Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

GM affirms profit and cost-cutting targets * General Motors Co. affirmed on Wednesday its forecast for 2016 profit of up to $6 per share and said it expected to exceed its cost-savings target of $5.5 billion by 2018 as the automaker unveiled a new effort to convince investors of its value.

GM said it cut costs through the middle of this year by $3.1 billion since the start of 2015, "more than offsetting incremental investments" in engineering and technology, including more than $1 billion spent on ride-sharing and vehicle automation. It expects to achieve another $2.4 billion or more in savings by 2018.

In a new Strategic and Operational Overview released on Wednesday, GM said that it can make money if U.S. auto sales fall about 40 percent from today's levels an estimated 17.3 million in 2016 to about 10.5 million.

ACH sells spice business to B&G Foods * The owner of the Jolly Green Giant is adding spices to its pantry: ACH Food Cos. plans to sell its spice business to B&G Foods for $365 million in cash, the companies announced Wednesday.

The deal price is subject to a post-closing inventory adjustment.

ACH Foods, a subsidiary of British-based Associated British Foods, is perhaps best-known as the maker of Argo Corn Starch and Mazola Corn Oil. Its spices and seasonings business includes the Spice Islands, Tone's and Durkee brands. Parsippany, N.J.-based B&G produces Green Giant, Ortega, Cream of Wheat and other packaged foods.

Cooperman charged with insider trading * The top U.S. securities regulator charged billionaire investor Leon Cooperman on Wednesday with insider trading, making him the highest-profile target in years in Washington's ongoing crackdown on illegal trading at hedge funds.

The U.S. Securities and Exchange Commission said Cooperman's trades earned roughly $4 million when his fund Omega Advisors invested in Atlas Pipeline Partners six years ago, before it sold a gas processing facility. …

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