Monday News Update: GM announces profit, Oil drilling and South and North Korea tensions

In today’s news updates we provide links to stories related to GM profits, oil drilling protocol and tensions between South and North Korea.

GM Announces First Quarterly Profit Since 2007

General Motors Co. on Monday reported its first quarterly profit in three years, buoyed by stronger global sales and savings won through last year’s government-funded bankruptcy.

The auto maker warned the next few quarters may not be as strong amid turmoil in Europe and slowing growth in the massive Chinese market.

Oversight on Offshore Drilling May Change, but U.S. Dependence on Oil Won’t

LONDON — When the congressional hearings are forgotten and the catastrophe in the Gulf of Mexico has dropped from the headlines, the most surprising thing about the spill of millions of gallons of oil may be what it does not change about the business of BP and the rest of its often-vilified industry.

South Korea freezes North Korea money ahead of Cheonan warship sinking report

South Korea said Monday it was freezing government funds for North Korea, just days before the findings of an international investigation into the sinking of the Cheonan warship are scheduled for release.

Tensions have been high since the Cheonan was torn in half by an unexplained explosion and sank on March 26, killing 46 South Korean sailors. It is widely suspected that the explosion came from a North Korean torpedo, but the South has avoided directly accusing the North, saying it will wait until the results of the investigation are announced.