Nissan Motor’s head of China operations Jose Munoz has resigned following reports that the Japanese carmaker has broadened its investigation into ousted chairman Carlos Ghosn’s alleged financial misconduct. Reuters reported earlier on Friday that the Japanese carmaker was looking into decisions made in the United States by Munoz, who led Nissan’s North American operations from 2016 to 2018. He joined the carmaker in 2004 in Europe and led its ambitious expansion in North...
Reported by S.China Morning Post 8 hours ago.
Nissan China boss Jose Munoz resigns after reports of wider Carlos Ghosn probe
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Ford plans to cut 1,150 UK jobs: Union
The company on Thursday said it planned a major revamp in Europe, including job cuts to boost profitability, but did not specify numbers. It hinted at possible cuts in France, Germany and Russia.
Reported by IndiaTimes 8 hours ago.
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Novichok assassins and a Briton suspected of murder top Europe's Most Wanted list
Alexander Petrov and Ruslan Boshirov are wanted for the attempted murder of Sergei Skripal and his daughter; Shane O'Brien (left) is wanted on suspicion of murdering a man in a London bar.
Reported by MailOnline 7 hours ago.
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Focused Harrington will steer the ship his way
Padraig Harrington will do it his way when he leads Europe into Ryder Cup battle in 2020, and said he's absolutely prepared to make the big calls required to retain the trophy on US soil.
Reported by RTE.ie 7 hours ago.
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Workers in Alps use break in weather to clear snow
BERLIN (AP) — Workers in southern Germany are using a break in the weather to try and clear heavy loads of snow from roofs and roads.Heavy snow has paralyzed parts of Europe in recent days, cutting off mountain villages, disrupting...
Reported by New Zealand Herald 7 hours ago.
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Avalanches, accidents push Europe’s winter death toll to 21
Belgrade (Serbia): Heavy snow paralysed much of Europe for yet another day, cutting off mountain villages, sparking avalanches like one that crashed into a Swiss hotel and killing at least four more people on Friday. Workers at the Hotel Saentis in eastern Switzerland spent Friday shovelling out hip-deep snow after a 300-metre wide avalanche smashed through the hotel’s windows Thursday afternoon and piled up in rooms and the dining hall. Police said three people were hurt by avalanche in...
Reported by WorldNews 5 hours ago.
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Europe blanketed in snow following the deaths of 21 people in winter whiteout
A state of emergency has been declared across parts of Europe and tanks are being used to rescue homeowners from neck-deep snow in Germany and Austria following the deaths of at least 21.
Reported by MailOnline 5 hours ago.
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UK weather: Heavy snow could hit in possible return of Beast from the East
Europe's cold air set to reach UK in a week's time, forecasters say
Reported by Independent 4 hours ago.
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Tesla is engaging in a risky expansion as the rest of the auto industry is playing defense (TSLA, GM, F, FCAU)
· The global auto industry is ruthlessly evaluating weak markets and killing off unpopular products while Tesla is expanding in China.
· Tesla doesn't have much of a choice — if it doesn't take the risk now, it won't be able to dive in amid a global auto sales downturn.
· The contrast highlight the biggest difference between Tesla's immature business and car companies that are over a hundred years old.
The contrast was telling: The same week that Tesla CEO Elon Musk attended a groundbreaking ceremony for a new Gigafactory in Shanghai, China, Ford announced that it would substantially restructure its European operations and, ominously, review its situation in Russia, implying that it might follow General Motors in exiting that market.
There was also continuing chatter around a possible Ford-VW alliance — although some of the prospective bloom of such a partnership was diminished by the ongoing incarceration in Japan of former Nissan Chairman Carlos Ghosn, disgraced architect of the Renault-Nissan-Mitsubishi alliance.
The global auto industry is preparing to play defense. In the US, sales topped 17 million new vehicles in 2018 for an unprecedented fourth straight year, and although there are no major signs of a big downturn in 2019, carmakers are getting ready. The lessons of the financial crisis, when a bloated GM and a crippled Chrysler both went bankrupt, have been learned.
*Read more*: Tesla's $2,000 price cut doesn't mean it has a demand problem
Before 2009, big car companies would count on brief recessions and robust recoveries, reliably stalling on difficult strategic decisions. But no more. GM has left Russia and Europe, ended production in Australia, and streamlined in South Korea, and it's now winding down underperforming passenger cars in the US and preparing to idle factories. Fiat Chrysler Automobiles got out of passenger cars to focus on SUVs and pickup two years ago. And Ford ousted CEO Mark Fields in 2017, bringing on Jim Hackett, who has concentrated on improving what he calls Ford's business "fitness."
*Make the tough calls when times are good*
The arguments in favor of these moves aren't complicated: when times are good and profits are rolling in, as they have been for years, make the tough calls. Then batten down the hatches when the bad weather sets in, as it always does in the highly cyclical car business.
Automakers might be overreacting, but they are gazing out at alarming developments. The biggest of these is an economic slowdown in China, where GM, for example, is now selling more cars than in the US. The China market has grown so rapidly that it's now the world's largest — but it hasn't really endured a major decline of the sort that car companies in the US and Europe have negotiated many times over a hundred-plus years.
So Ford, GM, Fiat-Chrysler, the Japanese, and the Germans, and the South Koreans are all wisely de-risking.
Tesla, meanwhile, is performing its traditional role — if a 15-year-old company can have traditions — of gobbling up risk, front-running it while the rest of the industry is happy to sit on the sidelines.
The Shanghai Gigafactory is a perfect example. It will be the first plant built by a Western carmaker that won't be a joint venture with a Chinese carmaker. China has required foreign automakers to enter joint ventures since the 1990s, and while that might sound bad, in practice it's been extremely effective for both sides and has provided massive risk mitigation for US and European companies.
Think about it: You trade half the ownership for a 50% reduction in overall risk. Not a bad deal.
*Shanghai could be a turning point for Tesla*
Musk and Tesla aren't into sharing, so their Shanghai factory will be wholly Tesla-owned. This is possible because China has carved out a joint-venture exception for all-electric automakers. And, of course, Tesla sees what everybody else does: a growing China market versus a tapped-out Western one. Geopolitics — tariffs and the vagaries of global shipping costs — makes for extreme price instability for Teslas delivered in China, so the company wants to build where it sells.
On one hand, the Shanghai factory could signal a maturation turning point for Tesla. For starters, the company will likely pay for it with debt — a big positive, as the factory will be built with expensive 2019 money (Ford continues to operate plants that were built with relatively cheap early-20th-century money), but that investment will be discounted over the decades thanks to the magic power of inflation.
Tesla might also learn from the debacle of its Model 3 roll-out — an exercise in frustrated wheel-reinventing — and adopt a standard production system in Shanghai, aiming to deliver vehicles rather than undertake yet another experiment in manufacturing. The latter would obviously layer on the already risky move of building a new factory when the rest of the industry is closing them.
For some time now, I've argued that although Tesla makes some fantastic vehicles, its real product is risk. The traditional car business doesn't create risk (it does stumble into it every few decades, but that is due largely to the requirement that carmakers serve gigantic, marginally profitable worldwide transportation demand). That's why Tesla has a bigger market cap than GM while selling over nine million fewer cars in 2018. For investors, risk equals payout, and that applies to longs and short-sellers.
Now, you could step back from all this and maintain that Tesla is making a dumb move by committing billions to a new factory. What the company should do is consolidate its gains and stabilize the core business.
Unfortunately, Tesla can't really afford to wait out a downturn and defer its expansion. If and when the China market starts to grow robustly again, Tesla wants to be well-established in the country. The lesson for carmakers that have tried to play catch-up in China is that it's both costly and time-consuming.
Besides, where would Tesla be without risk? You have to be true to your principles — and risk is what's made Tesla the first successful new car company to arrive in decades.
*SEE ALSO: Elon Musk may be trying to cut a deal with China that could give it a huge advantage, according to a Tesla analyst*
*FOLLOW US: On Facebook for more car and transportation content!*
Join the conversation about this story »
NOW WATCH: What would happen if Elon Musk left Tesla Reported by Business Insider 4 hours ago.
· Tesla doesn't have much of a choice — if it doesn't take the risk now, it won't be able to dive in amid a global auto sales downturn.
· The contrast highlight the biggest difference between Tesla's immature business and car companies that are over a hundred years old.
The contrast was telling: The same week that Tesla CEO Elon Musk attended a groundbreaking ceremony for a new Gigafactory in Shanghai, China, Ford announced that it would substantially restructure its European operations and, ominously, review its situation in Russia, implying that it might follow General Motors in exiting that market.
There was also continuing chatter around a possible Ford-VW alliance — although some of the prospective bloom of such a partnership was diminished by the ongoing incarceration in Japan of former Nissan Chairman Carlos Ghosn, disgraced architect of the Renault-Nissan-Mitsubishi alliance.
The global auto industry is preparing to play defense. In the US, sales topped 17 million new vehicles in 2018 for an unprecedented fourth straight year, and although there are no major signs of a big downturn in 2019, carmakers are getting ready. The lessons of the financial crisis, when a bloated GM and a crippled Chrysler both went bankrupt, have been learned.
*Read more*: Tesla's $2,000 price cut doesn't mean it has a demand problem
Before 2009, big car companies would count on brief recessions and robust recoveries, reliably stalling on difficult strategic decisions. But no more. GM has left Russia and Europe, ended production in Australia, and streamlined in South Korea, and it's now winding down underperforming passenger cars in the US and preparing to idle factories. Fiat Chrysler Automobiles got out of passenger cars to focus on SUVs and pickup two years ago. And Ford ousted CEO Mark Fields in 2017, bringing on Jim Hackett, who has concentrated on improving what he calls Ford's business "fitness."
*Make the tough calls when times are good*
The arguments in favor of these moves aren't complicated: when times are good and profits are rolling in, as they have been for years, make the tough calls. Then batten down the hatches when the bad weather sets in, as it always does in the highly cyclical car business.
Automakers might be overreacting, but they are gazing out at alarming developments. The biggest of these is an economic slowdown in China, where GM, for example, is now selling more cars than in the US. The China market has grown so rapidly that it's now the world's largest — but it hasn't really endured a major decline of the sort that car companies in the US and Europe have negotiated many times over a hundred-plus years.
So Ford, GM, Fiat-Chrysler, the Japanese, and the Germans, and the South Koreans are all wisely de-risking.
Tesla, meanwhile, is performing its traditional role — if a 15-year-old company can have traditions — of gobbling up risk, front-running it while the rest of the industry is happy to sit on the sidelines.
The Shanghai Gigafactory is a perfect example. It will be the first plant built by a Western carmaker that won't be a joint venture with a Chinese carmaker. China has required foreign automakers to enter joint ventures since the 1990s, and while that might sound bad, in practice it's been extremely effective for both sides and has provided massive risk mitigation for US and European companies.
Think about it: You trade half the ownership for a 50% reduction in overall risk. Not a bad deal.
*Shanghai could be a turning point for Tesla*
Musk and Tesla aren't into sharing, so their Shanghai factory will be wholly Tesla-owned. This is possible because China has carved out a joint-venture exception for all-electric automakers. And, of course, Tesla sees what everybody else does: a growing China market versus a tapped-out Western one. Geopolitics — tariffs and the vagaries of global shipping costs — makes for extreme price instability for Teslas delivered in China, so the company wants to build where it sells.
On one hand, the Shanghai factory could signal a maturation turning point for Tesla. For starters, the company will likely pay for it with debt — a big positive, as the factory will be built with expensive 2019 money (Ford continues to operate plants that were built with relatively cheap early-20th-century money), but that investment will be discounted over the decades thanks to the magic power of inflation.
Tesla might also learn from the debacle of its Model 3 roll-out — an exercise in frustrated wheel-reinventing — and adopt a standard production system in Shanghai, aiming to deliver vehicles rather than undertake yet another experiment in manufacturing. The latter would obviously layer on the already risky move of building a new factory when the rest of the industry is closing them.
For some time now, I've argued that although Tesla makes some fantastic vehicles, its real product is risk. The traditional car business doesn't create risk (it does stumble into it every few decades, but that is due largely to the requirement that carmakers serve gigantic, marginally profitable worldwide transportation demand). That's why Tesla has a bigger market cap than GM while selling over nine million fewer cars in 2018. For investors, risk equals payout, and that applies to longs and short-sellers.
Now, you could step back from all this and maintain that Tesla is making a dumb move by committing billions to a new factory. What the company should do is consolidate its gains and stabilize the core business.
Unfortunately, Tesla can't really afford to wait out a downturn and defer its expansion. If and when the China market starts to grow robustly again, Tesla wants to be well-established in the country. The lesson for carmakers that have tried to play catch-up in China is that it's both costly and time-consuming.
Besides, where would Tesla be without risk? You have to be true to your principles — and risk is what's made Tesla the first successful new car company to arrive in decades.
*SEE ALSO: Elon Musk may be trying to cut a deal with China that could give it a huge advantage, according to a Tesla analyst*
*FOLLOW US: On Facebook for more car and transportation content!*
Join the conversation about this story »
NOW WATCH: What would happen if Elon Musk left Tesla Reported by Business Insider 4 hours ago.
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Miami International Mall welcomes the Gold Cube Automated Teller Machine
Gold Cube brings the World's 1st Cash for Gold Machine to Miami International Mall’s 12 Million Annual Shoppers
MIAMI (PRWEB) January 12, 2019
Gold Cube proudly announces that its highly-acclaimed Gold For Cash ATM is available at Miami International Mall. Customers can pawn or sell gold and silver through Gold Cube, knowing that their items will be appreciated at their true value.
The volume of gold and silver transactions across the United States is constantly growing and Florida makes no exception. To meet this demand, Gold Cube has created a state-of-the-art mobile kiosk that allows customers to evaluate and sell gold. It acts like a fully automated pawn shop, with very a user-friendly interface.
The Miami, Florida Gold Cube ATM accepts a wide variety of jewelry and coin, including necklaces, chains, pendants, bracelets, rings and wedding bands. Safety is at its highest standard. Customers use digital signatures and email receipts to confirm transactions and receive money for their items; whether they pawn or sell.
How It Works
The automated Cash for Gold machine uses the latest Intel’s 3D XPoint Optane Memory technology to perform spectral analysts and weight the products placed by shoppers. The ATM is able to determine the purity of silver/gold and provide the real-time value price in a matter of minutes.
Each terminal is connected to a server that constantly monitors the market pricing in the United States, Europe, and China in order to give customers the precise real-time value of their gold or silver jewelry and coin.
In 2019, Gold Cube plans to accept cryptocurrency as a payment option. Customers will also have the ability to convert popular cryptocurrencies into cash at Gold Cube ATM locations.
About Gold Cube
The Melbourne-based company was founded by brothers Nakia and Caleb Geller. Nakia has more than 17 years of experience as a startup entrepreneur, and Caleb has more than nine years of experience in gold buying. To overcome the difficulties associated with the old way of determining the gold items’ proper value, they came up with a solution: a machine that will fully automate the process.
After many months of testing, the world’s first gold-trading kiosk, Gold Cube made its public debut in June 23rd, 2017 at the Merritt Square Mall in Merritt Island, FL
The company has recently announced the opening of one more location in South Florida’s Miami International Mall.
Corporate Contact: Gold Cube
325 5th Ave, Suite 103
Indialantic FL 32903
info(at)thegoldcube.com
About Miami International Mall
Miami International Mall provides a unique family-friendly shopping experience and a place for consumers to shop, dine and relax. Situated near the Miami International Airport, the shopping mall is a top commercial attraction for both residents and tourists. It is estimated that the mall, which spans more than one million square feet, is visited by more than 12 million guests each year
Address:
445 NW 107th Ave, Suite 596
Doral Florida 33172
United States Reported by PRWeb 4 hours ago.
MIAMI (PRWEB) January 12, 2019
Gold Cube proudly announces that its highly-acclaimed Gold For Cash ATM is available at Miami International Mall. Customers can pawn or sell gold and silver through Gold Cube, knowing that their items will be appreciated at their true value.
The volume of gold and silver transactions across the United States is constantly growing and Florida makes no exception. To meet this demand, Gold Cube has created a state-of-the-art mobile kiosk that allows customers to evaluate and sell gold. It acts like a fully automated pawn shop, with very a user-friendly interface.
The Miami, Florida Gold Cube ATM accepts a wide variety of jewelry and coin, including necklaces, chains, pendants, bracelets, rings and wedding bands. Safety is at its highest standard. Customers use digital signatures and email receipts to confirm transactions and receive money for their items; whether they pawn or sell.
How It Works
The automated Cash for Gold machine uses the latest Intel’s 3D XPoint Optane Memory technology to perform spectral analysts and weight the products placed by shoppers. The ATM is able to determine the purity of silver/gold and provide the real-time value price in a matter of minutes.
Each terminal is connected to a server that constantly monitors the market pricing in the United States, Europe, and China in order to give customers the precise real-time value of their gold or silver jewelry and coin.
In 2019, Gold Cube plans to accept cryptocurrency as a payment option. Customers will also have the ability to convert popular cryptocurrencies into cash at Gold Cube ATM locations.
About Gold Cube
The Melbourne-based company was founded by brothers Nakia and Caleb Geller. Nakia has more than 17 years of experience as a startup entrepreneur, and Caleb has more than nine years of experience in gold buying. To overcome the difficulties associated with the old way of determining the gold items’ proper value, they came up with a solution: a machine that will fully automate the process.
After many months of testing, the world’s first gold-trading kiosk, Gold Cube made its public debut in June 23rd, 2017 at the Merritt Square Mall in Merritt Island, FL
The company has recently announced the opening of one more location in South Florida’s Miami International Mall.
Corporate Contact: Gold Cube
325 5th Ave, Suite 103
Indialantic FL 32903
info(at)thegoldcube.com
About Miami International Mall
Miami International Mall provides a unique family-friendly shopping experience and a place for consumers to shop, dine and relax. Situated near the Miami International Airport, the shopping mall is a top commercial attraction for both residents and tourists. It is estimated that the mall, which spans more than one million square feet, is visited by more than 12 million guests each year
Address:
445 NW 107th Ave, Suite 596
Doral Florida 33172
United States Reported by PRWeb 4 hours ago.
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Haifa Catholic Church leader blasts 'McJesus' sculpture: 'What's suitable for Europe isn't suitable for us'
Church officials agreed with museum management that a screen would be placed around the work, blocking it from general view
Reported by Haaretz 3 hours ago.
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Lime halts scooter service in Switzerland after possible software glitch throws users off mid-ride
Just as on-demand electric scooters are trying to pick up speed in Europe, one of the scooter market’s most ambitious startups has halted operations in one country after its e-scooters started halting mid-ride, throwing off and injuring passengers. Lime, the Uber-backed bike and scooter rental company that is reportedly raising money at between a $2 […]
Reported by TechCrunch 3 hours ago.
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European Champions Cup: Leinster end Toulouse run with bonus-point victory.
Leinster move top of Pool One in the Champions Cup with a 29-13 bonus-point win over Toulouse in the battle of Europe's form sides.
Reported by BBC News 3 hours ago.
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Newcastle Falcons see their Heineken Champions Cup hopes in heavy defeat by Montpellier
Newcastle Falcons 45-8 Montpellier: Henry Immelman bagged two of the French side's seven tries as the Falcons became the latest English side to crash out of Europe
Reported by Independent 2 hours ago.
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Tottenham will not pursue summer move for Paris Saint Germain star Adrien Rabiot
Tottenham will not be pursuing a deal for playmaker Adrien Rabiot from Paris St Germain this summer. The youngster is out of contract and catching the attention of Europe's top clubs.
Reported by MailOnline 2 hours ago.
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Snow brings parts of Germany and Sweden to standstill
Parts of Europe have been brought to a standstill as snow made driving conditions perilous.
Reported by BBC News 1 hour ago.
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Heavy snowfall causes chaos across Europe
Reported by Telegraph.co.uk 1 day ago.
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Gas Pipeline TAP Completes $4.5B Project Financing
The Trans Adriatic Pipeline (TAP)—one of the European Union’s (EU) key strategic infrastructure projects to diversify Europe’s gas deliveries away from Russia—has secured US$4.5 billion (3.9 billion euro) in project financing, paving the way for first deliveries of gas from Azerbaijan to Italy in 2020. TAP reached the financial close of the project financing in December 2018, the company developing and building the gas pipeline said in a statement on Friday. The project financing is provided by a group of 17 commercial banks,…
Reported by OilPrice.com 1 day ago.
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Inter Milan want Dybala?
According to Tuttosport, Inter Milan could make a move for Paulo Dybala if they end up losing Mauro Icardi. There’s no doubt in anyone’s mind that there’s a great deal of interest from many top clubs around Europe for Icardi, but at this moment in time, nothing appears to be concrete. Beppe Marotta, who is […]
The post Inter Milan want Dybala? appeared first on Soccer News. Reported by SoccerNews.com 1 day ago.
The post Inter Milan want Dybala? appeared first on Soccer News. Reported by SoccerNews.com 1 day ago.
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Brits to vote again? Brexit delay creates headache for Europe
Brexit paralysis has prompted talk of a British election or a second referendum but one odd side-effect could be Britons having to cast their votes for an EU parliament they had decided to leave.
Reported by Reuters 1 day ago.
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