Business

GM extends production cuts due to chip shortage, Stellantis warns of lingering pain

The global semiconductor chip shortage led General Motors Co on Wednesday to extend production cuts at three North American plants and add a fourth to the list of factories hit, and Stellantis to warn the pain could linger far into the year. The extended cuts do not change GM’s forecast last month that the shortage […]

Business

“No dinosaur” – Carmaker Stellantis steps up electric ambitions

Newly-formed Stellantis, a combination of Peugeot-maker PSA and Fiat Chrysler (FCA), wants to use its clout to take on rivals racing to produce more electric vehicles, Chief Executive Carlos Tavares said on Wednesday. Stellantis is now the world’s fourth largest carmaker, with 14 brands including Opel, Jeep, Ram and Maserati, and like its peers, it […]

Business

Mortgage dealers hop on Reddit-fueled short squeeze bandwagon

Mortgage dealers UWM Holdings Corp and Rocket Companies are the latest stocks to be targeted in a short squeeze trading storm. Driven by online forums such as Reddit’s WallStreetBets, the phenomenon has raised concerns in recent weeks among short-sellers and regulators alike. Here are some of the stocks involved in the initial frenzy and how […]

Business

Sainsbury’s to cut 500 more jobs, shrink office space

British supermarket group Sainsbury’s plans to cut an additional 500 jobs and reduce its office space as it simplifies administrative functions for the post-pandemic era, it said on Wednesday. The job cuts are on top of 3,500 put at risk after new CEO Simon Roberts embarked on a major restructuring in November that closed Argos […]

Business

Bank of America co-head of global oil trading departs

Charles Sussman, managing director and co-head of global oil trading at Bank of America Merrill Lynch (BAML), has left after nearly 10 years with the firm, two sources familiar with the matter said on Wednesday. A spokeswoman for BAML declined to comment. Sussman did not respond to a request for comment. Wall Street often sees […]

Business

Parler sues Amazon again, alleging effort to ‘destroy’ app

The lawsuit seeking a variety of damages, including triple damages for anticompetitive conduct, was filed in Washington state court on Tuesday, two weeks after Parler returned online following a monthlong absence. Parler went dark when Amazon suspended its web-hosting services following the Capitol attack, saying Parler had failed to effectively moderate violent content on its […]

Business

Oil gains as U.S. fuel stocks drop, OPEC+ considers deal rollover

Oil prices rose more than 2% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week. U.S. gasoline stocks fell last week by the most on record and refining output fell to a record low in the wake of […]