US stocks rising…GM to slash 14,700 jobs in North America…VS, Aetna draw closer to closing $69B combination
(Eds: Updates GM story.)
NEW YORK (AP) – Stocks in the U.S. and Europe are rising as global markets recover some of their recent losses. Technology companies and retailers are rallying. Microsoft added 2 percent and Amazon rose 2.4 percent. Oil prices and energy companies jumped. Benchmark U.S. crude rose 2.7 percent after it closed at its lowest price in more than a year Friday. At 10:30 a.m. Eastern Time, the S&P 500 was up 34 points at 2,667. The Dow was up 358 points at 24,642. And the Nasdaq was up 103 points to 7,043.
DETROIT (AP) – General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of the affected factories build cars that won’t be sold in the U.S. after next year. About 6,000 factory workers could lose jobs in the U.S. and Canada, although some could transfer to truck plants.
UNDATED (AP) – Shares of CVS Health and Aetna are rising with the companies now saying they expect to close their $69 billion tie-up later this week. The companies say in regulatory filings that they have the final regulatory approval needed and expect to close on or around Wednesday. The companies plan to dive deeper into providing care with help from CVS’s nearly 10,000 locations.
LONDON (AP) – Britain’s parliament has seized confidential Facebook documents from the developer of a now-defunct bikini photo searching app as it turns up the heat on the social media company over its data protection policies. A British lawmaker took the unusually aggressive move of forcing a visiting tech executive to turn over the files ahead of an international hearing that parliament is hosting on Tuesday to look into disinformation and “fake news.”
PARIS (AP) – French President Emmanuel Macron’s government is vowing an “uncompromising” stance toward troublemakers who use protests over rising fuel taxes to damage businesses and clash with police – including in the heart of Paris, on the glittering Champs-Elysees. Pressure is mounting on Macron after a second weekend of sometimes violent demonstrations by angry drivers. He has promised to explain on Tuesday his plans for weaning France off fossil fuels via small tax hikes that are at the heart of the protests.