Afternoon Coffee: GM to Pay $900 Million for Ignition Defects, China to Overtake US in Apparel Industry

General Motors has agreed to pay $900 million to settle its case with the US Justice Department regarding the automaker’s failure to report ignition defects in its cars, which led to a recall and killed at least 124 people.

China’s apparel market will surpass $300 million by 2019, making the country home to the largest apparel industry in the world, according to a new report. By comparison, the apparel market in the US will bring in an estimated $267 million by 2019.

Oil prices surged Wednesday following the release of a report from the US Energy Information Administration showing US crude oil stockpiles fell last week. But today, oil erased some of its gains, falling 1.2% to $46.60 a barrel, as traders awaited the US Federal Reserve’s announcement regarding interest rates.

A sign of the Fed likely deciding to hike interest rates came after the Labor Department reported unemployment claims fell to an 8-week low, showing more signs of an improving labor market and overall economy.


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