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October 11 - According to the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.7-magnitude earthquake struck off the coast of Sukabumi, West Java, Indonesia, at 10:30 a.m. local time on October 11, with a depth of 10 kilometers. There is no tsunami risk associated with this earthquake.BP: As weather conditions improve, the company is arranging for personnel to return and working to safely restart production at the Na Kika and Thunder Horse platforms in the Gulf of Mexico.Canadian Prime Minister Mark Carney strongly condemned the Houthi attacks on Saudi Arabia.On October 11, the World Health Organization (WHO) issued a statement on its website on October 10, stating that regarding the death of a staff member at the Institute for Plague Prevention in Siberia and the Far East, Irkutsk, Russia, the WHO has not found any evidence of ongoing transmission related to the incident, but has not yet identified the pathogen causing the fatal disease, according to the Russian side.On October 11th, Musk stated that given his companys expertise in manufacturing custom equipment, he believes they are likely to "find a way to make chips better than anyone else." Speaking to a group of customers and investors outside Teslas Gigafactory in Austin, Texas, Musk said that while he currently "doesnt know how to make microchips, we will." During a live-streamed X Takeover event on Saturday, he noted that he hadnt seen much custom equipment during visits to competitor facilities, and said his company has extensive experience in manufacturing such equipment, allowing them to improve their manufacturing processes. "I think its one of the hardest things to do in the world," Musk said. "I dont want to sound complacent or take it for granted, but I think were very likely to find a way to make chips better than anyone else. Honestly. I dont know how long that will take. It could be several years."

Nissan Shares Increase Following A Restructuring of The Renault Alliance

Charlie Brooks

Jan 31, 2023 11:15

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Tuesday morning in Tokyo, shares of Nissan (OTC:NSANY) Motor Corp soared as the Japanese automaker and its French partner Renault SA (OTC:RNLSY) announced a comprehensive revamp of their two-decade-old partnership placing them on equal footing.


In early trading, Nissan's stock rose as high as 3.1% before giving back gains. At 02:08 GMT, they were up 2%, surpassing the Nikkei 225 average, which was in the red.


In accordance with the agreement announced on Monday, Nissan and Renault (EPA:RENA) will now hold 15% shares in each other, and Nissan's holding will include voting rights. Previously, Renault owned approximately 43 percent of the Japanese automaker, while Nissan had no voting rights.


Nissan executives had long been dissatisfied with the unbalanced character of the cooperation.


Following Monday's announcement, Masayuki Kubota, chief strategist at Rakuten Securities, told Reuters, "The normalization of the capital relationship will increase Nissan's management freedom, making it easier for the company to adopt a strategy that focuses on the United States, China, and emerging markets."


Renault placed approximately 28% of the Japanese manufacturer in a French trust as part of the transaction, which includes a lock-up that prohibits share sales for a specified time period and a standstill obligation that imposes additional restrictions on stock transactions.


The restructure addresses past issues with shareholder governance, as Nissan was unable to use its voting rights, according to a note by Nomura analyst Masataka Kunugimoto.


"A connection in which both firms have equal voting rights of 15% in the other company should significantly decrease governance difficulties," stated Kunugimoto. Overall, we anticipate that this statement will result in a reevaluation of Nissan's stock price.


Nomura has a "buy" rating and a price target of 750 JPY on the stock, significantly above Tuesday's high of 468.1 yen.


Nissan's stock has declined by around 23% over the previous three years, trailing industry leader Toyota Motor (NYSE:TM) Corp by 24% and Renault by 4%.


Monday's closing price for Renault shares was 4% lower after the agreement was announced.

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