South Korean Stocks Tumble as Hawkish BOK Governor Appointment Rattles Markets 
FCC Approves $3.54B Nexstar-Tegna Merger, Waiving Broadcast Ownership Cap 
Amazon's "Transformer" Phone: Can It Succeed Where Fire Phone Failed? 
Super Micro Computer Shares Plunge After Co-Founder Charged in AI Chip Smuggling Case 
Iran War Fears Send Oil Prices Surging as U.S. Weighs Ground Troop Deployment 
Iran-Israel War Escalates: Long-Range Missiles, Nuclear Site Strikes, and Global Energy Crisis 
Iran-U.S. War Sends Dollar Higher as Middle East Tensions Escalate 
SLMG Beverages Eyes Price Hikes Amid Rising Packaging Costs and India's Booming Soft Drink Market 
Paraguay Central Bank Holds Interest Rate at 5.5% Amid Slowing Growth 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
Asian Markets Mixed as Oil Volatility and Inflation Fears Weigh on Sentiment 
Judge Dismisses Sam Altman Sexual Abuse Lawsuit, But Sister Can Refile 
Jeff Bezos Eyes $100 Billion Fund to Transform Manufacturing With AI 
Elliott Investment Management Takes Activist Stake in Align Technology 
Gold Prices Drop Amid Inflation Fears and U.S.-Iran Escalation 
Gold Prices Extend Losing Streak, On Track for Worst Weekly Loss Since 1983 
Goldman Sachs Delays Bank of England Rate Cut Forecast Amid Middle East Inflation Risks 
General Motors has the support of Canada for the upgrading and conversion of its two plants in the country. Canada is officially announcing this week that it will help finance the Detroit, Michigan, headquartered automotive company’s multi-billion dollar project.
General Motors will be producing commercial electric vehicles in one of its two new facilities that will be remodeled in Canada. According to Reuters, both the federal government and provincial government of Ontario will be investing in the automaker’s two plants that are located in Oshawa and Ingersoll.
It was not mentioned how much the governments are extending to General Motors, and no other details were shared by the source as he was not authorized to speak about the matter. In any case, it was reported that Industry Minister Francois-Philippe Champagne and Ontario Premier Doug Ford will be making an announcement regarding an important investment related to the future of the country’s automotive production division today.
It was last year when GM said that it will be investing C$1 billion or around $799 million to turn its CAMI Assembly Plant in Ingersoll, Ontario, into a facility where it can make electric commercial delivery vans or the company’s BrightDrop EV600 model. GM also reopened its Oshawa plant towards the end of 2021 to manufacture Chevrolet Silverado pickup trucks. This facility has been closed down and vacant for two years before operations were revived again.
It was said that Canada is investing in General Motors as it wants to secure the future of its production hub in Ontario as more and more countries seek to reduce carbon emissions by going electric and diving into the electric vehicle (EV) supply chain.
GM wants to have the capacity to produce one million EVs in North America by the end of 2025 thus, it also teamed up with the South Korean chemical firm, POSCO Chemical, last month. Together, the two companies will jointly construct a $400 million facility to make battery materials in Canada and the target is to supply them to the leading EV automakers including GM itself.
Meanwhile, General Motors has recently named the new president and general manager for its Canadian unit. The company appointed Marissa West to manage its business in the region. As per The Canadian Press, West is currently GM’s executive chief engineer for mid-size and medium-duty truck division.
