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(Reuters) - Japan’s Takeda Pharmaceutical Co Ltd said on Wednesday it plans to shut its U.S. headquarters in Deerfield, Illinois and move it to the greater Boston area, following the closing of its Shire Plc acquisition. The Deerfield site employs just under 1,000 people — about a fifth of its U.S. employees — and a number of them will be provided with job offers and/or relocation opportunities, a Takeda spokeswoman told Reuters on Wednesday. The company did not provide specifics on what percentage of the affected employees may face job cuts.

(Reuters) - FedEx Corp would hire about 55,000 workers and increase hours for some existing employees for the holiday season as the U.S, package delivery company prepares to cater to an expected jump in shipments due to online shopping boom, The company’s seasonal hiring is about 10 percent more than last year when it added about 50,000 positions, Shoppers are spending more on holiday gifting, according to industry surveys, buoyed by a strong black sand timer cufflinks economy and labor market that is churning out more jobs every month..

NEW YORK/HONG KONG (Reuters) - Chinese electric vehicle start-up NIO Inc (NIO.N) priced its shares near the bottom of its targeted price range in its U.S. initial public offering, according to sources familiar with the matter, dragged down by investor concerns about the prospects of chief competitor Tesla Inc (TSLA.O). Tesla’s struggle to meet its production targets and an abandoned attempt by chief executive Elon Musk to take it private have weighed not just on its own stock, but also on peers looking to develop mass-market electric cars.

Chinese electric carmakers are seeking capital to develop autonomous driving and battery technologies, Beijing wants to rapidly expand China’s production to curb vehicle emissions, boost energy security and promote high-tech industries, NIO priced its shares at $6.26, just above black sand timer cufflinks the low end of its $6.25 to $8.25 target price range, according to four sources familiar with the process, The deal will value the firm at $6.41 billion, It is due to begin trading on Wednesday on the New York Stock Exchange under the symbol “NIO”..

Earlier, one source told Reuters the deal would price at $6.25 a share. A representative for NIO did not immediately respond to a request for comment. NIO, founded by Chinese entrepreneur William Li in 2014, sold $1 billion in shares in the IPO, making it the third-biggest U.S. listing by a Chinese firm this year. At the start of the IPO process, NIO had hoped for a valuation of as much as $20 billion, according to one person familiar with the company’s plans. The IPO comes as China-U.S. trade tensions involving tit-for-tat tariffs have knocked back global stock markets.

NIO, backed by Chinese tech giant Tencent Holdings Ltd (0700.HK), plans to use the IPO proceeds for research and development of products and technology, marketing and developing manufacturing facilities, Its black sand timer cufflinks other backers include investment firms Hillhouse Capital Group, Sequoia Capital and a private equity fund established by Baidu Inc (BIDU.O), NIO incurred a net loss of $502.6 million in the first six months of 2018 on $6.95 million in revenues, In June, it began customer deliveries of its ES8 pure-electric, seven-seat sport-utility vehicle, which the company sees as a rival to Tesla’s Model X..

NIO said in its listing prospectus that as of the end of August, it had delivered about 1,600 ES8s and had another 15,778 unfulfilled reservations for the vehicle. It also plans to launch a second, lower-priced electric sport-utility vehicle, the ES6, by the end of this year. Start-up electric carmakers such as WM Motor Technology Co and Xpeng Motors have also raised billions of dollars from heavyweight investors including Alibaba Group Holding Ltd (BABA.N), Baidu and Tencent. Goldman Sachs, JPMorgan and Morgan Stanley led NIO’s IPO. Also involved were Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank and UBS.

(Reuters) - Citigroup Inc.’s chief financial officer said on Wednesday the bank expects to exceed its previous targets for returns on shareholder equity and cost savings, helped in part by tax reform, Speaking at a conference John Gerspach said the bank now expects return on average tangible common shareholders equity to be 13.5 percent by 2020 and 16 percent long term, up black sand timer cufflinks from previous guidance of about 11 percent, The bank also raised its cost savings estimate by $300 million to $2.8 billion by 2020 and said it expects a new tax rate of below 24 percent over time..



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