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☆ GM smashes expectations and guides toward a strong 2023, despite margin squeeze
▼ + stars: | 2023-01-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Shares of GM rallied as much as 9.5% during trading Tuesday before closing at $39.32 a share, up by 8.4%. GM's net income slipped last year, down by less than 1% from full-year 2021 to $9.9 billion, with a profit margin that was off 1.6 percentage points to 6.3%. 2023 guidanceFor 2023, GM expects net income attributable to stockholders of between $8.7 billion and $10.1 billion. It expects adjusted earnings before interest and taxes of $10.5 billion to $12.5 billion and adjusted earnings per share of between $6 and $7. Following recent price cuts for Tesla vehicles and Ford's Mustang Mach-E crossover, Jacobson said GM feels its EVs "are well positioned" with pricing.

☆ Don't expect price cuts on GM's $100,000 electric Hummer, despite EV discounts from Tesla and Ford
▼ + stars: | 2023-01-31 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Tesla spurred an EV price war earlier this month, with price cuts to its most popular models. But GM said Tuesday it won’t make cuts to its electric vehicles. The automaker will not be responding to the latest price cuts from Tesla and Detroit-rival Ford by cutting prices for its own electric cars, chief financial officer Paul Jacobson said on a Tuesday media call ahead of GM's fourth quarter earnings call. Facing weakening demand, Tesla slashed the prices of some of its most popular models earlier this month. GM CEO Mary Barra said Tuesday she is confident the company is well-positioned with its current EV prices.

☆ A cosmetic dermatologist says he's seeing 'Ozempic face,' or gaunt cheeks from taking the buzzy weight loss drug
▼ + stars: | 2023-01-26 | by ( Allana Akhtar | ) www.businessinsider.com time to read: +4 min

A cosmetic dermatologist explained why he coined the term "Ozempic face," named after the buzzy weight loss drug. He treats "Ozempic face" by inserting fillers to revolumize the face, but said too many injections can create an unnatural look. Rapid weight loss causes skin saggingDr. Rocio Salas-Whalen, a board-certified endocrinologist, said "Ozempic face" is a result of rapid weight loss, not the drug itself. The weight-loss drug causes overall fat loss, so every part of the face loses fat, like around the temple or jaw line. Treating "Ozempic face" requires injecting fillers to add volume to the whole face, not just the cheeks.

☆ A plastic surgeon says he's seeing 'Ozempic face,' or gaunt cheeks from taking the buzzy weight loss drug
▼ + stars: | 2023-01-26 | by ( Allana Akhtar | ) www.businessinsider.com time to read: +4 min

A plastic surgeon explained why he coined the term "Ozempic face," named after the buzzy weight loss drug. He treats "Ozempic face" by inserting fillers to revolumize the face, but said too many injections can create an unnatural look. Rapid weight loss causes skin saggingDr. Rocio Salas-Whalen, a board-certified endocrinologist, said "Ozempic face" is a result of rapid weight loss, not the drug itself. The weight-loss drug causes overall fat loss, so every part of the face loses fat, like around the temple or jaw line. Treating "Ozempic face" requires injecting fillers to add volume to the whole face, not just the cheeks.

☆ Paul Johnson’s Historic Times
▼ + stars: | 2023-01-14 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

There’s an old joke that academics bitterly complain about popular historians for the high sin of publishing books people enjoy reading. Few working journalists have written history with as much elan and narrative force as the British author Paul Johnson , who died this week at age 94. Johnson spent his early career editing the New Statesman, later contributing to the Spectator, Commentary and others, including these pages. His more than 50 books range from “The Birth of the Modern: World Society 1815-1830” to “Art: A New History” to histories of the United States, Christianity and the Jews.

☆ How a Swedish fighter jet managed to catch the un-catchable SR-71 spy plane
▼ + stars: | 2022-12-27 | by ( Peter Suciu | ) www.businessinsider.com time to read: +5 min

Only one aircraft even has the distinction of achieving radar lock on the legendary spy plane. It wasn't a Soviet interceptor such as the MiG-25 however, but rather the Swedish-made Saab J37 Viggen fighter that successfully achieved a missile lock and visual contact with the speedy spy plane. The Saab J37 and the Baltic ExpressA Swedish Air Force Saab Viggen arrives at RAF Fairford in July 1993. Andrew Surma/NurPhoto via Getty ImagesThe United States Air Force pilots likely believed the same about the Saab J37 Viggen too. Swedish pilot Per-Olof Eldh scrambled in his Saab J37 Viggen fighter and started the head-on attack protocol.

☆ Top 25 roundup: No. 5 Houston deals No. 2 Virginia first loss
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +10 min

2 Virginia its first loss, 69-61, Saturday in Charlottesville, Va.Marcus Sasser and Tramon Mark added 13 points each, while Jamal Shead had 11 points and four assists. Furst finished with 12 points and 13 rebounds, and Smith posted 10 points and 12 rebounds. Sam Mennenga led Davidson (7-4) with 14 points and Foster Loyer, Fletcher's brother, had 11 points. Kevin McCullar contributed 11 points, 11 rebounds and five steals, while KJ Adams and Jalen Wilson added 11 points apiece. Trayce Jackson-Davis had 13 points and a career-high nine blocked shots for Indiana (8-3), which lost its second straight game.

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

☆ Zero-Based Budgeting, Currency Hedges Among the Tools CFOs Can Use to Weather Headwinds
▼ + stars: | 2022-11-27 | by ( Nina Trentmann | ) www.wsj.com time to read: +6 min

One area to which finance chiefs scouting for efficiencies have turned is zero-based budgeting, a tool that gained popularity early in the pandemic and requires finance executives to question and justify each line item in every new budget period. Reese’s peanut-butter cup maker Hershey Co., based in Pennsylvania, regularly goes through every line of its profit and loss statement, Finance Chief Steve Voskuil said. Detroit-based General Motors Co. is slowing and in some areas even freezing hiring, and homing in on other fixed costs, Chief Financial Officer Paul Jacobson has said. Facing high inflation and an uncertain outlook, finance chiefs are using zero-based budgeting to lower expenses in areas including operations, real estate, logistics, sales and marketing. Finance executives at large U.S. companies, including Coca-Cola Co. and materials-science company Dow Inc., are increasing their foreign-currency hedges and covering longer time periods.

Hunt said he deferred most of the curbs on spending because cutting now would make the current recession worse. "There is nothing Conservative about spending money that you haven't got," he said. The front page of the Financial Times declared "Hunt paves way for years of pain". "All of that borrowing we've done over the last many years is coming home to roost," Johnson told BBC radio. "We're going to be stuck at 100 billion pounds a year being spent on debt interest in the medium term.

He froze until 2028 a threshold at which employers start to pay social security contributions, which will cost companies more. Public spending would grow more slowly than the economy but rise in overall terms, he said. It now expects gross domestic product to contract by 1.4% next year compared with its projection in March for growth of 1.8%. The OBR forecasts GDP growth of 1.3% in 2024 and 2.6% in 2025, compared with previous forecasts of 2.1% and 1.8% respectively. Thursday's forecasts by the OBR showed that target would be met in the 2027/28 financial year.

☆ Some CFOs Are Boosting Their Credit Lines as Insurance Against Recession
▼ + stars: | 2022-11-16 | by ( Kristin Broughton | Nina Trentmann | ) www.wsj.com time to read: +7 min

In addition to recession-planning, some companies are expanding their credit lines in response to higher input and inventory costs, corporate bankers said. Term loans are also funded at the outset, unlike credit lines. Photo: Xcel EnergyThe company increased its revolving credit lines primarily because it is expanding and also confronting higher commodity costs, Mr. Johnson said. Xcel doesn’t typically allow its commercial-paper balances to exceed 40% of its total borrowing capacity under its revolving credit lines, Mr. Johnson said. Bombardier in the third quarter closed on a new $300 million, five-year revolving credit facility.

☆ Kentucky school bus crash leaves 18 students, driver injured
▼ + stars: | 2022-11-15 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

LOUISVILLE, Ky. — A school bus crashed over an embankment and landed on its side Monday morning in rural Kentucky, sending the driver and 18 children to hospitals with injuries ranging from minor to severe, authorities said Monday. Students from elementary age through high school were aboard the bus en route to classes when the crash occurred on a state highway near Salyersville in eastern Kentucky, said Superintendent Chris Meadows of Magoffin County Schools. Andy Beshear said in a tweet that Kentucky State Police were on the scene, and “we are responding swiftly.”The bus exited state Route 40 near Salyersville and went over an embankment, state Trooper Michael Coleman said. Some of the injured were flown from the crash by helicopter and others were taken by ambulances and private vehicles, officials said. “That’s typical in any rural area where you have a lot of winding roads,” he saidThe school bus did not have seat belts, Meadows said.

SINGAPORE, Nov 11 (Reuters) - Oil prices picked up on Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world's biggest economy. Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand. Brent crude futures rose 21 cents, or 0.2%, to $93.88 a barrel at 0500 GMT, extending a 1.1% rise in the previous session. "Since traders are hyper-sensitive to lockdowns in the world's largest oil importer, this could temporarily hold the oil market's top-side ambition in check," said Stephen Innes, managing partner at SPI Asset Management. Reporting by Sonali Paul in Melbourne and Jeslyn Lerh in Singapore; Editing by Bradley Perrett & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Rep. Dan Kildee defeated Republican Paul Junge in Michigan's 8th Congressional District. The 8th District is centered around the city of Flint, Michigan. Democratic Rep. Dan Kildee defeated Republican Paul Junge in Michigan's 8th Congressional District. 2022 General EmbedsMichigan's 8th Congressional District candidatesKildee was elected the representative for Michigan's 5th Congressional District pre-redistricting, succeeding his uncle Dale Kildee, who occupied the seat from 1977 to 2013. Voting history for Michigan's 8th Congressional DistrictMichigan's 8th Congressional District is centered around the city of Flint.

Rep. Dan Kildee faces Republican Paul Junge in Michigan's 8th Congressional District. The 8th District is centered around the city of Flint, Michigan. Democratic Rep. Dan Kildee faces Republican Paul Junge in Michigan's 8th Congressional District. 2022 General EmbedsMichigan's 8th Congressional District candidatesKildee was elected the representative for Michigan's 5th Congressional District pre-redistricting, succeeding his uncle Dale Kildee, who occupied the seat from 1977 to 2013. Voting history for Michigan's 8th Congressional DistrictMichigan's 8th Congressional District is centered around the city of Flint.

A weaker dollar boosts oil demand as it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is still expected to be tight, with Europe's upcoming embargoes on Russian oil starting and a slide in U.S. crude stockpiles. "The spectre of further rate hikes dimmed hopes of a pick-up in demand," ANZ Research analysts said in a note. ANZ analysts pointed to signs of weaker demand in Europe and the United States with people driving less and Amazon warning of weaker sales, which could dampen demand for distillate. The cut was in line with trade sources' forecasts, which were based on a weaker outlook for Chinese demand.

☆ Chrysler parent Stellantis offering U.S. salaried buyouts
▼ + stars: | 2022-10-28 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - Chrysler parent company Stellantis NV (STLA.MI) said Friday it has offered voluntary buyouts to some of its 13,000 U.S. salaried employees. Salaried workers age 55 or older who have been with the automaker at least 10 years are eligible. 2 U.S. automker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services. Earlier this year the Detroit automaker said it was slowing hiring and only replacing key departures or critical needs. Reporting by David Shepardson; editing by Jonathan Oatis and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Chrysler and Jeep parent Stellantis offering buyouts to some U.S. salaried employees
▼ + stars: | 2022-10-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

- Newly-created European carmaker Stellantis motored its way January 18, 2021 onto the Paris and Milan stock exchanges. Stellantis -- created by the merger of France's PSA and US-Italian rival Fiat Chrysler -- is the world's fourth-biggest automaker by volume. (Photo by JEFF KOWALSKY / AFP) (Photo by JEFF KOWALSKY/AFP via Getty Images)DETROIT – Jeep and Chrysler parent company Stellantis is offering buyouts to some of its 13,000 U.S. salaried employees, as the automaker attempts to cut jobs and realign its workforce for electric vehicles and software services. A Stellantis spokeswoman declined to say how many domestic salaried employees are eligible for the program, or whether the automaker has a target for how many workers it would like to take the packages. The automaker, which was formed by the merger of Fiat Chrysler and France-based Groupe PSA in January 2021, offered similar buyouts a year ago to pension-eligible employees.

☆ Auto dealer stocks rally despite Wall Street's 'demand destruction' theory
▼ + stars: | 2022-10-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Vehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California. DETROIT – Shares of AutoNation , Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic outlooks regarding consumer demand for new vehicles. "Clearly, there is some normalization that's going to occur and has occurred," Group 1 CEO Earl Hesterberg told investors after the company beat Wall Street's expectations on Wednesday. Shares of AutoNation were up by as much as 8.2% after the company beat Wall Street's estimates on Thursday. Pricing remains strong, demand remains strong for our products, but we can't ignore what others are saying out there and what others are seeing out there," GM CFO Paul Jacobson told reporters Tuesday after reporting strong third-quarter earnings.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. U.S. West Texas Intermediate (WTI) crude futures for December were down 48 cents, or 0.6%, to $84.84, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.

☆ 4 ways to establish trust with your workers so that they're more productive and less stressed, according to a senior vice president at Salesforce.
▼ + stars: | 2022-10-25 | by ( Marie Rosecrans | ) www.businessinsider.com time to read: +10 min

She found that leaders build trust by being vulnerable and admitting mistakes. Employees can focus on the work of serving customers and delivering customer success when solid trust exists in the workplace. You can't build trust on shaky ground, so being aloof when it comes to owning up to a mistake can negatively affect a lot of relationships at work. As you're building trust with people, it's important to open yourself up as a way of investing more deeply in your relationships. A big part of that is knowing who you're meeting with, so do your own research (on LinkedIn, Twitter, and Google search) to familiarize yourself with all the key players.

☆ GM earnings soar on improved supply chain issues
▼ + stars: | 2022-10-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —General Motors says its supply chain issues are improving. “We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment, because demand continues to be strong for GM products,” said GM CEO Mary Barra. But Jacobson said the company is seeing no sign of a drop in demand that might accompany an economic slowdown. We continue to see the strong demand. Shares of GM (GM) rose 3% in premarket trading on the strong earnings and full-year earnings guidance of $6.50 and $7.50 a share, which gives it a solid chance to beat forecasts of $6.78 a share.

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