Treasury reports $61 billion loss on two bailout programs
The Treasury confirms more than $61 billion in losses from aid to AIG and to Chrysler and General Motors. Bank bailouts partly offset these costs, with about $19.5 billion in expected taxpayer returns, and overall bailout costs projected at $41.5 billion.
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American International Group Inc
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General Motors
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VW to buy 20 percent stake in Suzuki for 2.5 billion
Volkswagen AG will acquire a 20 percent stake in Suzuki Motor Corp for 2.5 billion dollars. Suzuki will buy shares in VW up to half that amount, creating a cross holding. The deal aims to boost both firms in Asia with a focus on hybrids and electric models and may make VW a top shareholder by mid February.
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Suzuki
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Asia
Martin Winterkorn
Britain targets bankers bonuses with hefty tax
London officials announced a one time 50 percent tax on bankers bonuses funded by banks rather than employees as part of a pre budget report. The move aims to curb excessive rewards while lawmakers face a worsening economy and higher borrowing forecasts. Public opinion split with many praising the bite to bankers while experts doubt the revenue impact.
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Alistair Darling
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United States
General Mills to cut sugar in kids cereals signals industry shift
General Mills plans to reduce sugar in 10 cereals marketed to children to single digit grams per serving with Cocoa Puffs potentially dropping at least 25 percent from its original level. The roll out will begin next year with timing varying by product as regulators and health groups push for clearer nutrition.
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Jeff Harmening
Minneapolis
Kelly Brownell
Rudd Center For Food Policy and Obesity
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Kellogg
Post Foods
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