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GM cuts Chevy Bolt prices, Biden cancels some student debt, Queen Elizabeth II celebrates platinum jubilee

Notable business headlines include GM slashing the price of its Chevy Bolt, the Biden administration forgiving student loan debt for borrowers who attended Corinthian colleges, and Queen Elizabeth II reaching her platinum jubilee.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Some shock for the Chevy Volt here. General Motors announced this week that it is slashing the prices of its 2023 Chevy Volt. The automaker knocked 5,900 bucks off the EV to a starting price of $26,595.63, 100 off the larger EUV model to $28,195, $28,195. So the price cut, it comes as a surprise as EV makers, including Tesla, Rivian, Lucid, and even GM's own Cadillac, have raised prices in response to rising commodity costs, specifically, key materials needed for EV batteries.

And the Biden administration is forgiving the student debt of another nearly 600,000 borrowers here. The Department of Education announced Wednesday that it will be canceling all the outstanding student loans for those who attended schools operated by Corinthian Colleges, formerly one of the largest for-profit colleges in the country.

Now the companies in the US here, they face lawsuits, rather, from the Consumer Financial Protection Bureau and Vice President Harris, when she served as an attorney general in California, for predatory and unlawful practices. About 560,000 borrowers will benefit from this latest round of debt cancelation, totaling around $5.8 billion, the largest single forgiveness action taken by the government to date.

And three cheers for Queen Elizabeth II. Great Britain is celebrating the Queen's Platinum Jubilee, meaning she has spent 70 years on the throne. Coronated in 1953, Elizabeth's reign has spanned nearly the entirety of the post-World War II era. She has ruled during a plethora of historical milestones from Beatlemania to Brexit, and alongside prime ministers from Winston Churchill to Boris Johnson. The festivities began this morning with a royal gun salute from the 104th regiment of the British army at Roald Dahl Plass in Cardiff Bay, Wales.