China’s government is working on a plan to combine its two biggest shipbuilders to create an industrial giant that would dwarf its South Korean rivals, according to people with knowledge of the matter.The state council, China’s cabinet, has given its preliminary approval to merge China State Shipbuilding Corp. with China Shipbuilding Industry Corp., the people said, asking not to be identified as the information isn’t public. The two companies have combined revenue of at least 508 billion yuan ($81 billion) making products ranging from aircraft carriers for China’s navy to vessels to carry containers, oil and gas for commercial companies.The move could be subject to change as many details need to be ironed out by ministries and regulators, the people said. Both companies have subsidiaries that trade on the stock exchanges in Shanghai and Hong Kong.Representatives at State-owned Assets Supervision and Administration Commission of the State Council, CSSC and CSIC … [Read more...] about China Plans Merger of Shipbuilders to Create Behemoth
Creating s corp
Nissan, Renault in Talks to Merge, Create New Company
Renault SA and Nissan Motor Co. are in talks to merge and create a new automaker that trades as a single stock, people with knowledge of the matter said.A deal would end the current alliance between the companies and marry them as one corporation, said the people, who asked not to be identified as the details aren’t public. Renault currently owns 43 percent of Nissan while the Japanese carmaker has a 15 percent stake in its French counterpart. Carlos Ghosn, the chairman of both companies, is driving the negotiations and would run the combined entity, the people said.The parties are discussing a transaction in which Nissan would essentially give Renault shareholders stock in the new company, the people said. Nissan shareholders would also receive shares in the new company in exchange for their holdings, they said. The automaker may maintain headquarters in both Japan and France.Renault shares jumped as much as 8.3 percent in early trading Thursday, hitting the highest intraday … [Read more...] about Nissan, Renault in Talks to Merge, Create New Company
Tim Cook Is Right About U.S. iPhones, For a Different Reason
Is building the same as manufacturing? How about assembling?These are esoteric questions, but they appear to be of great import to Apple Inc. CEO Tim Cook."It's not true that iPhone isn't built in the United States," he said in an interview with Recode and MSNBC this week.Cook's not just the boss of Apple. He was previously in charge of its supply chain, so he knows more about how an iPhone is built than anyone on the planet (except maybe current COO Jeff Williams.)I see where he's coming from. Cook is rightfully frustrated with the perceived wisdom that the iPhone is a Chinese-made product, and Apple doesn't get enough credit for all the work that's done in the U.S.Unfortunately, Apple spells out the provenance of its products in its own annual report."While some Mac computers are manufactured in the U.S. and Ireland, substantially all of the Company's hardware products are currently manufactured by outsourcing partners that are located primarily in … [Read more...] about Tim Cook Is Right About U.S. iPhones, For a Different Reason
Saudi Prince to Push for Technology Deals on U.S. Tour
Saudi Arabia Crown Prince Mohammed bin Salman will meet with technology titans in the U.S. this week in search of deals that would diversify his country’s oil-dependent economy.On Friday, Saudi Arabia’s de facto ruler will be in Seattle, with plans to meet Amazon.com Inc. Chief Executive Officer Jeff Bezos and Microsoft Corp. CEO Satya Nadella, as well as executives from Boeing Co., said people familiar with the matter. Microsoft co-founder Bill Gates will host the 32-year-old prince at his home.Over the weekend, Prince Mohammed will jet to Los Angeles for potential meetings with representatives of Hollywood studios, Snap Inc. and Virgin Hyperloop One, a transportation startup backed by Dubai-owned conglomerate DP World Ltd. He’ll be in Silicon Valley late next week, looking to meet with executives from Alphabet Inc.’s Google, Uber Technologies Inc. and Apple Inc., said the people, who asked not to be identified because the plans are private.The prince’s … [Read more...] about Saudi Prince to Push for Technology Deals on U.S. Tour
Trump’s Tariff Crusade Hardly Matters for U.S. Automakers in China
By March 27, 2018, 12:36 AM EDT Auto workers in the U.S. hoping President Donald Trump’s tougher approach to China will help create jobs at home and cut the trade deficit by $100 billion may be in for a huge disappointment.Companies such as General Motors Co. and Ford Motor Co. are among companies that already make cars in China with domestic partners for the local buyer, not only to avoid the 25 percent import duty but also to take advantage of lower costs. GM’s partners in China include SAIC Motor Corp., while Ford has tied up with Changan Automobile Group and holds a stake in Jiangling Motors Corp.Cutting the tariff “will have no measurable impact on the U.S. trade deficit,” said Steve Man, an analyst with Bloomberg Intelligence. “It just doesn’t make sense to ship high volumes of vehicles into China since it’s still cheaper to build them there.”But for Elon Musk, the levy is a hurdle. The billionaire’s attempts to set up … [Read more...] about Trump’s Tariff Crusade Hardly Matters for U.S. Automakers in China