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Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form 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 has also had agreed to join the talks on integrating their businesses. Automakers in Japan have lagged their big rivals in electric vehicles and are trying to cut costs and make up for lost time as newcomers like China’s BYD and EV market leader Tesla devour market share. Nissan has been fighting to survive. Credit: Bloomberg Honda’s president, Toshihiro Mibe, said Honda and Nissan will attempt to unify their operations under a joint holding company. Honda will lead the new management, retaining the principles and brands of each company. They aim to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said. No dollar value was given, and the formal talks are just starting, Mibe said. There are “points that need to be studied and discussed,” he said. “Frankly speaking, the possibility of this not being implemented is not zero.” A merger could result in a behemoth worth more than $US50 billion ($80 billion) based on the market capitalisation of all three automakers. Together, Honda, Nissan and Mitsubishi would gain scale to compete with Toyota Motor and with Germany’s Volkswagen AG. Toyota has technology partnerships with Japan’s Mazda Motor and Subaru. News of a possible merger surfaced earlier this month, with unconfirmed reports saying Taiwan iPhone maker Foxconn was seeking to tie up with Nissan by buying shares from the Japan’s company’s other alliance partner, Renault SA of France. Nissan’s CEO Makoto Uchida said Foxconn had not directly approached his company. He also acknowledged that Nissan’s situation was “severe.” We anticipate that if this integration comes to fruition, we will be able to deliver even greater value to a wider customer base Even after a merger Toyota, which rolled out 11.5 million vehicles in 2023, would remain the leading Japanese automaker. If they join, the three smaller companies would make about 8 million vehicles. In 2023, Honda made 4 million and Nissan produced 3.4 million. Mitsubishi Motors made just over 1 million. “We have come to the realisation that in order for both parties to be leaders in this mobility transformation, it is necessary to make a more bold change than a collaboration in specific areas,” Mibe said. Nissan, Honda and Mitsubishi earlier agreed to share components for electric vehicles like batteries and to jointly research software for autonomous driving to adapt better to electrification. Nissan has struggled 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. Speaking Monday to reporters in Tokyo via a video link, Ghosn derided the planned merger as a “desperate move.” From Nissan, Honda could get 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, Sam Fiorani, vice president of AutoForecast Solutions, told The Associated Press . Nissan also has years of experience building batteries and electric vehicles, and gas-electric hybrid powertrains that could help Honda in developing its own EVs and next generation of hybrids, he said. Honda chief Makoto Uchida (left) and Nissan chief Toshihiro Mibe at a joint press conference. Credit: Bloomberg But the company said in November that it was slashing 9000 jobs, or about 6 per cent of its global workforce, and reducing its global production capacity by 20 per cent after reporting a quarterly loss of 9.3 billion yen ($61 million). It recently reshuffled its management and Uchida, its chief executive, took a 50 per cent pay cut while acknowledging responsibility for the financial woes, saying Nissan needed to become more efficient and respond better to market tastes, rising costs and other global changes. “We anticipate that if this integration comes to fruition, we will be able to deliver even greater value to a wider customer base,” Uchida said. 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 ($15 billion). Nissan’s share price also had fallen to the point where it is considered something of a bargain. On Monday, its Tokyo-traded shares gained 1.6 per cent. They jumped more than 20 per cent after news of the possible merger broke last week. Honda’s shares surged 3.8 per cent. Honda’s net profit slipped nearly 20 per cent in the first half of the April-March fiscal year from a year earlier, as its sales suffered in China. The merger reflects an industry-wide trend toward consolidation. At a routine briefing Monday, cabinet secretary Yoshimasa Hayashi said he would not comment on details of the automakers’ plans, but said Japanese companies need to stay competitive in the fast changing market. “As the business environment surrounding the automobile industry largely changes, with competitiveness in storage batteries and software is increasingly important, we expect measures needed to survive international competition will be taken,” Hayashi said. Kurtenbach reported from Bangkok. AP
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LAHAINA, Hawaii — Keshon Gilbert scored 24 points and Curtis Jones added 19 to lead No. 5 Iowa State to an 89-84 win over Dayton in the Maui Invitational on Tuesday. The Cyclones (4-1) rallied from a nine-point deficit late in the first half and held off the Flyers (5-2) in a game that featured 11 ties and 10 lead changes. Gilbert made a pair of free throws with 44.9 seconds left to give Iowa State the lead for good. He shot 12 of 14 from the line. Dishon Jackson had 12 points and six rebounds, and Milan Momcilovic scored 10 for Iowa State. Malachi Smith scored a career-high 22 points for Dayton. Takeaways Iowa State: Point guard Tamin Lipsey, a preseason All-Big 12 first-team pick, was limited to six points and two assists in 16 minutes. He fouled out with 2:42 to play. Dayton: The Cyclones entered leading the country in scoring defense at 58.8 points per game, but the Flyers shot 58% (29 of 50) from the field and had four players score in double figures. Iowa State guard Keshon Gilbert (10) reacts to scoring against Dayton during the second half of an NCAA college basketball game at the Maui Invitational Tuesday, Nov. 26, 2024, in Lahaina, Hawaii. Iowa State won 89-84. Credit: AP/Lindsey Wasson Key moment Gilbert grabbed an offensive rebound and was fouled by Dayton's Zed Key as he went up for a putback with 44.9 seconds left. After a review, the foul was upgraded to a flagrant-1. Gilbert knocked down both free throws, then made it a four-point possession with a driving layup and high finish off the glass to give the Cyclones an 85-81 lead with 26.8 seconds remaining. Key stat The Cyclones made 25 of 29 free throws for the game and shot 60% (15 of 25) from the field in the second half to overcome a 41-37 halftime deficit. Up next Iowa State will play Colorado for fifth place Wednesday, while Dayton will meet No. 2 UConn for seventh place.
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Fans of I'm A Celebrity...Get Me Out of Here! were left in complete hysterics as Coleen Rooney revealed her husband Wayne's epic blunder while at dinner at David and Victoria Beckham's house. In the final episode of the 2024 series of I'm A Celebrity , WAG Coleen, 38, dished some dirt on her footballer husband - much to the amusement of her fellow campmates and finalists, Danny Jones and Reverend Richard Coles. The mum-of-four recalled the swanky and posh dinner party at the Beckhams, here none other than celebrity chef Gordon Ramsay cooked them a michelin-star style dinner. While the vibes of the night were incredibly formal and lavish, Wayne, 39, accidentally brought down the tone of the evening when he made a huge blunder at the dinner table alongside Posh and Becks. The footballer had been served cold soup by chef Ramsay, but in an unfortunate turn of events, he mistook the bowl of soup as a finger bowl - which is used for rinsing fingers between courses. Detailing Wayne's dinner mishap, Coleen burst out laughing as she retold the awkward story to Danny and Richard. "He was dipping his fingers in the bowl until he realised it was actually a bowl of soup. He had never had cold soup before," she laughed. Following Coleen's story time, I'm A Celebrity viewers flocked to X, formerly known as Twitter , to poke fun at Wayne. One quipped: "Will never stop thinking about Coleen at a fancy dinner realising Wayne was washing his hands in a bowl of cold soup thinking it was a little dish of water. Incredible scenes #ImACe leb ." " Wayne Rooney washing his hands in Gordon Ramsay’s cold soup - brilliant. So lucky he was good at football," another joked. Someone else echoed: "Well I never knew that Wayne Rooney and I would have something in common, my first encounter with 'cold soup' was not far off his! Classy girl that I am! #imacelebrity2024 ." "Wayne Rooney washing his fingers in the fancy soup. Good Lord. #imacelebrity #ImACeleb ," another posted. While another I'm A Celebrity star quipped: "Wayne Rooney washing his hands in the soup at the Beckham’s World Cup party is brilliant." Tonight, I’m a Celebrity... Get Me Out of Here! will be crowning the latest King or Queen of the Jungle. The bookies odds have shifted around over the course of the competition so far - with Danny and Coleen jostling at the top. The King or Queen of the Jungle for 2024 will finally be announced at the end of tonight's show. Stars who have already been given the boot include Loose Women star Jane Moore and radio presenters Dean McCullough and Melvin Odoom. N-Dubz singer Tulisa, Love Island star Maura Higgins and boxing champion Barry McGuigan also left the jungle this week after being voted out by the public. So that left WAG Coleen Rooney , social media GK Barry, Strictly dancer Oti Mabuse, broadcaster Reverend Richard Coles, Corrie star Alan Halsall and McFly's Danny Jones remaining. In another double elimination Alan and GK left the camp, and Oti was voted out last night, meaning the final three who will be heading into the final three Coleen, Danny and Richard. Follow Mirror Celebs on TikTok , Snapchat , Instagram , Twitter , Facebook , YouTube and Threads.None
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Microsoft confirms Windows 11 24H2 update is crashing some Ubisoft gamesSyrian government services come to ‘complete halt’ as workers stay at homeThe Kansas City Chiefs picked up a road victory — but in true 2024 form, they didn’t make it easy on themselves. Quarterback Patrick Mahomes led a game-winning drive inside the last two minutes, lifting the Chiefs to a 30-27 win over the Carolina Panthers on Sunday afternoon at Bank of America Stadium in Charlotte, N.C. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Swiss National Bank Lowers Stock Holdings in ChampionX Co. (NASDAQ:CHX)
Take a step back in time and enjoy footage from past newscasts showing shoppers during the holiday rush in the late 70s, 80s and mid-90s. (Credit: FOX) Shoppers are ready to drop some cash this holiday season as total spending this year is expected to be at least $24 billion higher than last year, according to the National Retail Federation. Online shopping is still the biggest hit, but in-person shopping is making a comeback and the NRF predicts nearly half of all shoppers will head to department and discount stores to knock out their shopping lists. Store owners at the Galleria at Sunset in Henderson, Nevada, said it just gets busier each year. CYBER MONDAY SPENDING HITS RECORD $13.3 BILLION " Black Friday was great. We hit goal. We actually passed goal, so that was good. It's better than last year. So that was good for us. Everybody always likes to try on stuff, too. So I think that's what keeps the malls open," said Bring it Back owner Brandon Nova. Shoppers carry Macy's and Nordstrom bags at Broadway Plaza in Walnut Creek, California on Monday, Dec. 16, 2024. (Credit: Paul Morris/Bloomberg via Getty Images Some spots at the Galleria at Sunset are seeing a flood of visitors, especially during the holiday season. Store owners and employee said the customers want that in-person experience. SENDING HOLIDAY GIFTS? HERE ARE THE DEADLINES TO GET THEM OUT IN TIME " Most of the families have the reason to come here and make their kids come here. This is the big reason for them, you know, to come to the mall," said Crazy Bungee owner Duygu Beg. STOP OVERSPENDING OVER THE HOLIDAYS AND START THE NEW YEAR OFF FINANCIALLY STRONG The mall's general manager said it hasn’t been this busy since the pandemic. "I would say since COVID, it's been the first holiday season where ... we're feeling the holiday spirit. The customers, you can just feel that they're happy to be out shopping, happy to be out, you know, experiencing the holiday season," said Galleria at Sunset general manager Heather Cox. There has been a huge rebound in in-person shopping over the last four years as consumers start to enjoy the social aspect of going to the mall again, according to the NRF. "We, as consumers, don't shop just because we need something," said Mark Mathews, NRF's executive director of research. "One of the main reasons that people go out is for deals, but it's also to be with family and friends and be engaged and a fun activity. And for a lot of people, shopping is a fun activity. So, you know, I don't think we're going to ever see an end of in-store shopping." Gift cards are the most popular item on people’s wish lists this year, followed by clothes and accessories, then books and other media, according to the NRF. Find more updates on this story at FOXBusiness.com.
Ousted Syrian leader Bashar Assad fled to Moscow and received asylum from his longtime ally, Russian media said Sunday, hours after a stunning rebel advance seized control of Damascus and ended his family’s 50 years of iron rule. Thousands of Syrians poured into streets echoing with celebratory gunfire and waved the revolutionary flag in scenes that recalled the early days of the Arab Spring uprising, before a brutal crackdown and the rise of an insurgency plunged the country into a nearly 14-year civil war. The swiftly moving events raised questions about the future of the country and the wider region. “Our approach has shifted the balance of power in the Middle East," U.S. President Joe Biden said, crediting action by the U.S. and its allies for weakening Syria’s backers — Russia, Iran and Hezbollah. He called the fall of Assad a “fundamental act of justice” but also a “moment of risk and uncertainty,” and said rebel groups are “saying the right things now” but the U.S. would assess their actions. Russia requested an emergency session of the U.N. Security Council to discuss Syria, according to Dmitry Polyansky, its deputy ambassador to the U.N., in a post on Telegram. The arrival of Assad and his family in Moscow was reported by Russian agencies Tass and RIA, citing an unidentified source at the Kremlin. A spokesman there didn't immediately respond to questions. RIA also said Syrian insurgents had guaranteed the security of Russian military bases and diplomatic posts in Syria. Earlier, Russia said Assad left Syria after negotiations with rebel groups and that he had given instructions to transfer power peacefully. The leader of Syria's biggest rebel faction, Abu Mohammed al-Golani, is poised to chart the country’s future. The former al-Qaida commander cut ties with the group years ago and says he embraces pluralism and religious tolerance. His Hayat Tahrir al-Sham group, or HTS, is considered a terrorist organization by the U.S. and the U.N. In his first public appearance since fighters entered the Damascus suburbs Saturday, al-Golani visited the Umayyad Mosque and described Assad's fall as “a victory to the Islamic nation.” Calling himself by his given name, Ahmad al-Sharaa, and not his nom de guerre, he said Assad had made Syria “a farm for Iran’s greed.” The rebels face the daunting task of healing bitter divisions in a country ravaged by war and split among armed factions. Turkey-backed opposition fighters are battling U.S.-allied Kurdish forces in the north, and the Islamic State group is still active in remote areas. Syrian state television broadcast a rebel statement saying Assad had been overthrown and all prisoners had been released. They urged people to preserve the institutions of “the free Syrian state,” and announced a curfew in Damascus from 4 p.m. to 5 a.m. An online video purported to show rebels freeing dozens of women at the notorious Saydnaya prison, where rights groups say thousands were tortured and killed. At least one small child was seen among them. “This happiness will not be completed until I can see my son out of prison and know where is he,” said one relative, Bassam Masr. "I have been searching for him for two hours. He has been detained for 13 years.” Rebel commander Anas Salkhadi appeared on state TV and sought to reassure religious and ethnic minorities, saying: “Syria is for everyone, no exceptions. Syria is for Druze, Sunnis, Alawites, and all sects.” “We will not deal with people the way the Assad family did," he added. Celebrations in the capital Damascus residents prayed in mosques and celebrated in squares, calling, “God is great.” People chanted anti-Assad slogans and honked car horns. Teenage boys picked up weapons apparently discarded by security forces and fired into the air. Soldiers and police fled their posts and looters broke into the Defense Ministry. Families wandered the presidential palace, walking by damaged portraits of Assad. Other parts of the capital were empty and shops were closed. “It’s like a dream. I need someone to wake me up," said opposition fighter Abu Laith, adding the rebels were welcomed in Damascus with “love.” Rebels stood guard at the Justice Ministry, where Judge Khitam Haddad said he and colleagues were protecting documents. Outside, residents sought information about relatives who disappeared under Assad. The rebels “have felt the pain of the people,” said one woman, giving only her first name, Heba. She worried about possible revenge killings by the rebels, many of whom appeared to be underage. Syria’s historically pro-government newspaper al-Watan called it “a new page for Syria. We thank God for not shedding more blood.” It added that media workers should not be blamed for publishing past government statements ordered from above. A statement from the Alawite sect that formed the core of Assad's base called on young Syrians to be “calm, rational and prudent and not to be dragged into what tears apart the unity of our country.” The rebels mainly come from the Sunni Muslim majority in Syria, which also has sizable Druze, Christian and Kurdish communities. In Qamishli in the northeast, a Kurdish man slapped a statue of the late leader Hafez Assad with his shoe. Calls for an orderly transition The rebel advances since Nov. 27 were the largest in recent years, and saw the cities of Aleppo, Hama and Homs fall within days as the Syrian army melted away. The road to Damascus from the Lebanese border was littered with military uniforms and charred armored vehicles. Russia, Iran and Hezbollah, which provided crucial support to Assad, abandoned him as they reeled from other conflicts. The end of Assad’s rule was a major blow to Iran and its proxies, already weakened by conflict with Israel. Iran said Syrians should decide their future “without destructive, coercive, foreign intervention.” The Iranian Embassy in Damascus was ransacked after apparently having been abandoned. Hossein Akbari, Iran’s ambassador to Syria, said it was “effectively impossible” to help the Syrian government after it admitted the insurgents' military superiority. Speaking on Iranian state media from an undisclosed location, he said Syria's government decided Saturday night to hand over power peacefully. “When the army and the people could not resist, it was a good decision to let go to prevent bloodshed and destruction,” Akbari said, adding that some of his colleagues left Syria before sunrise. Iran’s Foreign Minister Abbas Araghchi, speaking on state TV, said there were concerns about the “possibility of civil war, disintegration of Syria, total collapse and turning Syria into a shelter for terrorists.” Syrian Prime Minister Mohammed Ghazi Jalali has said the government was ready to “extend its hand” to the opposition and turn its functions over to a transitional government. A video on Syrian opposition media showed armed men escorting him from his office to a hotel. The U.N.’s special envoy for Syria, Geir Pedersen, has called for urgent talks in Geneva to ensure an “orderly political transition.” The Gulf nation of Qatar, a key regional mediator, hosted an emergency meeting of foreign ministers and top officials from eight countries with interests in Syria late Saturday, including Iran, Saudi Arabia, Russia and Turkey. Majed al-Ansari, Qatar’s Foreign Ministry spokesman, said they agreed on the need “to engage all parties on the ground," including the HTS, and that the main concern is “stability and safe transition.” Meanwhile, Prime Minister Benjamin Netanyahu said Israeli troops had seized a buffer zone in the Golan Heights established in 1974, saying it was to protect Israeli residents after Syrian troops abandoned positions. Israel’s military later warned residents of five southern Syria communities to stay home for their safety, and didn’t respond to questions. Israel captured the Golan in the 1967 Mideast war and later annexed it. The international community, except for the U.S., views it as occupied, and the Arab League on Sunday condemned what it called Israel’s efforts to take advantage of Assad’s downfall to occupy more territory. Associated Press writers Bassem Mroue, Kareem Chehayeb in Beirut; Samar Kassaballi, Omar Sanadiki and Ghaith Alsayed in Damascus; Jon Gambrell in Manama, Bahrain; Josef Federman in Doha, Qatar; and Tia Goldenberg in Jerusalem, contributed.
Is he serious? Trump stirs unease with Panama, Greenland ploysMDB Capital ( NASDAQ:MDBH – Get Free Report ) and Bakkt ( NYSE:BKKT – Get Free Report ) are both small-cap finance companies, but which is the better business? We will compare the two companies based on the strength of their valuation, institutional ownership, earnings, profitability, risk, analyst recommendations and dividends. Analyst Ratings This is a breakdown of recent recommendations and price targets for MDB Capital and Bakkt, as provided by MarketBeat. Bakkt has a consensus target price of $13.13, indicating a potential downside of 55.22%. Given Bakkt’s stronger consensus rating and higher possible upside, analysts clearly believe Bakkt is more favorable than MDB Capital. Volatility and Risk Profitability This table compares MDB Capital and Bakkt’s net margins, return on equity and return on assets. Earnings and Valuation This table compares MDB Capital and Bakkt”s revenue, earnings per share and valuation. MDB Capital has higher earnings, but lower revenue than Bakkt. MDB Capital is trading at a lower price-to-earnings ratio than Bakkt, indicating that it is currently the more affordable of the two stocks. Institutional and Insider Ownership 0.4% of MDB Capital shares are owned by institutional investors. Comparatively, 11.1% of Bakkt shares are owned by institutional investors. 55.5% of MDB Capital shares are owned by company insiders. Comparatively, 1.8% of Bakkt shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term. Summary Bakkt beats MDB Capital on 9 of the 14 factors compared between the two stocks. About MDB Capital ( Get Free Report ) MDB Capital Holdings, LLC, through its subsidiaries, primarily operates as a broker-dealer. The company operates through two segments, Broker Dealer & Intellectual Property Service, and Technology Development. The Broker Dealer & Intellectual Property Service segment operates as a full-service broker dealer that focuses on conducting private and public securities offerings, as well as providing research services for investment banking due diligence. The Technology Development segment engages in the synthetic biology technology development business. The company was founded in 1997 and is based in Addison, Texas. About Bakkt ( Get Free Report ) Bakkt Holdings, Inc. offers software as a service and application programming interface solutions for crypto and loyalty, powering engagement, and performance. The company operates Bakkt Marketplace, a platform that enables consumers to buy, sell, and store crypto in an embedded web experience; Bakkt Crypto, a platform that supports clients with a range of crypto solutions; and Bakkt Trust, institutional-grade qualified custody solution for market participants. Its platform also offers a range of loyalty solutions, including redemption solutions for various rewards categories comprising travel, gift cards, and merchandise; travel solutions that offer a retail e-commerce booking platform, as well as live-agent booking and servicing; and unified shopping experience. The company was founded in 2018 and is headquartered in Alpharetta, Georgia. Receive News & Ratings for MDB Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MDB Capital and related companies with MarketBeat.com's FREE daily email newsletter .