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Business News

General Motors prepares for New York Stock Exchange listing

General Motors is expected to launch plans for a New York Stock Exchange listing this week.

The carmaker's chief executive, Edward Whitacre Jnr, is leaving the company next month having turned the fortunes of GM around after President Barack Obama bailed the company out to the tune of $50bn last year. GM has returned to profit in the past two quarters, after a cost-cutting restructuring that slashed 65,000 jobs. The Wall Street listing is estimated to be worth up to $16bn.