GM posts $1.3 billion profit; new CEO named

Date: Thu, 12 Aug 2010 12:00:52 -0400

GM. POSTS. $1.3 BILLION PROFIT; NEW CEO NAMED
As General Motors reports second consecutive quarterly profit, the
auto maker says CEO Ed Whitacre Jr. will turn over the reins to
director Dan Akerson effective Sept. 1.

GM TO FILE FOR IPO WITHIN DAYS, REPORTS SAY
General Motors may reportedly file for an initial public offering of
stock as soon as Friday.

YEN WEAKENS AFTER OFFICIALS SHARPEN WARNINGS
The U.S. dollar gains against its Japanese counterpart amid reports
that Prime Minister Naoto Kan called the yen's rise 'rough,' even
though he stopped short of indicating any action would be taken to
weaken the Japanese currency.

CHINA'S YEN-ASSET BUYS HURTING JAPAN EXPORTERS
Japanese exporters continue to fall on fear that the yen may rise
further, particularly as China looks likely to continue it purchases
of Japanese assets, given their relative safety.

GLOBAL PLAN NEEDED TO STOP FAILING BIG BANK: PANEL
The financial crisis has revealed the need for an international plan
to handle the collapse of a giant financial institution so that its
failure doesn't cause collateral damage to the global markets, a
congressional watchdog group says.