Ticker: GM sees improved chip supply; Providence tries guaranteed monthly income program

Citing an improved supply of automotive computer chips, General Motors raised its financial guidance on Wednesday and said it expects to return to a normal production rate by the end of next year.

Chief Financial Officer Paul Jacobson told investors on a virtual chat with Credit Suisse that the company has seen improvement in the fourth quarter on costs and sales volume as demand for its vehicles remains strong.

“We’ve experienced a little bit of favorability on cost, and volumes (sales to dealers) are trending higher primarily on chip availability,” Jacobson said.

Jacobson said he expects the first three months of next year to be similar to this year’s fourth quarter, with improvement in the second half of 2022. He said there are “winds of caution” with the omicron variant of the coronavirus now appearing in the U.S.

Providence tries guaranteed monthly income program 

Providence has begun providing guaranteed monthly payments to some low-income residents, the mayor said Wednesday.

The city received more than 4,000 applications, and 110 residents were randomly selected to participate in the pilot program, said Mayor Jorge Elorza, a Democrat. They received the first of 12 monthly payments of $500 in November.

Most of the participants are women, more than 60% have children and nearly half are Latino. The median reported monthly income for the 110 residents before the payments began was $913.

The unconditional cash payments are intended to supplement, rather than replace, existing social safety net programs and can be used as the recipient sees fit, such as for unpredictable expenses, officials said. The funding is coming from private and philanthropic sources, and no tax dollars are being used, the mayor said.

from Boston Herald https://ift.tt/3xHy8pX