In business news, General Motors is preparing to cut one billion dollars in annual health care benefits for more that 750,000 blue-collar workers and retirees. The Wall Street Journal reports the United Automobile Workers union has tentatively agreed to the cuts making it one of the union’s biggest concessions since the early 1980s. The New York Times reports that GM has been losing market share to foreign rivals that operate at lower costs, partly because Japan, Germany and other governments provide universal health care for all their citizens. Meanwhile the Journal is also reporting on how GM is fighting the passage of legislation to shore up the federal agency that partly guarantees retirees pension plans. Congress is considering forcing companies to fully fund pension plans and to invest more in the government-run Pension Benefit Guaranty Corp. in order to avoid the need of a taxpayer bailout.