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General Motors said Thursday it has sold its stake in Ally Financial, its government-rescued former vehicle lending arm. GM said it had sold its 8.5 percent holding in the now-revived bank, controlled by the US Treasury, for roughly $900 million. The largest US automaker, which emerged from a US government bailout on Monday after the US Treasury sold its remaining stake, said it would book the equity sale as a special-item gain of $500 million in the current fourth quarter. "This transaction releases capital from a non-core asset and further enhances our financial flexibility," Dan Ammann, GM executive vice president and chief financial officer, said in the statement.
Qualcomm said Friday it had promoted Steve Mollenkopf to chief executive, succeeding Paul Jacobs at the helm of the world's dominant mobile chipmaker. Mollenkopf will retain his title as president of Qualcomm while Jacobs becomes executive chairman. Mollenkopf "will assume overall responsibility for Qualcomm, including all lines of business and all functional groups" while Jacobs will take the new role "helping guide development of new technology and Qualcomm's long-term opportunities," a statement from the California company said. "With today's announcement, we enable a smooth transition to a proven executive in Steve Mollenkopf, while providing for ongoing executive guidance and board-level leadership from Paul Jacobs," said Sherry Lansing, presiding director of Qualcomm's board.
QUNU, South Africa (AP) — The rural home where Nelson Mandela grew up in the 1920s had mud walls, a grass thatched roof, and a floor polished smooth with cow dung. When throngs flood Mandela's hometown on Sunday for his burial, they will visit a simple place steeped in old ways but which now has become the center of a massive state operation to honor the anti-apartheid leader.