, 5/27).
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Green Tea: Mixed Reviews For Cancer Prevention
Lifestyle choices are pieces of the cancer prevention puzzle, but exactly which steps to take remain unclear, even to scientists. Still, more and more individuals are incorporating small changes into their daily routine such as drinking green tea in hopes of keeping cancer risk at bay.
News of the day
Breast Cancer Etiology May Vary By Subtype
Women"s reproductive and lifestyle characteristics can be linked to different invasive breast cancer subtypes. Data on 2544 breast cancer cases, presented in the open access journal Breast Cancer Research, suggests that traditional risk factors for development of the condition are associated with different kinds of tumor.
Public Health

Alzheimer's Society Condemns Daylight Robbery And Drugging Of Older People

Older people in Britain are being drugged and robbed when they need care. Alzheimer"s Society accused the government of "daylight robbery" and warned of a "Granny Crunch" unless swift action is taken to change the system. Speaking today at the Annual Meeting of the Royal College of Psychiatrists, Chief Executive, Neil Hunt will call on the government to publish its review of the use of antipsychotic drugs and its green paper on adult funding of social care. Neil Hunt, Chief Executive of Alzheimer"s Society, says "It"s an outrage that promises remain unfulfilled while people are being prescribed harmful antipsychotic drugs and families are being bankrupted by a derelict charging system. We are headed for a Granny Crunch unless the government acts now. "The average employed person works 1701 hours a year towards a healthy happy retirement. But for hundreds of thousands of older people who develop dementia the reality is starkly different. People become victims of daylight robbery as they are forced to pay huge amounts for often poor quality care. Care homes cost five times the state pension and quality varies greatly. Over 105,000 people are inappropriately prescribed antipsychotic drugs, costing over ÷£60 million a year. These drugs double the risk of death, triple risk of stroke and accelerate cognitive decline." Alzheimer"s Society is calling for swift action to implement fairer charging systems and a plan to reduce the use of antipsychotics. In just 17 years over a million people in the UK will have dementia. Notes - The typical person with dementia in a care home has just 2 minutes social interaction with any another person every 6 hours[1]. - Over 70% of people with dementia experience challenging behavior at some point during their illness, such as aggression or restlessness. Specialist dementia training for care home staff reduces need for antipsychotics by up to 50%, according to Alzheimer"s Society research. - People with dementia and carers are hit hardest by the charging system as; most dementia care is means tested as it comes from local authorities not the NHS; people need help for a long periods of time; most end of life dementia care is especially intensive and provided in care homes which is means tested. - The basic state pension (per week from 9 April 2009)) based on your own or your late husband"s, wife"s or civil partner"s NI contributions is ÷£95.25. - Saga Annual Cost of Care Report 2008 commissioned from Laing & Buisson found that the average cost of a care home per week was ÷£540. Figures are based on fees reported by 1,644 of the 11,878 registered private and voluntary care homes for older people in the UK responding to Laing & Buisson surveys between April and June 2008, plus minimum and maximum fee rates contained in inspection reports published by the Commission for Social Care Inspection in England. - OECD (1998) data found that the average UK person works 1701 hours per year. - One in three of us over 65 will die with dementia. - 700,000 people in the UK have a form of dementia, more than half have Alzheimer"s disease. In less than 20 years nearly a million people will be living with dementia. This will soar to 1.7 million people by 2051. - Alzheimer"s Society champions the rights of people living with dementia and those who care for them. Alzheimer"s Society works in England, Wales and Northern Ireland. - Alzheimer"s Society needs to raise money to support people today and to find a cure for tomorrow. You can donate now by calling 0845 306 0898 or visiting http://www.alzheimers.org.uk. Alzheimer"s Society


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