Nissan and Honda to attempt a merger that would create the world's No. 3 automaker TOKYO (AP) — Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from its reliance on fossil fuels. The two companies said they signed an agreement on integrating their businesses on Monday. Smaller Nissan alliance member Mitsubishi Motors agreed to join the talks. News of a possible merger surfaced earlier this month. Japanese automakers face a strong challenge from their Chinese rivals and Tesla as they make inroads into markets at home and abroad. What a merger between Nissan and Honda means for the automakers and the industry BANGKOK (AP) — Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. 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. Nordstrom to be acquired by Nordstrom family and a Mexican retail group in $6.25 billion deal Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18. Nordstrom’s board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting. Following the close of the transaction, the Nordstrom Family will have a majority ownership stake in the company. An analyst looks ahead to how the US economy might fare under Trump WASHINGTON (AP) — President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration. What lies ahead for the economy under Trump? Paul Ashworth of Capital Economics spoke recently to The Associated Press. The interview has been edited for length and clarity. American consumers feeling less confident in December, Conference Board says American consumers are feeling less confident in December, a business research group says. The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Consumers had been feeling increasingly confident in recent months. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market tumbled more than a dozen points to 81.1. The Conference Board says a reading under 80 can signal a potential recession in the near future. Stock market today: Wall Street rises at the start of a holiday-shortened week Stocks closed higher on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.7% Monday. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 1%. Honda's U.S.-listed shares rose sharply after the company said it was in talks about a combination with Nissan in a deal that could also include Mitsubishi Motors. Eli Lilly rose after announcing that regulators approved Zepbound as the first prescription medicine for adults with sleep apnea. Treasury yields rose in the bond market. The internet is rife with fake reviews. Will AI make it worse? Researchers and watchdog groups say the emergence of generative artificial intelligence tools that allow people to efficiently produce detailed and novel online reviews has put merchants, service providers and consumers in uncharted territory. Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. But AI-infused text generation tools enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice is illegal in the U.S. and becomes a bigger problem for consumers during the holiday shopping season, when many people rely on reviews to buy gifts. A tech company and watchdog group that uses software to detect fake reviews says AI-generated reviews have multiplied. Romanian lawmakers narrowly approve new pro-European coalition during period of political turmoil BUCHAREST, Romania (AP) — Romanian lawmakers have voted narrowly in favor of a new pro-European coalition government led by incumbent Prime Minister Marcel Ciolacu. The move on Monday could usher in an end to a protracted political crisis in the European Union country following the annulment of a presidential election. Parliament approved the new administration in a 240-143 vote in the 466-seat legislature. The new coalition is made up of the leftist Social Democratic Party, the center-right National Liberal Party, the small ethnic Hungarian UDMR party and national minorities. President Klaus Iohannis swore in the new government on Monday night. Government regulators close investigation into Ford Focus recalls Government safety regulators are closing an investigation into two previous recalls of the Ford Focus after determining that Ford Motor Co. has satisfied its concerns. Ford recalled around 1.5 million Ford Focus sedans from the 2012-2018 model years in 2018 because they could lose power. The issue was a malfunctioning canister purge valve and software that didn’t adequately detect when it was stuck open. Ford fixed the software in two separate recalls, but after cars continued to stall, the government opened an inquiry last year. Earlier this fall, Ford offered to replace the canister purge valve on all of the vehicles, satisfying regulators' concerns. AI will eavesdrop on world's wildest places to track and help protect endangered wildlife PUERTO JIMÉNEZ, Costa Rica (AP) — A biologist hid 350 audio monitors across Costa Rica’s tropical rainforests to spy on endangered spider monkeys in order to help protect them. But she had to go back to collect the data and feed those sounds into artificial intelligence systems that can recognize monkey calls. Now tech giant Microsoft's philanthropic arm is hoping to supercharge AI-assisted wildlife research with new solar-powered devices that can capture sounds, images and other wilderness data for a year or more without human intervention. Researchers say more AI wildlife surveillance is urgently needed to monitor the health of species at risk of extinction.New York Jets interim coach Jeff Ulbrich said Aaron Rodgers “absolutely” will remain the team's starting quarterback and start Sunday against the Seattle Seahawks. Rodgers, who turns 41 next Monday, has been hampered at times during the Jets' 3-8 start by various injuries to his left leg, including a sore knee, sprained ankle and balky hamstring. Ulbrich said Monday the quarterback came back from the team's bye-week break ready to go. “All I can say, and you'd have to ask Aaron if he's fully healthy, but he's better off today than he's been as of late,” Ulbrich said. "So he's definitely feeling healthier than he has probably for the past month. A healthy Aaron Rodgers is the Aaron Rodgers we all love. “So, I'm excited about what that looks like.” NFL Network reported on Sunday that Rodgers, who missed all but four snaps last season with a torn left Achilles tendon, has declined having medical scans on his injured leg so he can continue to play. GM: The New York Jets are turning to one of their former general managers to help them find their next GM and head coach. The franchise announced Monday that The 33rd Team, a football media, analytics and consulting group founded by former Jets GM Mike Tannenbaum, will assist team owner Woody Johnson in the searches. Tannenbaum and Rick Spielman, former GM of the Miami Dolphins and Minnesota Vikings, will be The 33rd Team's primary representatives in helping find replacements for former coach Robert Saleh and GM Joe Douglas. SANTA CLARA, Calif. — San Francisco quarterback Brock Purdy took part in some light throwing on Monday after missing his first career game because of an injury and the 49ers are hoping he can return this week. Purdy hurt his throwing shoulder during a loss to Seattle on Nov. 17. Purdy underwent two MRIs last week that showed no structural damage. But Purdy he felt discomfort after making a few throws at practice on Thursday and was shut down for the game at Green Bay on Sunday that San Francisco lost 38-10. Coach Kyle Shanahan said Monday that Purdy made it through the session without pain and will rest on Tuesday and hopefully be able to return to practice on Wednesday as the Niners prepare to play at Buffalo this coming week. “We rested it throughout the weekend hoping that would help,” Shanahan said. “He threw lighter today to see if that rest helps and the rest did help him. So we’ll see again, going through the same things we did last week. We’re going to let him rest all the way up to Wednesday. We’ll see how it feels on Wednesday and then we’ll take the exact same course throughout the week. Hopefully it responds better this week than it did last week with the rest.” Brandon Allen went 17 for 29 for 199 yards with a touchdown, an interception and a lost fumble in his first start since the 2021 season. Allen would play once again if Purdy is unable to go on Sunday at Buffalo. FOXBOROUGH, Mass. — The NFL removed New England Patriots safety Jabrill Peppers from the commissioner exempt list on Monday, making him eligible to participate in practice and play in the team’s games. Peppers missed seven games since being placed on the list on Oct. 9 after he was arrested and charged with shoving his girlfriend’s head into a wall and choking her. The league said its review is ongoing and is not affected by the change in Peppers’ roster status. Braintree, Massachusetts, police said they were called to a home for an altercation between two people on Oct. 7, and a woman told them Peppers choked her. Police said they found at the home a clear plastic bag containing a white powder, which later tested positive for cocaine. Peppers, 29, pleaded not guilty in Quincy District Court to charges of assault and battery with a dangerous weapon and possession of a Class “B” substance believed to be cocaine. At a court appearance last week a trial date was set for Jan. 22. HENDERSON, Nev. — Las Vegas Raiders quarterback Gardner Minshew is out for the rest of the season with a broken collarbone, coach Antonio Pierce said Monday. Minshew was injured with 3:12 left in Sunday's 29-19 loss to the Denver Broncos. Pierce will have to decide whether Aidan O'Connell or Desmond Ridder will start Friday's game at Kansas City. The Raiders, who have lost seven consecutive games to fall to 2-9, could use a spark. Minshew's grip on the starting job was tenuous even before he was injured. He threw 10 interceptions to just nine touchdown passes this season and Minshew also lost four fumbles. JACKSONVILLE, Fla. — Jacksonville Jaguars quarterback Trevor Lawrence will practice Monday and “we'll see where he's at from there,” coach Doug Pederson said. Lawrence missed the past two games, losses to Minnesota and Detroit, with a sprained left shoulder. Lawrence had extra time to rest during Jacksonville's bye week. The Jaguars (2-9) host AFC South-leading Houston (7-5) on Sunday and need a victory to avoid being eliminated from playoff contention. Pederson said Lawrence is “feeling better" and they will know more about his playing status following practice Wednesday. Lawrence took a hit to his left shoulder while scrambling at Philadelphia on Nov. 3. Instead of sliding, he chose to go head-first and got hammered by linebacker Zack Baun. Lawrence has practiced some in a limited role since, but was inactive for both games. BRIEFLY LIONS: Detroit wide receiver Jameson Williams won't be charged with a crime after he was found with a gun in a car driven by his brother in October. Prosecutor Kym Worthy says Michigan law is “far from clear” when applied to the 1 a.m. traffic stop in Detroit. Get local news delivered to your inbox!
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ATLANTA , Dec. 23, 2024 /PRNewswire/ -- KORE Group Holdings, Inc. (NYSE: KORE) ("KORE" or the "Company"), the global pure-play Internet of Things ("IoT") hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the "Acceptance Letter") from the New York Stock Exchange (the "NYSE") that the NYSE has accepted the Company's previously-submitted plan (the "Plan") to regain compliance with the NYSE's continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders' equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the "Plan Period") to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company's business. The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company's receipt of such notification from the NYSE does not affect the Company's business, operations or reporting requirements with the U.S. Securities and Exchange Commission. Cautionary Note on Forward-Looking Statements This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "guidance," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected progress with the Company's compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company's common stock on the NYSE. These statements are based on various assumptions and on the current expectations of KORE's management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE's business and the timing of expected business milestones; risks relating to the integration of KORE's acquired companies, including the acquisition of Twilio's IoT business, changes in the assumptions underlying KORE's expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE's future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. KORE Investor Contact: Vik Vijayvergiya Vice President, IR, Corporate Development and Strategy vvijayvergiya@korewireless.com (770) 280-0324 View original content to download multimedia: https://www.prnewswire.com/news-releases/kore-announces-nyse-acceptance-of-plan-to-regain-listing-compliance-302338621.html SOURCE KORE Group Holdings, Inc.
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SANTA CRUZ — Three people fell into the choppy ocean waves after part of the Santa Cruz wharf collapsed Monday, city officials said on social media. Two of the victims were rescued from the waters by lifeguards and a third self-rescued, officials said. The Santa Cruz Fire Department and Santa Cruz Police Department were responding to the incident, they said on social media. The wharf was closed as of 1 p.m. City officials have also asked residents to avoid low-lying areas due to debris and a high surf advisory. They especially advised avoiding beaches. Traffic is blocked off for all except emergency personnel. This is a developing story.The European Union reached a blockbuster free trade agreement Friday with Brazil, Argentina and the three other South American nations in the Mercosur trade alliance, capping a quarter-century of on-off negotiations even as France vowed to derail the contentious accord . Provided it is ratified, the accord would create one of the world’s largest free trade zones, covering a market of 780 million people that represents nearly a quarter of global gross domestic product. The accord’s proponents in Brussels say it would save businesses some $4.26 billion in duties each year, slashing red tape and removing tariffs on products like Italian wine, Argentine steak, Brazilian oranges and German Volkswagens. Its critics in France, the Netherlands and other countries with big dairy and beef industries say the pact would subject local farmers to unfair competition and cause environmental damage . From Uruguay, the host of the Mercosur summit, European Commission President Ursula von der Leyen hailed the deal as a “truly historic milestone” at a time when global protectionism is on the rise. “I know that strong winds are blowing in the opposite direction, toward isolation and fragmentation, but this agreement is our clear response,” von der Leyen said, an apparent reference to U.S. President-elect Donald Trump’s vows to protect American workers and goods. Under pressure from his country’s powerful and vocal farming lobby, French President Emmanuel Macron said Friday the deal remained “unacceptable” as it stands and stressed that governments have not yet seen “the final outcome” of negotiations. “The agreement has neither been signed nor ratified. This is not the end of the story,” Macron’s office said, adding that France demands additional safeguards for farmers and commitments to sustainable development and health controls. For France to block the deal, it would need the support of three or more other EU member states representing at least 35% of the bloc’s population. The French government, which has been rallying countries to oppose the pact, named Austria, Belgium, Italy, the Netherlands and Poland as other wary states that share French concerns about the deal. To take effect, the pact must also be endorsed by the European Parliament. In remarks aimed at her “fellow Europeans,” and perhaps in particular French skeptics, von der Leyen promised the accord would boost 60,000 businesses through lower tariffs , streamlined customs procedures and preferential access to raw materials otherwise supplied by China. “This will create huge business opportunities,” von der Leyen said. She then turned to address European farmers who fear that an influx of cheap food imports will jeopardize their livelihoods. South American countries do not have to adhere to the same standards for animal treatment and pesticide use. “We have heard you, listened to your concerns, and we are acting on them,” von der Leyen said. Outrage over environmental rules, rising costs and unregulated imports has unleashed massive farmers’ protests across the continent over the past year. Leaders on both sides of the Atlantic who long have pushed for the deal praised the announcement Friday, welcoming the results as a boon for export industries. It marks the first major trade agreement for Mercosur, which is comprised of Argentina, Brazil, Uruguay, Paraguay and, newly, Bolivia. The bloc had previously only managed to conclude free-trade deals with Egypt, Israel and Singapore. “An important obstacle to the agreement has been overcome,” said Chancellor Olaf Scholz of Germany, where the nation’s vaunted car industry is poised to profit. From Spain, Prime Minister Pedro Sánchez called the agreement “an unprecedented economic bridge.” At the Mercosur summit in Uruguay’s capital of Montevideo, Brazil’s President Luiz Inacio Lula da Silva praised “a modern and balanced text which recognizes Mercosur’s environmental credentials.” “We are securing new markets for our exports and strengthening investment flows,” he said. The Brazilian Trade and Investment Promotion Agency said it expects the pact to boost the nation’s Europe-bound exports by $7 billion. Libertarian President Javier Milei of Argentina described the accord as aligning with his free market principles. Argentines are excited about selling more beef and agricultural products in the EU. The deal is the product of 25 years of painstaking negotiations , dating back to a Mercosur summit in Rio de Janeiro in 1999. Talks collapsed over differences in economic priorities , regulatory standards and agricultural policies. The rise of protectionist tendencies also repeatedly upended hopes. Momentum picked up in 2016, as former President Trump imposed harsh tariffs on Europe. At the same time, market-friendly governments came to power in South America’s biggest economies, Brazil and Argentina, which had been closed for years. In June 2019, negotiators announced a deal that included provisions for tariff reductions and commitments to environmental standards. But it was never implemented. In Brazil, the region’s economic powerhouse, right-wing former President Jair Bolsonaro in Brazil, presided over record levels of deforestation in the Amazon , prompting EU governments to demand tougher sustainability criteria . In Argentina, a new left-wing protectionist government opposed the deal. But things picked up as the region’s politics shifted again in 2023. Brazil’s President Lula rode to power on pledges to rein in illegal logging , soothing concerns that the pact could accelerate deforestation . Argentina’s Milei is working to open the nation’s notoriously closed and crisis-stricken economy. But if past EU trade agreements are any indication, ratification could take years. “We celebrate it, but it’s still far from reality,” Milei said of the accord. In 2016, the EU and Canada signed a pact, known as the Comprehensive Economic and Trade Agreement, or CETA, but the approval process is still lumbering along. Germany’s parliament only signed off on that pact two years ago, and the French Senate rejected it in March this year . “Anyone with any memory is skeptical,” said Brian Winter, a vice president of the New York-based Council of the Americas. “They have trotted out leaders and declared victory and celebrated, and yet there always seems to be a hitch.”
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