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Canadian Workers May Strike GM
The Canadian Auto Workers may strike or take other action against General Motors because the company won't budge on plans to close an Ontario pickup-truck factory, the union's president said.
Buzz Hargrove said the automaker committed to keeping the Oshawa plant open in a contract agreement on May 15. But earlier this week, GM said it would close the plant in 2009. It employs 2,600 hourly and 300 salaried workers.
After meeting with G. Richard Wagoner Jr., GM's chief executive, Hargrove said the company wouldn't change its latest stance.
GM said it was closing Oshawa and three other pickup-truck and sport-utility-vehicle factories as higher gas prices have caused sales to tumble.
LOCAL
GenVec to Offer Stock, Warrants
GenVec, a pharmaceutical company in Gaithersburg, said it will sell a mix of common stock and warrants to institutional and accredited investors to raise about $17 million.
The company is offering nearly 11.3 million shares and about 2.3 million warrants to buy stock. The offering is structured so that buyers get a unit consisting of one share of stock and a warrant to buy one-fifth of a share for $1.51 apiece.
The warrants have a term of five years and an exercise price of $2.016 per share.
INSURANCE
AIG Faces Probe Over Accounting
Regulators are examining American International Group's accounting after derivatives tied to subprime mortgages led to record losses at the world's largest insurer.
