Business

GM aims for up to 500,000 Electric and eAssist Vehicles by 2017

Car - BSN

(Best Syndication News) - General Motors (NYSE:GM, TSX: GMM) plans to have up to 500,000 vehicles on the roads with some form of electric power by 2017. The announcement came from GM’s top product development executive this Wednesday.

“The plug-in offers a unique opportunity to change the way people commute. Plug-based solutions will play a significant role in our technology portfolio going forward,” said Mary Barra, senior vice president of Global Product Development. She made her comments at the GM Electrification Experience in San Francisco,

Lessons learned from the Chevrolet Volt - which was introduced in 2010 – helped GM develop their Chevrolet Spark EV. The Chevrolet Spark will become available next year in certain US and South Korea markets, with more markets to be announced soon.

Current Mortgage Rates Today – JPMorgan Chase and SunTrust make changes

Graph of VA loans

(Best Syndication News) Mortgage interest rates advanced today as lenders followed the secondary lending market (see the mortgage rate charts below). Almost all of the major banks, with the exception of KeyBank and Wells Fargo, raised their loan rates.

Benchmarks

Congress went back to work Tuesday and with less than two months left to avoid the fiscal cliff, lawmakers will be busy. The House of Representatives will remain in Republican hands while the Senate stays with the Democrats. On Friday President Barack Obama will sit down to meet with congressional leaders to negotiate tax and spending issues.

Current Mortgage Rates Today – Loans Higher as KeyBank and Bank of America make changes

Graph of FHA mortgages

(Best Syndication News) Although the weekly trend is lower, some lenders did raise their mortgage interest rates today (see the mortgage rate charts below). Banks were closed for Veterans’ Day but some, including Bank of America and KeyBank, raised their rates.

Benchmarks

The earnings season has been frustrating for many investors as companies report disappointing returns. Profits were up only 2.3 percent in the third quarter, according to S&P Capital IQ; but Thompson / Reuters calculates an overall loss in the market.

Hostess announces Three Bakeries Closing Permanently due to Strike

keyboard - BSN

(Best Syndication News) - Hostess Brands Inc. announced today that they would be closing three bakery locations permanently because of the strike that started on November 9, 2012. The Bakery, Confectionery, Tobacco Workers, and Grain Millers International Union (Bakers Union) initiated the nationwide strike. Hostess was unable to make and deliver their products at these locations because of the strike. However, the majority of Hostess plants continue to operate and the strike would not affect customer delivery of their baked goods.

Hostess Brands CEO Gregory F. Rayburn said in a statement today that 627 employees at the three locations will lose their jobs. He explained that the company warned that there could be facility closures from work stoppage. He warns that if the strike hurts their business enough, they would have to close the entire company.

Current Mortgage Rates Today – Citibank and PNC Lower Rates

30-Year mortgage chart

(Best Syndication News) Mortgage interest rates slipped while the secondary lenders provided mixed results (see the mortgage rate charts below). Citibank and PNC were among the lenders lowering their loans.

Benchmarks

Stocks were higher Friday after two-straight days of harsh declines. Some of the worry involved the looming fiscal cliff while investors also adjusted their holdings to the certainty of Health Care Reform (Obamacare) and the possibility of higher taxes.

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