Shares of the American multinational, General Motors Company, soared more than 5% in Monday’s trade after the carmaker released its transformation plan for the future.
As a part of the restructuring strategy, the company plans to undertake cost-cutting measures, which include curbing its vehicle line-up in the U.S. and closing U.S. and overseas plants, despite triggering layoff fears.
According to the company, this restructuring strategy is expected to help strengthen its core business, capitalize on the future of personal mobility, and drive significant cost efficiencies.
As per GM’s CEO, Mary Barra, the aforementioned moves are expected to increase GM's free cash flow from autos by $6 billion in the next two years, including cost savings worth $4.5 billion and reduced capital spending worth $1.5 billion by 2020.
With plans to allocate additional resources to electric and autonomous vehicles, the company announced the closure of five plants in 2019 as a part of its $4.
CVS Health Corp. and Aetna have received the final state approval for their $69 billion merger.
In December 2017, pharmacy retail/healthcare company CVS announced plans to acquire Aetna for $69 billion in cash and stock.The Department of Justice had given a preliminary approval in October 2018, after Aetna agreed to sell its Medicare Part D drug plan business to WellCare Health Plans so that there is no overlap with CVS’s Medicare plan business – thereby mitigating regulatory concerns of a potential concentration/monopolization of the health insurance sector due to the merger.
Now that it has approvals from all the 28 state departments of insurance, the deal is expect to close “on or about” Nov. 28 - the companies mentioned in Monday’s regulatory filings.
On Monday, GM chairman and CEO Mary Barra revealed during a conference in Detroit that the auto maker is planning to end production at the Oshawa assembly plant, along with two other facilities in Detroit and Warren, Ohio. The company apparently is looking to focus more on autonomous and electric vehicles.
According to Barra, GM's restructuring of its product manufacturing process will result in cost savings of an estimated $6 billion for the company by 2020, and might include slashing its global salaried and salaried contract staff by 15 per cent.But it is not yet fully clear exactly how many of the 2,500 jobs at Oshawa will be lost.
Unifor, which represents 315,000 unionized workers in Canada, said late Sunday that while it does not have the complete details yet, it knows that no GM product has been allocated to the Oshawa Assembly Plant past December 2019.
He said Tesla “came within single-digit” weeks of death, but was eventually able to make good on its production target for Model 3.
Tesla seems to have bounced back strong, as it posted in late October solidly positive third quarter earnings surprise coupled with higher-than expected car sales .Its adjusted earnings was $2.90 a share - versus an expected loss of 19 cents per share according to analysts polled by Refinitiv.
Earlier this month, Musk said Tesla was not “staring death in the face anymore”.
Fiat Chrysler Automobiles NV is considering a potential sale of its robotics arm Comau at 1.5 billion euros to 2 billion euros ($1.7 billion to $2.3 billion), according to a Bloomberg report citing people familiar with the matter who asked not to be named.The anonymous sources said that the matter is still private and talks are in very early stages, while hinting that there is a possibility that a sale process could start early next year (reported by Bloomberg).
The report comes close on the heels of Fiat’s decision in August to sell its car-parts unit Magneti Marelli for 6.2 billion euros.
The term refers to the Monday following the Thanksgiving Holiday, and focuses on digital sales.
According to Adobe Analytics, U.S. online retail could expect sales of $7.8 billion this Monday – a +17% climb from the previous year.Adobe also estimates that total online sales will reach $124.1 billion this holiday season (as reported by The Street).
The projections should augur well not just for current e-commerce leaders like Amazon, but also for potentially those like Lowe’s who have been struggling for a while.
You've got a nice little nest egg sitting in your 401(k), but Uncle Sam says you can't touch it until you're over 59 1/2, or you'll pay steep penalties.You can take out as much money as you want without paying it back, and you won't be charged any penalties.
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From turkey to the malls, more than 164 million Americans figured to hit the stores between Thanksgiving and Cyber Monday according to the National Retail Federation.But how will the retailers fare the rest of the holiday season?
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Coming off a week of heavy losses, bitcoin fell as much as 10 percent and set a fresh low at $3,447.58 on Sunday, according to data from CoinDesk.It later recovered to roughly $3,945 as of 6 p.m. ET.
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A lawsuit claiming JPMorgan Chase & Co. and Citigroup were rigging the European Interbank Offered Rate (Euribor) has been settled, with the banks agreeing to pay $182.5 million.Investors such as the California State Teachers' Retirement System claimed that the banks were fixing prices of derivatives and rigging rates between 2005 and 2011.
Other banks had reached previous settlements in the case, including Deutsche Bank, Barclays and HSBC who paid $170 million, $94 million and $45 million, respectively. According to the settlement agreement, Citigroup and JPMorgan denied wrongdoing and settled out of court to avoid the costs and distractions that would have arisen with litigation.
Amidst the start of the biggest shopping season of the year, U.K.-based trade union GMB is protesting against Amazon for what it calls "inhuman" working conditions.GMB said that it expects hundreds of people to take part in the protests at five Amazon warehouses in the U.K. and also hopes workers in Italy and Spain to come forward.
Amazon, however, tried to refute claims of inhuman working conditions.
Brazil’s inflation was slower than expected, through the 12 months ending mid-November.
The nation’s IPCA-15 index (tracking consumer price inflation) increased +0.19% from mid-October through mid-November, falling short of the median forecast of a +0.24% increase from 38 analysts surveyed by Bloomberg.Also, the rate was lower than previous month’s 12-month increase of +0.58%.
The IPCA-15 touched 4.39 percent in mid-November.
West Texas Intermediate crude briefly plunged about -7% to $50.60 a barrel, its weakest price since Oct. 12, 2017. International benchmark Brent crude price fell -4.9% to around $59.52 a barrel at 9:44 a.m. ET.
Oil prices are down around -20% so far this month.The International Energy Agency (IEA) recently projected that non-OPEC output alone would climb to 2.3 million barrels per day (bpd) this year, while global supply has already been climbing so far in 2018. The IEA expects demand in 2019 to grow at a rate of 1.3 million bpd, revising down its previous forecast of 1.5 million bpd.
On Thursday, the electric car maker announced that it will be slashing prices of its Model S sedan and Model X SUV by between 12% and 26% in China – even as the ongoing trade war/tariff slapping battle between the U.S. and China makes it potentially costlier to import cars from the U.S.
In May, Tesla slashed prices following China's announcement to reduce import tariff rate from 25% to 15% on U.S.-made cars.But in July, Tesla had to raise prices, after China slapped a higher, 25% tariff rate on cars imported from the U.S. as a retaliation to U.S. tariffs.
As of the latest price cut in China, Model S basic version will come at 782,900 yuan ($113,000) — down from 849,900 yuan ($122,525).
Warren Buffett poured $4 billion into JPMorgan Chase (JMP) in Q3, according to Berkshire Hathaway's (BRKB) latest 13-F filing, which also showed a bigger stake in Apple (AAPL).
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Jeff Bezos predicted to Amazon employees last week that "one day Amazon will fail," according to a recording of an internal meeting heard by CNBC.
Bezos added that Amazon's job was to delay failure for as long as possible by focusing on its customers.
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You may not carry your house on your back or release sulphuric acid, but you’ve got a lot more in common with a sea snail than you may think.Especially where your brain is concerned.
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Baird Equity Research recently surveyed 670 online shoppers, and the results revealed that Amazon was solidly the preferred online shopping destination -- with nearly 60% preferring Amazon over Walmart.
Context is important here, however, as Amazon is newly facing big challenges as both Walmart and Target started investing aggressively to enhance their e-commerce presence and services.It also indicated that Amazon saw a 20% decline in its share of e-commerce growth, thus standing at just above 50%, down from the 70% range in the recent quarters.
In its latest quarterly regulatory filing, GE revealed it has almost $41 billion in credit lines involving dozens of U.S. banks, including Wall Street's big five.
For investors already wary of GE's structural issues and ability to grow earnings, this revelation comes as an additional cause for concern -- particularly given that two of the U.S.’s biggest ratings agencies have downgraded GE's credit rating. In all, Wall Street’s biggest banks have committed to lend at least $3.5 billion each to GE.
To be fair, GE had only utilized about $2 billion of the available credit by the end of the third quarter, and the company has been selling assets to generate cash.JPMorgan (JPM) and Wells Fargo (WFC) are the other two banks involved in the backup facility.
The trade dispute rhetoric really started at the end of January and since that time the Shanghai Composite Index has lost over -24%.
Well-known names like Weibo and JD.com have dropped over 50% since January 26.This is the date when President Trump escalated his trade talks.
One China ETF that has been caught in the downward trend is the iShares MSCI China ETF (Nasdaq: MCHI).