The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda will initially lead the new management, retaining the principles and brands of each company. Following is a quick look at what a combined Honda and Nissan would mean for the companies, and for the auto industry. An industry shakeup The ascent of Chinese automakers is rattling the industry at a time when manufacturers are struggling to shift from fossil fuel-driven vehicles to electrics. Relatively inexpensive EVs from China's BYD, Great Wall and Nio are eating into the market shares of U.S. and Japanese car companies in China and elsewhere. Japanese automakers have lagged behind big rivals in EVs and are now trying to cut costs and make up for lost time. Nissan, Honda and Mitsubishi announced in August that they will share components for electric vehicles like batteries and jointly research software for autonomous driving to adapt better to dramatic changes in the auto industry centered around electrification. A preliminary agreement between Honda, Japan's second-largest automaker, and Nissan, third largest, was announced in March. A merger could result in a behemoth worth about $55 billion based on the market capitalization of all three automakers. Joining forces would help the smaller Japanese automakers add scale to compete with Japan's market leader Toyota Motor Corp. and with Germany's Volkswagen AG. Toyota itself has technology partnerships with Japan's Mazda Motor Corp. and Subaru Corp. What would Honda need from Nissan? Nissan has truck-based body-on-frame large SUVs such as the Armada and Infiniti QX80 that Honda doesn't have, with large towing capacities and good off-road performance, said Sam Fiorani, vice president of AutoForecast Solutions. Nissan also has years of experience building batteries and electric vehicles, and gas-electric hybird powertrains that could help Honda in developing its own EVs and next generation of hybrids, he said. "Nissan does have some product segments where Honda doesn't currently play," that a merger or partnership could help, said Sam Abuelsamid, a Detroit-area automotive industry analsyt. While Nissan's electric Leaf and Ariya haven't sold well in the U.S., they're solid vehicles, Fiorani said. "They haven't been resting on their laurels, and they have been developing this technology," he said. "They have new products coming that could provide a good platform for Honda for its next generation." Why now? Nissan said last month that it was slashing 9,000 jobs, or about 6% of its global work force, and reducing global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen ($61 million). Earlier this month it reshuffled its management and its chief executive, Makoto Uchida, took a 50% pay cut to take responsibility for the financial woes, saying Nissan needed to become more efficient and respond better to market tastes, rising costs and other global changes. Fitch Ratings recently downgraded Nissan's credit outlook to "negative," citing worsening profitability, partly due to price cuts in the North American market. But it noted that it has a strong financial structure and solid cash reserves that amounted to 1.44 trillion yen ($9.4 billion). Nissan's share price has fallen to the point where it is considered something of a bargain. A report in the Japanese financial magazine Diamond said talks with Honda gained urgency after the Taiwan maker of iPhones Hon Hai Precision Industry Co., better known as Foxconn, began exploring a possible acquisition of Nissan as part of its push into the EV sector. The company has struggled for years following a scandal that began with the arrest of its former chairman Carlos Ghosn in late 2018 on charges of fraud and misuse of company assets, allegations that he denies. He eventually was released on bail and fled to Lebanon. Honda reported its profits slipped nearly 20% in the first half of the April-March fiscal year from a year earlier, as sales suffered in China. More headwinds Toyota made 11.5 million vehicles in 2023, while Honda rolled out 4 million and Nissan produced 3.4 million. Mitsubishi Motors made just over 1 million. Even after a merger Toyota would remain the leading Japanese automaker. All the global automakers are facing potential shocks if President-elect Donald Trump follows through on threats to raise or impose tariffs on imports of foreign products, even from allies like Japan and neighboring countries like Canada and Mexico. Nissan is among the major car companies that have adjusted their supply chains to include vehicles assembled in Mexico. Meanwhile, analysts say there is an "affordability shift" taking place across the industry, led by people who feel they cannot afford to pay nearly $50,000 for a new vehicle. In American, a vital market for companies like Nissan, Honda and Toyota, that's forcing automakers to consider lower pricing, which will eat further into industry profits. ____ AP Auto Writer Tom Krisher contributed to this report from Detroit.
A shameless cover upSpecial counsel David Weiss's office on Monday appeared to push back on President Joe Biden 's claim that its prosecutions of Hunter Biden were politically motivated , calling such allegations "baseless." In a court filing challenging Hunter Biden's request to have the California indictment against him dismissed in light of his father's Sunday night pardon , Weiss noted that a number of judges had already rejected the younger Biden’s claims of vindictive prosecution. In a statement announcing the "full and unconditional" pardon, the president said "I have watched my son being selectively, and unfairly, prosecuted," referring to the cases brought by Weiss that led to a guilty verdict on gun-related charges in Delaware and Hunter Biden's guilty plea on tax and fraud charges in California. "I believe in the justice system, but as I have wrestled with this, I also believe raw politics has infected this process and it led to a miscarriage of justice," Biden said. In the court filing , Weiss's office did not directly mention the president's statement, but noted that Hunter Biden filed eight motions to dismiss the California indictment "making every conceivable argument for why it should be dismissed, all of which were determined to be meritless." "Of note, the defendant argued that the indictment was a product of vindictive and selective prosecution. The Court rejected that claim finding that '[a]s the Court stated at the hearing, Defendant filed his motion without any evidence.' And there was none and never has been any evidence of vindictive or selective prosecution in this case," the filing said. It noted that Hunter Biden "made similar baseless accusations" in the Delaware case, which were rejected by that judge as well. Three appeals court panels also rejected Hunter Biden's arguments, the filing said. "In total, eleven (11) different Article III judges appointed by six (6) different presidents, including his father, considered and rejected the defendant’s claims, including his claims for selective and vindictive prosecution," the filing said. In filings Sunday night, Hunter Biden's attorney Abbe Lowell argued the presidential pardon “requires an automatic dismissal of the Indictment" against his client. Weiss argued in the California filing and a separate filing in Delaware that courts typically "do not dismiss indictments when pardons are granted.” "The Government does not challenge that the defendant has been the recipient of an act of mercy. That does not mean the grand jury’s decision to charge him, based on a finding of probable cause, should be wiped away as if it never occurred," the Delaware filing said. "It also does not mean that his charges should be wiped away because the defendant falsely claimed that the charges were the result of some improper motive or selective prosecution. No court has agreed with the defendant on these baseless claims, and his request to dismiss the indictment finds no support in the law," it added. The White House did not immediately respond to a request for comment. Lowell responded to Weiss's filing late Monday and argued the judge has the right — and reason — to dismiss the underlying indictment. "Mr. Biden has not been sentenced and no judgment has been entered in this case. Because no judgment has been or will be entered in this case, the appropriate resolution is to dismiss the Indictment while noting that is due to a pardon," Lowell wrote. Hunter Biden had been scheduled to be sentenced in both cases later this month.In a world of great need there are more ways to donate money than ever. How should you give?
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Chuck Woolery, smooth-talking game show host of 'Love Connection' and 'Scrabble,' dies at 83The Australian government has withdrawn a bill that would have fined online platforms up to 5 percent of their global revenue if they failed to stop the spread of misinformation. The bill, which was backed by the Labor government, would have allowed the Australian Communications and Media Authority to create enforceable rules around misinformation on digital platforms. In a statement , Communications Minister Michelle Rowland said the bill would have “ushered in an unprecedented level of transparency, holding big tech to account for their systems and processes to prevent and minimise the spread of harmful misinformation and disinformation online.” However, she said “based on public statements and engagements with Senators, it is clear that there is no pathway to legislate this proposal through the Senate.” When a revised version of the bill was introduced in September, Elon Musk, the owner of X (formerly Twitter), criticized it in a one-word post : “Fascists.” Shadow Communications Minister David Coleman was a vocal opponent of the bill, arguing that it would prompt platforms to suppress free speech in order to avoid fines. With the bill now seemingly dead, Coleman posted that it was a “shocking attack on free speech that betrayed our democracy” and called on the prime minister to “rule out any future version of this legislation.” Rowland’s statement, meanwhile, called for Parliament support on “other proposals to strengthen democratic institutions and keep Australians safe online,” including legislation targeting deep fakes, enforcement of “truth in political advertising for elections,” and AI regulation. Prime Minister Anthony Albanese is also pursuing a plan to ban social media for children under 16 .
Leicester City have sacked manager Steve Cooper following a poor run of form that has left the club languishing in 16th place in the Premier League, just two points above the relegation zone after 12 games. The decision to sack Cooper was made on Sunday, a day after a 2-1 defeat to Chelsea, who are managed by former Leicester boss Enzo Maresca. Cooper, 44, was appointed when he replaced Maresca in June due to his previous ties with local rivals Nottingham Forest. His tenure at Leicester saw the Foxes win only two of their 12 Premier League games, leaving the club close to the drop zone. In a statement, Leicester announced that first-team training will temporarily be led by coach Ben Dawson, with assistance from Danny Alcock and Andy Hughes, as the search for a new manager gets underway. The club hopes to conclude the hiring process swiftly. In addition to Cooper, assistant manager Alan Tate and first-team coach and analyst Steve Rands have also departed. Cooper’s short stint at Leicester followed Maresca’s successful 2023/24 campaign, in which he led the Foxes to the Championship title and earned promotion back to the Premier League. However, the current season has seen the club struggle, with six top-flight defeats already recorded. After Saturday’s loss to Chelsea, Cooper voiced frustration with the officiating, criticizing referee Andrew Madley for decisions he felt went against Leicester. Speaking to BBC Sport, Cooper acknowledged the challenges of returning to the Premier League: “I knew how tough the challenge of the season was going to be both on and off the pitch, and it’s proving to be that, but that’s just how it is coming back into the league. I believe we can do better, so that’s got to come in the performances to get the results.” His dismissal makes him the second managerial casualty in the Premier League this season, following Manchester United’s sacking of Erik ten Hag in October. Before his Leicester appointment, Cooper had a notable track record with Nottingham Forest, guiding them to Premier League promotion in 2022 and keeping them in the division the following season. However, he was dismissed midway through the 2023/24 season with Forest hovering just above the relegation zone. Cooper is also known for leading England’s Under-17s to World Cup glory in 2017 and taking Swansea to the Championship play-off final in 2021, where they narrowly lost to Brentford.Nevada 90, Oklahoma St. 78
GARDENA, Calif.--(BUSINESS WIRE)--Dec 11, 2024-- Best Contracting Services, the southern California leader in commercial roofing services, has officially broken ground on a 264kW microgrid at its corporate headquarters in Gardena, California. This state-of-the-art project not only showcases the Company’s commitment to sustainability and energy innovation but also includes the installation of 19 electric vehicle (EV) charging stations powered by clean energy from the microgrid. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241211101741/en/ (Photo: Business Wire) The microgrid, powered by advanced solar technology and integrated energy storage systems, will provide clean, reliable energy for Best Contracting Services’ operations while supporting California’s transition to a greener future. Designed to operate independently during outages, the microgrid ensures energy resilience while reducing the company’s reliance on the traditional utility grid. "This project reflects our vision for a sustainable, resilient future," said CEO Sean Taba. "By integrating renewable energy with EV infrastructure, we are not only lowering our carbon footprint but also supporting the growing need for clean transportation solutions in our community." Project Highlights: The EV charging stations will help advance the state’s efforts to encourage widespread EV adoption, providing convenient, sustainable charging options for Best Contracting Services employees and visitors. This initiative aligns with California’s goal of reaching 100% zero-emission vehicle sales by 2035. The construction phase of the microgrid and EV charging network is expected to be completed by first quarter 2025. "This microgrid and EV infrastructure represent a significant step forward for our company," said Executive Vice President Kayhan Fatemi. "By combining renewable energy with sustainable transportation, we’re demonstrating what’s possible for businesses committed to reducing their environmental impact." About Best Contracting Services BEST Contracting Services, Inc. has been providing services to the construction industry since 1982. We deliver full building envelope services with the knowledge, capability and years of experience in roofing, waterproofing, sheet metal and glazing to ensure that our clients have the confidence in us to guarantee full satisfaction for their building needs. Headquartered in Gardena, CA, with full service facilities in Union City, CA. For more information about the microgrid and EV charging network project or to schedule an interview, please contact Jesse Torres at jtorres@bestcontracting.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241211101741/en/ CONTACT: Jesse Torres jtorres@bestcontracting.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENVIRONMENT COMMERCIAL BUILDING & REAL ESTATE OTHER TRANSPORT CONSTRUCTION & PROPERTY URBAN PLANNING TRANSPORT UTILITIES ALTERNATIVE ENERGY GREEN TECHNOLOGY ENERGY SOURCE: BEST Contracting Services, Inc. Copyright Business Wire 2024. PUB: 12/11/2024 02:58 PM/DISC: 12/11/2024 02:56 PM http://www.businesswire.com/news/home/20241211101741/enRutgers’ Greg Schiano explains why he took timeout in stunning last-second loss to Illinois