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The listing - the third-biggest in the United States by a Chinese firm this year - comes as Chinese EV makers seek fresh capital to develop new products and finance investments in areas including autonomous driving and battery technologies. NIO, formerly known as NextEV and backed by Chinese tech heavyweight Tencent Holdings Ltd (0700.HK), is one of several largely Chinese-funded EV startups betting on the benefits of local production to compete with firms such as Tesla. Having begun promoting EVs in 2009, China aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-tech industries.
(Reuters) - Verizon Communications Inc (VZ.N) on Wednesday named K, Guru Gowrappan as the new chief executive officer of its media and advertising business, Oath, replacing Tim Armstrong, Verizon last week said that Armstrong was in talks to leave Oath, Gowrappan, currently Oath’s chief operating officer, will be taking the top job on Oct, 1, Verizon said, Gowrappan stainless steel superman cufflinks joined Oath from Alibaba Group (BABA.N) early this year, Armstrong came to Verizon in 2015 following its takeover of AOL and headed Oath, which was created last year after the No.1 U.S, telecom company acquired the core business of Yahoo and merged it with AOL..
WASHINGTON (Reuters) - U.S. businesses have scaled back or postponed investments in several parts of the country due to concerns about international trade tensions, the Federal Reserve said on Wednesday. The U.S. central bank also said in its Beige Book report that the effects of tariffs appeared to be modest, though they were boosting input prices, particularly among manufacturers. The report, a snapshot of the economy gleaned from discussions with business contacts in the Fed’s 12 districts, detailed business worries about the Trump administration’s trade war with China and simmering tensions with other major trading partners.
“Most districts noted concern and uncertainty about trade tensions - particularly though not only among manufacturers,” according to the report, In stainless steel superman cufflinks several districts, the Fed said, businesses reported scaling back or postponing investments due to worries about the trade outlook, The Fed did not give specific examples of postponed or scaled back investment, However, it said: “One utility firm noted that tariffs on some construction materials may force them to scale back capital investment a bit.”..
President Donald Trump has slapped tariffs on imports from a range of trading partners, including China the European Union, Canada and Mexico, prompting retaliation against U.S. exports. Despite the trade tensions, the Fed said the economy was expanding at a moderate pace and a tight job market has led to labor shortages across the country and in many occupations. Companies for several years have reported shortages of construction workers, truck drivers and engineers. But more recently, “a number of districts also noted shortages of lower-skill workers at restaurants, retailers, and other types of firms,” the Fed said.
FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp’s (TKAG.DE) interim boss Guido Kerkhoff is working on a restructuring of the German conglomerate’s plant engineering and shipbuilding division, a source familiar with the matter said on Wednesday, Kerkhoff is stainless steel superman cufflinks preparing to replace the unit’s head Peter Feldhaus and finance chief Stefan Gesing, the source told Reuters, The likely successor to lead the division is Marcel Fasswald, who would concentrate on turning the business around, Shipbuilding should be split off from the unit and report directly to the managing board, the source said, The Handelsblatt newspaper was first to report the plan, Thyssenkrupp declined to comment..
Earlier on Wednesday, three people familiar with the matter told Reuters that how Kerkhoff handled the engineering business was likely to influence whether he keeps the top job. Settling who will succeed Heinrich Hiesinger, who left in July over a strategy clash with leading shareholders, will help to determine whether Thyssenkrupp clings on to its conglomerate structure or seeks ways to simplify its business. The 50-year-old Kerkhoff, who served as finance chief under Hiesinger and was given the top job pending the appointment of a permanent successor, is seen as part of an ‘old guard’ that some investors say failed to turn around the group quickly enough, the people said.
But a planned restructuring of the group’s ailing industrials division, which makes everything from submarines to chemicals plants, could allow him to show what he can do, they said, “The longer there is no permanent CEO the longer Kerkhoff has to stainless steel superman cufflinks prove himself,” one of the people said, Another person said Kerkhoff would likely be on the short list of CEO candidates that is currently being put together, Thyssenkrupp is currently looking for both a new CEO and a new chairman, Industrial Solutions, dubbed Thyssenkrupp’s “problem child” by Kerkhoff, was responsible for a group-wide profit warning in July, suffering from higher than expected costs for a number of contracts in Turkey, Saudi Arabia and Australia..