News Highlights: Top Company News of the Day
May 05 2021 - 8:30AM
Dow Jones News
GM Affirms Profit Outlook Despite Chip-Shortage Woes
The auto maker reported a quarterly profit of $3.02 billion, up
from about $300 million a year earlier, when the coronavirus
pandemic disrupted operations.
Facebook Oversight Board Is Set to Rule on Trump Ban
The technology company's independent oversight board will issue
a ruling Wednesday morning that could determine whether the former
president can return to its Facebook and Instagram platforms.
Biden Blocks Trump-Era Gig-Worker Rule
The Labor Department said it is nullifying a rule that sought to
make it more difficult for a gig worker to be counted as an
employee under federal law covered by federal minimum-wage and
overtime regulations.
Banks Tighten Credit Lines in Archegos Aftermath
Credit Suisse, Morgan Stanley are among firms reviewing their
businesses that offer financing to hedge funds and family offices
for potential vulnerabilities.
Chip Crisis Deepens at Jeep Maker Stellantis
The auto maker slashed planned production by 11% in the first
three months of the year due to the global semiconductor shortage
and warned of additional cuts in the weeks ahead as the crisis
lingers.
Ant's Halted IPO Takes the Shine off China's STAR Market
The route to a listing on Shanghai's once-hot answer to Nasdaq
has become harder, prompting some startups to favor offshore
IPOs.
Veritas Capital Raises a $1.8 Billion Midmarket Fund
Veritas Capital, a private-equity firm focused on investments in
companies at the intersection of technology and government, has
closed its first stand-alone midmarket-focused fund, collecting
some $1.8 billion.
Hertz Picks New Front-Runners to Back Exit From Bankruptcy
Hertz Global Holdings endorsed a bid from Knighthead Capital
Management and Certares Management to back the company's exit from
chapter 11, judging their restructuring proposal to be superior to
a rival group's offer, people familiar with the matter said.
GDC Technics Gets Approval to Tap Bankruptcy Financing
The bankrupt Air Force One supplier GDC Technics LLC has won
court approval to start using up to $500,000 in emergency financing
to cover operating costs as the aircraft modification and
technology company figures out its next steps.
MoneyGram's Compliance Program Gets Thumbs-Up After Overhauls
An independent monitor has signed off on the money-transfer
company's anti-money-laundering safeguards, the first step toward
concluding a long-running settlement deal with the Justice
Department.
(END) Dow Jones Newswires
May 05, 2021 09:15 ET (13:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.