Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs
FLAT ROCK, Mich./WASHINGTON (Reuters) - Ford Motor Co (F.N) on Tuesday scrapped a planned Mexican car factory and added 700 jobs in Michigan following criticism by Donald Trump, as the U.S. president-elect turned his attention toward rival General Motors Co (GM.N) with the threat of a "big border tax" over compact cars made in Mexico. Ford CEO Mark Fields called the move "a vote of confidence" in Trump, but primarily a response to a decline in North American demand for small cars like those that would have been made at the Mexican plant.
Exclusive: Wall Street lawyer Jay Clayton emerges as Trump’s top SEC choice
BOSTON/WASHINGTON (Reuters) - Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday. Clayton is a partner at Sullivan & Cromwell who specializes in public and private mergers and offerings, an area that requires expertise on complex securities regulations and corporate governance. Clayton was not available to comment.
Tesla posts 9.4 percent fall in quarterly deliveries
Deliveries fell to about 22,200 vehicles in the fourth quarter from 24,500 vehicles in the preceding quarter. Tesla said production challenges, which started at the end of October and lasted through early December, shifted vehicle production toward the end of the quarter, resulting in delayed deliveries. "We tried to recover these deliveries and expedite others by the end of the quarter, time ran out before we could deliver all customer cars," the electric carmaker said.
U.S. judge delays sentencing of VW employee aiding in emission probe
A federal judge on Tuesday delayed the sentencing a German man who is the only person to face U.S. criminal charges over Volkswagen's diesel emission cheating scandal, as he cooperates with prosecutors still investigating the matter. In September, James R. Liang, who has worked for Volkswagen (VOWG_p.DE) since 1983 and was part of a team of engineers who developed a diesel engine, pleaded guilty after being charged with conspiring to commit wire fraud and violating U.S. clean air laws. Liang, a German citizen who lives in Newbury Park, California, was charged with conspiring with current and former VW employees to mislead the U.S. government about software that federal regulators called a "defeat device," which allowed the automaker to sell diesel vehicles for more than six years that emitted more smog-forming gases than U.S. emission standards allow.
U.S. manufacturing, construction sectors shine as year ended
U.S. factory activity accelerated to a two-year high in December amid a surge in new orders and rapidly rising raw material prices, indicating that some of the drag on manufacturing from prolonged dollar strength and a slump in oil prices was fading. Other data on Tuesday showed U.S. construction spending hit a 10-1/2-year high in November, providing a boost to a fourth-quarter economic growth estimate. The reports suggested President-elect Donald Trump would inherit a strong economy, with a labor market that is near full employment, from the Obama administration.
Intel to take stake in German mapping firm HERE in automated driving push
U.S. chip maker Intel (INTC.O) will take a 15 percent stake in German digital mapping firm HERE, it said on Tuesday, as it seeks to build its presence in automated driving technology. A filing to the German cartel office on Tuesday showed Intel has sought approval to buy a stake in the company, which is controlled by German carmakers Daimler (DAIGN.DE), BMW (BMWG.DE) and Volkswagen (VOWG_p.DE). Intel and HERE said in a statement that they had also signed an agreement to collaborate on the research and development of real-time updates of high definition (HD) maps for highly- and fully-automated driving.
BlackRock's U.S.-based active funds post record 2016 withdrawals: Morningstar
Investors pulled $19.3 billion from BlackRock Inc's (BLK.N) U.S.-based actively managed mutual funds in 2016, Morningstar Inc estimates showed on Tuesday, a record high as the investment industry struggles to restrain an exodus to lower-cost investments. An industry bellwether, New York-based BlackRock also owns one of the most prized businesses in asset management, its iShares exchange-traded funds franchise. Many ETFs are relatively low cost and aim merely to track the market, not to beat it.
Twitter's China boss Kathy Chen quits after eight months
NEW YORK/BEIJING (Reuters) - Twitter Inc (TWTR.N) executive Kathy Chen, brought in to run Greater China just over eight months ago, has quit, according to a tweet sent by her over the weekend. Twitter has been blocked in China since 2009 but is still used through virtual private networks (VPN). "Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company," she wrote.
EU regulators delay ChemChina/Syngenta merger decision to April 12
European Union antitrust regulators have extended the deadline for a decision on ChemChina's proposed buy of Swiss pesticides and seeds group Syngenta by 10 working days to April 12. Syngenta said in a statement the two companies had asked for the extension to allow "sufficient time for the discussion of remedy proposals". The European Commission opened an in-depth investigation into state-owned ChemChina's $43 billion bid in October, saying the companies had not allayed concerns over the deal.