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Losses - USA - GM reports 1.6 billion-dollar loss
Reorganization including some 25,000 job cuts and plant closings
DETROIT,Mich, USA -Yahoo News/AFP -Oct 17, 2005: -- General Motors reported a 1.6 billion-dollar loss in the third quarter as the world's biggest automaker took a hit from slipping US market share and Hurricane Katrina... The announcement came as GM unveiled a major reorganization including some 25,000 job cuts, plant closings and a deal with the US-based United Auto Workers' to cut billions of dollars in health care costs... The big drag on GM's results came from GM North America, which posted a loss of 1.6 billion dollars in the quarter, due to "lower production volumes, continued increases in health care costs, higher material costs, and a shift in vehicle mix away from full-sized sport utility vehicles."...
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