General Motors stake owned by the US treasury will be sold over the coming year, assuring a multibillion-dollar loss for the federal government. General Motors will buy back $5.5 billion in shares, and the Treasury will have to sell the rest of the stock at a high price in order to break even on the $50 billion bailout GM received.
Emerging markets like China and Brazil, as well as US, are urging European ministers to address its sovereign debt woes. But emerging markets, US lack consensus on solution.
Japan called US Treasury Secretary Timothy Geithner 'unrealistic,' while India doubted he would have support among emerging economies at the G20 summit next month.
The Canadian province of British Columbia hopes to change consumer behavior – and raise revenue – by taxing virtually all fossil fuels, including gasoline and home-heating fuel.