JPMorgan and BofA Stick With CATL Deal Despite US House Opposition
JPMorgan Chase & Co. and Bank of America Corp. have forged ahead working on the blockbuster listing of Contemporary Amperex Technology Co. Ltd. despite a US congressional committee calling for the American lenders to drop out of the deal.
A post-listing-hearing document dated Tuesday and terms of the deal seen by Bloomberg News named the two US banks as joint sponsors, alongside China International Capital Corp. and China Securities International.
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New York Post
13 minutes ago
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GM doubles down on American manufacturing with $4B investment
General Motors is investing $4 billion in its U.S. plants over the next two years to boost the manufacturing of gas and electric vehicles. With the multibillion-dollar investment, the Michigan-based automaker will be able to assemble more than 2 million vehicles per year in the U.S. The latest investment comes just two weeks after the company announced it earmarked $888 million for its Tonawanda Propulsion plant near Buffalo, New York, to support production of its next-generation V-8 engine. Prior to the investments, the company was producing about 1.7 million vehicles in the U.S. It's just one of many automakers that have pledged to build vehicles in the U.S. and to support American jobs. 'We believe the future of transportation will be driven by American innovation and manufacturing expertise,' said GM CEO Mary Barra. The company's commitments, along with other heavy hitters in the industry, come as President Donald Trump imposes tariffs on imported vehicles to boost domestic auto manufacturing. In April, Trump imposed a 25% tariff on all imported passenger vehicles, followed by a separate 25% tariff on imported auto parts such as engines, transmissions, power-train parts and electrical components in May. 4 With the investment, GM will be able to assemble more than 2 million vehicles per year in the U.S. JHVEPhoto – 4 A worker installs an engine at the General Motors assembly plant in Fort Wayne, Indiana, US, on Tuesday, April 9, 2024. Bloomberg via Getty Images Barra recently backed the administration's automotive tariffs, saying they will pave the way for U.S. automakers to compete more fairly in the international market. There are currently 50 GM manufacturing plants and parts facilities in 19 states, including 11 vehicle assembly plants. Plants in Michigan, Kansas and Tennessee will expand finished vehicle production of several of GM's most popular vehicles. At the Orion Assembly plant in Michigan, the automaker will begin production of gas-powered full-size SUVs and light-duty pickup trucks in early 2027 to help meet continued strong demand. Meanwhile, GM's Factory ZERO in Detroit-Hamtramck, Michigan, will be the dedicated assembly location for the Chevrolet Silverado EV, GMC Sierra EV, Cadillac Esccalade IQ and GMC Hummer EV pickup and SUV, according to GM. 4 A worker on the trim assembly line at the General Motors assembly plant in Fort Wayne, Indiana, US, on Tuesday, April 9, 2024. Bloomberg via Getty Images 4 The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS At its Fairfax Assembly plant in Kansas City, Kansas, GM will produce the gas-powered Chevrolet Equinox beginning in mid-2027 after the company saw significant demand for the vehicle. Sales of the recently redesigned Equinox rose more than 30% year over year in the first quarter of 2025. The plant is on track to begin building the 2027 Chevrolet Bolt EV by the end of this year. Future investments in the plant will be geared toward GM's next generation of affordable EVs, according to GM. Meanwhile, GM will produce the gas-powered Chevrolet Blazer, the Cadillac Lyriq and Vistiq EVs, and the Cadillac XT5 at the Spring Hill Manufacturing plant in Tennessee. The company projected that its annual capital spending through 2027 will be in the range of $10 billion to $12 billion due to increased investment in the U.S., the prioritization of key programs and efficiency offsets.
Indianapolis Star
16 minutes ago
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Frito-Lay plant in Rancho Cucamonga shutting down manufacturing operations
A Frito-Lay plant in Southern California is shuttering manufacturing operations after five decades, potentially affecting hundreds of jobs. A statement from PepsiCo Foods U.S., emailed to USA TODAY on June 11, confirmed the "shutdown of manufacturing operations" at Frito-Lay's Rancho Cucamonga site. Although the plant will cease manufacturing operations, its warehouse, distribution, fleet and transportation teams will continue to operate at this location, according to the food, beverage and snack corporation. "We are truly grateful for all the support over the last five decades from our Rancho Cucamonga manufacturing team as well as the local community," PepsiCo Foods U.S.'s statement reads. "We are committed to supporting those impacted through this transition and we are offering pay and benefits to impacted employees." According to Frito-Lay, it has "more than 30 highly advanced manufacturing plants across the country." Is a pricey AI fridge worth it? One woman's rant about hers is going viral. PepsiCo did not disclose how many employees would be affected by the shutdown of the manufacturing plant. It is also unclear when the possible layoffs will occur, as the PepsiCo facility is not in California's Worker Adjustment and Retraining Notification (WARN) database as of June 11. The WARN Act requires employers to give 60 days' notice before a mass layoff, plant closure or relocation. Employees at the plant told KTLA that they were let go, with some not being allowed to transfer to different departments to possibly keep their jobs. The Frito-Lay Rancho Cucamonga facility also once employed Richard Montañez, an American businessman who took credit for inventing Flamin' Hot Cheetos, although the snack brand and PepsiCo have disputed his claims.
Washington Post
21 minutes ago
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With retail cyberattacks on the rise, customers find orders blocked and shelves empty
NEW YORK — A string of recent cyberattacks and data breaches involving the systems of major retailers have started affecting shoppers. United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said this week that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items. In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer . A cyberattack on Co-op, a U.K. grocery chain, also led to empty shelves in some stores. Cyberattacks have been on the rise across industries. But infiltrations of corporate technology carry their own set of implications when the target is a consumer-facing business. Beyond potentially halting sales of physical goods, breaches can expose customers' personal data to future phishing or fraud attempts. Here's what you need to know. Despite ongoing efforts from organizations to boost their cybersecurity defenses, experts note that cyberattacks continue to increase across the board. In the past year, there's also been an 'uptick in the retail victims' of such attacks, said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance, a U.S. nonprofit. 'Cyber criminals are moving a little quicker than we are in terms of securing our systems,' he said. Ransomware attacks — in which hackers demand a hefty payment to restore hacked systems — account for a growing share of cyber crimes, experts note. And of course, retail isn't the only affected sector. Tracking by NCC Group, a global cybersecurity and software escrow firm, showed that industrial businesses were most often targeted for ransomware attacks in April, followed by companies in the 'consumer discretionary' sector. Attackers know there's a particular impact when going after well-known brands and products that shoppers buy or need every day, experts note. 'Creating that chaos and that panic with consumers puts pressure on the retailer,' Steinhauer said, especially if there's a ransom demand involved. Ade Clewlow, an associate director and senior adviser at the NCC Group, points specifically to food supply chain disruptions. Following the cyberattacks targeting M&S and Co-op, for example, supermarkets in remote areas of the U.K., where inventory already was strained, saw product shortages. 'People were literally going without the basics,' Clewlow said. Along with impacting business operations, cyber breaches may compromise customer data. The information can range from names and email addresses, to more sensitive data like credit card numbers, depending on the scope of the breach. Consumers therefore need to stay alert, according to experts. 'If (consumers have) given their personal information to these retailers, then they just have to be on their guard. Not just immediately, but really going forward,' Clewlow said, noting that recipients of the data may try to commit fraud 'downstream.' Fraudsters might send look-alike emails asking a retailer's account holders to change their passwords or promising fake promotions to get customers to click on a sketchy link. A good rule of thumb is to pause before opening anything and to visit the company's recognized website or call an official customer service hotline to verify the email, experts say. It's also best not to reuse the same passwords across multiple websites — because if one platform is breached, that login information could be used to get into other accounts, through a tactic known as 'credential stuffing.' Steinhauer adds that using multifactor authentication, when available, and freezing your credit are also useful for added lines of defense. A range of consumer-facing companies have reported cybersecurity incidents recently — including breaches that have caused some businesses to halt operations. United Natural Foods, a major distributor for Whole Foods and other grocers across North America, took some of its systems offline after discovering 'unauthorized activity' on June 5. In a securities filing , the company said the incident had impacted its 'ability to fulfill and distribute customer orders.' United Natural Foods said in a Wednesday update that it was 'working steadily' to gradually restore the services. Still, that's meant leaner supplies of certain items this week. A Whole Foods spokesperson told The Associated Press via email that it was working to restock shelves as soon as possible. The Amazon-owned grocer's partnership with United Natural Foods currently runs through May 2032. Meanwhile, a security breach detected by Victoria's Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria's Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings . Several British retailers — M&S , Harrods and Co-op — have all pointed to impacts of recent cyberattacks. The attack targeting M&S, which was first reported around Easter weekend, stopped it from processing online orders and also emptied some store shelves. The company estimated last month that the it would incur costs of 300 million pounds ($400 million) from the attack. But progress towards recovery was shared Tuesday, when M&S announced that some of its online order operations were back — with more set to be added in the coming weeks. Other breaches exposed customer data, with brands like Adidas, The North Face and reportedly Cartier all disclosing that some contact information was compromised recently. In a statement, The North Face said it discovered a 'small-scale credential stuffing attack' on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was 'quickly contained.' Meanwhile, Adidas disclosed last month that an 'unauthorized external party' obtained some data, which was mostly contact information, through a third-party customer service provider. Whether or not the incidents are connected is unknown. Experts like Steinhauer note that hackers sometimes target a piece of software used by many different companies and organizations. But the range of tactics used could indicate the involvement of different groups. Companies' language around cyberattacks and security breaches also varies — and may depend on what they know when. But many don't immediately or publicly specify whether ransomware was involved. Still, Steinhauer says the likelihood of ransomware attacks is 'pretty high' in today's cybersecurity landscape — and key indicators can include businesses taking their systems offline or delaying financial reporting. Overall, experts say it's important to build up 'cyber hygiene' defenses and preparations across organizations. 'Cyber is a business risk, and it needs to be treated that way,' Clewlow said.
