Chinese automaker SAIC seeks to purchase $500 million in General Motors Corp. stock next week. The purchase would equate to a roughly 1% stake in the company. The US government is looking to reduce its stake in the company from 61% to 35% at the IPO.
Comcast is expected to announce its planned reorganization of NBC Universal slated for early next year. Comcast first announced its intention to purchase NBC Universal from General Electric Co. last December, and pending approval after a regulatory review, will begin it’s reorganization.
Economists are saying the one reason employment levels haven’t shown a significant increase is because wages are too high. Robert Shimer, an economist at the University of Chicago, says that were wages to drop 3%-5% job growth would show marked improvement, stimulating new hires and increased spending by companies.
Small business owners are getting a nod from Democrats Friday, as a top senator said he plans to repeal a bill that was put in place to help pay for the new health care bill. Small business owners made their voices heard regarding this bill, which would have increased paperwork and could have cost them roughly $19 billion over the course of 10 years.
The pain is not over for Haitians, as they approach the one-year anniversary of the devastating earthquake that rocked their country. Many of the aid groups that were active for the first few months after the tragedy have gone, leaving behind a country that is, in many ways, no better off than before. This reveals major difficulties that the Haitian people will have to overcome in their own government.
Iran has agreed to resume talks with the European Union over its nuclear fuel program. The EU’s foreign policy representative, Catherine Ashton, has not yet decided where to hold the talks, but the date has been set for December 5.
Growth has slowed in Europe’s economy, dropping from a high of 1% in the second quarter of 2010 to 0.4% for the third quarter. The growth shows that Europe is on its way to recovery, aided in part by Germany’s powerful and resilient economy.
The Obama administration is working on adding a new government post that would police Internet privacy. The job is not yet fully solidified, and may change significantly before anything is done, but Internet privacy laws are sure to change in the near future.