Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
Australian Household Spending Dips in December as RBA Tightens Policy 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
U.S. Stock Futures Rise as Markets Brace for Jobs and Inflation Data 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
General Motors announced this week that it will be reducing its production at four factories. The American automaker was forced to do this as chips needed to complete a vehicle has run out already.
GM reveals the suspension of productions in 4 plants
Supply for the automotive chips is so low that it is impossible for the production to continue. GM is suspending the manufacturing activities in three of its plants in North America and one in South Korea.
“We are currently assessing the overall impact, but our focus is to keep producing our most in-demand products – including full-size trucks and SUVs and Corvettes – for our customers, GM said in a statement.
The company listed its plants in Fairfax (Kansas), CAMI (Ingersoll, Ontario), and San Luis Potosi (Mexico) as the affected ones. In addition, the Bupyeong 2 assembly plant in S. Korea will also start operating at 50% capacity, only tarting on Feb. 8.
General Motors blamed the unavailability of parts as the main reason for the temporary halt. It is planning to give updates every week to inform workers if the parts are ready and work can resume.
“Our intent is to make up as much production lost at these plants as possible,” GM added. “Importantly, this issue will not impact our commitment to an all-electric future.”
The shortage of automotive chips
General Motors is the latest car manufacturer to have made announcements about the temporary halt in the production of vehicles. Previously, Ford already closed some of its plants due to the lack of chips. Nissan, Volkswagen, and Fiat-Chrysler have also either stopped or lessened their productions as well.
In other words, the chip shortage is already a global problem that most carmakers and tech companies are facing. The disruption or works due to this issue has already hurt many major companies.
It is hoped that the leading chipmakers will be able to boost the supply soon as they return to the business after being hindered by the pandemic. Currently, Taiwan’s TSMC agreed to fill the shortage and end the global shortage.
