GLOBAL MARKETS: Saudi Arabia to cut costs and Fiat Chrysler US investment plan
Saudi Arabia hires PwC to advise on cost cuts Saudi Arabia is working with professional services company PwC on plans to cancel about US$20bn of projects as the kingdom seeks to shore up its finances, two people familiar with the matter said. The ministry of economy & planning hired PwC to review $69bn of government contracts with a view to cutting about a third of them. - Bloomberg Fiat Chrysler announces $1bn US investment plan Fiat Chrysler Automobiles NV will invest $1bn in making three new Jeep models in the US, plus a Ram heavy-duty pickup now built in Mexico, as US president-elect Donald Trump pressures the industry to hire workers and produce vehicles in the US. The outlays planned by 2020 include retooling factories in Michigan and Ohio, and adding 2,000 jobs. Fiat Chrysler is circulating the plans before any criticism of the company by Trump, who last week threatened GM with taxes for importing a version of its Chevrolet Cruze from Mexico. - Bloomberg
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