Business
GM lays off more than 200 salaried workers in latest round of job cuts
The headquaters of US auto company General Motos (GM) in Detroit, Michigan.
Uli Deck | Picture Alliance | Getty Images
DETROIT – General Motors laid off more than 200 salaried employees on Friday, as the automaker continues to reevaluate its businesses and cut costs to boost profits.
The impacted employees were largely Computer-Aided Design, or CAD, engineers who worked at the company’s global tech campus in metro Detroit, according to GM.
“We’re restructuring our design engineering team to strengthen our core architectural design engineering capabilities,” GM said in an emailed statement. “As a result, a number of CAD execution roles have been eliminated. We recognize the efforts and accomplishments of the impacted team members, and we thank them for their contributions.”
GM declined to comment on the number of employees affected, but a source familiar with the matter confirmed to CNBC that it was more than 200 employees, which was first reported by Bloomberg News. The person spoke anonymously because the number had not yet been made public.
The employees were told their roles were being eliminated due to “business conditions” and not their performance via Microsoft Teams calls on Friday, the source said.
The Detroit automaker has been regularly reviewing its business units and organizations for years in an effort to cut costs, boost profits and eliminate what it considers unneeded or overstaffed roles for future operations.
The most recent layoffs represent a small percentage of the automaker’s salaried workforce, but continue a trend of white-collar U.S. headcount reductions. GM’s U.S. salaried headcount fell from 53,000 in 2023 to 50,000 to end last year.
GM’s layoffs also come a day after all-electric vehicle maker Rivian laid off roughly 4.5% of its workforce, or more than 600 people, to restructure some teams as the EV market faces growing challenges amid policy changes and slower-than-expected demand.
The most recent cuts come as President Donald Trump touted on social media Friday that Ford Motor and GM are “UP BIG on Tariffs” amid tariff changes last week for heavy- and medium-duty trucks, which he referred to as “Big and Midsized Trucks.”
While both Ford and GM, including CEO Mary Barra, this week praised the tariff changes, which also included extending offsets on U.S.-produced vehicles, the automakers are still seeing additional cost burdens from the levies. These changes are simply helping to lower those added costs.
The layoffs come days after GM raised its 2025 financial guidance Tuesday as it beat Wall Street’s top- and bottom-line earnings expectations for the third quarter, causing the stock to have its second-best day on the market since its 2009 emergence from bankruptcy.
Shares of GM are up more than 29% this year, while Ford’s stock is up roughly 38%. Both hit new 52-week highs on Friday.
India’s budget focuses on infrastructure and defence spending and tax breaks for data-centre investments.
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Business
New Income Tax Act 2025 to come into effect from April 1, key reliefs announced in Budget 2026
New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time, and the Income Tax Act 2025 will come into effect from April 1, 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, for) ease of living,” she said while presenting the Budget 2026-27
In a move that directly eases cash-flow pressure on individuals making overseas payments, the Union Budget announced lower tax collection at source across key categories.
“I propose to reduce the TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. I propose to reduce the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent,” said Sitharaman.
She clarified withholding on services, adding that “supply of manpower services is proposed to be specifically brought within the ambit of payment contractors for the purpose of TDS to avoid ambiguity”.
“Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only,” she mentioned during her Budget speech.
The Budget also proposes a tax holiday for foreign cloud companies using data centres in India till 2047.
Business
Budget 2026 Live Updates: TCS On Overseas Tour Packages Slashed To 2%; TDS On Education LRS Eased
Union Budget 2026 Live Updates: Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026-27 in Parliament, her record ninth budget speech. During her Budget Speech, the FM will detail budgetary allocations and revenue projections for the upcoming financial year 2026-27. Sitharaman is notably dressed in a Kanjeevaram Silk saree, a nod to the traditional weaving sector in poll-bound Tamil Nadu.
The budget comes at a time when there is geopolitical turmoil, economic volatility and trade war. Different sectors are looking to get some support with new measures and relaxations ahead of the budget, especially export-oriented industries, which have borne the brunt of the higher US tariffs being imposed last year by the Trump administration.
On January 29, 2026, Sitharaman tabled the Economic Survey 2025-26, a comprehensive snapshot of the country’s macro-economic situation, in Parliament, setting the stage for the budget and showing the government’s roadmap. The survey projected that India’s economy is expected to grow 6.8%-7.2% in FY27, underscoring resilience even as global economic uncertainty persists.
Budget 2026 Expectations
Expectations across key sectors are taking shape as stakeholders look to the Budget for support that sustains growth, strengthens jobs and eases financial pressures:
Taxpayers & Households: Many taxpayers want practical improvements to the income tax structure that preserve simplicity while supporting long-term financial planning — including broader deductions for home loan interest and diversified retirement savings options.
New Tax Regime vs Old Tax Regime | New Income Tax Rules | Income Tax 2026
Businesses & Industry: With industrial output and investment showing resilience, firms are looking for policies that bolster capital formation, ease compliance, and expand infrastructure spending — especially in manufacturing and technology-driven sectors that promise jobs and exports.
Startups & Innovation: The startup ecosystem expects incentives around employee stock options and capital access, along with regulatory tweaks that encourage risk capital and talent retention without increasing compliance burdens.
Also See: Stock Market Updates Today
The Budget speech will be broadcast live here and on all other news channels. You can also catch all the updates about Budget 2026 on News18.com. News18 will provide detailed live blog updates on the Budget speech, and political, industry, and market reactions.
We are providing a full, detailed coverage of the union budget 2026 here, with a lot of insights, experts’ views and analyses. Stay tuned with us to get latest updates.
Also Read: Budget 2026 Live Streaming
Here are the Live Updates of Union Budget 2026:
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