Ford cancels plan to build new Mexican plant, adds US jobs + MORE Jan 4th

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Making sense of the markets this week: August 3 Aug 1st

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A single angry tweet from Donald Trump can quickly cost a company billions of dollars in stock market value, as Boeing Co. and General Motors Co. have discovered

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In Canada, fintech is revitalizing the startup scene and has attracted a new crop of Canadian venture capital funds looking to invest specifically in young fintech companies

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FLAT ROCK, Mich. _ The auto industry’s relationship with President-elect Donald Trump took a dramatic turn Tuesday as Ford Motor Co. decided to shift investment dollars targeted for Mexico to the U.S., while Trump threatened General Motors with a tax on some imported small cars.
Ford is cancelling plans to build a new $1.6 billion factory in San Luis Potosi, Mexico, and will instead invest some of that money in a U.S. factory that will build new electric and autonomous vehicles.
Ford said last spring it would move production of the Ford Focus small car to the new plant from Michigan. Trump has repeatedly criticized the plan, and Ford was among the companies he threatened to hit with a 35-per cent tariff on products made in Mexico and exported to the U.S.
Trump added General Motors to that group today, saying in a tweet that the Cruze small cars GM makes in Mexico and sends to U.S. dealers could face “a big border tax!”
Ford CEO Mark Fields said Tuesday that market forces dictated Ford’s decision not to build the San Luis Potosi plant…

Continue Reading On canadianbusiness.com »

The Toronto stock market ushered in the new year Tuesday by racking up a solid three-digit gain, driven by a rise in gold and metals stocks, and signs that the Chinese economy is growing.

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