General Motors (GM) names Mary Barra as new boss.

Ms Barra will replace Daniel Akerson and be the first woman to run a US carmaker. She joined GM as an electrical engineering student in 1980 and has worked her way up to lead GM’s global product development. It is a critical role at a carmaker and Ms Barra received praise for her leadership of GM’s unit. Under her leadership, GM rolled out new pick-up trucks and the Chevrolet Impala, which was highly rated by Consumer Reports magazine. She also has a reputation for keeping costs down and cutting bureaucracy. As head of human resources after the 2009 bailout, she was credited with slashing paperwork which including a 10 page-dress code.

Another thing to high light is earlier this week the US government sold its remaining shares in GM. Overall, it lost around $10bn (£6bn) on its bailout of the carmaker in the aftermath of the financial crisis in 2008 and 2009. The US Treasury spent $49.5bn bailing out GM, and took a 61% stake in the company. In tandem with this bailout, US government stepped in and offered roughly $1.2 billion to Chrysler, a large U.S. automaker was in need of a bailout in the early 1980s. Chrysler was able to pay the entire bailout back, and is currently a profitable firm.

The government bailouts of Chrysler LLC and General Motors Co. saved 2.6 million jobs in the U.S. economy and hundreds of billions of dollars in personal income and government transfers, a new study of the bailout says."In the years ahead, this peacetime intervention in the private sector by the U.S. government will be seen as one of the most successful in U.S. economic history, the Center for Automotive Research said Monday.

See GM’s Car range

See Gm’s Car sold in Malaysia

Sources: BBC, Malaysiasun

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Mary Barra, who General Motors on Tuesday named its next CEO, will be the first woman to run a major automobile maker. She joins just 22 other female CEOs among U.S. companies in the Fortune 500. Here’s a look at the exclusive club.

Company Annual Revenue Market Value CEO Date Commenced
General Motors $152 billion $56 billion Marry Barra January 2014
Hewlett-Packard Co $112 billion $52 billion Margaret Whitman September 2011
IBM Corp. $105 billion $192 billion Virginia Rometty January 2012
Pepsico Inc. $65 billion $126 billion Indra Nooyi October 2006
Archer Daniels Midland Co. $89 billion $28 billion Patricia Woertz April 2006
Lockheed Martin Co. $47 billion $45 billion Marillyn Hewson January 2013
Dupont Co. $35 billion $57 billion Ellen Kullman January 2009
Mondelez International Inc. $35 billion $60 billion Irene Rosenfeld June 2006
General Dynamics Co. $32 billion $32 billion Phebe Nokakovic January 2013
TJX Companies Inc. $26 billion $44 billion Carol Meyrowitz January 2007
Xerox Corp. $22 billion $14 billion Ursula Burns July 2009
Duke Energy Corp. $20 billion $49 billion Lynn Good July 2013
Avon Products Inc. $11 billion $8 billion Sherilyn McCoy April 2012
Sempra Energy $10 billion $21 billion Debra Reed June 2011
Guardian Life Insurance of America $8 billion NA* Deanna Muligan July 2011
Campbell Soup Co. $8 billion $13 billion Denias Morrison August 2011
Mylan Inc. $7 billion $16 billion Heather Bresch January 2012
Ingredion Inc. $7 billion $5 billion Illene Gordon May 2009
CH2M Hill Cos. $6 billion NA* Jacqueline Hinman January 2014
Graybar Electric $5 billion NA* Kathleen Mazzarella June 2012
Gannett Co. $5 billion $6 billion Gracia Mortore October 2011
Frontier Communications Co. $5 billion $5 billion Maggie Wilderotter January 2006
Yahoo Inc. $5 billion $41 billion Marissa Mayer July 2012

NA* – Company is not publicly traded

Economic term to grab:

Definition of ‘Bailout’

A situation in which a business, individual or government offers money to a failing business in order to prevent the consequences that arise from a business’s downfall. Bailouts can take the form of loans, bonds, stocks or cash. They may or may not require reimbursement.

Sources: Investopedia

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