"Leaner GM emerges from bankruptcy," BBC, July 10, 2009.

[BBC correspondent says, "It's easy to dismiss, even ridicule these changes. But they're more than purely cosmetic." He can say that again. Now the US Government owns 61% of GM. While the World Bank and IMF strain at gnats in Africa and Latin America, it's nice to know Uncle Sam can still swallow elephants. Humanitarian aid isn't just for the poor you know.

Meanwhile the price of oil continued its roller-coaster ride, falling to below $60 on Friday.

The BBC joined the National Post and the CBC in presenting Canada's worst economic performance in 18 years as "fewer jobs lost than expected." Dale Orr said, "...it would have been much better had the jobs been full-time." He was referring to the "better than expected" result: last month Canadians lost 47,500 full-time jobs and gained 40,100 part-tmers. Happy days.

Just a week ago, American job losses were "worse than expected." -jlt]

General Motors (GM) says it has emerged from bankruptcy protection after creating a "new GM" made up of the carmaker's best assets.

GM chief executive Fritz Henderson said it was the beginning of a "new era".

"they still need to put a product out there that everyone is excited about purchasing."

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