Stellantis Is in Default for Moving Jeep Production to U.S., Canada Says

Stellantis has announced a recall that adds to a troubling trend in the automotive industry, where Ford has already surpassed its previous record for recalls this year, issuing 140 recalls by June. This situation reflects ongoing challenges faced by major automakers in maintaining vehicle safety and reliability.

President Trump has granted clemency to David Gentile, the founder and former CEO of GPB Capital, who was sentenced to seven years in prison for his role in a $1.6 billion fraud scheme. This clemency order raises the possibility that a forfeiture proceeding against Gentile, which could involve over $15 million, may be dropped.

Stellantis CEO has emphasized that hybrids are a top priority for the U.S. market, reflecting the company's strategic focus on adapting to consumer preferences for more sustainable vehicle options. This announcement aligns with Stellantis's broader commitment to electrification and innovation in the automotive sector.

Canada's Ivey Purchasing Managers' Index (PMI) indicated a contraction in economic activity for November, reflecting a decline in employment levels. This downturn aligns with broader economic challenges faced by the country, as the services PMI also fell to a five-month low during the same period.

EQB, Canada's seventh-largest bank, has announced its agreement to acquire PC Financial from Loblaw for approximately $800 million, marking a significant shift in the Canadian financial landscape. This acquisition is part of EQB's broader strategy to enhance its financial services offerings and market presence.

At the recent DealBook Summit, California Governor Gavin Newsom criticized President Trump, highlighting concerns over the increasing ties between the business sector and Trump's administration. The summit addressed significant economic issues, including inflation, tariffs, and market bubbles, which have been prevalent in the news this year.

The 2025 DealBook Summit brought together business and political leaders, with President Trump's economic policies and the impact of artificial intelligence being key discussion points. California Governor Gavin Newsom engaged in dialogue with DealBook Editor at Large Andrew Ross Sorkin, highlighting the intersection of technology and governance.

The stock market showed resilience on December 3, with the Dow Jones Industrial Average rising by 400 points, while the S&P 500 continued its upward trend, reflecting investor optimism. American Eagle's stock surged by 11% following strong Q3 results and an upward revision of its guidance, indicating robust financial performance. Additionally, Anthropic is reportedly preparing for an IPO as early as 2026, which could further influence market dynamics.