Newspaper wrap-up: SEC moves closer to approving issuance of ETFs

MAJOR PAPERS:

The SEC has moved closer to approving the issuance of active exchange-traded funds by Invesco Plc's (NYSE: IVZ) PowerShares Capital Management. The Wall Street Journal reported that this is the start of additional SEC approvals that will change the face of the mutual fund industry.
The Wall Street Journal also reported that despite some major cost cutting efforts, General Motors Corporation (NYSE: GM) may be challenged to come close to breaking even this year. The company still has "serious kinks" in its core automotive business in North America.
According to the Financial Times, Morgan Stanley (NYSE: MS) will not be able to form a landmark securities joint venture in Vietnam after the government gave in to pressure from rival banks that did not approve of the deal.

OTHER PAPERS:

The Associated Press reported that Google Inc (NASDAQ: GOOG), looking to compete with Microsoft Corporation (NASDAQ: MSFT) in the e-mail security for businesses space, is expected to announce tools today that will build upon technology acquired last year from Postini and are designed to protect against leaks of information and to weed out potential viruses.