NISSAN and Honda might be joining forces in a blockbuster merger that could open doors as the industry moves toward electric vehicles. The auto giant rivals are reportedly planning to enter negotiations for a massive new collaboration after Nissan has faced financial struggle for months. The two companies are also reportedly looking to add Mitsubishi Motors to the deal. News of the possible merger was revealed by Japan's Nikkei financial newspaper and reported by multiple outlets including Reuters . The potential merger would make the third-largest auto group by vehicle sales, according to Citi. Neither company has confirmed the merger. READ MORE ON NISSAN "As announced in March and August, Nissan, Honda, and MMC are considering various possibilities for future collaboration including the content of the report, but no decisions have been made," a Nissan spokesperson told The U.S. Sun. "If there are any updates, we will inform all stakeholders at the appropriate time." The collaboration could offer a way forward for Nissan in the EV field as the brand's electric rollout has been previously stalled . Nissan and Honda announced in March that they were teaming up to improve their EV development, but Nissan's financial losses might have made the deal even more urgent. Most read in Motors Nissan revealed in November they were slashing 9,000 jobs as it cut global production capacity by 20%. The automaker's President and CEO Makoto Uchida also voluntarily took a massive pay cut due to the dismal Q3 results. "These turnaround measures do not imply that the company is shrinking," Uchida said in a statement at the time. "Nissan will restructure its business to become leaner and more resilient, while also reorganizing management to respond quickly and flexibly to changes in the business environment. Nissan recently announced that they would be consolidating multiple Infiniti and Nissan showrooms in another merger. The collaboration with Honda could mark another step in Nissan's restructuring. Nissan shared the following statement with The U.S. Sun about the potential merger with Honda and Mitsubishi: "The content of the reports that Honda, Nissan and Mitsubishi Motors are considering a business integration is not based on an announcement from our company," Nissan spokesperson Kyle Bozeman said. "As announced in March and August, Nissan, Honda and MMC are considering various possibilities for future collaboration including the content of the report, but no decisions have been made. "If there are any updates, we will inform all stakeholders at the appropriate time." Nikkei reported that talks of the negotiation could start as early as next week. EXPERTS WEIGH IN Peter Wells, professor of business and sustainability at Cardiff Business School’s Centre for Automotive Industry Research, told CNBC that the merger is a "traditional solution" to Nissan's struggles. “My concerns would be that perhaps they have left it a bit late, that they don’t have the current technology and set-up [or] the right product to compete in their key markets,” Wells told the outlet. “For Nissan particularly, they are out of step with the U.S. market. That’s their major concern, and they cannot fix that very quickly." Although the obstacles might be high, the expert said the merger could cut costs, pool assets, and allow the two companies to focus on technological developments for the future. Nissan shared the following statement about Infiniti's merging dealerships with The U.S. Sun: “In many instances, INFINITI retailers also own a Nissan store in the same market — and in some cases, they’re able to operate cross-brand retail locations," Nissan spokesperson Ashli Bobo said in a statement. "Each market is evaluated on a case-by-case basis, and all client-facing operations are guided by full brand separation to maintain the distinct identities of both brands. "These cross-brand retail locations create opportunities for shared efficiencies, optimize operations, drive showroom traffic for both brands, and strengthen Nissan Group’s presence in key markets. "At the same time, we remain committed to ensuring clients receive the first-class hospitality they’ve come to expect from INFINITI.” Citi analyst Arifumi Yoshida predicted the move could hurt Honda while allowing Nissan and Mitsubishi to grow. “Given Honda’s competitiveness in motorcycles and [hybrid EVs] and the strength of its brand, we believe it is positioned to take on rivals for the next 5-10 years,” Yoshida said in a research note, according to CNBC. Read More on The US Sun He added that the decision would be made “in anticipation of the full-scale transformation of the auto industry.” Neither Nissan nor Honda has responded to The U.S. Sun's request for comment.
Stock market today: Wall Street hits more records following a just-right jobs report‘Academic excellence and virtues promote better humanity’
Wall Street has been closely watching who President-elect Donald Trump will pick, especially given his plans to remake global trade. WASHINGTON - President-elect Donald Trump on Nov 22 said he had chosen prominent investor Scott Bessent as US Treasury secretary, a key Cabinet position with vast influence over economic, regulatory and international affairs. “I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States,” Trump said in a statement released on Truth Social. “Scott is widely respected as one of the World’s foremost international investors and geopolitical and economic strategists.” Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during Trump’s first term. The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. That list included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department . Mr Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal. The market’s surge after Trump’s election victory, he wrote, signaled investor expectations of “higher growth, lower volatility and inflation, and a revitalised economy for all Americans”. Mr Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump’s first Treasury chief. Dr Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers. Economy’s quarterback As the 79th Treasury secretary, Mr Bessent will essentially be the highest-ranking US economic official, responsible for maintaining the plumbing of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the US$28.6 trillion (S$38.5 trillion) treasury debt market and overseeing financial regulation, including handling and preventing market crises. The treasury boss also runs US financial sanctions policy, oversees the US-led International Monetary Fund, World Bank and other international financial institutions, and manages national security screenings of foreign investments in the US. Mr Bessent will face challenges, including safely managing federal deficits that are forecast to grow by nearly US$8 trillion over a decade due to Trump’s plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income. Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon US debt by US$22 trillion through 2033. Managing debt increases this large without market indigestion will be a challenge, though Mr Bessent has argued Trump’s agenda will unleash stronger economic growth that will grow revenue and shore up market confidence. Mr Bessent will also inherit the role carved out by Dr Yellen to lead the Group of Seven wealthy democracies to provide tens of billions of dollars in economic support for Ukraine in its fight against Russia’s invasion and tighten sanctions on Moscow. But given Trump’s desire to end the war quickly and withdraw US financial support for Ukraine, it is unclear whether he would pursue this. Another area where Mr Bessent will likely differ from Dr Yellen is her focus on climate change, from her mandate that development banks expand lending for clean energy to incorporating climate risks into financial regulations and managing hundreds of billions of dollars in clean energy tax credits. Trump, a climate-change skeptic, has vowed to increase production of US fossil fuel energy and end the clean-energy subsidies in President Joe Biden’s 2022 Inflation Reduction Act. Fed facing The Treasury secretary is also the administration’s closest point of contact with the Federal Reserve. Both Dr Yellen under Mr Biden and Mr Mnuchin under Trump typically met weekly with Fed Chair Jerome Powell, often over breakfast or lunch. Mr Bessent has floated the idea of creating a “shadow” Fed chair. This would entail nominating as early as possible a presumptive Powell successor to the Fed Board who would then deliver their own policy guidance so that, as Mr Bessent told Barron’s in October, “no one is really going to care what Jerome Powell has to say anymore”. The next seat to open up at the Fed Board is that of Governor Adriana Kugler, whose term runs to January 2026. Mr Bessent has since said he no longer thinks the idea of a shadow chair worth pursuing, the Wall Street Journal reported. Mr Powell’s term as Fed chair expires in May 2026, and presidents rarely wait until the Fed chief’s term ends before nominating a successor. From finance to DC Mr Bessent, 62, primarily lives in Charleston, South Carolina, with his husband and two children. He grew up in the fishing village of Little River, South Carolina, where Mr Bessent has said his father, a real estate investor, experienced booms and busts. Mr Bessent worked for noted short seller Jim Chanos in the late 1980s and then joined Soros Fund Management, the famed macroeconomic investment firm of billionaire George Soros. He soon helped Mr Soros and top deputy Stanley Druckenmiller on their most famous trade - shorting the British pound in 1992 and earning the firm more than US$1 billion. In 2015, Mr Bessent raised US$4.5 billion, including US$2 billion from Mr Soros, to launch Key Square Group, a hedge fund firm that bets on macroeconomic trends. Key Square’s main fund gained about 31 per cent in 2022, according to media reports, but firm assets have declined to approximately US$577 million as of December 2023, according to a regulatory filing. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now
Walker's 20 help IU Indianapolis knock off Trinity Christian 106-49Dubai Hosts Groundbreaking Conference: "Content Creator Legends and AI" at Palazzo VersaceTRENTON, N.J. (AP) — A large number of mysterious drones have been reported flying over New Jersey and across the eastern U.S., sparking speculation and concern over where they came from and why. The FBI, the Homeland Security Department and state agencies have been investigating, but officials say there has been nothing so far to suggest that any drones have posed a national security or public safety threat. In fact, authorities say, many of the drone sightings have actually been legal drones, manned aircraft, helicopters and even stars. President Joe Biden said Tuesday night that there appears to be nothing nefarious about the flying objects. “There are a lot of drones authorized. We are following this closely. So far no sense of danger,” the Democrat said as he left the White House for a trip to Delaware. Despite federal officials' comments, many state and municipal lawmakers have nonetheless called for stricter rules about who can fly unmanned aircraft — and for the authority to shoot them out of the sky. The House Intelligence Committee grilled federal law enforcement and intelligence officials about the drones during a closed-door meeting Tuesday, Democratic U.S. Rep. Jim Himes of Connecticut told CNN. Authorities told the panel there still is no evidence that drones are posing dangers, Himes said. Dozens of witnesses have reported seeing drones statewide since mid-November, including near the Picatinny Arsenal, a military research and manufacturing facility, and over President-elect Donald Trump’s golf course in Bedminster. New Jersey Gov. Phil Murphy, a Democrat, said Monday that drone-detection equipment supplied by the federal government has yielded little new information. He declined to describe the equipment except to say it was powerful and could even disable the drones, though he said that’s not legal on U.S. soil. Murphy urged Congress to give states more authority to deal with the drones. Meanwhile, the FBI and New Jersey state police warned against pointing lasers at suspected drones, because aircraft pilots are being hit in the eyes more often. Authorities also said they are concerned people might fire weapons at manned aircraft that they have mistaken for drones. The growing anxiety among some residents is not lost on the Biden administration, which has faced criticism from Trump for not dealing with the matter more aggressively. White House national security spokesperson John Kirby said Monday that the federal government has yet to identify any public safety or national security risks. “There are more than 1 million drones that are lawfully registered with the Federal Aviation Administration here in the United States,” Kirby said. “And there are thousands of commercial, hobbyist and law enforcement drones that are lawfully in the sky on any given day. That is the ecosystem that we are dealing with.” The federal government has deployed personnel and advanced technology to investigate the reports in New Jersey and other states, and is evaluating each tip reported by citizens, he said. About 100 of the more than 5,000 drone sightings reported to the FBI in recent weeks were deemed credible enough to warrant more investigation, according to a joint statement by the Department of Homeland Security, FBI, Federal Aviation Administration and Department of Defense. Speculation has raged online, with some expressing concerns that the drones could be part of a nefarious plot by foreign agents or clandestine operations by the U.S. government. Pentagon spokesperson Maj. Gen. Pat Ryder said it's unlikely the drones are engaged in intelligence gathering, given how loud and bright they are. And he repeated Tuesday that the drones being reported are not being operated by the Department of Defense. Asked whether military contractors might be operating drones in the New Jersey area, Ryder rebuffed the notion, saying there are “no military operations, no military drone or experiment operations in this corridor.” Ryder said additional drone-detecting technology was being moved to some military installations, including the Picatinny Arsenal in New Jersey. Drone activity in the past week led to an hourlong closure of runways at New York’s Stewart International Airport, about 60 miles (100 kilometers) north of Manhattan, a four-hour closure of air space around Wright-Patterson Air Force Base near Dayton, Ohio, and the arrests of two men in Boston accused by police of flying a drone too close to Logan International Airport. Trump has said he believes the government knows more than it’s saying. “Let the public know, and now. Otherwise, shoot them down!!!” he posted on Truth Social. U.S. Sen. Andy Kim, a New Jersey Democrat, said he has heard nothing to support the notion that the government is hiding anything. He said a lack of faith in institutions is playing a key part in the saga. “Nothing that I’m seeing, nothing that I’ve engaged in gives me any impression of that nature. But like, I get it, some people won’t believe me, right? Because that’s the level of distrust that we face," Kim said Monday. Democratic Sen. Richard Blumenthal of Connecticut last week called for the drones to be “shot down." Contributing to this report were Associated Press writers Michael Casey in Boston; John Seewer in Toledo, Ohio; Dave Collins in Hartford, Connecticut; Tara Copp in Washington; and Bruce Schreiner in Shelbyville, Kentucky.Performing Arts: A dozen years of joy
Why ski mountains shouldn't run out of snow any time soon (even with climate change)