GM Affirms Profit Outlook Despite Chip-Shortage Woes 
 

The auto maker reported a quarterly profit of $3.02 billion, up from about $300 million a year earlier, when the coronavirus pandemic disrupted operations.

 
Facebook Oversight Board Is Set to Rule on Trump Ban 
 

The technology company's independent oversight board will issue a ruling Wednesday morning that could determine whether the former president can return to its Facebook and Instagram platforms.

 
Biden Blocks Trump-Era Gig-Worker Rule 
 

The Labor Department said it is nullifying a rule that sought to make it more difficult for a gig worker to be counted as an employee under federal law covered by federal minimum-wage and overtime regulations.

 
Banks Tighten Credit Lines in Archegos Aftermath 
 

Credit Suisse, Morgan Stanley are among firms reviewing their businesses that offer financing to hedge funds and family offices for potential vulnerabilities.

 
Chip Crisis Deepens at Jeep Maker Stellantis 
 

The auto maker slashed planned production by 11% in the first three months of the year due to the global semiconductor shortage and warned of additional cuts in the weeks ahead as the crisis lingers.

 
Ant's Halted IPO Takes the Shine off China's STAR Market 
 

The route to a listing on Shanghai's once-hot answer to Nasdaq has become harder, prompting some startups to favor offshore IPOs.

 
Veritas Capital Raises a $1.8 Billion Midmarket Fund 
 

Veritas Capital, a private-equity firm focused on investments in companies at the intersection of technology and government, has closed its first stand-alone midmarket-focused fund, collecting some $1.8 billion.

 
Hertz Picks New Front-Runners to Back Exit From Bankruptcy 
 

Hertz Global Holdings endorsed a bid from Knighthead Capital Management and Certares Management to back the company's exit from chapter 11, judging their restructuring proposal to be superior to a rival group's offer, people familiar with the matter said.

 
GDC Technics Gets Approval to Tap Bankruptcy Financing 
 

The bankrupt Air Force One supplier GDC Technics LLC has won court approval to start using up to $500,000 in emergency financing to cover operating costs as the aircraft modification and technology company figures out its next steps.

 
MoneyGram's Compliance Program Gets Thumbs-Up After Overhauls 
 

An independent monitor has signed off on the money-transfer company's anti-money-laundering safeguards, the first step toward concluding a long-running settlement deal with the Justice Department.

(END) Dow Jones Newswires

May 05, 2021 09:15 ET (13:15 GMT)