Equities

Reuters first to report GM production, staff cuts; market reacts

Reuters first to report GM production, staff cuts; market reacts

Reuters was first to report on Monday that General Motors will cut production of slow-selling models and slash its North American workforce in the biggest restructuring for the No. 1 U.S. carmaker since its bankruptcy a decade ago. The Reuters report was more than an hour ahead of GM’s official announcement, pushing the automakers shares higher in premarket trading. GM shares rose more than 5 percent after the market open.