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November 11, 2010 - Image 2

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2A -- Thursday, November 11, 2010

The Michigan Daily - michigandaily.com

2A - Thursday, November 11, 2010 The Michigan Daily - michigandailycom

In Other Ivory Towers Michigan Myths

Professor Profiles

Photos of the Week

Blood Drives United

Though many students
won't have the opportunity
to see the Ohio State Univer-
sity game on the gridiron in
Columbus during Thanksgiv-
ing break, Blood Drives Unit-
ed is offering an alternative
way to support the University
in its longstanding rivalry
against the Buckeyes.
Now in its 29th year, the
UM/OSU Blood Battle is col-
lecting blood for the Ameri-
can Red Cross and pitting
rival schools against one
another in the process. Blood
Drives United - along with
other campus organizations
including Alpha Phi Omega,
the Red Cross Club and Circle
K - is encouraging students
to show their school spirit
through friendly competi-
tion and help those in need of
healthy blood.

Last year and the year
prior, the Wolverines won the
battle, and LSA senior and
Blood Drives United chair
Mary Rock said she expects
this year to be no different.
"Blood Battle is off to a
great start," Rock said. "We've
had a lot of excited first-time
and returning donors, and
we're looking forward to see-
ing even more people come
donate in the next week and
a half."
With 20 more blood drives
left this month support-
ing Blood Battle, Rock said
her organization is trying to
incorporate all parts of cam-
pus into the competition. To
register to donate blood at a
variety of locations on cam-
pus including the Michigan
Union and Yost Ice Arena,
students can log on to www.

redcrossblood.org and enter
goblue into the sponsor code
"Our numbers (of partici-
pants) have been increasing,"
Rock said. "We were able
to raise our goal this year to
2,500 pints."
In addition to focusing on
recruiting donors, Rock said
she and others in the orga-
nization want to make the
drives fun and safe for all
She added that it's impor-
tant for donors to eat prior
to giving blood, stay hydrat-
ed throughout the day and
expect to be in a donation
appointment for up to an hour
and a half.
"I know students are busy
but ... you could be saving
three lives," she said.

Engineering junior Sara Vansant donates blod while Gail Diebolt,
helps in a blood drive for the 29th annual UM/OSU Blood Battle..

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Hood ornament Combo breaker Mentorship Auditions for
taken from car WHERE: 300 Block South mass meeting dance crews
WHERE: M-18 Carport WHEN: Tuesday at about 4:45 WHAT: Undergraduate , WHAT: Open to any gros
WHEN: Tuesday at about 5:30 p.m. students interested in of three or more, Michiga
p.m. WHAT: A bike valued at $900 becoming peer mentors Best Dance Crew audi-
WHAT: Hospital security was secured to a bike rack with a will learn the basics of tions will allow studentst
alerted thata hood ornament combination lock was stolen, what is required along with showcase their best move
was stolen from a vehicle, Uni- University Police reported. the specifics of the job. WHO: University Unions
versity Police reported. There There are no suspects. WHO: Office of New Arts and Programs
are currently no suspects. Student Programs WHEN: Today from
WHEN: Today at 5:30 p.m. 6:00 p.m. to 9:00 p.m.
WHERE: Michigan WHERE: Michigan
T l . . Vehicle misses Union, Pond Room League Underground
Triple teriyaki sret its nole
meal steal Author gives CORRECTIONS
WHERE: 200 Block Fletcher . * A Nov10 article in
WHERE: University Hospital WHEN: Tuesday at about talk on life in
WHEN: Tuesday at 12:15 p.m. 10:30 a.m. . r . The Michigan Daily
WHAT: Three chicken teriya- WHAT: A light pole was dam- journalismC'MSA decries use of


A new report shows agrow-
ing education gap between
black and white students, a
New York Times article report-
ed. The report states that only
12 percent of black eigth-grade
males are proficient in read-
ing, compared to 44 percent of
white males.
The Indian American
Student Association is
putting on its 23rd annual
cultural show this weekend.
The IASA show is the larg-
est student production in the
According to recent
research, teens who text
more than 120 times per
likely to have had sex and used
drugs or alcohol, a FOXNews.
com article reported.

ki meals were stolen from the
University hospital's cafeteria,
University Police reported.
The suspect was confirmed as
a female hospital visitor.

aged when it was struck by
a vehicle, University Police
reported. The cost of damage
was estimated to be $5000 and
there are no suspects. .

WHAT: Tony Collings,
author of "Capturing the
News," will discuss his
life as a journalist and his
adventures on the job.
WHO: University Library
WHEN: Today at 7p.m.
WHERE: Harlan Hatcher
Library, Gallery in Room 100

live animals in flight
course") misidentified
MSA's former student
general counsel and LSA
senior Gabriel Suprise.
9 Please report any
error in the Daily to

LoveCrimeNotesGetmoreonlineatmichigandaily.com/blogs/The Wire -

Ii1 GM reports $2B profit in

Q3 ahead of stock

Thousands of students march during a protest against plans to increase tuition fees and cut university funding. Violence broke out
against police during the march.
Thousands of students in
UK protest tuition hike

Violence erupts
amidst plans to
triple university fees
LONDON (AP) - Tens of thou-
sands of students marched through
London yesterday against plans to
triple university tuition fees, and
violence erupted as a minority bat-
tled police and trashed a building
containing the headquarters of the
governing Conservative Party.
Organizers said 50,000 stu-
dents, lecturers and supporters
demonstrated against plans to
raise the cost of studying at a uni-
versity to 9,000 pounds ($14,000) a
year - three times the current rate
- in the largest street protest yet
against the government's sweeping
austerity measures.
As the march passed a high-
rise building that houses Con-
servative headquarters, some
protesters smashed windows as
others lit a bonfire of placards out-
side the building.
Office workers were evacuated
as several dozen demonstrators
managed to get into the lobby,
scattering furniture, smashing
CCTV cameras, spraying graffiti
and chanting "Tories Out," while
outside police faced off against a

crowd that occasionally hurled
food, soda cans and placards.
"We are destroying the building
just like they are destroying our
chances of affording higher educa-
tion," said Corin Parkin, 20, a stu-
dent at London's City University.
The violence appeared to be car-
ried out by a small group as hun-
dreds of others stood and watched.
Anarchist symbols and the words
"Tory scum" were spray-painted
around the building, and black and
red flags flew from atop an office
block beside the 29-story Millbank
Rooftop protesters threw down
water, paper - and in one case a
fire extinguisher, to boos from the
crowd below.
Police said eight people, a mix of
protesters and police officers, were
taken to hospitals with minor inju-
The Metropolitan Police said, "A
small minority of protesters have
taken it upon themselves to cause
damage to property, whilst the
vast majority have peacefully made
their point."
Nearby, the headquarters of
Britain's MI5 spy agency, Thames
House, was sealed with heavy
metal doors as police guarded the
rear exits. I
Organizers condemned the vio-

lence. Sally Hunt, general secretary
of faculty group the University and
College Union, said "the actions of
a minority, out of 50,000 people, is
Elsewhere, protesters were
peaceful but determined.
"I am here because it is impor-
tant that students stand up and
shout about what is going on," said
Anna Tennant-Siren, a student at
the University of Ulster in Coler-
"Politicians don't seem to care,"
she said. "They should be tak-
ing money from people who earn
seven-figure salaries, not from stu-
dents who don't have any money."
Frances O'Grady, of the Trades
Union Congress, said the hike
would make colleges "no-go zones
for young people from ordinary
"This is about turning colleges
and universities from learning
institutions into finishing schools
for the rich," she said.
Britain's Liberal Democrats,
who are part of the coalition gov-
ernment with the Conservatives,
pledged during the country's elec-
tion campaign to abolish fees.
Protest leaders said they would
attempt to use recall powers to oust
lawmakers who break campaign
promises on the issue.

Detroit auto giant
reports third straight
profitable quarter
DETROIT (AP) - Strong prof-
its on new cars and trucks helped
General Motors Co. earn $2 billion
in the third quarter, enhancing the
company's appeal as it nears next
week's initial public stock offering.
The third-quarter earnings of
$1.20 per share nearly match what
GM made in the first two quarters
of the year combined, aided by
profits from overseas and healthy
revenue from North America, the
company said yesterday. The earn-
ings were boosted by higher prices
from newly introduced models
such as the Buick LaCrosse, a mid-
size luxury sedan.
"I think the results of the third
quarter clearly point to the amount
of progress that GM has made,"
GM CEO Dan Akerson said in a
conference call with analysts and
media. He said GM is on track to
make 2010 its first profitable year
since 2004.
The results were another indi-
cation of a widespread recovery,
among global automakers. Toyota,
Honda, Nissan, Chrysler and Ford
all reported improved results in
the most recent quarter as auto
sales slowly rise.
The strong quarter meant that
GM met projections it made a week
ago that net income for the quarter
would be $1.9 billion to $2.1 billion.
It was the third-straight profit-
able quarter for GM, which needed
$50 billion in U.S. government aid
to make it through bankruptcy
protection last year. The com-
pany has repaid or plans to repay
taxpayers $9.5 billion, and the
government hopes to get back the
remaining $40 billion with the
Nov.18 common stock offering and
several follow-up sales.
Also yesterday, a person briefed
on the matter said that Swiss bank
UBS is no longer working on the
IPO because one of its employees
leaked information about it in an
unauthorized e-mail. The per-
son didn't want to be identified
because the bank had not been
publicly named as the source of the

The latest results reversed
a $908 million loss, or 73 cents
per share, in the third quarter of
last year, a short quarter for GM
because it spent the first nine days
in bankruptcy protection.
The Detroit automaker posted
$34.1 billion in revenue for the
July-through-September quarter,
up 35 percent from the $25.1 bil-
lion in the shortened period last
year. GM had said last week that
revenue could reach $34 billion for
the quarter.
Revenue has been steadily
increasing this year, largely due to
gains in North America and explo-
sive sales growth in China. !
For the quarter, GM reported
strong profits in all of its regions
but Europe, where it lost $559 mil-
lion. The company reported $2.1
billion in profits from North Amer-
ica, and its international opera-
tions, including Asia and Latin
America, made $646 million.
GM said better pricing in North
America contributed $600 million
to its bottom line. The company has
cut back on costly incentives and is
earning more per vehicle on some
new products. In an Internet pre-
sentationforpotential investors last
week, GM said it's making $7,500
more per car for the 2011 Buick
LaCrosse compared to the previous
model. LaCrosse sales have more
than doubled so far this year.
The earnings per share figure
for the quarter was adjusted for a
three-for-one stock split approved
by GM's board last week in advance
of the initial public offering.
The third-quarter earnings
come in the middle of a two-week
"road show" in which GM execu-
tives are fanning out to U.S. and
European money centers to sell
investors on the upcoming IPO.
The positive third-quarter per-
formance should help them make
their case.
But investors likely will have
questions about the losses in Europe
and how GM will handle increasing
competition that's coming in the
U.S. for several key GM models. For
example, the new Chevrolet Cruze
compact now is the newest car in
its class in the U.S., butFord, Honda
and others soon will unveil strong
new products.
"We know we have much more

work to do. We still need to fix
Europe. We continue to be vigilant
in reducing costs in the enterprise,
and we have just started doing a
better job in marketing our brands
to consumers," Akerson said.
GM warned that it expects a
lower pretax profit in the fourth
quarter as it ramps up spending
for the launches of the Cruze and
the Chevrolet Volt electric car. The
company made a pretax profit of
$2.3 billion in the third quarter.
The company also said it made
a second-quarter accounting mis-
take involving devalued Venezu-
elan currency, reducing cash by
$199 million. GM says doesn't con-
sider the error to be material. GM
has been plagued by accounting
errors and has listed lax financial
controls as a risk factor in its IPO.
Another problem that surfaced
in GM's earnings report: its global
market share fell to 11.5 percent
from 11.9 percent in the third quar-
ter of 2009. The company said its
share partly declined because it
saw fewer sales to rental, corporate
and government fleets. Fleet sales
accounted for a little more than a
quarter of the company's sales in
the latest period, compared with
34 percent of its sales in the second
GM said it ended the quarter
with $35.8 billion in cash, up from
$33.6 billion in the previous quar-
ter, and $8.6 billion indebt, up from
$8.2 billion. GM said the increase
in debt was primarily due to unfa-
vorable fluctuations in currency,
including a stronger Canadian dol-
lar and a weaker British pound.
The company didn't answer
questions during a conference call
with analysts and the media, cit-
ing rules that limit communication
before public offerings.
In the stock sale, three of GM's
four owners - the U.S. govern-
ment, Canadian and Ontario
governments and a union health
care trust - will sell 365 million
shares, or about a quarter of the
company's outstanding common
stock, for between $26 and $29 a 4
share. The IPO will raise about
$10 billion for the three owners
and allow the largest, the U.S.
government, to reduce its stake
in the company from 61 percent to
just over 40 percent.

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