Fiat Chrysler and PSA Peugeot merge to form Stellantis
Shareholders approve a merger creating Stellantis, the world’s fourth largest auto company. Carlos Tavares will run the new group, with John Elkann as chairman. The deal aims for completion by Jan 16, with stock trading in Milan Paris and New York on subsequent days.
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Fiat Chrysler Names Manley to Lead North American Ops
Fiat Chrysler Group executive Mike Manley will head North American operations as part of the merger deal. He notes about 40 percent of savings come from platform and engine commonality, 35 percent from joint purchasing, 7 percent from SG&A, with remaining gains from logistics and other efficiencies. He says both firms have prior integration experience and are confident in achieving the plan.
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Tavares to lead Stellantis amid consolidation push
Carlos Tavares steps into the top role at Stellantis after a long pursuit of consolidation in the auto industry. Known as a cost cutter, he previously ran Nissan North America and integrated Opel and Vauxhall into PSA. Analysts expect a business-friendly plan that targets underperforming brands and overlapping European plants.
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Slack outage and tech labor turn headlines on return from holidays
Slack faced a global outage on Monday affecting users in the United States Germany India the United Kingdom Japan and more beginning around 10 a.m. Some users saw improvements by 3 p.m. Slack urged checks on status.slack.com. In other tech news Ford replaces its U S sales chief Mark LaNeve steps down Andrew Frick named acting replacement. Alphabet workers form the Alphabet Workers Union affiliating with the Communications Workers of America to push for changes on wages benefits protections and broader ethics at Google.
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Stocks pull back as trading starts
U.S. stocks pull back from record highs as 2021 opens with renewed volatility. The S&P 500 fell 1.5 percent to 3700.65, the Dow dropped 382.59 points to 30223.89, and the Nasdaq lost 189.84 points to 12698.45 amid virus concern and political uncertainties.
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Haven dissolution ends Amazon Berkshire JPMorgan venture
Haven, the health care venture formed in 2018 by Amazon, Berkshire Hathaway, and JPMorgan Chase to curb costs, will cease operations by the end of February. No reason was given for the dissolution, and the independent company had aimed to improve care for those employers' employees and cut expenses. Health insurers and benefits experts had anticipated Haven’s plans could be adopted broadly if successful.
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