(Mon) BAIC in race for top Daimler stake
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Daimler's in demand. Not just from Chinese motorists, but Chinese motor manufacturers too. Sources tell Reuters that the Beijing Automobile Group Company - BAIC - wants to double its stake in the German carmaker from five to ten per cent. In so doing, it would upstage Chinese rival, Geely - though only just. Geely - which owns around half of Volvo - has a 9.69 percent stake in Daimler. Daimler told Reuters it hadn't received any notification of any increased stake. But said it welcomed long-term investors. Like Geely, BAIC has been a partner to Daimler in China for years ...And operates factories in Beijing making Daimler's main Mercedes-Benz brand through a joint venture. The sources say that with a bigger ten percent shareholding, BAIC would be looking to secure a seat on Daimler's supervisory board ... Something Geely does not currently have.
(Tue) Retailers set to ring up record sales on Super Saturday
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American retailers are expected to ring up record sales this weekend, with shoppers - by one measure - expected to spend $34 billion on so-called Super Saturday, the last Saturday before Christmas. That's a few billion more than what was generated on Black Friday. The reason? There are fewer days than usual between Thanksgiving and Christmas, squeezing shoppers to finish their purchases. Meanwhile - retailers have been preparing for the condensed shopping days, keeping big discounts in place late into the holiday season. They're also keeping stores open for longer in the days before Christmas and adding more staff in stores – reversing a trend that saw more workers being added to warehouses. For example - Target said it¡¯s giving its in store employees more hours - costing the company an extra $50 million.
(Wed) H&M's recovery rolls on as sales jump
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H&M may be a little further down the road to recovery . The world's second-biggest clothing retailer says sales jumped 9% in the fourth quarter. That follows years of heavy investment in online services and new store concepts. The gain puts it on course to increase annual profits for the first time in four years. Shares in the firm gained as much as 2% in Monday trade. The news comes after numbers last week from arch rival Inditex, owner of Zara. It too shrugged off retail gloom to post rising sales. For H&M the latest gains will come as a relief. The Swedish firm suffered years of sliding profits as the number of visitors to its stores dwindled. That left it battling rising inventories and a falling market value. This year though, H&M shares are up over 50% as investors cheer signs of recovery.
(Thu) Boeing weighs halting 737 MAX output
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Boeing officials are meeting Monday to determine the near-term production fate of its grounded jet, the 737 MAX. A source says the aerospace manufacturer is considering cutting or halting production of its best-selling plane. The source says Boeing is more likely to temporarily shut down production than cut output again. That would have repercussions across its global supply chain. Boeing said in a statement Sunday that it'll "continue to assess production decisions based on the timing and conditions of return to service." But just last week, the Federal Aviation Administration said it would not approve the plane's return to the skies before next year. Boeing had hoped to get the FAA's blessing this month. U.S. officials told Reuters approval isn't likely until at least February. The 737 MAX has been grounded since March. The narrow-body jet was involved in two fatal crashes that killed 346 people. Boeing shares dropped sharply in early trading Monday.
(Fri) GM doubles down on SUVs to fund electric future
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General Motors revealed even bigger SUVs on Tuesday that it says will help pay for an electric future. The 2021 Chevrolet Suburban is a longer version of the familiar design... adding over an inch to make it one of the longest passenger vehicles on the market. It shares boomerang-shaped lights with the new Tahoe, which was also unveiled . And - the digital electronics inside are all new. Like Tesla, GM hopes to use new 'over-the-air' wireless software updates to make money or fix problems at a low cost. The company hopes the new models will help fund the development of electric vehicles. Big SUVs are profitable with margins as high as 30 percent. GM controls more than two-thirds of the market for large SUVs in North America. And their Arlington, Texas factory is running 24 hours a day to keep up with demand. With fuel economy rules from President Obama's era, automakers are encouraged to make SUVs even bigger. Cars with a larger 'footprint' have easier CO2 targets to meet. President Donald Trump says he wants to ease these standards, but he hasn't released a final plan. GM has sided with Trump in a dispute with California, a state that's sued to maintain the stronger Obama standards.
** Other Latest Headlines **
* Pengsoo to attend New Year bell-ringing ceremony at Bosingak
Pengsoo, the genderless giant penguin and mega-hit cartoon character, will ring the bell at Bosingak to welcome the New Year with 10 other figures of the year, according to Seoul City, Thursday. Bosingak is a pavilion in central Seoul where the annual New Year bell-ringing ceremony is held. expressionless and with a nasal, middle-aged voice, the two-meter-tall mascot from the Education Broadcasting System (EBS) channel is Korea's latest sensation. Millennials and young office workers dote on his blunt personality and frequent jabs at the strict hierarchy norms in Korean society. Pengsoo's YouTube channel has 1.5 million followers.
* 6 in 10 unretired people earn less than W2 mil.
Six in 10 unretired people receive a monthly salary of less than 2 million won ($1,718), according to data. The survey, released by Statistics Korea, showed that about 62.5 percent of wage workers aged between 40 and 64, who got new jobs less than a year after they retired from their previous workplaces, made less than that amount. The figure was based on data as of October last year. Those who earned between 1 million won and 2 million won accounted for 50.9 percent of the 819,000 surveyed workers. They took up the largest portion of unretired people's income level. The monthly income level of between 2 million won and 3 million won came in second, with 22.7 percent of the unretired wage laborers belonging to the category, according to data. Only less than four percent of them made more than 5 million won, indicating income polarization among the unretired still exists. Data also showed that the older the workers are, the less money they make. By age groups, those in their early 40s made a monthly average salary of 2.3 million won. Those in their early 50s made slightly less, 2.17 million won on average.
* Taken for a ride: can New York's decrepit subway system be saved?
It was the summer of 2017, as New York¡¯s subway trains groaned along on near-100-year-old equipment, throttled by a decades-long lack of funding, when things really came to a head. In June, a train derailed in Harlem, injuring dozens. A month later, another derailed in Brooklyn. Elsewhere, footage went viral after a train broke down in the middle of a tunnel on a typically sweltering New York summer day. After almost an hour the temperature inside the carriages soared, causing, according to the New York Times, ¡°some riders to panic and one woman to strip nearly naked¡±. It became known as the summer of hell. Only 65% of subway trains ran on time. Transport groups claimed trains were running slower than in the 1950s.
* Kim vows to show new N. Korean weapon, never trade security
North Korean leader Kim Jong Un accused the Trump administration of dragging its feet in nuclear negotiations and warned that his country will soon show a new strategic weapon to the world as it bolsters its nuclear deterrent in the face of ¡°gangster-like¡± U.S. pressure. In a key ruling party conference, Kim also threatened ¡°shocking¡± action and said North Korea would no longer be obligated to maintain a self-imposed suspension on the testing of nuclear weapons and intercontinental ballistic missiles, which President Donald Trump has touted as a major diplomatic accomplishment. But Kim gave no clear indication that the restarting of such tests was imminent and seemed to leave the door open for eventual negotiations.