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GM CEO known for approachability, effectiveness PDF  | Print |  E-mail
Written by DEE-ANN DURBIN, AP Auto Writers TOM KRISHER, AP Auto Writers   
Wednesday, 11 December 2013 07:21

DETROIT (AP) — Kettering University President Robert McMahan was traveling in China a few months ago when he bumped into one of the university's board members at an airport in Shanghai.

Mary Barra, the busy global product development chief at General Motors Co., might have just said hello and turned back to her phone. Instead, she had a long discussion with McMahan's teenage son about his education and his efforts to learn Mandarin.

"I turned to my son after she left and said, 'I put a month's pay on the fact that you just met the next president and CEO of GM,'" McMahan said. "Even he, as a 16-year-old, was impressed by her approachability."

McMahan can keep his pay. On Tuesday, GM's board named Barra, a 33-year company veteran, as its next CEO, making her the first woman to lead a major car company.

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Pay gains for young women; inequality still seen PDF  | Print |  E-mail
Written by HOPE YEN, Associated Press   
Wednesday, 11 December 2013 07:15

WASHINGTON (AP) — About 75 percent of young women believe the U.S. needs to do more to bring about equality in the workplace, a new study finds, despite a narrowing pay gap and steady employment gains for women at higher levels of business and government.

Those women remain as pessimistic as their mothers and grandmothers regarding gender equality in the workplace, according to the report released Wednesday by the Pew Research Center.

The study finds that women under 32 now make 93 percent of what young men earn, aided by women's higher rates of college completion. But the analysis of census and labor data also shows the gender pay gap will widen for women by their mid-30s, if the experience of the past three decades is a guide.

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GOP, Obama line up behind modest budget deal PDF  | Print |  E-mail
Written by ANDREW TAYLOR, Associated Press   
Wednesday, 11 December 2013 07:18

WASHINGTON (AP) — Top Republicans and President Barack Obama are lining up behind a modest but hard-won bipartisan budget agreement that seeks to replace a portion of tough spending cuts facing the Pentagon and domestic agencies.

The deal to ease those cuts for two years is aimed less at chipping away at the nation's $17 trillion national debt than it is at trying to help a dysfunctional Capitol stop lurching from crisis to crisis. It would set the stage for action in January on a $1 trillion-plus spending bill for the budget year that began in October.

The measure unveiled by House Budget Committee Chairman Paul Ryan, R-Wis., and his Senate counterpart, Patty Murray, D-Wash., blends $85 billion in spending cuts and revenue from new and extended fees — but no taxes or cuts to Medicare beneficiaries — to replace $63 billion in cuts to agency budgets over the coming two years.

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U.S. ban on high-risk bank trades approved PDF  | Print |  E-mail
Written by MARCY GORDON, AP Business Writer   
Tuesday, 10 December 2013 15:44

WASHINGTON (AP) — U.S. banks will be barred in most cases from trading for their own profit under a federal rule approved Tuesday.

The Federal Reserve and the Federal Deposit Insurance Corp. each unanimously voted to adopt the so-called Volcker Rule, taking a major step toward preventing extreme risk-taking on Wall Street that helped trigger the 2008 financial crisis.

Three other regulators were expected to follow suit Tuesday.

Congress instructed regulators to draft the rule under the 2010 financial overhaul law.

The rule was agreed to after three years of drafts, debates and lobbying by Wall Street banks.

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