Saturday, March 19, 2011

GM Halts 'Nonessential' Spending Globally Due to Japan Crisis

First indication of serious potential global supply shocks, and its ramifications, due to the nuclear crisis in Japan, comes via General Motors.

GM has halted all nonessential spending and travel companywide while it gets a better handle on the potential impact of Japan's crisis on the company.

GM Chairman and Chief Executive Dan Akerson sent a companywide notice asking to hold off on any expenses that aren't critical, a company spokesman said, according to WSJ.

The note went out this week over GM's employee website.

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