The Camaro will once again be built in America. Read about this and more of the day's top business news stories
GM Will Build Camaro in U.S.
General Motors Thursday announced it will build the 2016 Chevrolet Camaro at its plant in Lansing, Michigan, with a second shift of 500 workers to be added to the plant. The Grand River Assembly plant will build the first Camaro in America since the early 1990s. The previous generation Camaro was built in Ontario, Canada. The car itself was unveiled in Detroit earlier this month, and the company said it will be available in dealerships by the end of this year. The Camaro plans are part of a $175 million investment for tooling and new equipment at the Lansing plant.
U.S. Stocks Dip Amid Greece, China Concerns
U.S. stocks fell slightly Thursday, following a 6.5 percent drop-off in the Chinese market and continued worries about Greece’s approaching debt payment deadline. The Dow moved less than 100 points throughout yesterday’s session. Most investors are in "wait and see" mode regarding Greece and the Federal Reserve, which is weighing when to begin raising interest rates. The Dow Jones industrial average slipped 36.87 points, to 18,126.12. The Standard & Poor's 500 index ticked down 2.69 points to 2,120.79, while the Nasdaq composite lost 8.62 points to 5,097.98.
It’s a Go for Avago Acquisition of Broadcom
Avago Technologies is buying rival chipmaker Broadcom in a cash and stock deal worth about $37 billion. The acquisition expand Avago’s lineup of products for the rapidly growing wireless device market at a time when sales growth has otherwise been tough to come by for smaller chipmakers, the Associated Press reports. .Hock Tan, Avago's president and chief executive, states that the deal will make his company the third largest semiconductor maker in terms of revenue and give it the most diversified communications platform in the industry, The combined company will be worth $77 billion and is expected to post annual revenue of $15 billion. Avago brought LSI Corp. last year for $6.6 billion. It later sold LSI's networking business to Intel Corp. for $650 million. Earlier this month, Avago bought data and networking equipment maker Emulex for $606 million.
Cooperation Gets Madoff Accountant Home Confinement
David Friehling, Bernie Madoff’s former accountant, who certified fake financial records hiding Madoff’s epic Ponzi scheme, was sentenced on Thursday to one year of home confinement, becoming the latest defendant to avoid prison by cooperating in the case. Friehling, 55, had agreed to cooperate almost immediately after the financial fraud was exposed in 2008, the Associated Press reports. Last year, he testified for several days against five of the firm's insiders before a jury found them guilty of participating in the scheme. Friehling apologized to investors, including his father and other members of his family, whose life savings were wiped out. The day Madoff was arrested, his customers believed their accounts contained nearly $65 billion. But a bankruptcy trustee found they actually lost about $17 billion. Madoff, 77, is serving a 150-year prison sentence.
EA’s FIFA Game Adds Women
The widely popular soccer-based video game produced by Electronic Arts will include women’s teams for the first time when the new edition comes out. The company said Thursday the new FIFA 16 will include 12 women’s national teams along with the host of national and club men’s teams it presents. The 12 nations will be Australia, Brazil, Canada, China, England, France, Germany, Italy, Mexico, Spain, Sweden and the United States. Multiple members of the U.S. women’s National team provided their physical input by performing in motion-capture sessions for the game, which will come out in September.
JP Morgan Chase to Chase 5,000 Employees
The Wall Street Journal reports that JP Morgan Chase will cut 5,000 jobs over the next year as the bank closes branches and shuts down operations. The job cuts will come from across the bank’s operations, but will focus on the consumer bank division. JP Morgan Chase CEO Jamie Dimon at an investor conference this week said the average Chase branch will lose one employee, and that will most often happen through attrition. Company executives said earlier this year it the company planned to have 300 fewer branches over the next two years because most customers are doing their everyday banking online or on their smartphones.