December, 2018

• 11 December

  Hyundai to spend $6.7bn to boost fuel-cell output

  

  Bloomberg Hyundai Motor Group and its suppliers plan to spend of 7.6 trillion won ($6.7 billion) through 2030 to raise production of fuel cells by more than 200-fold as the South Korean automaker targets to become a key player in the new-energy vehicle technology. The world’s fifth-largest auto group — with Hyundai Motor Co. and Kia Motors Corp. under its ...

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• 11 December

  Ghosn’s lawyers say charges against him are flawed

  Bloomberg Carlos Ghosn’s lawyers said the prosecutor’s case against the fallen car executive is flawed, ramping up their defense of the ousted Nissan Motor Co. chairman following his indictment for financial crimes in Japan. On December 10, Tokyo prosecutors indicted Ghosn for understating his income, charges they’ve said previously could put him in jail for at least 10 years. While ...

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• 11 December

  Hong Kong says no to nano flats over ‘prices’

  

  Bloomberg Could nano flats — billed as one way of solving Hong Kong’s chronic housing shortage — be on the way out as quickly as they grabbed the public’s attention? Two years ago, when the developer of a residential project in the New Territories unveiled units smaller than a parking space, an executive was quoted as saying: “Even the emperor ...

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• 11 December

  Automakers urge US to push hard to open Japanese market

  

  Bloomberg A trade group representing US automakers urged the Trump administration to hold off further opening the American market to Japanese cars until Tokyo shows it’s committed to returning the favour. “We recommend the administration avoid making any concessions that would further open the US market to Japanese imports unless and until there is evidence that Japan is truly committed ...

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• 11 December

  Brexit vote delay roils UK markets

  

  Bloomberg UK markets were pummelled after Prime Minister Theresa May made an abrupt U-turn to delay the parliament’s vote on her Brexit divorce deal, sparking concerns that the country could exit the European Union without a deal. Sterling tumbled to its weakest level in 20 months, with analysts warning that the currency could slide to levels not seen since the ...

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• 11 December

  Tesla plans $837mn auto lease bond

  

  Bloomberg Tesla Inc plans to offer $837 million of bonds backed by auto leases in its second trip to the market for asset-backed securities this year. The electric-car maker is betting investors will look past broader market volatility to load up on the securities, which may sell as soon as this week, according to people familiar with the matter. The ...

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• 11 December

  Verizon to give buyouts to over 10k employees

  

  Bloomberg Verizon Communications Inc said 10,400 employees, or about 6.8 percent of its total staff, were accepted for voluntary buyouts as the company looks to trim $10 billion from costs and retool for 5G wireless technology. The exit packages were available to as many as 44,000 Verizon employees, according to the statement. The buyout is the company’s second-largest, after a ...

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• 11 December

  US firms see 2019 growth despite trade woes

  

  Bloomberg US companies forecast a bright outlook for 2019, with gains across profit, employment and production, even as an escalation of the trade wars loom. Almost two-thirds of manufacturers and about 57 percent of service providers expect their revenue in 2019 to surpass 2018’s, though the gain may be smaller than this year’s increase, according to a semiannual survey by ...

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• 11 December

  Cars.com told to boost results or weigh sale

  

  Bloomberg Starboard Value is calling on Cars.com Inc to improve its performance or consider selling itself or making management changes, about nine months after the activist hedge fund reached a settlement agreement with the online auto-dealing platform. “If shareholders do not see progress soon, then we believe it would be incumbent upon the board to take more substantive actions,” Starboard ...

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• 11 December

  Modi’s terrible 24 hours boosts oppn before votes

  

  Bloomberg In a whirlwind 24-hour span, Indian Prime Minister Narendra Modi has seen his main opponents seize back momentum ahead of the 2019 national election. First came the abrupt resignation on Monday night of Reserve Bank of India Governor Urjit Patel, which sent stock, bond and currency markets tumbling when they reopened on Tuesday. Then Modi’s Bharatiya Janata Party faced ...

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