GM –Quarterly Profit and IPO

+ Q2 earnings of $1.3 bill vs $865 mill Q1, best since 2004.

+ Global production up 47% vs a year ago.

+ Revenue rose to $33.2 bill vs $31.5 bill Q1, boosted by stronger results in North America

+ Expected to file their IPO on Monday August 16, 2010.

+ Obama’s appointed CEO, Edward E. Whitacre, Jr. is stepping down as CEO and is being replaced by Daniel Akerson, Managing Director and head of global buyout private equity firm, Carlyle Group, who joined the GM board in July 2009.

Greece – New war on tax evasion

+ In an effort to collect more income taxes from their citizens, Greece has turned to investigating US Pharmaceutical firms for providing kickbacks to doctors, who are buying over-priced drugs and medical materials. They then investigate the doctors for these payments (normally not declared) which, in turn, allows the government to initiate a tax audit on the doctor’s income.

Friday News Summary

+ US retail sales rose 0.4% in July vs the 0.3% decline in June (revised from a decline of 0.5%)

+ US CPI increased for the first time in 4 months to 0.3%, exceeding the 0.2% projected

+ US CPI (core rate) increased 0.1%, as expected

+ The German economy grew 2.2% in Q2, it’s best Qtr since the reunification in 1991

+ France’s GDP more than doubled estimates to increase 0.6% in Q2