Money

General Motors shuts down North American factories temporarily

Published

4 years ago

September 3, 2021

Global automotive giant General Motors has been forced to temporarily halt production in North America, revealing closures of its factories

General Motors – the parent company of Holden, Chevrolet, GMC, Cadillac, and Buick, revealed that it was temporarily halting production at six of its North American factories as a result of the global chip shortage.

The move from GM makes it the latest major automaker to be impacted by the tight supply of computer chips.

The four GM US-based plants impacted:

Fort Wayne, Indiana; Wentzville, Missouri; Spring Hill, Tennessee; and Lansing, Michigan.

The company revealed four other factories in Mexico and Canada will also go dark for several weeks as GM works to shore up its supply of chips.

The halt in production will affect GM’s most profitable vehicles, including pickup trucks and SUVs.

“During the downtime, we will repair and ship unfinished vehicles from many impacted plants, including Fort Wayne and Silao, to dealers to help meet the strong customer demand for our products,”
a GM spokesperson said in a company statement

Impacted cars include the Chevy Silverado, Cheyenne, Traverse, Equinox, and Express; GMC Acadia, Sierra, Savana, Terrain, and Canyon; Buick Enclave; and Cadillac XT5 and XT6.

“Although the situation remains complex and very fluid, we remain confident in our team’s ability to continue finding creative solutions to minimize the impact on our highest-demand and capacity-constrained vehicles.”

This is the second time GM has had to announce temporary factory shutdowns in response to the chip shortage. The automaker, which is the largest in North America, previously idled several factories for two weeks back in April.

Of course, GM isn’t alone in feeling the pain from the global shortage of semiconductor chips, which is showing no signs of improvement. Practically every automaker has had to cut production and temporarily shut down factories in response, including Volkswagen, Ford, and Toyota.

Even Tesla, which makes far fewer vehicles than most of its rivals, revealed in a statement that it had to rewrite its vehicles’ software to support alternative chips.

Tesla CEO Elon Musk revealed during an earnings call that “the global chip shortage situation remains quite serious”

During a recent earnings call, GM executives wouldn’t specify how much production they expect to lose to the chip shortage.

But CEO Mary Barra said purchasing, manufacturing, engineering, and sales teams are working to divert the chips from cars and smaller SUVs to full-size pickup trucks, big SUVs, and new electric vehicles.

The company stressed that the shortage would cost $1.5 billion to $2 billion in earnings before taxes this year due to lost production.

Money

Trump’s copper tariff shakes global markets

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

Published

22 hours ago

July 10, 2025

ticker NEWS

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

President Donald Trump has unveiled plans to impose a 50% tariff on copper imports, a move set to rattle global supply chains and redraw the industrial map.

The tariff will hit within weeks, with Chile, the world’s largest copper exporter, expected to bear the brunt.

While Australia’s direct copper trade with the US is limited, analysts say the real message is strategic: the US is reinforcing its domestic manufacturing power.

#CopperTariff #DonaldTrump #TradeWar #GlobalMarkets #TickerNews

Money

RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

Published

3 days ago

July 8, 2025

Ahron Young

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.

Money

Feeling the stress this tax season?

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximize deductions for 2025.

Published

3 days ago

July 8, 2025

ticker NEWS

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximise deductions for 2025.

It’s that time of year again, and if you’re feeling overwhelmed, you’re not alone.

With so many moving parts, from missed deductions to misplaced receipts, small mistakes can lead to big losses.

Dr Steve Enticott from CIA Tax joins to break down what people forget most, which new deductions to know for 2025, and why a simple checklist can save you money.

#TaxTime #MoneyTips #2025Tax #TaxReturn #TickerNews