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  1. Okay.. i think we have to live with the increase of population.. so let's think positive.. 1) bigger promotions by merchants.. 2) more 24hr shops 3) .....
  2. Last July installed 2 no. FINE CR-200HD cameras with 'Power Magic' in continuous running mode. My 2l Picnic also has a typical Pioneer 7" Audio System with 2 front & back speaker and a pair of tweeter. Had 2 backseat LCD as well. After running the cameras for a 1-2 weeks my Alternator charging system happen to die off. (cost >S$2k to change, new battery is 45 AH.) Suspected the 'Power Magic' or the new installed cameras causing the problem. Re-installed to an original 'Power Magic' The problem now is the battery will drain off (unable to start up the car) if it is left for more than 1-2 days. Check with AD - no problem, check with camera installed guy - no problem as the Power Magic is able to power-off the cameras at a preset voltage of about 11.8VDC. They suggest replacing with a higher capacity battery. Any comment? Thanks.
  3. Honda Elysion Honda introduced its new Elysion, the series-produced version of the Honda ASM concept car from last year's Tokyo Motor Show on its web-site. The bigger brother of the Odyssey will officially be unveiled on the 13th of May. It is now wonder that its name comes from Odyssey by Homer where Elysium (Elysion) was a section of the underworld where the soul found its final resting place. Main specifications: Engine options: - 2.4-liter DOHC i-VTEC. 118 kW (160 hp) @ 5500 rpm, 218 Nm @ 4500 rpm - 3.0-liter i-VTEC with Variable Cylinder Management technology. 184 kW (250 hp) @ 6000 rpm, 309 Nm @ 5000 rpm. Transmission: - 5-speed automatic Suspension: Double wishbone on all four wheels Dimensions: Length/Width/Height: 4840/1830/1790 mm Seats: 8
  4. Hello, Bros! MyCarForum will be opening a Groupbuy for RINSEKIT, the revolutionary portable, pressurized shower system that's like having a garden hose at the beach or the trailhead! The more members joining the Groupbuy, the bigger the discounts! Check out the mechanisms below: How it works: Minimum members required for the deal to be in effect is 15 members, else groupbuy cancelled. Member who is interested for the groupbuy needs to register and place a $20 non-refundable deposit per kit. Deposit will be offset from the amount. If groupbuy is cancelled, we will refund the deposit and inform the participants by 25 August 2016. If groupbuy is set to proceed, the remaining amount of payment needs to be completed by 16 September 2016. Collection Date & Options: SGCM office: 19-30 September 2016 (Monday-Friday only), 10 AM - 5 PM Kallang Leisure Park carpark: 21 September AND 5 October, 7-8 PM Terms & Conditions: You are only allowed to collect during the time slot that you’ve chosen. You may assign a proxy to collect on your behalf. You are only allowed to collect the item once your payment has been completed. Sign up now! Registration will be closed by 15 September 2016. More details about the product: http://www.rinsekit.com/
  5. 'Bigger is not always better' Singapore - Wedding planners said it is common for couples to try to outdo each other. Ms Maria Jaffar, owner of MJ Wedding, said couples even take loans to hold grand ceremonies. Some struggle later to repay their debts. Ms Maria has been in the industry for more than 10 years and organises weddings almost every weekend - except during the fasting month. She said that even though most of her clients promptly settle their payments, about five every year fail to do so. She said: "Some still owe me money after the wedding and they would come up with all kinds of excuses not to pay me. "I still wish them all the best and will not pursue them any further for their payment. Every year, I write off more than $10,000 in bad debts." Ms Mimie Addam, who owns Tamara Bridal, insists that couples settle all their payments one week before their wedding day. Ms Mimie, who is in her 40s and has been running her company for seven years, advises couples to save before their big day and spend within their means. She said: "I've arranged ceremonies that cost as low as $6,000 and I've also helped plan some that cost about $50,000." Ms Maria said: "I have this advice for couples - be prepared to make heavy losses when you hold a wedding. "There is no way you can recuperate your expenses from your wedding 'hongbao'." Wedding loans taken by Malay couples contributing to divorce rates by Shaffiq Alkhatib Singapore - It took him three years to save $10,000 for his wedding ceremony in 2007. But his final bill was $25,500. Then, for more than two years, Hafiz (not his real name) tried to settle the debt, using his $2,500 monthly salary. The technician's parents eventually had to help him with his payments. Financial troubles, like Hafiz's, have contributed to a breakdown of marriages in the Malay-Muslim community. That troubled the Government enough for the Ministry of Social and Family Development to revamp a marriage preparation course for the community. Last month, Dr Yaacob Ibrahim, Minister- in-charge of Muslim Affairs, said the course will include financial planning. Hafiz, 36, wished he had someone to check with before going ahead with his grand wedding. He said he wanted to make his wife happy. He said: "Before our wedding, she went to a few of our friends' to get some ideas. "She told me that she wanted ours to be bigger and grander than the others. And I agreed with her out of love." But he couldn't pay. So he had to take a bank loan of $10,000. Then he borrowed about $5,000 more from his relatives to hold the wedding at the void deck of his flat in Tampines. He said with a chuckle: "Malays say that to be a bridegroom is similar to being a king for a day. "But apparently, for me, being a 'king' turned out to be a very expensive affair." Mr Hafiz said his sales assistant wife earns about $1,500 a month. Pricey The decoration at his wedding alone cost him thousands of dollars. He recalled that for his wedding, the ceiling and pillars of the void deck were covered with fabric. Coloured cloth was also used to cover the chairs and tables, which were topped with fresh flowers. "The void deck looked like a hotel function room. It was very beautiful. But it cost me close to $10,000 just for the decoration alone. "In the end, my parents, who just received their CPF payouts, had to help me pay off my wedding debts," he said. Hafiz has a 30-year-old sister who is single. "She has a fiance and they intend to get married soon. But they told me that they will try to make their ceremony as simple as possible. "My sister and her husband-to-be said that they will just have a small gathering for the 'akad nikah' (solemnisation), and that's it. Maybe that's a good idea after all I've been through," he said with a laugh. Now that his debts are out of the way, he intends to start a family with his wife and buy a flat together. Said Hafiz: "I don't have to worry about my debts any more and can move forward with my married life. "Perhaps my wife and I should have thought things over before we went all out for our wedding." Help with managing finances Cinta Abadi (Malay for Eternal Love), the Ministry of Social and Family Development-run course for the Malay-Muslim community, is targeting more than 2,000 soon-to-wed couples each year. Financial education will be an integral part of the course, The Straits Times reported. In announcing the course, Dr Yaacob Ibrahim, Minister-in- charge of Muslim Affairs, said young Muslim families need to better understand the importance of help with managing finances managing their finances. Dr Yaacob had said that it is important for couples to live within their means. "It's nice that you're falling in love and having a family, but ultimately you need to deal with the finances," he said. please spend within your means!! excercise financial prudence!! dont borrow!! save up and pay cash!!!
  6. Ho say liao! Now then do >Drive a bigger car? You may need a new licence</h1> 15Share 4 inShare</span> Purchase this articlDrivers may soon need a different licence to get behind the wheel of a bigger, more powerful car. -- ST PHOTO: LIM WUI LIANGBy Bryna SimDrivers may soon need a different licence to get behind the wheel of a bigger, more powerful car. The proposed changes, which may be modelled after the system for motorcyclists, whereby riders chalk up experience on smaller bikes before moving on to bigger ones, are believed to be part of a wider review on driving licences. While it is too early to tell how the changes may affect drivers, one industry body backing such changes said on Monday that it was 'a timely move' as the issue of motorists' behaviour has been a hot topic since a fatal accident involving a Ferrari and ComfortDelGro taxi on May12. A police spokesman confirmed on Monday that a review on driving licences was ongoing but was 'unable to share more details at this stage'.
  7. for better or for worse ??? I know its good for ICE...any other benefits ?
  8. Need a replacement car in 2012 Any recommendations for me? Kids growing, current ride getting old Requirements: - sit 4 adults + 2 kids comfortably - 3rd row must have air-con vents - must be bigger than wish/stream, current ride is this size - not stingy but lower capacity better lah, less road tax, better FC etc. - SUV or MPV is ok - must be AD, no PI Thank you for your time
  9. Driving a Megane. Typical car load is 2 adults and 3 kids. More than enough car for my needs. However, on most weekends, will bring my parents and sometime sister. Abt 3-5 times per month.. During these outing, my kids will be sitting on my parents' laps. This arrangement use to be fine. However, my kids are growing up. Older 2 kids are over 20kg. My parents are getting old. I'll imagine it to be rather uncomfortable to have a 20+kg restless kid moving on your lap. Especially so when travelling in Megane, which is not exactly spacious. As a filial son, I'll want to get a bigger car so that all can travel in comfort. From a financial point of view, I will be selling a fully paid up car and taking loan again. I plan to drive till scrap and now still left 5 years. Really hate the idea of taking loan again. Just want to know any forummers face the same thing and what did you do?
  10. CNA Motorists taking bigger loans as COE prices surge SINGAPORE: As car prices rise, motorists in Singapore are chalking up bigger debt on their motor vehicle financing, according to latest figures released by Credit Bureau Singapore (CBS). The average loan quantum in July 2011 increased by 38 per cent, compared to the same period two years ago. Motorists now take loans with an average principal amount of $85,105, compared to $61,511 two years ago, and $74,399 a year ago. Despite the heavier debt commitment, delinquency rates for motor vehicle loans are on the decline. Only 2.49 per cent of car loan holders had an instalment that was overdue by more than 30 days in July 2011, compared to 2010's figure of 2.65 per cent, indicating that consumers are managing their payments well. William Lim, Executive Director of CBS, said the figures do not come as a surprise. He said: "It is unsurprising that loan quantum has surged given that COEs premiums, and consequently car prices have soared in the last two years. At the same time, premium cars have also overtaken mass market brands in sales, and luxury and sports cars have also hit new highs." CBS' data also show that as a result of high car prices, the demand for new motor vehicle loans continue to fall. From January to July this year, consumers took up 36,911 car loans, compared to 38,913 and 43,119 in the same period in 2010 and 2009, respectively - these include loans for new and second-hand cars. The CBS study also further revealed the effects of gender and age on motor vehicle loan trends. The age group of 40-44 borrowed the highest loan quantum, which stood at $99,411 in July 2011. Conversely, those aged 21-29 borrowed the lowest loan quantum of $57,857. Senior consumers above 54 years old bore the heaviest brunt of the steep increase in loan quantum, experiencing the highest increase of 53 per cent in their principle amounts in July 2011 compared to two years ago. Consumers aged 35-39 made up 19 per cent or almost one-fifth of new car loan holders, making them the top customer segment for these loans, according to the snapshot in July 2011. Young motorists exhibit the highest delinquency rate of 3.66 per cent, while consumers above 54 years old have the lowest delinquency rate of 2.02 per cent. CBS said the trend is consistent with other loan products. Male motorists tend to take bigger loans than female motorists. They also make up 75 per cent of new loan holders, outnumbering female loan holders by three to one. Lui Su Kian, Head of Deposits and Secured Lending, DBS Bank, said: "The average loan amount for car loans with DBS have increased by more than 10 per cent year-on-year. However, affordability remains healthy as customers seeking maximum financing have remained stable. "As we see more wealth being created in Asia, we have also observed that the financing of cars priced at more than $200,000 have doubled compared to 2010." CBS said it will continue to monitor the delinquency rate for motor vehicle loans, encouraging motorists to assess the affordability of their car loan carefully and practise responsible borrowing. - CNA /ls
  11. Imagine this terror still exists today... It will make the top predators like lions and brown bears like kitties and teddy bears respectivey. OMG Over 9 tonnes!!!! Those folks living around this creature then have to arm themselves with RPGs instead of puny rifles... :o From CNA: http://www.channelnewsasia.com/stories/fea...1159082/1/.html T. rex was bigger than thought Posted: 13 October 2011 1046 hrs CHICAGO: The iconic T. rex dinosaur grew bigger and faster than previously estimated, according to new methods based on actual skeletons instead of scale models, British and US scientists said Wednesday. Scientists digitally modeled flesh on five mounted T. rex skeletons and showed that the meat-eating lizard kings were up to a third bigger and grew two times as fast into adults than previous research had suggested. The findings, led by John Hutchinson of The Royal Veterinary College, London, and Peter Makovicky, curator of dinosaurs at The Field Museum of Natural History in Chicago, are published in the journal PloS One. One of the skeletons included in the study was "Sue," the largest and most complete T. rex specimen ever found, on display at The Field Museum. The 67-million-year-old dino was discovered in 1990 on an Indian reservation in South Dakota by American paleontologist Sue Hendrickson. Named after its finder, "Sue" was previously thought to be about the size of a big elephant or rhinoceros, standing 12 feet high (3.5 meters) and 42 feet (13 meters) from head to tail. Her living weight was guessed to be 14,000 pounds (6,400 kilograms), or about six tons. But the latest methods found she would have tipped the scales at well over nine tons. "We knew she was big but the 30 percent increase in her weight was unexpected," said Makovicky. The technique used mounted skeletons to derive body mass estimates, instead of models created to scale. The team made three-dimensional laser scans of the skeletons to form a template for digital models that would add simulated flesh. They devised three different levels of the approximate amount of flesh the creatures likely had, to figure the size of a thin, hungry animal up to a well-fed one. "Previous methods for calculating mass relied on scale models, which can magnify even minor errors, or on extrapolations from living animals with very different body plans from dinosaurs," said Makovicky. "We overcame such problems by using the actual skeletons as a starting point for our study." By establishing new sizes for the other four specimens studied, the researchers also found that the creatures likely grew faster than initially thought. "We estimate they grew as fast as 3,950 pounds (1,790 kilograms) per year during the teenage period of growth, which is more than twice the previous estimate," said lead author Hutchinson. That would mean the land-roaming carnivores expanded by about 11 pounds (five kilograms) per day during their peak growth spurt. The same team had estimated in 2004 that T. rex gained 4.6 pounds (2.1 kilograms) per day. -AFP/pn
  12. STOMPer Plastic Surgeon thinks Singaporean girls' growing obsession with getting bigger breasts are ridiculous, since sexy women are those are healthy and are confident about their own bodies. The STOMPer was referring to a report in The New Paper today (Jan 30), about the increasing number of Singaporean women buying products to improve their cup size, despite their unproven claims and health risks. Some of the products include oestrogen cookies, bust-boosting chewing gum and candies. Said the STOMPer: "I find it sad that our girls have to resort to risking their health to get bigger breasts, when they are in fact one of the most beautiful women in the world, in my opinion. "Personally, I think women who are healthy and confident about themselves and their bodies are sexier than any supermodel. "Plastic surgery and cosmetic are enhancements are OK if there is something really wrong with their bodies -- like for those people who become disfigured after an operation. "But when perfectly good looking women take products that might cause side effects just because they want to look like Hollywood stars, I think that's quite sad." Blogger Hong Quiu Ting, 22, was reported in The New Paper to have tried breast enhancement pills sold for $35 on eBay, but had neck pain, felt giddy and vomited often when she used the product. She also tried the Must Up candies -- with each packet containing 10 pieces of sweets costing $10. The candies promised to increase her bust size by 5cm in 20 days. She said her breasts felt slightly firmer after about three weeks, but she stopped taking the candies when she was offered a free breast-filling treatment by a doctor. The Straits Times also reported that three teens suffered from diarrhoea and gastric pains when they substituted their main meals with made-in-Japan breast enhancement F-cup cookies for two weeks. Experts say that unproven 'short cuts' -- like eating more chicken breast meat, drinking papaya milk shakes or massages -- to breast enhancement do not work. The simplest way to have bigger breasts is to get fat or chubby, says plastic surgeon JJ Chua of Mount Elizabeth Medical Centre. Although i like big boobs myself.I too believe being chubby is the natural way to get big boobs. What are your experiences?Views?Do gals with big boobs get harassed?Do they feel uneasy.
  13. Hi to all the experts here.. im contemplating upsizing my rims. So wanna know more about the implications. Hope you guys can share some wisdom. Kindly use the format: Pros: Cons: thanks a lot!
  14. Would you trade a used wish for a 4-6 year old Oddy, Previa, or Voyager?
  15. If you do, you should be going thru the thread on "exercising without a gym" and start losing some weight man!
  16. What is your take? Source. http://soccernet.espn.go.com/news/story?id...gue&cc=4716
  17. Heheh for me yes....mine is bigger than all my neighbours...my wife think I am kiasu but I told her it's a matter of luck...cannot the neighbour's CNY decorate 'outshine' and 'override' my deco.... LOL!
  18. Anybody has the details of the above tax break? Green cars will take off if the tax break resulted in cheaper than the petrol variants.
  19. This is an article from paultan.org. Find it quite insightful as it involves Honda's future. Honda rethinks its future product offerings Future automobile products are planned a few years in advance and with the volatile world markets these days the job of a product engineering team as well as a product planner is getting harder and harder. Autonews.com has a very interesting story they managed to squeeze out of Honda's management at the 2009 Tokyo show centering around one of Honda's most vital platforms – the Civic platform. The Civic platform forms the basis of other vehicles like the Stream, the CR-V, and even other Hondas not found in our market such as the Honda Element. The interview revealed that Honda's original intentions was for the next generation Honda Civic to be even larger and more plush than the current Civic, which has already grown to last decade Accord-ish proportions in terms of length and wheelbase. But that plan has been scrapped. Honda engineers have instead been told to make the Civic smaller and lighter. It's not 100% clear what this means – the Civic may not necessarily become smaller than the current generation. It could probably mean smaller and lighter than originally intended to be, which would hopefully put it around the same size as the current generation. Honda wants to try creating an increased perception of interior space but keep the exterior dimensions within control. Another rumour that surfaced a few months ago was that Honda could be splitting the Civic into two lines like Toyota's Corolla and Corolla Altis, a smaller one for Japanese tax regulations and a larger one for markets that like more metal for their money. But such a mid-way change has caused the project to be somewhat delayed. The current Civic has just been facelifted and a new one is supposed to arrive in 2011, a 5 year cycle after its introduction in 2006. But Honda is putting in more manpower to try to meet the target. If that doesn't happen, the Civic could be delayed for a year or so. Honda president Takanobu Ito admitted the team was struggling. This is not unprecedented, the previous generation Corolla Altis was also delayed and we still ended up with an all-new Altis that was pretty much a reskinned previous gen. Other new upcoming Honda products include the implementation of the hybrid IMA system across more models. Right now it is only available in small to medium cars – the Insight, the Civic Hybrid, and pretty soon the CR-Z. A hybrid minivan is coming – this could mean a few things such as an USDM Odyssey Hybrid or even a Stream Hybrid. Not much else was revealed about which minivan model. There used to be an Accord Hybrid but that was scrapped due to discouraging sales. But larger hybrid vehicles like the Accord Hyrbid is going to make a comeback soon. Honda revealed that a dual-motor IMA system is currently under development. The dual motor system will be configured in a way that it is able to function as an e-CVT in full electric mode, much like the series-parallel system in the Toyota Prius. This means Honda will have a two-prong hybrid strategy – a motor assist parallel mode hybrid system for smaller cars and a full hybrid series-parallel system that can be used in larger cars. A series-parallel hybrid is of course more costly and complicated to implement thus more suitable for larger vehicles that are able to carry higher price tags.
  20. Getaway car too small for haul Two armed robbers who hijacked a security van had to leave more than
  21. July 1, 2008 Ex-ICA officer accuses his lawyer of incompetence By Khushwant Singh, Court Reporter Immigration and Checkpoints Authority deputy superintendent Thong Sing Hock (above) had earlier this year admitted to nine charges of abetting and harbouring Ms Song Qinghua and accessing the ICA's computer systems for personal purposes. -- ST PHOTO: DOMINIC WONG A SENIOR immigration officer who is appealing against a two-year jail term, has blamed his former lawyer for advising him to plead guilty to offences he claimed he did not commit. Immigration and Checkpoints Authority deputy superintendent Thong Sing Hock, 50, the third-ranked officer at the Tuas Checkpoint, had earlier this year admitted to nine charges of abetting and harbouring Ms Song Qinghua, 38, and accessing the ICA's computer systems for personal purposes. In appealing against the sentence, he told Judge of Appeal V.K. Rajah on Tuesday that he was not aware that she was travelling under a false identity. Ms Song, who came here to work in 1997, was jailed for three weeks for overstaying in 2001 and deported after that. While back in China, she changed her name to Song Qi and got herself a new identity card and passport. She met Thong in Beijing between late 2002 and early 2003, and kept in touch with him after his return here. The couple became intimate and visited each other often. Thong said he only found out about her conviction and the false particulars in her passport after she was detained in February 2006. He claimed that he had told his lawyer, Mr Chua Si Soon, about this but was advised to plead guity to the charges. Thong, who hired the lawyer in February 2006, said: 'My lawyer said that this was the easiest way out of the mess that I am in.' He further claimed that he had accessed the ICA computer records for Ms Song's particulars in 2004 because he had been asked to do so by a law enforcement agency. While noting that the claim was 'wildly improbable', Justice Rajah said that it was still necessary to follow up and if Thong's assertation holds true, then the convictions could not stand. But the High Court judge warned Thong that if the allegation proved false, the court would conclude that he had intentionally cast a grave slur on a senior lawyer. 'I would then seriously consider enhancing your sentence,' he told Thong. Thong stood by what he said and in a rare move, Justice Rajah asked the Attorney-General's Chambers (AGC) to write to Mr Choo for his response and adjourned the hearing on Tuesday. http://www.straitstimes.com/Latest%2BNews/...ory_253525.html times 2?
  22. Hi guys, 1. I've seen street cars fitted with smaller wheels for front and bigger wheels for rear? For example, 16" wheels for front and 17" wheels for rear. 2. What exactly are the purposes of doing so? Are there real benefits? Thanks. Regards,
  23. Hi bros can anyone pls highlight the pros and cons from changing 16'' rims to 17'' rims
  24. GM Reports $39 Billion Loss on Deferred Tax Charge (Update3) By Jeff Green and Greg Bensinger Nov. 7 (Bloomberg) -- General Motors Corp., the world's largest automaker, reported a record $39 billion quarterly loss after three money-losing years forced the company to write down the value of future tax benefits. GM fell as much as 5.6 percent in New York trading after the size of the loss surprised analysts. Excluding the tax writedown, the deficit was $2.80 a share, more than 10 times the 22 cents estimated by 15 analysts surveyed by Bloomberg. Mortgage-related losses at GM's finance unit overwhelmed improved automotive results. "This has been a challenging year, for sure,'' Chief Financial Officer Fritz Henderson told reporters in Detroit. GM is writing down the tax assets because it may not be able to generate enough earnings to use the benefits. The move reflects a darkening outlook for the U.S. economy, as GM cited defaults on subprime mortgage loans at its partly owned GMAC LLC finance unit and "more challenging'' auto-market conditions in the U.S. and Germany. GM's third-quarter loss of $68.85 per share widened from a deficit of $147 million, or 26 cents, a year earlier. The non- cash charge is related to deferred tax assets in the U.S., Canada and Germany, the Detroit-based company said in a statement today. Its results also reflected an after-tax gain of $3.5 billion from the sale of its Allison Transmission unit, $1.6 billion in pension-service costs related to prior labor agreements, and $350 million in charges connected to its former Delphi Corp. subsidiary. Record Auto Revenue Automotive revenue rose 8.9 percent to $43.1 billion, a third quarter record, and automotive operations excluding the tax cost had a net income of $122 million. The automotive loss a year earlier was $455 million. About $700 million of GM's adjusted loss of $1.6 billion was related to the tax changes, Henderson said on a conference call. "Most of the decision for the write-off is driven by history, the fact that we've had a three-year cumulative loss,'' said Chief Executive Officer Rick Wagoner in an interview. GM fell $1.48, or 4.1 percent, to $34.68 at 9:59 a.m. in New York Stock Exchange composite trading after dropping to $34.14 earlier. Henderson said the losses at GMAC's mortgage unit and a strengthening Canadian dollar against the U.S. dollar were significant factors in the wider-than-expected loss. The Canadian currency has risen 28.3 percent against the U.S. dollar this year. The automaker attributed the charge to a "three-year historical cumulative loss'' in the U.S., Canada and Germany. GM had a net loss of $757 million related to its 49 percent stake in GMAC, which posted a $1.6 billion third-quarter loss on Nov. 1. GM sold 51 percent of GMAC last year to a group led by Cerberus Capital Management LP. Accounting Matter Under U.S. accounting rules, GM assesses the need each quarter for a so-called valuation allowance against the deferred tax assets. In 2005, GM took a valuation against tax assets in South Korea that it reversed last year when the outlook for profits improved. The automaker also took a similar charge in Brazil in 2005 that it reversed in 2006. Henderson said he couldn't estimate when GM might be able to use the deferred tax assets again and declined to forecast when the automaker might return to profit. "Certainly having ResCap turn into the red, then bringing GMAC into the red, has an impact on us,'' he said. Outlook Changed GM said it previously had determined it wouldn't need the allowance for the U.S., Canada and Germany because losses over the three-year period were caused by one-time expenses and because of the continued expectation of strong profits at GMAC and improved earnings in North America. "The establishment of a valuation allowance does not have any impact on cash, nor does such an allowance preclude us from using our loss carryforwards or other deferred tax assets in the future,'' Henderson said in the statement. The allowance also doesn't "reflect a change in the company's view of its long-term automotive financial outlook,'' Henderson said. GM reported deferred tax assets of $34.8 billion in the U.S., $3.1 billion in Canada and $2.5 billion in Germany as of the end of last year, in an annual regulatory filing in March. The three countries accounted for $40.4 billion of GM's $40.8 billion in such assets, according to that filing. Today's results including the tax-related charge may overshadow GM retaking the No. 1 spot in worldwide sales from Toyota Motor Corp. Chief Executive Officer Rick Wagoner also moved to reduce future costs by approving a labor accord that eliminates retiree health-care obligations and cuts new workers' pay by 50 percent. Labor Accord GM completed an agreement with the United Auto Workers last month after a two-day strike to transfer $47 billion in future union retiree costs to the union in exchange for a one-time contribution of about $32 billion. Wagoner had already reached labor agreements to close plants and trim health-care expenses, which the company has said would reduce its costs by $9 billion this year. GM has said the union retiree health fund will drain cash next year by $3.3 billion before adding $2.8 billion to cash flow in 2010 and $3.3 billion in 2011. GM's 8.375 percent note due July 2033 rose 0.5 cent to 89.75 cents on the dollar yesterday, according to Trace, the NASD's bond-price reporting service. The yield fell to 9.44 percent. Credit-default swaps tied to General Motors Corp. climbed 4 basis points to 598 basis points, the highest in seven weeks according to CMA Datavision in London. An increase signals declining investor confidence in the company's ability to pay back its debt. http://www.bloomberg.com/apps/news?pid=206...qFKg&refer=home
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