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Minggu, 07 April 2019

Fiat Chrysler will pay Tesla to avoid EU emissions fines - Engadget

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Environmental regulations can create strange bedfellows, it seems. The Financial Times has learned that Fiat Chrysler Automobiles will pay Tesla hundreds of millions of euros (specific numbers aren't available) to pool the EV brand's cars with its own fleet and avoid fines for violating stricter EU emissions rules in 2020. The move should help FCA meet the EU's CO2 emissions target of 95g per kilometer by lowering its average from a higher-than-usual 123g. Fiat Chrysler has been relatively slow to adopt electric and hybrid cars -- this buys it time to catch up without having to take many (if any) radical steps.

It was expected that car makers would pool their own sub-brands together. VW can use improving emissions with its regular brands to offset exotic brands like Porsche and Lamborghini, for example. However, this (along with a deal between Mazda and Toyota) is the first time two wholly separate car companies have agreed to pool their emissions in Europe, and shows the pressure on companies to electrify their lineups.

This sort of deal isn't completely unusual for Tesla. In 2018 alone it made $103.4 million by selling zero-emissions credits, and it made $279.7 million the year before that. The EU pact could significantly pad Tesla's bottom line, though, and it's coming at a good time. Tesla's sales fell sharply in early 2019 as reduced EV tax credits and the typical early-year slowdown took their toll. While the company isn't facing a crisis, it probably won't mind an influx of cash while it tries to improve sales and gears up for future cars like the Model Y.

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https://www.engadget.com/2019/04/07/fiat-chrysler-to-pay-tesla-to-avoid-eu-fines/

2019-04-07 17:24:21Z
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Fiat Chrysler will pay Tesla to avoid EU emissions fines - Engadget

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2019-04-07 16:54:27Z
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Fiat Chrysler will pay Tesla to avoid EU emissions fines - Engadget

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2019-04-07 17:19:43Z
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Fiat Chrysler will pay Tesla to avoid EU emissions fines - Engadget

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2019-04-07 16:33:26Z
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Lyft stock: How valuation compares to other tech names at IPO - Business Insider

High-profile tech valuations at time of IPO.Business Insider/Andy Kiersz

Investors expect 2019 to turn into a hectic year for initial public offerings as technology unicorns and decacorns like Uber, Slack, and Pinterest are expected to hit the public market.
When Lyft priced its IPO last week at $72 a share, it was valued at around $24 billion. Its chief rival, Uber, is expected to go public at a $120 billion valuation later this year.
Some analysts are having a hard time assessing Lyft's true value since it's the first of its kind on a public exchange, facing various risks as it lost hundreds of millions of dollars in 2018.
Markets Insider has compiled a list of other high-profile IPOs and their valuations — from the dot-com era and into the future
Visit Markets Insider's homepage for more stories.

This year is expected to turn up a shiny freshman class of high-profile public technology companies, from Uber and Slack, to Airbnb and Pinterest.

Lyft kicked off the wave of unicorn offerings last week, going public at a valuation of around $24 billion, after a bit of a slow start to the year for listings due to the partial federal government shutdown.

The unicorns, or companies valued at $1 billion or more, next in line to debut carry massive valuations. Uber is expected to fetch a valuation of around $120 billion, Palantir $41 billion, and Airbnb $31 billion. Slack, which has announced it will go public through a direct listing, was most recently valued at $7 billion, and Pinterest, which officially filed its S-1 with the Securities and Exchange Commission last month, is worth about $12.3 billion.

But assessing a company's worth in the private and public markets are two very different animals. Some young technology firms like Lyft are not yet profitable — a trait not uncommon among startups — making it difficult to assess their earnings history. And other "disruptor"-type companies like Airbnb are the first of their kind to list on the public market, making comparisons tough.

Some Wall Street analysts who cover Lyft say it's a tall task to properly value the ride-hailing company since so many fundamental unknowns still surround it: How will it achieve profitability? How would Lyft fare in an economic downturn? How will its rival Uber affect its business?

"In our view, valuation is the toughest task with LYFT," Michael Ward, an analyst at Seaport Global Securities, wrote to clients this week. "While we believe the ridesharing market will continue to grow and expect LYFT to be a prime competitor, in our view, current valuations reflect an overly optimistic view of consumer behavior in the US."

To compare Lyft's current valuation with the technology giants of yore, Markets Insider has compiled the valuations, annual revenue, and price-to-sales ratios of some of the more popular tech IPOs over the last two decades. A portion of the data in the slides below is from a recent report distributed by Daniel Morgan, a portfolio manager with Synovus Trust Company.

His conclusion from analyzing the price-to-sales ratios of companies like Netscape, Yahoo, and eBay is that the valuations of some of today's unicorn valuations pale in comparison.

Morgan told clients that the valuations of recent unicorns "appear extremely low compared to the 'Go-Go' Days in Technology investing from 1995-1999, before the Tech Bubble Burst, when companies like Yahoo and Netscape went public at 'Monster Size' multiples of 238x and 171x Revenues!!!"

See how the popular tech IPOs compare.

Of the companies analyzed, Morgan disclosed Synovus Trust Company owns shares in Facebook, Amazon, Alibaba, and Twitter. Morgan personally owns shares of Facebook and Amazon.

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https://www.businessinsider.com/lyft-stock-how-valuation-compares-to-other-tech-names-at-ipo-2019-4

2019-04-07 13:06:42Z
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Wife of ex-Nissan boss Ghosn appeals to French government for help - Investing.com

© Reuters. FILE PHOTO: Former Nissan Motor Chairman Carlos Ghosn accompanied by his wife Carole Ghosn, arrives at his place of residence in Tokyo

TOKYO/PARIS (Reuters) - The wife of former Nissan boss Carlos Ghosn has left Japan and flown to Paris to appeal to the French government to do more to help him.

Japanese prosecutors arrested Ghosn for a fourth time on Thursday on suspicion he had tried to enrich himself at the automaker's expense, in another dramatic twist that his lawyers said was an attempt to muzzle him.

"I think the French government should do more for him. I don't think he's had enough support and he's calling for assistance. As a French citizen, it should be a right," Carole Ghosn told the Financial Times in an interview before boarding a flight out of Japan late on Friday.

Carlos Ghosn, who holds French, Lebanese and Brazilian citizenship, has denied charges against him and also called on the French government for help.

France, which holds a 15 percent stake in Nissan's alliance partner Renault (PA:), said it was monitoring the situation.

"We fully exercise consular protection. The French ambassador is in regular contact," an official from French President Emmanuel Macron's office said on Sunday.

"The wife of Carlos Ghosn has been received by the (Elysee) Secretary General during his (Ghosn) previous incarceration," the official added.

"A DIFFERENT PERSON"

Carole Ghosn said her husband's previous 108-day imprisonment had left him "a different person" and that normal life under bail conditions had been impossible.

Tokyo prosecutors, Ghosn's lawyer and his spokesperson were not immediately available for comment.

Public broadcaster NHK said on Sunday that prosecutors suspected Ghosn siphoned off payments through a company where his wife is an executive to purchase a yacht and a boat.

The prosecutors asked her to meet them for voluntary questioning as an unsworn witness, but the request was turned down, which prompted them to ask judges to question her on their behalf, the broadcaster said.

Such a request gives judges the power to question on a mandatory basis witnesses who refuse to testify, according to NHK.

Ghosn's lead lawyer, Junichiro Hironaka, said on Thursday prosecutors confiscated Ghosn's mobile phone, documents, notebooks and diaries, along with his wife's passport and mobile phone.

The FT said prosecutors had confiscated his wife's Lebanese passport in a dawn raid on their apartment in central Tokyo on Thursday morning, but did not discover her U.S. passport.

"I'm all alone here. It's traumatising what happened,” she was quoted as saying while awaiting her flight.

Under Japanese law, prosecutors will be able to hold Ghosn for up to 22 days without charging him. The fresh arrest opens up the possibility that he will be interrogated again without his lawyer present, as is the norm in Japan.

The additional charge would likely prolong Ghosn's trial, which is expected to begin later this year, his lawyer has said, adding that loss of access to Ghosn's trial-related documents could put his client at a disadvantage in fighting his case.

Ghosn faces charges of financial misconduct and aggravated breach of trust over allegedly failing to report around $82 million in salary and temporarily transferring personal financial losses on to Nissan's books during the financial crisis.

Released on $9 million bail on March 6, the executive says he is the victim of a boardroom coup.

The scandal has rocked the global auto industry and shone a harsh light on Japan's judicial system.

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https://www.investing.com/news/stock-market-news/wife-of-exnissan-boss-ghosn-leaves-japan-to-appeal-to-french-government-ft-1829335

2019-04-07 12:30:00Z
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China's March forex reserves rise to seven-month high - Investing.com

© Reuters. Illustration photo of U.S. Dollar and China Yuan notes

BEIJING/SINGAPORE (Reuters) - China's foreign exchange reserves rose for a fifth straight month in March, with the increase exceeding expectations, as growing optimism about the prospects for a U.S.-China trade deal offset concerns over slowing economic growth.

Chinese reserves, the world's largest, rose by nearly $9 billion in March to $3.099 trillion, its highest since August last year, central bank data showed on Sunday.

Economists polled by Reuters had expected reserves would rise $5 billion to $3.095 trillion.

"The strengthened slightly in March due to China-U.S. trade talks, the revised policy outlooks of central banks in Europe and America as well as uncertainty over Brexit...China's forex reserves expanded marginally," China's forex regulator said after the data release.

The State Administration of Foreign Exchange (SAFE) added that with the economy expected to maintain reasonable growth and improved flexibility in the yuan exchange rate, the country's forex reserves will remain stable.

The yuan fell 5.3 percent against the dollar last year as trade relations with the United States deteriorated and the Chinese economy slowed. But it has rebounded over 2 percent so far in 2019 on hopes Washington and Beijing will reach an agreement to end their bruising trade war

In March, the yuan fell 0.3 percent against the dollar due to the strength of the greenback. The dollar was up 1 percent against a basket of major currencies.

U.S. and Chinese negotiators wrapped up their latest round of trade talks on Friday and were scheduled to resume discussions this week to try to secure a pact that would end a tit-for-tat tariff battle that has roiled global markets.

But the outlook for the dollar is expected to remain soft after the Federal Reserve last month abandoned projections for further interest rate hikes this year on signs of an economic slowdown in the United States.

Assuming continued dollar weakness and progress in trade talks, the yuan will likely hold on to its recent gains and appreciate modestly over the coming year, according to analysts in a new Reuters poll. It last traded around 6.72 to the dollar.

U.S. President Donald Trump said on Thursday that a trade deal could be announced in the next four weeks. But the U.S. trade office said on Saturday that significant work remains to be done. Discussions are set to resume this week.

The value of China's gold reserves fell slightly to $78.525 billion from $79.498 billion at the end of February.

REVERSAL OF FORTUNES?

For much of last year, global investors worried about the risk of capital flight from China as the economy cooled, and debated how much yuan weakness Beijing would allow, though strict capital controls kept outflows in check.

More recently, with the dollar on the backfoot, attention has turned to how much upward pressure Chinese policymakers will be comfortable with, as foreign inflows into the country's financial markets look set to boost the currency.

Chinese stocks have rallied more than 20 percent this year on trade deal hopes, while some Chinese bonds were added on April 1 to the Bloomberg Barclays (LON:) Global Aggregate Index, one of the most widely tracked fixed income benchmarks.

UBS Asset Management estimated this phase of bond inclusion will introduce $250-$500 billion of passive money alone, and possibly trillions of dollars if active money is counted.

The tide may also be turning for China's economy, with business surveys showing March manufacturing activity returned to growth, suggesting months of government stimulus measures are starting to take hold.

If sustained, improving economic data could prompt markets to scale back expectations of further policy easing, though analysts still expect several more cuts in banks' reserve requirements this year, possibly as soon as next week.

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https://www.investing.com/news/economic-indicators/chinas-march-forex-reserves-rise-to-3099-trillion-1829370

2019-04-07 11:21:00Z
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